Military Professional Services

Berkshire Hathaway HomeServices Kathy Reid Realty has a Certified Military Professional on Staff. We will adhere to the following activities suggested in the National Association of Realtors Course "The Certified Military Professional".

The Military Relocation Professional is educated about working with current and former military service members to find the housing solutions that best suit their needs and take full advantage of military benefits and support.

1. The Military Market

• Use demographics of the military market to formulate business strategies and determine service offerings.
• Learn how Department of Defense policies impact service members' housing choices.
• Compare military basic allowance for housing (BAH) rates to market area home prices, mortgage rates, and rents.
• Provide information to help service members through a rent or buy/sell decision-making process.
• Adapt core real estate skills to serve military buyers, sellers, and renters.

2. The Military RELO

• Identify and provide services that help service members find and purchase suitable homes.
• Apply knowledge of the PCS processes and procedures to guide service members through the real estate transaction.
• Sensitivity to the emotional issues involved when a military family relocates.
• Strategies to help military clients make transaction decisions when one spouse is deployed.
• Identify issues involved in military families PCS move by asking the right questions and provide guidance to address and resolve issues.
• Monitor Department of Defense decisions that impact military service members and their families.

3. VA Financing for Active Duty by Experienced Lender

• Explain the basics ofV A financing.
• Recognize situations in which a buyer is eligible for VA financing.
• Connect prospective buyers with sources of information and lenders for VA financing.
• Distinguish types of properties and transactions that are eligible for VA financing.
• Describe the qualifying criteria and process for a VA compromise sale.
• Use information sources to keep up-to-date on VA loan limits and regulations.
  
  

Berkshire Hathaway HomeServices Kathy Reid Realty has a Certified Military Professional on Staff who Knows:

The Market

All home buyers and sellers want to feel that they've made good decisions. Military service members are no different, but they don't have the luxury of time or waiting for the market to turn. Military families move every 2-3 years; 10 moves over a 20-year career are not unusual. The military market starts with understanding the market needs, wants, concerns, and learning about the processes and procedures.

A Huge Market

Worldwide, active duty service members number more than a million. Dependents - spouses, children, immediate family - outnumber active duty personnel. .About 87 percent of active duty personnel are stationed in the United States.

In addition to active duty service members and their families, the Military Market includes Reserves, Retirees, Vets. All are eligible for VA Financing.

Although they do not receive housing allowance payments.or relocation support, retired and former service members, as well as those serving in the Reserves and National Guard, are eligible for VA home mortgage financing.

PCS – The Military Relo

PCS-ing (relocation) is an accepted part of military life. PCS orders can come at any time, peak season tends to be December through February so that military families can move during the summer and get resettled before the start of the school year. In fact, from Memorial Day to the July 4th holiday is the busiest time for PCS moving.

Our Agents Use Realtors Property Resources

• Realtors Property Resource Reports answer Seller and Buyer Questions. It contains people data, such as residents' average income, age, occupations, educational level, and voting trends, plus quality of life data, such as climate.
• The Property Report helps a buyer evaluate the Buyers purchase of a specific property. It can be used to perform background research on any property of interest to a buyer.
• The Seller's Report helps prepare for listing a Sellers property or listing presentation. In addition to comps, the report contains housing data, such as median estimated home value, median list price listing volume, sales volume, and sales counts.
• The Market Activity Report is a snapshot of all the Sellers and Buyers changes in a local real estate market. It shows active, pending, sold, expired, and distressed properties, as well as recent price changes. The analysis compares scenarios from short to long term to show potential ROI as well as adjust assumptions about property income and expenses.
• All RPR reports can be customized, branded, printed, downloaded, and emailed to buyers and sellers. View reports on computers, smart phones, and tablets.
• A military buyer or seller usually can't wait around for markets to go up or down or for a better offer to come along. Whether buying or selling, the ideal move for a military family is door to door without the need for temporary housing.

Berkshire Hathaway HomeServices Kathy Reid Realty HAS A MISSION TO MAKE THE PCS MOVE EASIER

What Sellers Want

• Quick sale at the right price
• Enough net sale proceeds for the next home purchase
• No need to bring cash to the closing table
• Door to Door move

What Buyers Want

• A home that meets needs and wants
• Door to Door move, settle in and set up a functioning home quickly
• A home that offers better value than renting and better quality than military housing
• Good resale or rental potential

Find the Right Home

The VA requires the borrower to occupy the home as a primary residence. The property can be a single-family home, condo, townhome, manufactured home, or a unit in a multi-family building of four or fewer units.

VA Minimum Property Requirements (MPRs) require the property to:

1. Be safe, structurally sound, and sanitary with adequate capacity and quality.

2. Comply with the standards considered acceptable for a permanent home in its locality.

3. Have mechanical systems that are safe to operate and protected from destructive elements.

Steps in the VA Home Loan Process

Aside from the upfront paperwork to prove eligibility and entitlement and use of a VA appraiser, the application process for a VA financing is not much different from any other type of mortgage loan.

1. Determine Eligibility and Entitlement
   Obtain a Certificate of Eligibility and Entitlement. The first step in qualifying for a VA loan is verifying that the service member's or vet's term of service meets requirements. In general, a peacetime service requires a longer term of service than war time. Veterans must have an honorable discharge. Only the VA can determine eligibility, but the following charts provide general guidelines for informational purposes.
2. Determine Entitlement
   The fastest way to verify eligibility and determine the amount of entitlement is the VA's eBenefits website. (www.ebenefits.va.gov/ebenefits/homepage). The vet can check loan benefits and entitlement and print out a Certificate of Eligibility (COE). A lender can assist the vet in obtaining a copy of the COE..

Certificate of Eligibility

The Certificate of Eligibility serves as a determination of eligibility and the amount of entitlement -how much the VA will guarantee on the loan. The borrower's maximum available entitlement is verified by means of VA Form 26-1880 Certificate of Eligibility (COE) issued by the U.S. Dept. of Veterans Affairs. The certificate is mailed to the applicant.

Request the Appraisal

VA Appraisers Assess two aspects of the Property:

• Fair market value
• Compliance with minimum property values (MPRs)

VALUATION BELOW THE SALES PRICE?

The Tidewater Initiative

When it appears that an appraisal will come in lower than the contracted sale price, the appraiser may invoke the "Tidewater Initiative." This is a VA code word for a procedure that opens a two day window during which the POC may provide information to the appraiser that may impact the valuation of the property.

WHO DO YOU REPRESENT?

We make the state-required agency disclosure early in interactions with prospects.

VA Financing

Contract Language for VA Buyers

"It is expressly agreed that, notwithstanding any other provisions of this contract, the purchaser shall not incur any penalty by forfeiture of earnest money or otherwise be obligated to complete the purchase of the property described herein, if the contract purchase price or cost exceeds the reasonable value of the property established by the Department of Veterans Affairs. The purchaser shall, however have the privilege and option of proceeding with the consummation of this contract without regard to the amount of the reasonable value established by the Department of Veterans Affairs."

This VA option clause allows the VA borrower to back out of a deal without penalty if the property appraises for less than the sales price or reasonable value. If the buyer decides to switch from VA financing to a conventional mortgage, this escape clause may not offer protection.

Qualifying the Buyer

Whenever possible, it is to everyone's advantage if the buyers can meet face-to-face with the lender. A lender preapproval is always the best criterion for ·determining how much the buyer can afford. Furthermore, a preapproval from a local bank can increase the buyer's negotiation leverage and make an offer more attractive for a seller.

Berkshire Hathaway HomeServices Kathy Reid Realty Associates: 

Get Ready for Power Shopping

The objective is to find a suitable home and set up a functioning household.