RE/MAX Gateway
Mark Bolender
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RE/MAX Gateway
Venice. Santa Clarita. Topanga. Santa Monica. Malibu.

Tag: buyer representation

The Revolutionary Millenial Breakthrough to Affording a Home

Does it feel as though you’re never going to be able to purchase a home? Millennials have been going through a housing crisis for years — fewer than 13% of millennials have been able to purchase their own homes in the United States. But that doesn’t mean that you have to give up your dream of owning property. More and more, millennials are coming to a realization: that fractal ownership could be the way. Not only is tenants in common buying open to many individuals, but it still allows you to take advantage of many special financing programs.

Purchasing a Home as Tenants in Common

Fractional ownership is a trend that can make it possible for any individual to own a home — or, at least, part of one. Rather than renting an apartment, a couple could instead endeavor to purchase a home with another couple. This splits the cost of the home four ways, rather than two ways or even one way. Further, it still conveys all the benefits of homeownership. Homeowners will be able to modify their properties as they please, can build equity rather than paying rent, and can sell their property for profit if it accumulates value.

Fractional ownership is one of the most versatile of all affordability crisis solutions, because multiple buyers are not treated any differently from an individual buyer when procuring financing. Whether you are a single buyer or purchasing a home with five other individuals, you can still be considered an owner occupant and you can still be able to procure virtually any type of conventional or special financing.

Owners don’t have to be couples; tenants in common buying can be completed with friends and family members. Anyone who passes the mortgage financial and credit checks will be accepted. From then on, the property will usually be owned by all involved individuals — often with shares distributed based on the amount that each individual paid in for the down payment.

America has already gone through a trend of developing too large homes that can house far more than a single family. Millennials can now take advantage of this trend by joining multiple families and still getting everything they want out of their property.

The Advantages of Fractional Ownership in Financing

When you don’t have a down payment, you often have to rely upon low down payment financing programs. These programs usually require you to be an owner occupant. Fractional ownership allows for this. And not all of the individuals need to be owner occupants; as an example, a couple could sign up alongside a relative, even if the relative isn’t intending on purchasing a home. For the relative, they will still receive their equity share of the property, and can consider it a financial investment.

Financing is available right now for fractional ownership with 5% down and a max combined loan amount of $1,136,150. As long as participants have a minimum FICO score of 680, they may be able to qualify — and they must intend to use the residence as a primary residence for at least one of the borrowers. Both single family homes and condominiums can be financed through equity sharing, and financing options are available with no PMI and no prepayment penalty.

Millennials no longer need to feel as though they will never be able to purchase a home. There are many financing options available, especially if they are willing to “think outside the box” and utilize new, revolutionary tools such as fractional ownership. There are currently a multitude of loan programs available, ranging from interest only programs to 80% loans with a 10% carry back. There are even loans available with no minimum FICO requirements or minimum requirements of as low as 620.

The Secret of Searching for Homes While Protecting One’s Privacy

By Mark Bolender.  

Picture is copyrighted and courtesy of FreeBirdPhotos and Shutterstock

The internet has changed the style and process of the home search for the past 23 years. There are literally hundreds if not thousands of real estate search websites. In addition, there are many thousands of real estate IDX agent web sites which shower the modern buyer with loads of both fresh and sometimes old information.

The purpose of these search sites featuring real estate listings is both to share information, while also collecting your personal information. With your personal information, they can sell you real estate now and or possibly sell you something else in the future. These sites retrieve all real estate listings from the Multiple Listing Service portals but these sites are not always quite as fresh as the MLS source itself. Which sites truly protect your information?

We do encourage our buyer clients to feel free to search the more reputable sites like Zillow, Trulia and Realtor.Com for real estate listings. As in the past, buyers who prefer this self-directed search process will then forward the newly found listings to me so I can verify its status, access and duplicity in our Multiple Listing Service. This is fine.

However, many savvy buyers just hire a Realtor and or Broker Associate like me to scour the MLS, Zillow, Trulia and other lender REO foreclosure lists. The main reason is that a good Realtor isn’t going to miss anything in his 24/7 automated searches for his clients. The second reason is that an intellectual buyer really wants his or her information protected by one agency, not many different ones. This is the best, safest and most professional way to search.

After all, why should the buyer have to work so hard searching for same exact listings I’ll send them, while at the same time giving up personal information to half the world?   A smart buyer can just entrust it to a single broker associate in a large firm like mine who has privacy standards in place, as well as E & O Insurance. Be safe, not sorry later.

Our Buyer Representation Process: After our initial consultation over the phone or in person, we do issue the buyer an email link with a list of the current available properties that match the buyer’s search criteria. This totally cool software then monitors the listing databases 24 hours a day, 365 days a year. Whenever a new listing comes on the market or an existing one reduces the price, the buyer and I are again notified via a collaborative automated email listing alert.

We make it easy for the buyer to mark up the listings he likes. Buyer just needs to click on the email link and designate the properties he really likes with a heart icon or a lightbulb icon if buyer just slightly interested. Properties that buyer doesn’t like at all can be manually marked by click its trash can icon. Buyer can leave me his comments at same time.

310-857-4956

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About Us

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Mark Bolender

Cal BRE# 01065007

markbolender@remax.net

661-714-0510661-714-0510 mobile

Mark Bolender has been a driving force for good, in the Southern California real estate scene for 25 years. His innovations in service, technology and transparency has given him a rewarding career with many clients. "Calm, cool and collected" best describes him. Detailed and caring define his character. His first hand knowledge of the housing industry and Southern California culture blends with his seasoned experience in helping people and negotiating on their behalf. Mark feels strongly about assisting people in finding real estate that will enhance and enrich one's life.