Sell Your House Fast in Norfolk – is Slatewood Properties For You?
Do you need to sell your house fast in Norfolk? Slatewood Properties is Norfolk premier real estate solutions company, and since our inception we have been helping homeowners along with improving communities in each and every city we work in.
Through our extensive knowledge of the business, network of resources, and years of expertise, we are able to assist homeowners with a wide variety of real estate problems in Norfolk. We pride ourselves on our reputation for working one-on-one with each customer to handle their individual situations.
With the ability to directly purchase homes and make cash offers, we can create an extremely fast, and hassle-free transaction. That means you, as a homeowner, can sell your house fast in a moments notice!
Our mission is to rejuvenate neighborhoods and increase the standard of living by improving the overall quality of housing for the residents. Call us today and let’s see how we can work together!
We not only purchase property but we also sell our homes directly to buyers, many of which are completely renovated and in move-in condition.
Whether you are dreaming of becoming a first time home buyer or looking to upgrade your current home, we can help.
If we don’t have a home to sell directly to you, we can connect you with a licensed agent who can help you find your dream home!
Slatewood Properties is truly committed to helping each individual customer. We focus on fast response, integrity and over-delivering on customer service.
By putting the customer’s needs first, whether selling or buying a home, we can help you realize your real estate goals.
Do you want to sell your house in Norfolk and need a real estate agent? Are you worried that you won’t be able to do it? Well worry no more, we can help.
We want to buy your house! We buy houses fast for cash in Norfolk.
Any house in any condition and in any situation. Here are the most common questions our clients and homeowners ask themselves:
Are you facing foreclosure?
Are you behind on your house payments?
Do you owe taxes, or are you behind on HOA fees?
Do you have little, or no equity, or owe more than your house is worth?
Have you tried listing your house with an agent and the agent doesn’t want to list your house because it’s in such bad condition and needs too many repairs?
Are you going through a divorce?
Did you inherit a home that needs a lot of expensive repairs?
Are you having to relocate for your job? Are you retiring and need to downsize?
Do you own a vacant property you’re still paying taxes on, and paying maintenance fees, or H O A fines for?
Are you tired of the headaches of being a landlord, and dealing with problem tenants?
Do you just need to sell your house in Norfolk?!
We make selling your house by owner extremely easy.
With us you pay no fees and no commissions, compared to when selling with an agent.
We can pay cash and close quickly and we pay all closing costs associated with the transaction.
We can buy your house in the condition its in, so you don’t need to do any repairs.
We want to help you.
We can buy your house with no hassles, and no stress for you.
Contact us right away if you want to sell your house today and walk away.
Simply pick up the phone and give us a call at (750) 750-0200 and give us a few details about your house that you want to sell.
If you prefer to contact us by email, you can visit our website and complete a short form and we will get back with you shortly.
Thanks for stopping by our SlatewoodVirginia website.
We look forward to speaking with you and buying your home.
Are You in Need of a Quick Relocation and Want to Sell Your House Fast in Norfolk?
OLIVER: HELLO AND WELCOME BACK FOR ANOTHER EDITION OF MONEY PROS.
I WILL BE YOUR HOST.
WE TALK BALTIMORE -- OF ISSUES RELATED TO YOUR MONEY.
LET'S JUMP RIGHT IN AND TALK ABOUT WHAT WE WILL COVER ON TODAY'S SHOW.
FIRST UP, INTERESTING ARTICLE THAT I SAW RECENTLY RANKING STATES.
THE HIGHEST TO LOWEST PERCENTAGE OF MILLIONAIRES.
I THOUGHT IT WOULD BE FUN TO GO THROUGH THE TOP THREE STATES.
TAKE A LOOK AT THE STATES THAT HAVE THE LARGEST PERCENTAGE OF MILLIONAIRES IN THE STATE.
TALK ABOUT SOME OF THE REASONS FOR THAT, WHO THE WEALTHIEST PERSON IS AND WHO -- WE CAN TALK ABOUT MASSACHUSETTS AND RHODE ISLAND.
WE WILL TALK ABOUT THAT IN OUR FIRST SEGMENT.
OUR SECOND SEGMENT, REAL ESTATE PROS BACK.
FROM -- JED AND SAM.
WE WILL BE TALKING ABOUT THE CONTINUATION OF OUR LAST SHOW WITH THESE GUYS.
WHICH WAS THE TRIALS AND TRIBULATIONS IF YOU DECIDE TO GO FOR SALE BY OWNER.
SO MUCH MATERIAL IN THE LAST SHOW WE DID NOT COVER IT ALL.
WE HAVE THESE GUYS BACK TO TALK ABOUT ALL THAT.
30 SEGMENT, SHIFTING GEARS OF LITTLE BIT.
TALKING ABOUT LONG-TERM CARE INSURANCE.
THIS MAY NOT BE A TYPE OF COVERAGE YOU ARE FAMILIAR WITH.
IF YOU ARE, YOU MAY BE FOLLOWING THIS COVERAGE IS GETTING MORE AND MORE EXPENSIVE.
SOMEONE -- SOME QUESTION IF IT WILL EVEN EXIST AND A COUPLE OF YEARS.
WE HAVE GOT A LOT TO GET THROUGH IN TODAY'S SHOW.
LET'S JUMP RIGHT IN.
LET'S TALK ABOUT STATES WITH THE HIGHEST PERCENTAGE OF MILLIONAIRES.
THIS WAS BASED ON AN ARTICLE AND NATIONWIDE, ONLY 5.
8% OF HOUSEHOLDS MEET THE MARK OF MILLIONAIRE.
THERE IS A PARTICULAR WAY OF FINDING WHAT A MILLIONAIRE IS, IT IS MORE EXCLUSIVE THAN YOU MIGHT IMAGINE.
THEY CALCULATE IT AS A NET WORTH IN THE HOUSEHOLD OF $1 MILLION OR MORE.
EXCLUDING REAL ESTATE OF YOUR PERSONAL RESIDENCE AS WELL AS YOUR RETIREMENT PLAN.
WHEN YOU TAKE THOSE THINGS OUT OF THE EQUATION, THAT IS GOING TO SHRINK THE LIST OF MILLIONAIRES.
THAT IS THE WAY KIPLINGER IN PARTICULAR LOOK AT IT.
THEY BROKE DOWN BY STATE CANNOT JUST LOOK AT WHAT STATES HAVE THE MOST MILLIONAIRES IN THEM, DON'T BE THE USUAL SUSPECTS.
CALIFORNIA, FLORIDA, NEW YORK.
WHAT THE HIGHEST PERCENTAGE OF MILLIONAIRES WAS RELATIVE TO THE REST OF THE STATE.
I WANT TO SHARE THIS WITH YOU.
WE WILL TALK ABOUT EACH ONE OF THEM A LITTLE BIT INDIVIDUALLY.
FIRST UP, NUMBER THREE, NEXT-DOOR NEIGHBORS IN CONNECTICUT.
75% OF THE STATE OF CONNECTICUT QUALIFY AS MILLIONAIRES.
3 MILLION HOUSEHOLDS IN CONNECTICUT AND 107 THOUSAND OF THEM ARE MILLIONAIRES.
THAT IS THE HIGHEST PERCENTAGE.
-- HAS A VERY HIGH PERCENTAGE OF HEDGE FUND INVESTING BUSINESSES.
AND THEN THE PEOPLE THAT RUN THEM LIVING IN THE STANFORD METRO AREA.
IS THE HIGHEST CONCENTRATION OF MILLIONAIRES IN THE ENTIRE UNITED STATES.
STANFORD METRO AREA.
THE RICHEST PERSON IN CONNECTICUT IS THE HEDGE FUND MANAGER RAY DALIA.
HE IS WORTH $17.
HE IS THE RICHEST GUY IN CONNECTICUT.
ONE OF THE RICHEST PEOPLE IN THE COUNTRY.
NUMBER TWO, ANOTHER NEIGHBOR OF NEW YORK CITY.
8 6% OF THE HOUSEHOLDS IN NEW JERSEY QUALIFY FOR MILLIONAIRE STATUS.
3 MILLION HOUSEHOLDS.
259,000 OF THEM QUALIFY AS MILLIONAIRES.
NEW JERSEY, A STATE NOTED FOR HIGH TAXES AND COST OF LIVING, MAYBE YOU HAVE TO BE A MILLIONAIRE TO LIVE THERE.
THE WEALTHIEST RESIDENT IN THE STATE IS ANOTHER HEDGE FUND MILLIONAIRE.
INVESTOR JOHN OVER DECK IS WORTH $5.
THAT IS NUMBER TWO.
NUMBER ONE, THIS MAY BE A SURPRISE.
87% OF THE STATE QUALIFY AS MILLIONAIRES.
6 MILLION HOUSEHOLDS.
CONCENTRATED PRIMARILY IN -- PRIMARILY IN THE D.
ALSO ALONG THE EASTERN SHORE ON THE CHESAPEAKE.
THE WEALTHIEST PERSON IN THE STATE OF MARYLAND IS THE OWNER OF THE WASHINGTON NATIONAL -- $5.
IF YOU ARE CURIOUS WHERE OUR NEIGHBORS TO THE NORTH ARE, MASSACHUSETTS IS ACTUALLY NUMBER SIX.
JUST OUT OF THE TOP FIVE.
RHODE ISLAND, NOT AS FAR DOWN AS YOU MIGHT HAVE GUESSED.
ONLY NUMBER 16 ON THE LIST.
22% OF THE STATE.
THAT IS A BREAKDOWN OF THE MILLIONAIRES.
UP NEXT, WE WILL BE TALKING OLIVER: WELCOME BACK.
JOINED NOW BY REAL ESTATE PROS.
THIS IS PART TWO OF A CONVERSATION WE STARTED SEVERAL WEEKS BACK ON THE CHALLENGES YOU MIGHT EXPERIENCE IF YOU DECIDE TO GO IN A FOR SALE BY OWNER SITUATION.
THIS OBVIOUSLY APPLIES MOSTLY TO THOSE THAT MIGHT BE CONSIDERING SELLING A PROPERTY.
IT ALSO COULD RELATE IF YOU'RE DEALING WITH ANOTHER PROPERTY IN A FOR SALE BYON.
IT CAN CREATE A NUMBER OF CHALLENGES.
BEFORE WE DO THAT, WE HAVE TO GET THE MARKET UPDATE.
I PAY ATTENTION KIND OF OUT OF THE CORNER OF MY EYE TO WHAT IS GOING ON IN REAL ESTATE.
SEEMS LIKE IT WAS A HECK OF A SUMMER.
IT WAS A HECK OF A SUMMER.
WE HAVE BEEN TALKING ABOUT SPRING, WAS PROBABLY THE BEST I HAVE SEEN IN A LONG TIME.
SUMMER WAS FANTASTIC.
THE MARKET ALWAYS STAYS VERY BUSY.
WE HAVE BEEN TALKING PERIODICALLY ABOUT THE MARKET.
STARTED TO SLOW DOWN.
I THINK THE FIRST ONE WAS REALLY THE AMOUNT OF INVENTORY TO FIND BUYERS AND SELLERS MARKET.
INVENTORY RELATES TO IF NO OTHER HOME TO THE MARKET, HOW MANY MONTHS WOULD IT TAKE TO SELL THE HOMES FOR SALE.
7 MONTHS OF INVENTORY.
A VERY STRONG SELLERS MARKET.
AT THE TIME WE ARE FILMING THIS, 4.
IT IS STARTING TO BALANCE A BIT.
NO CARRIERRINGRINGCONNECT 19200+++6 C13 PRICES ARE 549% OVER LAST YEAR.
NUMBER OF SALES ARE DOWN 3.
IT HAS STAYED PRETTY EVEN.
THE SELLING MARK ON THE OTHER HAND, SALES OF 23%.
WE ARE SEEING MUCH MORE OF A BALANCE THEN WE HAVE BEEN TALKING ABOUT ALL SUMMER.
WE ARE STARTING TO SEE IT NOW AS WE HEAD INTO THE FALL.
OLIVER: AN INTERESTING TO STICK -- STATISTIC.
ONE OF THE THINGS YOU JUST MENTIONED.
THE INCREASE IN PRICE TALKED ABOUT CONDOS UP 15%.
SINGLE-FAMILY'S UP FIVE POINTS.
A SIGNIFICANT PRICE APPRECIATION AND RESIDENTIAL REAL ESTATE.
YEAR OVER YEAR.
THE ASSET ITSELF IS PERFORMING VERY WELL FROM AND INVEST IN STANDPOINT.
LOOKING BACK, THE PRICE IS OVER 5.
SALES RATES ARE GOING DOWN THREE-POINTER PERCENT.
3%3 IT IS NOT 2008.
THE SKY IS NOT FALLING.
WE ARE SEEING A LITTLE BIT OF A BALANCE.
IT IS IMPORTANT PEOPLE ARE AWARE OF THAT.
WE HAVE SOME A PEOPLE WHO IN THE SPRIN MONEYBALL -- NEIGHBOR SOLD FOR ASK.
YOU REALLY HAVE TO WATCH , IT IS STARTING TO DIMINISH AND PRICE GOING UP.
THERE HAS TO BE A CHECKS AND BALANCE.
OLIVER: IT ALSO MUST STRESS BY SIGNIFICANTLY IN THE RANGE IN PRICES OF HOMES.
IT IS IMPORTANT TO TALK TO AN AGENT ABOUT EXACTLY WHERE YOU STAND DEPENDING ON THE TIME OF YEAR.
WHICH, I THINK, IS PROBABLY A GOOD JUMP OFF INTO HOW WE WANT RESPECT TO FOR SALE BY OWNER.
ONE OF THE CHALLENGES THAT, IF I WERE TO SUM MY HOME I WANT TO DO IT -- LET ME ASK YOU, HOW DO YOU GET BY SOMEONE ON THAT AND WHERE CAN SOMEONE GO WRONG? SAM: IT IS FUNNY YOU MENTION SPRING MARKET.
TYPICALLY, BUYERS AND SELLERS ROSE THINKING THAT THE SPRING MARKET IS A LOT STRONGER.
TYPICALLY, THERE IS A LOT MORE BUYERS OUT THERE.
FALL TIME, WINTERTIME, THOSE BUYERS ARE OUT THERE.
THEY'RE MUCH MORE SERIOUS.
THE BIGGEST THING AS A SELLER TO KEEP MIND IS THAT IN THE SPRINGTIME, EVERYONE IS WAITING FOR FLOWERS TO BROOM.
GRASS TO BE GREEN.
IF YOU'RE THINKING SPRING MARKET IS BETTER, MY NEIGHBORS DOWN THE STREET BY THINKING SPRING MARKET IS BETTER, THERE IS A LOT MORE INVENTORY.
WITH THE INFLUX OF INVENTORY COME A LOT MORE COMPETITION.
AS A SELLER, YOU WANT TO MITIGATE THAT AS MUCH POSSIBLE.
IF I AM LOOKING TO GET INTO A NEIGHBORHOOD AS A BUYER, IF I CAN ONLY LOOK AT YOUR HOUSE, I MIGHT END UP BUYING YOUR HOUSE OR MIGHT NOT.
I MIGHT HAVE 3, 4, 5, 6 OTHER OPTIONS TO CHOOSE FROM.
OLIVER: IS THERE A PARTICULAR PRICE OF PROPERTY WHERE YOU SAY, IT IS UP TO THE SELLER, SOMETIMES LIFE SITUATIONS DICTATE THAT, CERTAIN PROPERTIES WHERE YOU WOULD SAY THIS WOULD BE A SPRING HOUSE OR THIS WOULD BE A FALL.
OR LET'S PUT THIS ON IN THE WINTER.
DO THINK ABOUT THOSE THINGS? ONE THING WE THINK ABOUT A LOT IS WATERFRONT HOMES.
THOSE HIGHER LUXURY HOMES THAT MAY BE NEED A LITTLE BIT OF WORK OR SOMETHING A BUYER WANTS TO COME IN AND MAKE THEIR OWN, IF THE SELLER IS ABLE TO SELL IN THE WINTER, BIO -- BUYER IS ABLE TO BUY IN THE WINTER, THEY HAVE THAT FOUR TO SIX MONTH.
TO DO THE RENOVATION.
THEY ARE IN THERE TO ENJOY THE WARMER MONTHS.
THE WATERFRONT HOMES, ESPECIALLY.
BEING ABLE TO SELL THEM IN THE WINTER IS MUCH MORE APPEALING FOR A BUYER.
A LOT OF THE BUYERS THAT ARE LOOKING IN THE COLDER MONTHS, THEY ARE MUCH MORE SERIOUS.
CHAD: -- OLIVER: ANOTHER THING I'M CURIOUS ABOUT IS MY EXPERIENCE IN LOOKING AT HOUSES HAS BEEN IT HAS GONE FROM THE PAPER AND FROM CIRCULAR.
I CAN'T EVEN READ ANYMORE.
I CLEARLY NEED GLASSES.
MY WIFE WOULD BE THE FIRST ONE TO TELL ME THAT.
I DON'T EVEN THINK ABOUT PRINT PUBLICATIONS ANYMORE.
IT IS ABOUT GOING ONLINE.
HOW IMPORTANT HAS THE ABILITY TO PUT YOUR HOUSE ONLINE IN A GOOD LIGHT BECOME IN SELLING A PROPERTY? CHAD: THE DAYS OF NEWSPAPER MARKETING ARE OVER.
YOU ARE NOT GOING TO GET OFF A NEWSPAPER AND GO FIND A HOUSE.
SELLERS LOVE TO SEE THEIR HOME AND THOSE THINGS, BUT BUYERS ARE NOT LOOKING AT THOSE.
I AM LOOKING AT HOME AND A NEIGHBORHOOD COME I AM DRIVING THROUGH, I MIGHT JUST HAVE TO GO ON MY PHONE AND CHECK IT.
IF YOUR ONLINE, THAT IS WHAT DRIVES THE BUYERS THE CIRCLE HOMES.
STRONG WEB PLACEMENT.
IS YOUR AVERAGE BUYER DRIVING DOWN THE STREET GOING TO THE MAJOR SEARCH ENGINE? I WON'T USE THOSE NAMES BECAUSE WHEN WE READ THOSE COMPANIES LARGE CHECKS TO MAKE SURE OUR LISTING IS OVER THE TOP.
FROM AN ONLINE PERSPECTIVE IT IS A BIG DIFFERENTIAL BECAUSE ON THOSE BIG SITES, WHO IS GOING TO SEE IT? A FOR SALE SIGN ON THE END OF YOUR CUL-DE-SAC, WHOSE DRIVING BY THAT SIGN? TO ECHO WHAT YOU JUST SAID, I THINK ABOUT -- AND I AM CONTINUALLY LOOKING FOR REAL ESTATE, MY WIFE AND I THINK ABOUT DOWNSIZING.
WE WANT TO BE AWARE OF WHAT IS FOR SALE.
WE GO TO OUR I LIVING.
I SEE THE WEBSITE.
I GO TO OUR I LIVING.
I PUT IN MY PLACE RANGE AND I SCROLL THROUGH.
IF THAT HOUSE IS NOT LISTED IT IS NOT GOING TO SHOW UP.
I'M NOT EVEN GOING TO KNOW.
IF I DROVE BY AND SAW THE SIGN IN THE FRONT YARD I WOULD NOT BE AWARE OF IT.
CHAD: AS A CONSUMER SIDE OF MLS.
A GREAT SITE TO USE.
EVERYTHING IS REAL-TIME INFORMATION.
OLIVER: SO, AND, I THINK ABOUT HOW IMPORTANT THIS PICTURES, THE DETAILED DESCRIPTION, THE MERE FACT THAT IT APPEARS THERE, IF IT DID NOT APPEAR THERE, IT DOES NOT SHOW UP ON MY RADAR.
ONCE YOU GET, THIS IS WHERE THINGS GET SCARY FOR ME.
ONCE YOU GET A BUYER, YOU ARE THE SELLER, AND ONCE YOU GET A BUYER, HOW IMPORTANT IS THE ROLE OF NEGOTIATING THE SALE OF THE REAL ESTATE? BECAUSE, YOU KNOW, IF YOU HAVE A GREAT PROPERTY, YOU COULD GET LUCKY, RIGHT, YOU COULD FIND A BUYER, THAT, SORT OF, THAT IS THE END OF THE BEGINNING.
HOW IMPORTANT IS HAVING EXPERIENCE IN REAL ESTATE NEGOTIATION TO GET THE DEAL CLOSED FAIRLY LEGALLY, IN EVERY RESPECT? IT IS HUGE.
IT IS THE BIGGEST PART.
MAKE SURE YOU'RE ABLE TO MAXIMIZE ON YOUR INVESTMENT.
A LOT OF SELLERS MAY HAVE SOLD 1, 2, 3, FOUR HOMES IN THEIR LIFETIME, MAYBE WITH A REALTOR, MAYBE WITHOUT, THE BIGGEST THING TO KEEP IN MIND IS THAT YOU MIGHT BE GIVING AWAY VALUABLE INFORMATION WITHOUT REALIZING.
THE BIGGEST QUESTION THAT I ASK WHEN I'M LOOKING AT A FOR SALE BY OWNER, I TRIED TO BE A LITTLE BIT DISCREET.
I MAKE SURE THAT I AM ASKING , HYPOTHETICALLY, MY BUYER WANTS TO PUT AN OFFER IN.
?WITH THAT BE STRONG THEY SAY I THINK WE'RE GIVEN A GOOD CONSIDERATION.
THAT SOUNDS PRETTY GOOD.
I JUST CUT YOUR PRICE DOWN 45000 AND ONE QUESTION.
MY TOP OFFER IS GOING TO BE 375, I'M NOT GOING ANYWHERE CLOSE TO 400.
LOTS OF VALUABLE INFORMATION.
A LOT OF INFORMATION COULD BE GIVEN FREELY WITHOUT REALIZING.
THE OTHER THING THAT WORRIES ME, WE TALKED ABOUT THE GETTING THINGS DONE LEGALLY OF, ONE OF THE EXPERIENCES -- ONE OF THE THINGS, NOT EXPERIENCES, THE THINGS I NOTICED WITH MY AGENT WHEN WE LOOK AT PROPERTIES IS ONE OF THE FIRST THINGS SHE TAKES A LOOK AT IS THE DISCLOSURES.
I DON'T EVEN THINK ABOUT IT.
SHE WILL BE FLIPPING THROUGH THEM.
SHE HAS TOLD ME SOME HORROR STORIES ABOUT PROBLEMS WITH DISCLOSURES.
HOW IMPORTANT ARE THE DISCLOSURES FOR THE BUYER AND SELLER? HOW CAN YOU GET IN TROUBLE IF YOU DON'T KNOW WHAT YOU'RE DOING WITH THE LIST? THERE IS A COUPLE OF DIFFERENT DISCLOSURES.
78 IS THE DAY.
EVEN NORTH OF THE, NEW CONSTRUCTION, EVERYTHING REQUIRES DISCLOSURES.
EVEN IF YOU HAVE NOT -- NO KNOWLEDGE YOU JUST CHECK NO KNOWLEDGE.
IF YOU PUT SOMETHING AS A SELLER ON YOUR DISCLOSURE FORM, IF YOU KNOW SOMETHING IS WRONG, YOU NEED TO TELL THE BUYER.
THE VEHICLE TO DELIVER THAT INFORMATION.
OLIVER: YOU ARE OBLIGATED, YOU HAVE A LEGAL OBLIGATION.
YOU CAN'T ESCAPE YOUR MOUTH SHUT ABOUT IT.
YOU HAVE TO REVEAL THOSE THINGS.
CHAD: AS A SELLER YOU KNOW WHERE TO FIND THOSE DOCUMENTS.
YOU KNOW THEY ARE REQUIRED.
SOME PEOPLE DO.
MOST DON'T KNOW WHAT I'M TALKING ABOUT.
OLIVER: HOW IMPORTANT TO DO YOU FIND IS KNOWING THE AGENT THAT YOU ARE DEALING WITH? WHEN YOU ARE LOOKING AT A HOUSE OR NEGOTIATING A DEAL.
CHAD: DRIVING ON THE WAY HERE TO SEE YOU ONE OF THE AGENTS I DO TONS OF DEALS WITH CALLED AND ASKED ABOUT A HOUSE -- HOUSE THAT WE HAD TAKEN OFF THE MARKET.
JUST WANTED TO HAVE AN HONEST CONVERSATION.
HE IS A GOOD AGENT.
IF HE IS GOING TO HAVE A GOOD AGENT THAN HE IS A GUY OUT OF THE TIME AND HAVE A CONVERSATION WITH.
HE WILL PRODUCE A READY, WILLING, AND ABLE BUYER.
OLIVER: WE HAVE FAILED TO COVER EVERYTHING WE WANT TO COVER.
WE DEFINITELY REVEALED A LOT MORE ISSUES THAT CAN COME UP WITH FOR SALE BY OWNER.
I DON'T THINK ANYBODY SAYS DEFINITELY DON'T DO IT.
WE HAVE TO CONSIDER A LOT OF THINGS THAT MAYBE PEOPLE ARE NOT AWARE OF.
GLAD YOU ARE HERE TO TALK WITH US ABOUT THAT.
UP NEXT, SHIFTING GEARS TO TALK ABOUT LONG-TERM -- STAY WITH US.
OLIVER: THE FUTURE OF LONG-TERM CARE INSURANCE MARKET, IF YOU'RE IN RETIREMENT THIS IS THE TYPE OF COVERAGE YOU HAVE CONSIDERED WHETHER OR NOT YOU HAVE ACTUALLY TAKEN IT OUT OR NOT.
ONE TERM CARE INSURANCE MARKET ENTROPY RELATIONS.
OF TRIALS I WANT TO TALK ABOUT SOME OF THAT.
THIS SUMMER, POLITEST WRITER OF LTC POLICIES IN THE COUNTRY, RECEIVED AN APPROVAL FROM REGULAT DIFFERENT STATES TO RAISE PREMIUMS.
IT IS IMPAS IT IS A TERM THAT -- IT IS NOT LIKE TERM LIFE INSURANCE WITH -- ARE GUARANTEED.
LONGTIME INTEREST RATES CAN GO UP IF THE REGULATORS IN YOUR STATE APPROVE THE INCREASE.
KIND OF LIKE UTILITY BILLS LIKE GAS OR ELECTRIC.
JEN WERTH HAS RAISED PREMIUMS IN EACH OF THE LAST TWO YEA THEY CLAIM TO HAVE LOST NEARLY $3 BILLION ON THEIR OLDER LONG-TERM CARE INSURANCE POLICIES FOR WHICH THEY ARE RAISING THESE PREMIUMS.
THEY SAY WE HAVE TO RAISE THESE PREMIUMS ON OUR INSURANCE.
JOHN HANCOCK, ANOTHER LONG TERM INSURANCE CARE STOP WRITING POLICIES ENTIRELY LAST YE& PRUDENTIAL, ANOTHER GIANT COMPANY LEFT THE MARKET ALTOGETHER IN 2012.
THE NUMBER OF CARRIERS THAT ARE WRITING THIS COVERAGE IS SHANKING RAPIDLY.
AND THE COST OF THIS COVERAGE IS GOING UP QUICKLY.
WHAT IS GOING ON WITH LONG-TERM CARE INSURANCE? LET'S TAKE A LOOK QUICKLY AT EACH OF THESE ISSUES.
THE FIRST THING IS LOW INTEREST RATE ENVIRONMENT.
INSURANCE COMPANIES MAKE THEIR MONEY ON FLOW, NOT ON BANKS OR DO YOU PAY.
-- PREMIUMS A GOES INTO THEIR GENERAL FUND.
WHAT THEY WILL PROFIT ON IS THE DIFFERENCE BETWEEN WHAT THEY PUT IN AND WHAT THEY PAY OUT.
AND THEY TACK ON THE INTEREST.
IN A LOW INTEREST RATE ENVIRONMENT, THEY ARE NOT MAKING AS MUCH MONEY.
NUMBER TWO, POLICYHOLDERS ARE LIVING LONGER.
THIS IS A BIG CHALLENGE FROM LONGER INSURANCE COMPANY COVERAGE.
PEOPLE ARE LIVING LONGER, THEY ARE MORE LIKELY TO DEMAND LONG-TERM CARE SERVICES.
OR REQUIRE LONG-TERM CARE SERVICES.
WHEN THEY DO REQUIRE THE SERVICES, THEY REQUIRE THEM FOR A LONGER TIME.
FINALLY, POOR ACTUARIAL DATA.
LET'S TALK ABOUT THIS ONE.
LONG-TE CARE INSURANCE MARKET IS RELATIVELY IMMATURE MARKET WHEN COMPARED TO AUTO, HOMEOWNERS INSURANCE, OR CERTAINLY, LIFE INSURANCE.
IT LACKS THE ACTUARIAL DATA THAT INSURANCE COMPANIES DEPEND ON TO ACCURATELY PRICE THESE POLICIES.
PRODUCTS WERE FIRST DEVELOPED, I'M GOING TO SAY THAT WAS ESSENTIALLY IN THE 1970'S WHEN THE MODERN LONG-TERM CARE INSURANCE CAME OUT.
SOMEBODY MAY WANT TO CORRECT ME ON THAT.
INSURANCE COMPANIES DID NOT HAVE GREAT INFORMATION ON HOW MANY PEOPLE ARE GOING TO REQUIRE COVERAGE.
HOW EXPENSIVE WAS THAT COVERED GOING TO BE.
HOW LONG WERE THEY GOING TO BE A NURSING HOME.
ALL OF THOSE THINGS.
THEY BASICALLY HAD TO MAKE GUESSES.
INSURANCE COMPANIES TO MAKE GUESSES.
THEY LIKE TO KNOW EXACTLY WHAT THE DATA WILL TELL THEM.
ON THE INSURANCE THEY HAVE VERY GOOD INFORMATION ABOUT MORTALITY RATES.
LONG-TERM CARE INSURANCE, THE DON'T HAVE NEARLY AS GOOD INFORMATION.
WHAT DOES THIS MEAN FOR RETIREES WHO ARE FACING LONG-TERM CARE NO CARRIERRINGRINGCONNECT 19200+++6 C13 EXTENDED STAY IN A NURSING HOME? YOU HAVE A FEW CHOICES.
IF YOU HAVE LONG-TERM CARE INSURANCE YOU CAN ACCEPT GREAT CHANGE IT -- THE -- RATE CHANCES.
YOU CAN LOOK AT ADJUSTING COVERAGES, DROPPING COVERAGES, THIS IS SOMETHING I SEE MY CLIENTS FACING PRICKLY.
THEY PURCHASE LONG-TERM CARE INSURANCE SEVERAL YEARS AGO, NOW THEY'RE HAVING TO GO BACK AND VISIT IT.
YOU CAN SKIP BUYING LONG-TERM CARE INSURANCE ALTOGETHER.
I AM NOT RECOMMENDING IT NEARLY AS OFTEN AS I USED TO.
VERILY -- VERY LIMITED SCENARIOS WHERE I'M RECOMMENDING TRADITIONAL LONG-TERM CARE.
A FINAL RECOMMENDATION, THIS MAY BE THE THING THAT HAPPENS GOING FORWARD, HYBRID LIFE INSURANCE LONG-TERM CARE POLICIES.
THE JURY IS STILL OUT ON THOSE.
A LOT OF TURMOIL IN THE INDUSTRY.
OLIVER: LOOK UP MONEY PROS AND POST A QUESTION THERE.
CLICK ON AND ASK A QUESTION THERE.
YOU CAN SEND ME AN EMAIL.
MONEY PROS AT FOX PROVIDENCE.
WE ANSWER ALL OF OUR QUESTIONS EVEN IF WE DON'T ANSWER THEM ON THE AIR.
THE REALLY GOOD ONES WE LIKE TO ANSWER ON THE AIR.
SEND US A QUESTION, WE WOULD LOVE TO BE ABLE TO HOOK YOU UP.
THAT IS IT FOR TODAY'S SHOW.
THANKS FOR WATCHING.
HAVE A GREAT WEEKEND.
For Sale By Owner - What You Really Need to Know!
Contingencies! Today we're talking about contingenciesGood stuff.
Ker'in, you said that a friend of yours had a question.
She'scurrently involved in a for sale by owner transaction.
She isn't beingrepresented by a real estate agent and she had a question about contingencies?Yeah on one of my social media accounts I got a message from coolgirl452- she wants to know, "Hey Tanya, my name is coolgirl452 - I have aquestion about a house that I'm supposed to be buying.
I wanted to buy it for $400,000 because it was listed at $409,000 and it appraised at $400,000 [Ooooh!] so I had put in a Contingency, but they were saying that I had to pay the $9,000 and I'm writing you to see if I need to pay it, Not Me, But CoolGirl452? I understand.
so Tanya, do you have an answer? actually I do.
That's actually a really good question.
Tanya, What's the answer? Am I on the hook for $9,000? Well, so, here's the thing about a contingency.
I haven't seen her contract and I don't really know the details of her transaction, so there isn't really a lot that I can say on this.
I can give you the answer that I often get with regards to Appraisal contingency short falls cuz that's what this is this is an appraisal contingency shortfall APPRAISAL CONTINGENCY SHORTFALL We like to have those in our contracts if we think that they are not if we think that there's a chance that they might not appraise an appraisal contingency shortfall gives the buyer and a seller an opportunity to either say yes we want to move forward, no we don't want to move forward, or we'll renegotiate the contract to see who's going to be paying the difference.
Kerin: ok, so, it can be renegotiated?? So, Cool Girl.
Tanya: Not Exactly! Not exactly.
It depends on how her contract was written and at this point it might be good or bad news it is a good idea to present your contract to either a lawyer or a real estate agent at this point Ker'in: Realtors are expensive.
I mean that's what fsbo is all about, yeah, I mean $100 is a lot of money to me, but um, I don't know? You know, you know what's expensive? What? Not having an agent and being $9,000 dollars short So I got a message earlier today from someone buying a house from a for sale by owner and they told me that they had agreed on a price The fsbo and the potential buyer verbally agreed on a price verbal agreements.
so the fsbo said what do I do next? After they have a verbal agreement they need to write it down because nothing is legal in real estate unless it is in writing This is Michigan Real Estate It's the Tanya & Kerin Show.
It's the Hayden & Hill Show Yeah.
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109-G, Gainsborough Square #712
Chesapeake, VA 23320