Living In Pittsburgh Real Estate Podcast Curt Buchanan

Sadly, real estate agents don’t have all the answers. However, we can still make sure you get all the information you need. Click here to contact me for all real estate questions Unfortunately, real estate agents don’t always have all the answers. However, we can direct you to someone who does.  If you ever ask us something we can’t answer, we’ll direct you to a source that knows more about the question than we do. Some common questions we get asked that we can help you with are:  If we can’t answer your questions, we’ll find you someone who can. Is this a safe neighborhood? I have all the police zones, telephone numbers, and maps to provide you with. The police will be able to answer what’s going on in a specific neighborhood.  Should we be concerned about that crack in the wall? For this question, I have a list of home inspectors. You can pick any home inspector you want as long as they’re registered by the state and National Association of Home Inspectors and they will let you know what’s going on with that crack in the wall.  How good is the school district here? I have a sheet with school-related links that should help you answer any questions you have about specific schools or districts.  Something we can’t help you with is asking to be shown a home in a certain neighborhood based on race, ethnicity, backgrounds, etc. The fair housing laws forbid us to do that. We suggest you spend time in the neighborhood to see if it’s right for you. Walk the streets, go to restaurants, and see if you’re comfortable there. After that, we can show you all the homes in that neighborhood you want. However, it’s against federal law to show you a home based on the previously mentioned criteria.If you have any questions about how we can help you or you're looking to buy or sell a home, feel free to reach out to us. We'd be happy to help.

Did you know I produce my own magazine? Let me tell you a little about it. Click here to contact me for all real estate questions Did you know that I produce a magazine and send it out to hundreds of subscribers every other month? You’re more than welcome to subscribe as well. We now have two different versions, a traditionally printed copy and a digital copy. The digital version has live video links that will allow you to see the different artists, chefs, and guided tours of different areas. We have a print version and a digital version. The magazine is called American Lifestyle, and I really think you’ll like it. If you’d like to join the subscription list for the print version, digital version, or both, give me a call or send me an email. I’d be happy to help you out and I’d love for you to check out the magazine. I look forward to hearing from you soon.

Today I’ve brought in Todd Stainbrook, the President of AJM Mortgage, to help you get started on the process of buying a home. Click here to contact me for all real estate questions There are three ways AJM Mortgage sets themselves apart from the competition: they make it easy, they shop for you, and they’re always available.  How do they make it easy? From the very start, a client can apply online or over the phone. 98% of their disclosures can be signed electronically with the click of a mouse. Additionally, all of the documents can be uploaded securely to their online website.  They also do the shopping for you. They match each individual client’s needs to the perfect lender. Their approach to finding you the right lender focuses on a financial planning, so whoever they match you with will be able to help you achieve your long-term goals. They’ve also got some great products such as lender-paid PMI loans and conventional loans with as little as 3% down. They are also well versed in FHA and VA loans which can allow for a debt ratio of up to 60%.  With AJM Mortgage, you can apply online or over the phone. Finally, they know how important it is to be available. Buying a home can be an emotional process, but you can call Todd’s cell phone anytime. He’ll always make an effort to call or text you right back. In fact, Todd once did a mortgage application for a school teacher at 5:30 in the morning! They want to make sure they are getting back to you in an incredibly timely manner, which is a service you won’t get from everyone.  If you have any questions for Todd, you can reach him at (412-855-4696) or email him at todds@ajmmortage.com. Calling him is the first step to purchasing your dream home!  As always, if you have any questions or are looking to buy or sell a home, don’t hesitate to give me a call or send me an email!

A processor’s job in a real estate transaction is to facilitate communication between all parties and verify all information being transferred. Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale. Have you ever heard of someone in a real estate transaction being referred to as the processor? Who is this person? What do they actually do? You can think of the processor as the coordinator of the transaction. They’re the ones who keep all the parties involved when getting a loan to closing. They make sure those parties interact with each other and that all information is accurate and ready for the lender. A more localized bank here in Pittsburgh may have their own processor. A mortgage broker, though, may be the processor intermediary with the lender, who may not be here in Pittsburgh. A processor’s first job is to set up the file to get all information from all parties so they can start coordinating. This involves ordering the title search to go to the county courthouse to ensure that there are no problems with the property. If there are any issues, they’ll parley with either the buying agent, the listing agent, or the property’s previous owners to get it straightened out. From there, they’ll contact both the buying and listing agent to send questionnaires to their clients in order to gather all possible information from the buyer and seller so they can settle any disputable issues and verify that everything is done correctly at closing. A processor is invaluable in getting a deal to close. When the title work comes back, they inspect it to ensure that the right property is named, the property is accurately described on the title, and there is no defect in the transfer. They also verify that the buyer is gainfully employed and parse all available financial information from them, such as their pay stubs and credit report. If necessary, they’ll check the deed for accuracy and make corrections by consulting the master attorney.  If you’re a buyer, it’s important to note that the person that you talk to to get the loan application is not the processor, and they often don’t know the details of what’s going on behind the scenes. As the transaction moves toward its conclusion, the processor makes sure that all the final tax prorations and numbers are ready for closing. They then pass off that information to the closing attorney so they can also make sure that it’s accurate and the deal closes on time. After that, they verify that all bills were paid that should’ve been paid at the closing. Finally, they terminate the file after they are satisfied that everything was handled correctly. If you have any questions about this topic, please feel free to call me or shoot me an email. I’d love to talk with you!

What is the difference between appraisals and assessments? I will explain everything you need to know about both today. Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale. Buyers and sellers often get appraisals and assessments mixed up, so I want to explain the difference between the two today. The appraisal is something that the bank orders when you get a mortgage. The bank will send out an appraiser to determine the base value of the mortgage. An assessment is something the county does to set a tax base for everyone in the county. Each individual home is assigned a value that is usually quite a bit less than the market value. When you add up all the millage in the city of Pittsburgh from the school districts, libraries, and counties, that comes to $22.88 million. If you have a property assessment of $100,000 and multiply by that millage of 22.88, your taxes would be $2,288. One thing you should keep in mind is that the MLS uses the county assessment as a market value in listing sheets. You may see an assessed market value of $100,000 on a listing sheet for a property that the seller has priced at $190,000; that does not mean that the home is overpriced. The county assessment determines the market value for tax purposes. You want the assessed value to be low because then the taxes will be lower than they would be if they were based on the sales price of the home. The county orders assessments to set a tax base. Now, that could change after you close on the house. The county often reviews sales prices and they may increase the assessed value of the property. This doesn’t happen very often, and it is incredibly rare for the assessed value to be the same as the sales price. Finally, there is one other important value that you should be aware of: the Homestead Exemption. If you are buying a property that you plan to live in, you can apply for the Homestead Exemption to get a chunk of value taken off the tax base. This option is not available for investment properties. You need to apply to the county for the Homestead Exemption. The county reassesses the Homestead Exemption each year on March 31st. If you are interested in applying for the Homestead Exemption, let me know and I can send you the application form. If you don’t apply for the Homestead Exemption, nothing happens—you will still have to pay taxes based on the assessed market value of the home. Hopefully, you have a better understanding of appraisals and assessments. If you still have questions about either, just give me a call or send me an email. I would be happy to help you!

In real estate, the term "listing" seems self-explanatory, but did you know there's actually a pretty interesting story behind it? We put together a little skit for you to explain. Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale. In today's issue of our series talking about living in Pittsburgh, we're going in a bit of a different direction. We're explaining where the term "listing" comes from. You may think you know where it comes from, but the true story is actually pretty interesting. We put together a little s**t to show you how the term came to be. We had a bit of trouble keeping a straight face, but we had a lot of fun. Take a look at the video above for our rendition of the history of the term "listing." Make sure you stay in contact with your mortgage company. Thanks for watching! If you have any questions for us about the Pittsburgh real estate market, give me a call or send me an email. We'd love to help you out.