How Poor Paperwork Leads To Iron In Your Water

Ben Schmidt of http://www.benschmidt.tv a Fredericton NB and Oromocto NB Real Estate Agent video blogs about the importance of a water test

When purchasing a home outside of city limits you will need to do a water test. The bank requires it. The bank will not lend the money to buy a home that does not have drinkable water. But drinkable water is defined by the bank as not having E.Coli or Bacteria present.

A basic water test, which is just testing E. Coli and Bacteria costs $55. A Full Chemistry test is $120 an includes E. Coli and Bacteria but also another wide range of tests including, iron, magnesium, turbidity etc. If it were me I would want to know if the well has iron in it. So in my opinion it is very worth the extra $65 to test the water for everything.

Interesting story though. When you offer on a home with a well you need to state you are doing a water test. BUT you need to indicate if you are doing full chemistry. If you just click water test and do not click you are doing a full chemistry test then the results of the basic water are are all that is required with the sale of the home.

In this instance the buyers only requested a basic test on the offer, but got a full chemistry test done. There were no problems with E. Coli and Bacteria but there was very high levels of iron. The buyers did not want to have to pay for the water treatment system, but the sellers legally did not have to either as it was not a condition of the sale. End of the day the parties agreed on a compromise as most people do. But definitely something to make note of.

If you have any questions about water tests or a question for a Fredericton Realtor give me an email at ben.schmidt@me.com and thank you very much Fredericton we will be talking to you real soon ;)

I No Longer Can Do My Job Properly! #FAIL

Ben Schmidt of http://www.benschmidt.tv a Fredericton NB and Oromocto NB Real Estate Agent video blogs about no longer seeing the sale price of a home

There has been a significant change in how sale prices are reported. As of May 1, 2011 in our Fredericton Real Estate Board you no longer can see the sale price of a home until the home closes. It has always been that I could see the sale price once the sale becomes firm. A firm sale is when all the conditions of a sale (inspection, financing, water test, etc) have all been satisfied and waived. That would usually mean I would see the sale price of a home, 1 to 2 weeks after is sold.

Now I must wait until the day it closes to see the sale price. That means when I sit in your house and try to list your home, I cannot tell you what the house down the street sold for 1 month ago! THis is potentially going to cost the homeowners money or it is going to cost them time on the market.

This is BAD NEWS.

If you have any questions about the sale price of your home or if you have a question for a Fredericton Realtor give me an email at ben.schmidt@me.com and thank you very much Fredericton, we will be talking to you real soon ;)

Look Mom No Hands - Going Pro!

Ben Schmidt of http://www.benschmidt.tv a Fredericton NB and Oromocto NB Real Estate Agent video blogs about Going Pro

We are making an upgrade to the mobile studio. No longer am I gonna be front and center on the flip camera, we have new laws coming into effect in June where you no longer are able to operate a handheld device while driving. Not that I ever drive while filming, but none the less a reason to make a change.

We actually got ourselves the Go Pro. So we now have the situation which allows us to go hands free and drive while talking. It meets all the requirements of the new law, it is a one touch device, there is no monitor display to distract the driver.

So excited to make the upgrade!

If you have any questions about the Go Pro camera, or any question for a Realtor, make sure you give me an email at ben.schmidt@me.com and thank you very much Fredericton we will be talking to you real soon ;)

Conditional Offers: How Saving $450 Could Make you HOMELESS!

Ben Schmidt of http://www.benschmidt.tv a Fredericton NB and Oromocto NB Real Estate Agent video blogs about Conditional Offers and Inspections

Often times people put an offer on a home conditional on selling their home. Happens all the time. So lets say your selling home A and buying home B... You're going to buy Home B conditional on you selling Home A. Now Home A is also conditional on an inspection.

A lot of times to try and save you $450 a Realtor will recommend that you put in the offer, "inspection to be completed 5 days after the sale of purchasers home"... in this case Home B. It sounds all well and good, but what happens if you sell your Home A, and it is 1 month left until you close on your new Home B. You now do the inspection and find out MAJOR WORK NEEDS TO BE DONE. You and the vendor do not agree on the work, and the sale of your new home falls through. Now you are selling your home in 1 month, and you have no house to buy.

So lots to consider when making a conditional offer. Sometimes I recommend doing the 5 days after closing, as it works more with the timelines. It is very dependent on the two homes involved, the level of anticipation of a good/bad inspection, and what your timeline is to sell your home, and buy the new home.

If you have any questions about conditional offers or need the advice of a Realtor make sure you give me an email at ben.schmidt@me.com and thank you very much Fredericton we will be talking to you real soon ;)

How your last name can cause a deal to fall apart!

Ben Schmidt of http://www.benschmidt.tv a Fredericton NB and Oromocto NB Real Estate Agent video blogs about an interesting financing situation

Interesting situation. My buyer has a 20% down payment and is willing to bring another individual to co-sign on a mortgage. This co-signer makes a significant amount of money and has enough assets to pay for the property in question 3-4 times overs. So we feel that the financing is a slam dunk!

WRONG!

The bank decides that this property is "too risky" because all the last names on the leases are different. they tell my buyer that it is a "boarding house" and they don't want to deal with boarding houses. This house is anything but a boarding house. A rooming house would be if each room had an individual lease attached to it.

So we decide we will try and finance it personally. The bank accepts! They are willing to take 10% down payment, no co-signer as long as the buyer lives in one of the units! It made no sense to anyone involved why the bank would be willing to loan more money, and not want a co-signer just because now the buyer lives in the property.

The only reason I can come up with would be CMHC. Canada Housing Mortgage Corporation. Basically an insurance company, that ensures the mortgage balance to the bank. So if the buyer ends up in default and cannot make the payments, the bank will be paid the balance by CMHC and they will take over the defaulted property.

Banks are all about risk and that is the only reason I can come up with, as to why the bank would accept less money and not want a co-signer.

If that makes sense or if you disagree make sure you give me an email at ben.schmidt@me.com and thank you very much Fredericton we will be talking to you real soon ;)

3% My ASS....essment! - Property Tax Time :(

Ben Schmidt of http://www.benschmidt.tv a Fredericton NB and Oromocto NB Real Estate Agent video blogs about A 3% CAP and http://www.propertize.ca

So it is everyones favourite time of year. We just get finished getting back on our feet from the holidays, then BAM... TAX TIME

There are two main things you need to know about this year's tax season

1 - 3% CAP has been put on all property assessment values.... or has it? There are exceptions to this rule. But more than likely the majority of homeowners will be positively affected with this decision.

2 - http://www.propertize.ca A website that makes it painless and fun to research your houses assessment value. But do not stop there. Look up your neighbors house, your whole street or any property in the province for that matter.

If you want to know more about PROPERTIZE.CA make sure you contact Shawn Peterson of http://www.saintjohnshawn.com

And if you have any questions about property taxes or any other quetion for a Realtor make sure you give me an email at ben.schmidt@me.com and thank you very much Fredericton. We'll be talking to you real soon ;)

Butternut Lane 14, Noonan - Video Walk- Thru

Large, beautiful split entry home located on over a 2 acre lot in picturesque Forrest Park Estates. This home is gorgeous inside and is just like new. Enter a large foyer w/ 2 closets and hardwood stairs that lead up to the main level which is open concept design w/ cathedral ceilings and features a large kitchen/dining and living room. The kitchen features lots of cinnamon stained shaker style birch cabinets, a unique island w/ breakfast counter and end cabinet, and built in dishwasher. The dining area is spacious and bright w/ patio doors to the back deck. The living room is a generous size and has a large front window providing lots of natural light. Down the hall you’ll find the master bedroom w/ 2 closets one is walk-in and a cheater door to main bath. Two more good sized bedrooms complete this level. The lower level features a large family rm w/ wood stove and garden doors to backyard, a 2nd bath/laundry rm and garage access. Home also boasts a large attached double car garage and the property has a fish pond.

Inside Out or Outside In?? A Good Flip Tip

Good afternoon Fredericton! Welcome to Benschmidt.tv. Seems like I've been talking about flipping a lot, maybe that's because of the weather. During the winter time, homes need to get sold. Not that many buyers, ultimately prices come down, I think that's why the flippers come out, that's who I am working with right now. That's who I'm talking about.

Anyway, got a really good tip from a gentleman that I work with. I thought it rang tune, I thought it made a lot of sense, and I want to pass it on to YOU!

If you're out there, and looking for a property and you want to buy and you want to turn around and sell it, a general tip that you should try to use, is that either inside or outside of the house you want it to be already done in a turned key.

If you are looking to flip a property, you're looking at a house that has a relatively new siding, upgraded windows and doors, and has a newer shingles, so that when you go inside the house, you just have to rearrange the inside, knock down walls, open up rooms.

Whatever it is that you got to do, to turn and flip a profit, you could do it in the inside. If the inside is great, and you just need to get some new siding windows and doors, again, put on some new rooms, shingles, do some landscaping, etc.. It works.

The gentlemen that I work with he has been doing it for a while, and that was his tip, and it makes a lot of sense.

If you're looking for a property you're gonna need either or to be done. If you need to do both, probably you're gonna end up with some variables that you don't know that will eat in to your profit margin.

Tip for you! If you have any questions about that, make sure you give me an email. Ben.schmidt@me.com, and thank you very much,Fredericton. We'll be talking to you real soon!

Flip This House! - Does it work in Fredericton?

Ben Schmidt of http://www.benschmidt.tv a Fredericton NB and Oromocto NB Real Estate Agent video blogs about flipping homes in Fredericton and Oromocto

I often hear from people they want to buy a home, fix it up, and put it on the market for more. Everyone and their dog has seen one of this 'flip' shows on TV and actually think it is just that easy. Well it is not, or everyone would be doing it.

I don't have an exact reason for why it is so hard to do in Fredericton, but here are some ideas.
- Inventory... we are a small city. Not as many homes on the market like a big city
- Employment... our city has very stable employment and therefore people are able to make their payments

The best strategy with our marketplace is to have a buy and hold strategy. Purchase a home under market value, hold onto a unit for at least 3 years, do the necessary upgrades and when you go to sell, you will make your money.

If you disagree with my comments great! Love to hear about it. If you are interested in purchasing and improving homes, get in contact with me to discuss.

Give me an email at ben.schmidt@me.com and thank you very much Fredericton we will be talking to you real soon ;)

Benschmidt.tv Turns 1 - Thank You Everyone

Ben Schmidt of http://www.benschmidt.tv a Fredericton NB and Oromocto NB Real Estate Agent video blogs about http://www.benschmidt.tv s 1 Year Anniversary

So I just looked back at my first post and noticed it was a week ago last year, that I started my personal marketing campaign that is Ben Schmidt TV... I want to thank everyone that takes the time to watch my videos. It really means so much to me that people actually take the time to watch, learn, or just have the opportunity to make fun of me ;) So whatever the reason is for watching, thank you and KEEP WATCHING!

Three big things I noticed from my earliest videos and now:

1 - NO MORE DRIVING AND FILMING - Got a call from my insurance broker first week... Put an end to that!

2 - NO MORE SELF-TITLES - I got rid of the self appointed "Fredericton and Oromoctos Real Estate Marketing Specialist"... I am not a fan of people giving themselves their own title. Not sure why I did this. I learn something everyday in the world of social media and marketing. I am not an expert, I am a student.

3 - THE WINK - The wink lives. To the chagrin of my mother. It is not intended to be braggadocios or conceited. I did it the first time I was practicing my videos and it stuck. So it stays.

Looking forward to another year of Real Estate and Video Blogging and until next time

you can always email me at ben.schmidt@me.com and thank you very much Fredericton and we will be talking to you real soon ;)