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CONTENTS
Let ter from the Editor
Departments 4
Letter from the Editor
Market Snapshot The Art of Negotiation
8
Feature
10
Steps To Home Ownership For First Time Buyers
12
Real Estate Spotlight The Pros and Cons of Assuming a Mortgage
14
Profile Joylyn Munoz
August 2014 • Vol. 7 • No. 08 P.O. Box 24881 Barrigada, GU 96921 Tel: (671) 472-3495 | Fax: (671) 472-3498 email: office@yellowpagesink.com
|Publisher| |Business Sales Manager|
Real Estate Is Not A Get Rich
Jay-R S. Dominguez Quick Career
|Editor| 16
From the Experts Your Credit Score Affects Your Loan’s Interest Rate
Arlene Taitague Taitingfong
|Display Advertising| Evelyn Trinidad
19
Home Finance Smart Mortgage Tip: Organizing Your Finances
|Traffic/Circulation Manager| Carol Aperocho
|Production Manager| 20
How to D.I.Y. D.I.Y. Pre-qualifying Calculator
22
Curb Appeal
Mark S. Burke
|Graphics & Layout| Mark S. Burke Edwin E. Valencia
|Editorial Contributors|
Home Buyer’s Guide
25
Who Ya Gonna Call?
26
Classifieds
Anthony Godwin Arlene Taitague Taitingfong Kim Anderson Young Nicole Sablan-Patricio Robert Paulino
Arlene Taitague Taitingfong
Buenas CasaGuam readers! I hear that it is a Buyer’s Market in the real estate arena and now is a good time to purchase a home. This may be the most expensive item you will buy in your lifetime, so be sure to make wise choices. We hope that this issue will give usable information to all homebuyers. For those of us who are not familiar with the components of the home buying process, take a look at Curb Appeal and read up on the Home Buyers Guide. This has prerequisite information explaining the basic elements of the home buying process. Nicole Sablan-Patricio gives us insight on what to expect as a “First Time Buyer” in our Feature segment. Kim Young shares why one should have Homeowners Title Insurance in Real Estate Spotlight, and why it is important to use an escrow company. There is also a pre-qualifying “calculator” in our D.I.Y. section for you to try out. See how much you pre-qualify for before searching for your home. If you are like most of us, you will be getting a loan to purchase your home. Your credit score will be a factor in the loan process. Robert Paulino goes over this in From The Experts - a must read! In Market Snapshot, Anthony Godwin explains the Art of Negotiation and shares the latest market information. This month, our Profile focuses on Joylyn Munoz. Read about how she started in a land far, far away and ended up making her business on Guam. Good luck and happy hunting to potential homebuyers! May your journey to home ownership be a great adventure! Until next month, stay safe. Senseramente,
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Closing Guam Association of REALTORS®
Cover Photo: Mark S. Burke CasaGuam is Published by:
Arlene Taitague Taitingfong
CasaGuam Advertising Disclaimer All Advertisers agree to hold the publisher harmless and indemnify it against any and all claims, losses, liabilities, damages, costs and expenses (including attorney’s fees) made against or incurred by the publisher, officers or employees with respect to, or arising out of, the content, text, graphics or representations of any ad published herein, including but not limited to the sole negligence and/or fault of the publisher. The publisher is not liable for any claims, losses or damages of any kind, arising from the wording, text, graphics or representations of any ad published herein, or the condition of the articles sold through the publication, or performance of services advertised in this publication. All advertising and/or performance of services advertising and/or submissions become wholly the property of CasaGuam Magazine. CasaGuam Magazine is a registered trademark of PTI Pacifica Inc. Copyright © 2008. All rights reserved. Reproduction in whole or in part in any form without the express written consent of the publisher is prohibited. We reserve the right to edit or refuse any ad and to reprint any photo for promotional use.
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Market Repor t
The Art of Negotiation he Merriam-Webster dictionary defines negotiation as “a formal discussion between people who are trying to reach an agreement”. You and your REALTOR® have found the perfect home for you and your family. Now it is time to put together the purchase agreement for presentation to the Seller. Naturally, you have several questions. How much should we offer? What will the Seller take? Will the Seller make some repairs? Will the Seller help with some of the closing costs and down payment? Who will pay for the survey work? There are many hurdles to overcome before the keys to your home are handed over. During the home buying and selling process, there are several items to consider as part of your negotiation strategy.
T
The Market & Price To answer the first and second questions: How much should we offer? and What will the Seller take?; we need to take a look at market conditions. What have similar properties sold for in the past six months? Is the market trending as a Seller’s market, a Buyer’s market or somewhere in between? What is the interest level in the house you are purchasing? Have there been previous offers the Seller might have turned down? Is there great interest in the property? These are factors that will determine what you will offer and what the Seller will ultimately accept.
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Property Condition As part of your offer, you may include a condition to have an inspection completed for the property. If the inspection reveals that repairs are needed, who will pay for the repairs? Will the Seller pay? Will the Seller split the cost with the Buyer? Or will the Buyer have to pay it all? This point of negotiation usually comes up AFTER an offer has been accepted on the property since typically these costs are unknown until an inspection has been completed.
Paying for the House Financing is always fun - sometimes complicated - but fun! There are several different loan programs available that provide opportunity for Buyers to negotiate the best terms with their lender. Depending on market conditions, there may be opportunities for a Seller to pay part of the down payment or closing costs. In a Buyer’s Market, Buyers will sometimes see Buyer motivating offers such as 1) Seller to pay up to 3% of Buyer’s closing costs or 2) Seller to pay $10,000 from Seller proceeds towards Buyer’s down payment or closing costs. Of course Buyers can include requests for concessions in any market. After all, that’s just a part of the negotiation process. Talk to your REALTOR® about your negotiation strategy. Don’t have a REALTOR® to work with? Now you do.
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Market Repor t
Market Snapshot January 1, 2014 through July 18, 2014 Condominiums/Town Houses and Apartments Top Condominium/Townhouse Sale Tasi 17 Condominium, Tumon – $650,000
Condominium/Townhouse For Sale Average Sold Price:
$187,441.00
Average Days on Market:
157
Number of units Sold Number of units currently for sale:
Condominium/Townhouse/Apartments For Rent
86 168
Average Rented Price:
$1,506.00
Average Days on Market:
68
Number of units Rented
551
Number of units currently for rent:
277
Single Family Homes Top Single Family Sale Perezville, Tamuning – $740,000
Single Family Homes For Sale Average Sold Price:
Single Family Homes For Rent
$258,519.00
Average Rented Price:
$2,040.00
Average Days on Market:
155
Average Days on Market:
74
Number of units Sold
120
Number of units Rented
371
Number of units currently for sale:
287
Number of units currently for rent:
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Feature
Steps To Home Ownership For First Time Buyers ByNicole Sablan-Patricio
earching for a home can be an exciting adventure, as well as a daunting task for first time home buyers. It is important to know where to start to effectively create a plan that will lead to your ultimate goal of homeownership.
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Feature
The first step is to know your credit score. This factor is easily overlooked. Certain loan programs have minimum credit score requirements, and although you are typically not required to verify your scores until you apply for the mortgage, it is always good to know your score beforehand to avoid setbacks. You can obtain your score online for free at sites such as www.annualcreditreport.com and www.creditkarma.com to name a few. The next step is to seek a reputable REALTOR® who is knowledgeable about the market trends. Your real estate professional will help you determine what loans, grants and other programs are available to you, such as Guam Housing Corporation’s “First-Time Homeowners Assistance Program”, which offers up to $10,000 in assistance! For many first time buyers, zero percent down payment options offered through the Rural Development and the Veterans Administration have also been a popular route. Your REALTOR® also acts as your liaison between loan officers, escrow companies, surveyors, contractors, and inspectors, giving guidance through every step of the process. This relieves some of the uncertainties that often come with buying a home. Your REALTOR® will also help you get pre-qualified by a bank
in order to know what the maximum amount a lender will give you. This is a very easy, yet crucial step in the process, and will save you from aimlessly viewing properties above or far below your price range. Additionally, prequalification will give you an idea of what the monthly payments will be, and a breakdown of the fees associated with the loan. Once this is completed, the fun part begins - searching for your dream home! Create a wish list. This list may change as you begin to compare it to what is on the market vs. your budget. Be sure to identify items on your list that are “must haves” and which items are not flexible. Research online to get an idea of what is available. Your REALTOR® will also give you a list to consider. If finding a home takes you a while, ask your REALTOR® to set up a portal online that will automatically send you new listings within your criteria as they surface the market. This way, you won’t miss a thing! While touring properties, keep an open mind and visualize the possibilities. Remember that each home is tailored to its current owner, but you can make changes to the property to make it a home for you and your family.
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On The Cover
Mangilao Magic!
B
rand new, 2 story executive house on University Street in Mangilao, the most desireable place. This spacious house has 4 bedrooms and 4 bathrooms and over 3,000 square feet of net living space. You can feel the breeze of the wind, the tranquility of the neighborhood, and the view of the ocean from the roof terrace.
Why wait?Call now to arrange the showings!
$579K 10 CasaGuam August 2014
988-1883 karen1282001@yahoo.com
Karen Pan REALTOR速
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Real Estate Spotlight
The Pros and Cons of Assuming a Mortgage t is not uncommon for parties to take over payments when purchasing real estate, even though most mortgages contain what is called a “due on sale” clause. The clause states that a mortgage cannot be assumed by a new buyer. Contracts of Sale, Seller Financing and Wrap Around Mortgages are all examples of creative financing in which the existing loan is assumed without the knowledge of the lender. While not in compliance with the terms of the loan, assumptions are not rare. In most cases, the lender does not have any idea that the loan has been assumed, and as long as the payments are made, no red flag is raised. Before it starts to appear that I am advocating assuming another person’s mortgage (which I don’t!), let me say that there are a number of good reasons that mortgages prohibit assumption. A few noteworthy reasons are:
I
• Lender cannot confirm that the new buyer qualifies to repay the loan. • Lender loses the opportunity to adjust interest rates to current market levels. While assuming a seller’s mortgage may seem like a simple and straightforward way to quickly close the sale of a property, the
By Kim Anderson Young
ramifications can be disastrous to both the buyer and the seller. • If the buyer fails to make the mortgage payments in a timely manner, or if the loan goes into foreclosure, the seller’s credit score is affected since they are still responsible for the loan. • If the seller wishes to purchase another property, the existing loan will still show as a debt for which they are responsible. • If the bank discovers that a loan has been assumed, they can immediately call the note due and payable, and the buyer will need to quickly seek alternative financing. Some mortgages allow for it to be assumed, but only with the lender’s consent.In order for the lender to consent, the lender will process the buyer as if they were applying for a new loan (to determine if they qualify to repay). If the lender approves the assumption, then an “Assumption of Mortgage” document is signed by the new borrower and is recorded as required under the mortgage. At this point, the debt is removed from the original borrower’s credit, and our buyers and sellers are in compliance with the terms of the loan.
About the Author Kim Anderson Young, president of Security Title, has over 30 years of experience in the real estate industry. Contact her at kim@securitytitle.net or 647.8100.
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Profile
Real Estate Is Not A Get Rich Quick Career
By Arlene Taitague Taitingfong
O
“
Joylyn Munoz PRINCIPAL BROKER, ABSOLUTE REALTY
that one must have the right attitude AND have a business plan. “Real estate is not a get-rich-quick career,” said Munoz. “You have to enjoy making people happy. What drives me is helping people”. She added, “I enjoy reading CasaGuam Magazine and use it as a resource tool.” In her spare time, Munoz enjoys reading, spending time with family - and believe it or not - looking at properties!
I enjoy reading CasaGuam Magazine and use it as a resource tool.”
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Once upon a time in a land far, far away - Florida to be exact - Joylyn Munoz became a REALTOR®. Her association with friends and relatives who were REALTORS® influenced her decision to embark on this career. “I already liked dealing with people, and real estate honed in on my skills in marketing and customer service.” That was true seven years ago and still holds true today. Five years ago, Munoz returned to Guam for a vacation. She noticed that the market on Guam was different from that of the mainland. She saw opportunity and has resided here since then. On Guam, Munoz first worked for one of the Re/Max real estate companies. She later obtained her Broker’s License. Two years ago, she went out and opened up her own real estate company. Recently, she changed the business name to Absolute Realty. The name change reflects a new start for her and her son Nicholas, age 9. When asked what was the difference between being a REALTOR® and being a Broker, as well as running her own real estate business, she explained, “As a broker, there is more liability, but then there is more freedom for negotiation.” Having her own company enables her to establish her own set of standards. “A brokerage is like an umbrella for other REALTORS®.” She, however, attributes much of her knowledge from working at Re/Max. Her philosophy is simple. “Be honest and provide excellent customer service and customers will always come back to you,” stated Munoz. Most of her company’s business stems from “word-of-mouth” leads and referrals. Munoz also shared that one must adapt and understand the client. “You are working as a consultant to the client. Remember, everything is subjective, so it is best to listen to what they want.” If you are looking to become a REALTOR®, she advises
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From the Experts
Your Credit Score Affects Your Loan’s Interest Rate re you thinking about buying a home, a car, or maybe going on a dream vacation? Most of us do not have large sums of money on hand and will probably be looking to borrow from a financial institution. Your credit score and your credit repayment history will affect the total cost of the loan. Your credit score is different from your credit report. Your credit report is a snap shot of financial responsibilities. Your credit score is a three digit number that is based on what is described in your credit report. Many lenders will use your credit score to determine the amount of risk they will want to invest in you. To determine this risk, they will review your payment history, how much debt you have, how much you owe on your debt, and how long you have maintained your credit. Having too much debt, a high balance and a poor payment history, will drastically lower your score. On the other hand, if you do not have a history of good debt, the lender may consider you a risk because they cannot predict your financial responsibility. A low credit score could prevent you from being offered a lower interest rate. Banks may find it risky to invest in you and offer a higher interest rate instead. Basically, this means you will be paying more on interest over the term of the loan compared to someone who borrowed the same amount on at a lower rate. For example, according to mortgagecalculator.org, if you a get a $200,000 mortgage for 30 years at a 3% interest rate, monthly payments would be $1,051.54. At the end of the 30 years, you would have paid $95,054.90 in interest. If you pay 6% on that same mortgage, monthly payments increase to $1,407.43. What is most shocking is at the end of the loan term, you would have paid $220,093.04 in interest alone and that is more than the actual loan! The difference between the two examples is around $355.00 a month. Can you imagine what you could do with that extra money? Your credit score could also affect the amount the lender is comfortable loaning you. A good credit score informs them that you could handle the full credit limit of your request; whereas a lower score may have the lender reduce the amount of your loan, or even worse, deny your application altogether. If you are planning on applying for a mortgage loan and your credit score is not as high as you like, you may want to take time in improve your score. Improving your score can be as simple as paying down your balances, limiting inquiries for new credit, and paying your loans on time.
By Robert Paulino
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Robert Paulino is the Loan Manager at Personal Finance Center and has been in the banking and financial services industry for 18 years.
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Home Finance
Smart Mortgage Tip: Organizing Your Finances By Calvin Hernandez btaining a mortgage loan may sometimes feel overwhelming, complicated and even stressful. As a lender, we want to educate and guide you through the process. Whether it is a purchase or refinance loan, lenders evaluate your income, assets and liabilities for qualification purposes. Following are common tips that may help eliminate unnecessary anxiety associated with the mortgage process. Keep good records. This includes copies of tax returns and W-2s covering the last two years, checking and savings statements for the past two months, and your most recent 401k statement. Also important are records for installment loans, credit card bills, recent check stubs that cover one full month of employment, rental or lease agreements and, in some cases, court documents. Know your finances and have proper documentation. If you are refinancing, make sure you know your current mortgage principal balance, interest rate, loan term, start date, hazard insurance premiums, property taxes and if there is a prepayment penalty. This will help the loan officer recommend an appropriate loan program and ensure that you have a complete file for credit decision. Continue to manage your finances after submitting your mortgage loan application. Avoid applying for new credit or applying for increases in credit limits. Also, don’t use your credit cards up to their available limit and, most importantly, stay away from making any late payments on your existing debts. By submitting your application, you are authorizing the lender to run your credit report. Lenders may also request to update your credit report just prior to loan closing. Any decline in scores, changes in payment amount, or identification of new debts may delay or even change the results of the credit decision. Resist temptation to spend leftover or residual income. Instead, deposit excess earnings into a savings account, which can help with your down payment and closing costs. It is also a good sign of a responsible borrower who manages his/her finances. Avoid overdrawing your checking account and avoid making large unexplainable deposits into your accounts. These are red flags to lenders when reviewing your bank statements. Lenders will need to validate and document the source of all large cash deposits. This may result in more documentation and possible delays. Communicate with your loan officer. Provide correct contact information, including email address, and primary and backup phone numbers. Check your email and voicemail daily. If the lender requires additional documentation, make sure you respond promptly. During the loan process, inform your loan officer if you intend to change employment or shift to a different position within the same company. Lenders will be looking for occupational stability and source of income. A major change in occupation could affect the lender’s decision or its ability to use the stated income. If possible, avoid off-island trips without access to email after submitting your application. Lenders are required to make a credit decision within 30 days of your receiving a completed application. If additional documentation needs arise, it’s important that the lender is able to contact you. Prompt submission of your application is important. For purchase transactions, be sure to submit your application immediately after you have an accepted offer. The purchase contract typically states a closing deadline, which can range from 45 to 75 days. The best advice is to submit the application the next business day. Do not wait three weeks before submitting your loan application. Borrowers may lose the opportunity to purchase the home if the contract expires and the seller decides to consider another buyer. Ask questions. Don’t be afraid to ask questions if you don’t understand something. Loan officers know this is a complex process and want to help guide you through the process. By keeping these steps in mind, you’ll find the road to be a much smoother ride.
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H o w To D . I . Y.
D.I.Y. Pre-qualifying Calculator By Arlene Taitague Taitingfong ne of the first things you will need to do before you embark on your journey to home ownership is to find out how much you “pre-qualify” for. Lenders can assist you with this process. Pre-qualification is not to be mistaken for how much your lender will approve for you to borrow; that figure may be different. The amount you prequalify for will be your guide when you begin your house search. It is the most asked question by real estate agents. If you are curious and are testing the waters, there are many different ways to calculate this figure without going to a lender just yet. The format shown below is not the “official” pre-qualification calculating formula, but it can help you decide if you can afford a home now, and how much home you can possibly get. I found this “calculator” at www.free-online-calculator-use.com. I plugged in some numbers at random for this example. What information I didn’t know, I left blank.
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Gross annual income ($): Monthly debt payments ($): Down payment ($): Annual interest rate (%): Monthly Insurance ($): Annual property tax percentage (%): Mortgage term in number of years(#): Max mortgage payment to income ratio(%): Max debt payments to income ratio (%): Down payment: Mortgage loan amount: Home Price: Monthly PMI payment: Monthly insurance payment: Monthly property tax payment: Monthly principal & interest payment (P&I): Total monthly cash outflow:
40,000 400 10,000 4.2
30 28% 36% 10,000 149,054.42 119.29 0 0 40,000 680 799.29
Based on the information entered, the highest priced house is $149,054.42. REMEMBER, this amount is merely an estimate. The actual amount will vary from lender to lender. Visit the site and plug in your numbers. It is a fun tool that can help you. The website itself is full of good information about mortgages. It has other loan related calculators you can try out as well. 20 CasaGuam August 2014
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Curb Appeal
Home Buyer’s Guide By Arlene Taitague Taitingfong ot all of us are knowledgeable about the many facets of the home buying process. It’s best to know a little about everything before diving in. Let’s break down the different components involved in the process. Welcome to Home Buying 101.
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The Buyer: That’s you. You need to be employed for at least two or three years and show a record of paying your bills on time. You also need to have some money for a down payment, closing costs and other expenses that might come up like an appraisal. You should also be able to show that you can repay the mortgage loan every month. The size of the house loan that the bank is willing to give the homebuyer is based on the buyer’s debt-to-income ratio and the homebuyer’s credit score. The Home: Remember, this may be your largest purchase ever, so be sure you know what you want in a home. Create a check list of your “must haves” i.e. number of bedrooms and bathrooms, large kitchen, pool, driveway, close to school or work; Perhaps you want a “fixer-upper” or a “move-in-ready” home. Identifying what you want will help your Realtor ® find properties that fit your criteria. Real Estate Agent: It cannot be stressed enough that one should enlist the talents of a real estate agent. A good Realtor ® is willing to listen to you and has all the resources to help you find a home, and can assist with the negotiation of the price. Insurance & Escrow: Homebuyers should always purchase homeowners insurance in order to close on the sale. This is one of the things your bank and an escrow company will check off before a transaction is completed. An escrow company is the liaison between the buyer and the seller. Their function is to ensure all parties bring everything to the table to satisfy and to facilitate a smooth transaction of ownership. Mortgage: There are many types of loan programs one can qualify for. You can also a fixed rate or adjustable rate mortgage. Fixed rate mortgages give the homebuyer a consistent mortgage payment, but adjustable rate mortgages often allow the homebuyer to take out a larger loan and also allows for a lower initial interest rate. The interest rate is the amount that the bank is paid during the course of the mortgage. Check out the different types of loans and programs available to find the one that suits you best. 22 CasaGuam August 2014
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This guide is just that – a guide. It is advised to do your research and shop around, not only for your home, but for your lender, your escrow company and even your Realtor Ž. Buying a home can be stressful, but having the right people on your team will make the experience all the more pleasant!
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W h o Ya G o n n a C a l l ?
C aptain REALTY
ADVISORS
RESIDENTIAL • COMMERCIAL • SALES • LEASING
Call Nick at (671) 472-1819 or email nick@captainrealestate.com
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Classifieds Commercial Rentals
MongMong-Toto-Maite
Dededo
Economical studio unit. Completely renovated. All ceramic tiles, new cabinets, new split A/C, typhoon shutters & double paned windows. Call Deanna @ 688-2855.
Executive 2-story house with a great view, fully fenced and a quiet area. 5bd/3ba w/ 2 huge balconies. SS appliances, wash/dry, 2-car garage. Huge storage shed, a must see, Military OK! $3500/mo. Call Joe @ 483-3333!
Sinajana
Residential Sales
Nice 4bd/2ba home w/ fenced yard. Fully Fenced and pet friendly. All split a/c units and all tile. Fully typhoon shuttered and is equipt with a security system. Call Deanna @ 688-2855.
Barrigada
106 East Sta. Barbara, Dededo 4bed/1 ba corner house, fenced, and gated. Centrally located close to church, school and malls. Asking $1,200/month. Call MYRNA @ 488-0144
Ordot-Chalan Pago Commercial space for rent. Approx 850 sq ft., video store or retail business. Asking $850/mo. Please call ANGIE @ 727-2228
Residential Rentals Asan Nimitz Hill, 2BD apartment including ocean view. $950/mo. Modern upgraded, all ceramic tiled, typhoon shutters. Call 687-6900
Talofofo Ipan home less than one mile away from the beach and golf courses. 2 story, 4BD/3BA plus studio. Call 707-6923/4 for more information.
Tamuning
Harmon 3BD/2.5BA Townhouse. Pool. Security. Tennis Court. $1,900/month. Call 637-7165/688-0887/689-7700
Multi-Family House/Good Investment located front of Dededo Mayor’s Office/Park & Library Greath Neighborhood / Gated/ Corner Lot/Serious Buyers Only! FOR SALE BY OWNER. Call/LvMsg 727-6456 Villa Rosario Condo: 3bd 2ba Excellent Condition, Pool, Tennis Court, Play Ground. Good Location $160,000.00 Call 637-7165/688-0887
2bd/1ba second floor unit. Some furniture included. Stove/oven, refrigerator, washer/dryer. All ceramic tile & renovated bathroom. $1,500/mo. Call Deanna @ 688-2855.
Las Palmas Ph3. 3rd Floor. Large 3BD/2.5BA/2Den. Pool. Excellent Condition. $255,000. Call 637-7165 689-3333/688-0887
Dededo 3BD/1BA. Exclusive parking space, with porch, AC. Call 637-0222 ASAP.
Dededo
Sunrise D Condo. Large 2BD/2BA. Pool. Very nice. 1,000 SqFt. $1,000/month. Call 637-7165/688-0887/689-7700.
Barrigada 2b/1b, near Subway with water $830/mo. Please call 637-7165 / 688-0887 / 689-3333
Large 4BR/2Ba 1800sqft. House Only 248,000 637-7165 / 688-0887 / 689-3333
San Vitores Terrace Condo-2bd/1ba, 3bd/2ba - walking distance to beach, rest/bars, church. Asking $950 $1800/mo. CSR- PB 649-6088
Tumon Blue Pacific Lattice Condo. 2bd/1ba. Backup generator, securted entry, pool, mailbox, room A/C units, stove/oven, refrigerator. Call Deanna @ 688-2855.
Large 4BD/2.5BA. Single home. Pool. Security. Tennis Court. $2,450/month. Call 637-7165/688-0887/689.7700.
Yigo
Harmon Ct. Townhouse. 3BD/2BA. Sec. 8 OK. $1,200/month. Call 637-7165 689-3333/688-0887
Single Home. Excellent Condition. 3BD/2BA. Large yard. Good location. $1,400/month or for sale $200K. Call 637-7165/688-0887/689-7700.
Pacific Gardens. 1st Floor. Pool. Security. 1BD/1BA. $47,000. Call 637-7165 689-7700/688-0887/689-3333. For Sale By Owner Summer Palace Estates Located close to Cost-U-Less in Harmon 4Bd/2.5Ba 2100 Sq. Ft. Home located in a secured gated community with swimming pool, tennis court, and playground. New granite countertop and tile floor throughout with typhoon shutters. $440,000.00 Please call 777-0951
Ordot-Chalan Pago Chalan Pago 2bed 1bath SFD for sale. 1169sq.m lot Asking $119K. Call Karen 988-1883
Talofofo Two homes for sale! House 1: Full concrete, 2 bed, 1 bath House 2: Semi-concrete, 2 bed, 1 bath Asking $94K for both. Call owner at 727-4985 Two 2BD hse. 1 Full Concrete & 1 semi concrete in one lot. $96K. Negotiable. Call 727-4985.
Tamuning Exec. 2 Story/Very Spacious For Sale by Owner. Growing in a great location beside Cost-U-Less Tamuning and Guam Premium Outlet. Great lifestyle and community environment with 5bd/3ba corner lot; nice sized bd on 1st and 2nd flr; master suite w/ jacuzzi spa tub; quality granite staircases; red hardwood railings; crown molding all over the house with open spacious kitchen. Dream home and a good investment! Call/LvMsg 727-6456 Jonestown. 3bd/2ba, Large Yard. Fenced. $320,000 or $1,350 for rent. Call 637-7165/689-7700/689-3333
Tumon Tumon View Condo. 2bd 1ba. Near beach. $110,000. Call 637-7165/688-0887/689-333 Lily Village Tumon Condo. Nice. 3BDM 2BA Fully Renovated. $2,000/mo.
Yigo 4BD/3BA 2 carport on a half acre corner lot. Fully fenced. Atis St. Ch La Chanch Yigo. $265,000. Call Joe. 488-4563.
Land for Sale Tamuning Tun Ramon St. Perezville. 671 sqm. Approx. 56’ wide frontage. Prime residential lot. Asking $320K. Make an offer now before it’s sold. Pls call 929-1616 or email sedl@teleguam.net
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Closing
Message from the President Louisa M. Wessling 2014 President
Message from the Executive Officer Peggy Araullo Llagas Guam Association of REALTORS®
Guam Association of REALTORS®
Hafa Adai, In continuing the series of steps of the home buying process, let us consider the next step - Looking for a New Home. After you have completed the loan pre-qualification process, determined a budget, and selected your lender and agent to work with, it is time to begin your search for that perfect home. The fun begins! Some important factors to consider when developing your checklist are: 1. Affordable price. 2. Location. 3. Size of home, number of bedrooms, lot size. 4. What is your taste? What do you like? What do you not like? 5. What is your lifestyle like? Are you a stay-at-home person? Or are you on the go? 6. Single story vs. Two story The more information you provide to your agent about your likes, dislikes and needs, the better they can fine tune their search in finding the right home for you. Will the home still meet your needs in 3-5 years? Is this home purchase going to be for short term ownership? Or will this home be the "permanent" one? Be honest with your agent. Don't be afraid to ask questions! This is a major investment, and now is the time to ask questions and voice your thoughts and concerns. Keep on open mind while you look at houses. Most houses may be painted a color that you do not like or the current owner's decorating tastes may differ from yours. Find the positive features along with the negative features. Some features are a quick and relatively inexpensive fix. Others can be more costly if reconstruction has to be considered. Look beyond the negatives if at all possible and use your imagination. In doing so, you may discover the "perfect" house. I recommend looking at no more than 3 - 5 houses in one day. This is a manageable number and you should be able to focus and remember what you saw. Any more than this, and it may be overwhelming to remember everything that you saw. Always preview a home during daylight hours. You want to be sure that you don't miss anything. Always go back and visit the home and neighborhood at different times of the day and on weekends and see if anything changes. You may discover something that will influence your decision to make an offer. Stay tuned next month for more home buying tips for existing homes and new construction. 28 CasaGuam August 2014
What is Steering? According to NAR, “Steering” under the Fair Housing Act is the process of influencing a buyer’s choice of communities based upon the buyer’s race, color, religion, gender, disability, familial status, or national origin. Steering on the basis of any of the characteristics defined under the Fair Housing Act is not only unethical, it is illegal because it limits the housing opportunities available to that buyer. Steering occurs when an agent limits the housing options available to a buyer by directing prospective homebuyers interested in equivalent properties to different neighborhoods or communities or even different parts of the same development according to the buyer’s race or other characteristics protected under the Fair Housing Act. One way such “directing” can occur is through comments by an agent, either positive or negative, about a community. For example, if an agent limits or does not provide housing options to a buyer in a community because of the community’s racial composition, that agent may effectively be making housing unavailable. Or if an agent expresses his or her own positive or negative views about certain communities or schools, the purpose of which is to direct a buyer either towards or away from a community, then that agent may be stating a housing preference based on race or familial status or religion. These would be violations of the Fair Housing Act and of the REALTORS® Code of Ethics. It’s easy enough to stumble into a fair housing violation, so be careful, that extra help could be “Steering”. Before you start talking to a customer as a friend would to a friend, stop yourself ! Even if your intention is just to help, your words could have the unintentional effect of steering by stepping into their shoes and giving them too much of your opinions. Instead, provide sources of information that will allow them the opportunity to formulate their own opinion on matters about a neighborhood or school.
GUAM ASSOCIATION OF REALTORS® The Voice for Real Estate on Guam
Suite 236A Julale Center 424 West O'Brien Drive, Hagatna, Guam 96910 Office: (671) 477-4271 • Fax: (671) 477-4275
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