Home » Columns »Real Estate » Currently Reading:

Dear Doug Real Estate Q&A

March 10, 2011 by Blue Ridge Leader filed under Columns, Real Estate No Comments
real_estate

(Douglas Frank holds a BA degree in English from Rutgers University and is a licensed realtor with over twenty years experience. Doug works with Prudential Carruthers Realtors in Fairfax, Virginia. He also has his Home Improvement License and owns a number of investment properties including houses, townhomes, and condos . Doug and his wife and two sons live in Fairfax, Virginia. (Opinions expressed here are … only opinion!)

Dear Doug: I just passed my real estate exam and I have no idea what my next step is. How do I find a Real Estate Company that will take me on? Is there some sort of training offered for newbies like me?

Dear New Graduate: Congratulations on passing the real estate exam. Fortunately, the test is not that difficult, so most people pass and start working right away. Maybe if it were more difficult, then we would see better prepared agents–but we’ll leave that for someone else’s column…The next step for you would be to start interviewing Brokers at different real estate offices, and see who you would feel good working with. The Broker runs the office. The Realtors work under his/her supervision. Choosing an office that fits your personality, your strengths, and your weaknesses, is very important. Take a tour. Go in for several interviews. Ask the Broker for the name of a few agents who work there, and see how they feel about the office. Is there further training? Are office sales leads given out? And if so, how? Will you be left to fend for yourself? Or is there a mentor program that is set up to ease you into the business? What is the rate of agent turn-over in the office? This business is notorious for rapidly turning over new agents who come into the industry thinking it will be easy, and leave quickly, when they find out how difficult it can be. Once you choose an office, I suggest that you watch, listen, and try to team up with an experienced agent who can show you how to be successful in any market.

A word of caution: Do not join an office where you do not get support. If this is all new to you, you will have plenty of questions. In our business, you do a lot of learning on the run. However, you will need a resource person–be it the Broker or an agent who you team up with– that you can turn to when you need help. You don’t want to be in an office where you are completely on your own. And, you do not want an office where agents see you as a competitor. Believe me, there is enough business out there for all of us. After several years of experience, you may be okay going at it on your own. However, when you are first starting out, a mentoring program, and an office of helpful agents, will make your transition into this exciting industry a much easier and more fruitful one.

Finally, you are choosing a tough time to enter the field. If you can survive in this market, you will flourish in an easier one. When you choose an office, watch the Top Producers, and see what works for them. I have discovered, over the years, that this is a relationship business and the sooner you learn to build relationships in this arena, the faster you will become a successful agent.

Good luck with your business. I have found this to be an exciting, challenging, and ultimately rewarding field, with new situations to be faced every day.

Dear Doug: My wife and I put an offer on a house but were notified that her credit score is not good. I am not an American citizen, so we were really counting on her being able to put the loan in her name. We really want this house and make good money. Is it possible to get a friend or family member to co-sign a mortgage loan to get approved?

Dear Hopeful Home Buyer with Questionable Credit: Congratulations on finding the home of your choice. Now the fun begins. It is time to quickly find a loan officer with whom to sit down and review your options. The credit score criteria that is currently being used by banks varies widely from bank to bank. Yes, they are stricter now, due to all the “bad” loans that were issued in the recent past. However, there are still a lot of discrepancies between banks and who they loan to. One bank currently advertises that they will give you a loan with a 500+ credit score. Another won’t talk to you if your wife’s score is under 620. How low is your wife’s score? Get on the phone and explain to the lender of your choice what you know about her credit, and see what is on their loan menu. While you say your wife’s credit score is “not good”, that leaves a lot of room for a number of mortgages that could still work. Only after carefully examining all of your documents: credit scores, type of citizenship, assets, employment history, bank accounts, etc., can an educated determination be made as to your options. FHA loans allow co-borrowers, but that won’t help if your score is too low. Regarding your American citizenship: There are loan programs for different types of visa programs that you should explore.

Finally, if you and your wife can truly not qualify at this time, there are also rent-to-own, lease-option, land contracts, and other assorted financing methods that you could use to get into that Home Of Your Choice.

Good luck, and don’t take “no” for an answer.

Comment on this article


By commenting, you agree to abide by our Terms of Service.


 

 

 

 

 

 

 

Columns

Pokémon GO: A Fun New Gaming App or an Accidental Treatment?

Michael_Pic

Penicillin was accidently discovered in 1928 when scientist Alexander Fleming returned to his lab from vacation to notice that a strange fungus growing on a culture had killed off the neighboring bacteria. After WWII, psychiatrist and researcher, Dr. John Cade, …

Brotherly Love

moore-sobelnewmug

– By Samuel Moore-Sobel There he was. A small, innocent being entering the world for the very first time. Can I touch him? Nervously, I lean forward. He seems so perfect, so completely serene. He is loved instantly. The last …

To The Teen Who Feels Alone

Lunde new

– By Mary Rose Lunde I’m going to do something real here and be honest for a second. In a society where telling someone your deep emotional feelings is considered weak, doing just that seems to be detrimental and could …

Unmotivated Teen

Michael_Pic

– By Michael Oberschneider, Psy.D. Dr. Mike, At our insistence, our 17-year-old son is going to get a summer job. Well, that’s what he agreed to, but we are two weeks into the summer and guess what … he doesn’t …

Time To Add Discipline To Your Good Money Habits

Smith0035

– By Amy and Dan Smith For many, their 30’s is a time to build a family and a stronger financial future That 30th birthday can be a somewhat traumatic event, but with people living longer, they say 50 is …

Human Fingerprints on Climate Change

noerpel_new

Presented to the Loudoun County Board of Supervisors – June 23, 2016 Recently I was asked whether humanity’s fossil fuel use was the cause of the current global warming. This is a good question and I’m not surprised that there …

Student News

Congratulations, Class of 2016

6 Jul 2016

grads_woodgrove

Woodgrove High School’s Class Of 2016 Graduation – By Amanda Clark On June 16, Woodgrove’s Class of 2016 was the 5th graduating class to walk the stage and accept their diploma. The ceremony was filled with anticipation as the chorus, …

(Be the first to comment)

Buckland Earns Degree In Medicine

6 Jul 2016

buckland

Molly Buckland, D.O., graduated from the West Virginia School of Osteopathic Medicine with a degree of Doctor of Osteopathic Medicine on May 28. While at WVSOM, Dr. Buckland received the Dr. Roland P. Sharp President’s Award and the James R. …

(Be the first to comment)

Adams Promoted To Lieutenant

6 Jul 2016

adamspromoted

Lt. James Adams, from Sterling and a Potomac Falls Halls Graduate, earned the promotion to the rank of Lieutenant. Adams is a Navy Week and Executive Outreach Planner for the Navy Office of Community Outreach in Millington, Tennessee. U.S. Navy …

(Be the first to comment)

Calendar

July 2016
M T W T F S S
27

Bingo at St. Francis de Sale Catholic Church

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

28

Bingo at St. Francis de Sale Catholic Church

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

29

Bingo at St. Francis de Sale Catholic Church

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

30

Bingo at St. Francis de Sale Catholic Church

It’s a Beach Thing . . . featuring lamp-work glass artist Julie Bahun and abstract painter Karen Hutchison

1

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

TGIF - Jake & the Burtones

2

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

Ken Wenzel Live at North Gate Vineyard

Notaviva Vineyards - Bluegrass Jam - FREE event

3

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

4

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

5

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

6

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

7

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

8

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

9

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

Yard Sale Benefiting EPIC

10

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

Moon Music Live at North Gate Vineyard

11

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

12

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

13

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

14

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

15

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

16

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

Dear Creek Live at North Gate Vineyard

17

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

Quentin Walston Live at North Gate Vineyard

18

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

19

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

Paint Your Pint

20

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

21

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

22

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

23

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

24

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

25

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

26

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

27

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

28

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

29

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

30

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

31

Bingo at St. Francis de Sale Catholic Church

Dancing Through Color

Current Print Issue:
Sign up for our email newsletter:

Recent Comments

Steady and NoBull

Lifestyle

Bluemont Harvest Ball To Be Held on September 17 in Warrenton

20 Jul 2016

blueridge

To commemorate the organization’s 40th Anniversary, Bluemont has announces the first ever Bluemont Harvest Ball, to be held on September 17 from 6:30 pm to 11:00 p.m. on Main Street in downtown Warrantor. This black tie event will feature live music from the Silver Tones Swing Band, dancing, a four-course, seated dinner, an open bar, and a silent auction. Tickets …

(Be the first to comment)

What Do You Do To Stay Cool?

7 Jul 2016

ice-cubes

– By Amanda Clark “To chill out this summer I will spend a lot of my time playing music. During the summer, I have so much free time and I devote as much of it as I can to playing music.” – Michael Preston (Lovettsville) “To chill out this summer I will go to a friend’s house and borrow their …

(Be the first to comment)

78th Annual Ladies Board Rummage Sale Ready For Donations

7 Jul 2016

rummage_sale

Rummage Sale Trailers Open July 9 The Ladies Board of Inova Loudoun Hospital is officially accepting donations for the annual Rummage Sale.  The first donation day of the season will be on Saturday, July 9 from 9 a.m. to 1 p.m. at Inova Loudoun Hospital, 44045 Riverside Parkway, Leesburg, and at Inova Loudoun Medical Campus – Leesburg, 224 Cornwall Street.  Red balloons will direct …

(Be the first to comment)

Editorial

Grief and Greed

blueridge2

By Matthew Parse What would drive a single individual to cause so much emotional stress and financial burden on hundreds, if not, thousands of families? What would drive the Town …

Op-ed

Opinion: Terrorism, Debt, and China: Oh My!

blueridge2.jpg

– By Nick Reid world can be a very dangerous place sometimes, especially for a nation state such as the United States. Although danger is always present, the number and …

Metro Money Mess Pushing West

blueridge2.jpg

– By Delegate Dave LaRock (R-33rd) A local paper recently quoted Loudoun Board Chair Phyllis Randall as saying that in her observation “some of the concerns raised by the people …

Dear Editor

Lessons from Short Hill

shorthillmeeting

It’s been a little over two weeks since the Commission Permit for the proposed AT&T facility on Short Hill was overruled by the Board of Supervisors. This is just about …

Thank You

speak

Dear Citizens of Purcellville: As your town council member it is my vision and priority that you feel welcome at your Town Hall and take part in shaping Purcellville’s future …

View From the Ridge

An Open Letter to the Citizens of Purcellville

blueridge2

Mark Your Calendar, They’ve Asked for Our Input So Let’s Give It To Them By Steady and Nobull The Purcellville Planning Commission has tentatively scheduled a series of public input …

Around Virginia

McAuliffe Announces New Exports for Virginia Lumber Companies To the United Kingdom

McAuliffe

Governor Terry McAuliffe announced new export sales of Virginia wood products to the United Kingdom (U.K.) during a trade and marketing mission to Israel and the U.K. The sales were struck between four Virginia lumber companies and James Latham PLC, one of the oldest and largest wood importers and distributors …

(Be the first to comment)

Governor McAuliffe Announces 105 New Jobs in the Town of Berryville and Clarke County

McAuliffe

Handsome Brook Farm, LLC to Invest More Than $6 Million to Establish Egg Processing Operation in Virginia RICHMOND – Governor Terry McAuliffe today announced that New York-based Handsome Brook Farm, LLC will invest $6.4 million to establish a new pasture raised egg processing operation in the Town of Berryville and …

(Be the first to comment)

HUD Awards $2 Million in Housing Counseling Grants To Virginia

Kaine

Sens. Mark R. Warner and Tim Kaine (both D-VA) announced today that Catholic Charities USA, headquartered in Alexandria, will receive $951,150 in federal funding, and the Virginia Housing Development Authority, located in Richmond, will receive $1,040,918. This nearly $2 million grant by the Department of Housing and Urban Development (HUD) …

(Be the first to comment)

Sports

Registration Open For Ida Lee’s Fall NFL Flag Football

7 Jul 2016

NFL_Flag_Football_at_IdaLee

Ida Lee’s Fall 2016 NFL Flag Football League will begin with player evaluations on Saturday and Sunday, July 30 and 31.  Players must be registered by Tuesday, July 26, to participate. This fall, Ida Lee’s Leesburg NFL Flag Football House League will have the following age groups:  6-7; 8-9; 10-11; …

(Be the first to comment)

Everyone’s Getting Into Cannons Action!

6 Jul 2016

cannons

Purcellville Cannons? Baseball July Schedule July 9, 7 p.m. at home Covington? July 12, 7 p.m. away Winchester? July 13, 7:30 p.m. Harrisonburg? July 14, 7 p.m. at home Strasburg? July 15, 7 p.m. at home Woodstock? July 16, 7 p.m. away Front Royal? July 17, 7 p.m. at home …

(Be the first to comment)

Archives

  • +2016
  • +2015
  • +2014
  • +2013
  • +2012
  • +2011
  • +2010
  • +2009