Michael Bishop

Many buyer ask if they have to get a mortgage pre-approval? Pretty much all lenders will tell you yes. Nearly all agents will say the same thing. Get pre-approved before starting to look at properties. Well the actual answer is NO. N-O! You do not have to be pre-approved to starting touring homes, condos or properties. Now, do I recommend this? Yes, I recommend getting pre-approved. But I've never required it. As licensed real estate agents we have the right to choose how to conduct our business with buyers (and sellers). The key is to be consistent and always apply the same standards. The reasoning to do a pre-approval is pretty simple. If a buyer is looking at a $500,000 property and they want to make an offer to buy it - two things: (1). the seller wants "evidence" that you've done at least the basics. Meaning based on preliminary info a lender believes you qualify to make the purchase and complete the transaction. I can tell you some sellers will not even respond to offers with no evidence of pre-approval or cash to close. (2) The second key reason to the buyer is - what if you not approvable at all? What if you only qualify for $450,000, or $250,000? It avoids a lot of broken buyer hearts, to know where you fit into the mortgage side of the home buying process. And advice from a 19+ year real estate vet -this is the same advice I'd tell any buyer or my own children. If you qualify for $500,000 but that is your maximum budget. I'd say you've too likely to get over extending by purchasing at your max budget. Try to stay under the max unless you know your income is going to increase significantly in the near term. I have seen listings of for sale proeprty where the seller, and seller agent are asking for this proof of cash, or proof of pre-approval to view, or tour the proiperty. So there are variations . Some variations because many lenders will tell you you have to be pre-approved. Many real estate agents will tell you you need pre-approved. And some property sellers will require this to see a property. With me, ichael Bishop, The Cooler Real Estate Agent - I like it as well. But I've never required this to be done in advance.

#1. Do not spend a bunch of money on a home you are not going to own soon. #2. Everyone loves clean. This doesn't mean sweeping the piles dust is enough. But clean as in "spic & span" clean. Like on your knees scrubbing stains, and soil and dirt away. Sinks clean. Cupboards and cabinets clean. Basement, crawl spaces, garages, and yards clean and pristine. Windows clean inside and out. Screens clean, windo frames and sashes spotless as well. 3. Declutter. Get things organized. Put away. Or if needed donated or put into storage. 4. Make sure every single lamp, light, can light, ceiling light, ceiling fan/light, oven light, refrigerator light, microwave rangehood light, light over the sink, lights in the basement, crawl space, garage, and all outdoor lights are fully and completely lighted, or lightable. Light is your friend. Well light rooms and spaces always seem to feel bigger. Bigger is your friend. 5. Make sure every window is 100% open. Not covered by curtains, or covered by blinds. If the window looks at the side of the neighbors house - it's OK. You bought the house with that condition and the next buyer will too. But the key is you want as much natural light coming into your home as possible. In a bath with a windo in fron of a garden tub. Same rule applies. completely open letting in as much light as possible. 6. Make any and all minor repairs - as possible. If you have several different colors of wall paint. I'd strongly suggest you paint everything one color. Painting is a doable project for DIY and not super expensive. While you roof , furnace, AC, windows etc might be old. If they are in working order I recommend you allow the next owner to make the choices on what brand and quality is selected. Those are reasons you might net less. But is spending $20,000 on a new roof and selling the home for $8,000 a good choice?

In some ways, my father got me started. He was a lineman for the REA. Rural Electrification of America. So he and other crew members were running power lines into rural areas which had never had power previously. In and around Coshocton Ohio where I grew up. He was skilled as an electrician as well. Would do plumbing. roofing, HVAC and skilled with a wrench, socket and just about all tools under the hood of a car, or truck. As a kid I would begrudgingly work with him. While I will not profess I loved doing any of these things (trades) I was learning. Later after college I got into new home construction and sales and this was when I started to appreciate more of what my father and taught me, or at least shown me. Watching as farms turned into streets and eventually into complete subdivisions was another great complimentary experience. It is my own belief that the things I was learning with my father, as well as I what learned watching a vacant piece of ground eventually turn into a home with a family have both been big assets to how I approach helping clients, I, in no way, know everything. But I hope I know more than many others working as real estate agents. I am not a big asset to clients when it comes to fashion, colors or designs (not that I don't have opinions). But it is my hope that the basics of construction, and knowledge of brands, and knowing how to identify problems. Issues. Expensive repairs. These are the qualities I hope can save clients from getting into unknown problems. The avoidance of likely problems and in some cases the added knowledge to help clients negotiate far better terms on their purchases or sales.

Yes. DO you know there are some electric panels in homes that are no longer made? If you have one of these panels you have an extremely hard time finding parts or breakers when needed. And guess what, if you can find parts - they're not cheap. Here's a tip - the one I see most often in Central Ohio is Federal Electric. Aside from the construction knowledge assets I bring - I feel the other huge educational asset I bring is being an economics BA from Ohio Wesleyan. I call the summary of this: Know the Numbers. Real estate and housing is full of opinions. Everyone knows a little, and many think they can offer expert advice. We all get to choose who we listen to when gathering advice. What is the advice worth? Hard to say. I do know if I line up ten buyers; with the same budget; looking in the same area; same schools; same size homes; same price range of home - and I show all 10 of them the same home. Some will have zero interest. Lets say 3. A few will have moderate interest but not at the listed price (100%-10% to 1 50%). Well say there are 5 of these. Of the last two. One might say I'll pay full price 100%. But there is one buyer who says this home is absolutely perfect. They'll offer 105%. Over list price. So from $0 to 105% . That's a hard thing to judge or advise to clients. However. In lieu of any opinions I try to show my clients. Buyers or sellers. The facts. The stats. The data. The closed sales of largely similar homes. Sold near and around the subject property. What was the highest price paid. The lowest price paid. And the key I watch: the average price paid per square foot. If there were 100 sales of similar properties then statistically abot 75% of them are pretty close to this figure. If a property is priced at the average but is in better than average condition. This could be a great buyer opportunity. Or it is also the circumstance when. a home might be expected to sell at a price higher than the list price. If a home has a premium price but really has no obvious conditions that merit anything more than average - this is a property that might sit unsold for some time until the price is more inline with it's condition and quality.