Episode 12 - Homebuyer Mistakes: Top 10 Buyer Blunders

• The episode where the guys were efficient (we're under an hour this time!)
• Special guest: Tim Shotzberger, Homeland Environmental
• [00:01:57] THE RUNDOWN (Mortgages)
• [00:06:30] Brad has hair envy because of @logan_mohtashami
• [00:07:55] THE RUNDOWN (Real Estate)
• [00:09:30] Some thoughts on why showing activity has diminished
• [00:12:57] THE SCOOP (Well and Septic: What Homebuyers and Sellers Should Know)
• [00:13:40] Apologies for the Dad Jokes
• [00:15:00] If you've never lived on a property with well and septic...
• [00:16:27] What are the key considerations when buying a property with well and septic?
• [00:18:10] What are the legal/licensing requirements in Maryland for well and septic work?
• [00:20:00] What are the costs of these inspections?
• [00:21:45] What are the advantages/disadvantages of well and septic versus a municipal water supply and sewer system?
• [00:23:38] What tests/inspections should you get?
• [00:25:50] What kind of red flags should you watch out for?
• [00:28:10] Kudos to the folks at the Baltimore County Department of Environmental Protection & Sustainability (if you have questions about well and septic in Baltimore County, reach them at https://www.baltimorecountymd.gov/departments/environment/)
• [00:30:25] What are the maintenance requirements for well and septic systems?
• [00:33:00] What is the expected lifespan for well and septic systems?
• [00:35:55] How can you determine the size and capacity of your systems?
• [00:37:50] What's the process for putting a new well and septic system installed?
• [00:39:13] What do sellers need to do to get the system ready when you decide to sell?
• [00:40:20] Common mistakes buyers and sellers make about well and septic
• [00:44:50] Final thoughts on these systems
• [00:46:23] THE UNREAL
• Did you know your water bill can make your property tax bill increase?
• [00:52:17] THE SPOTLIGHT
• Golden West Cafe in Hampden!
• [00:55:20] Final thoughts
• Next episode - Downsizing: When Less Can Be More

Hosts

Michael Becker, Sierra Pacific Mortgage
NMLS #200085
Michael.Becker@spmc.com
(443) 310-0012 (m) / (410) 252-9000 (office)
https://lo.sierrapacificmortgage.com/michael-becker 

Brad Cox, The Vesta Group of Long & Foster Real Estate
MD Lic #652795
Brad@HomesByVesta.com
(410) 375-7550 (m) / (410) 583-5700 (office)
https://www.bradcox.realtor/ 

Our Guest

Tim Shotzberger, Homeland Environmental
(443) 995-5385 (office)
https://www.homelandhealthyhomes.com

Links

Michael Becker, Sierra Pacific Mortgage
Brad Cox, The Vesta Group of Long & Foster Real Estate
@berealmdpod

• Brad surprises Michael
• Special guest: Jeff Nengel with Baystate Insurance Group
• Words to live by: "Always rake your bunkers."
• We have no control over the TV in our homes
• [00:05:15] THE RUNDOWN (Mortgages)
• [00:08:41] THE RUNDOWN (Real Estate)
• More props for @logan_mohtashami (follow him on IG)
• [00:18:41] THE SCOOP (Insuring Your Home: Top Insider Tips)
• [00:22:38] Why are insurance companies leaving California?
• [00:28:30] What should people be aware of when choosing an insurance company?
• [00:32:30] How much coverage is enough?
• [00:35:22] What types of coverage do homeowners need?
• [00:38:15] What's the scoop with liability insurance?
• [00:41:22] Does it make sense to bundle policies?
• [00:44:10] What can homeowners can do to save money on insurance?
• [00:46:36] What's not covered with typical home insurance policies?
• [00:52:44] How can you find out who the best insurance companies are?
• [00:58:00] How often should you review your insurance policies?
• [01:01:42] Final thoughts from Jeff Nengel
• [01:05:35] THE UNREAL
• Any guesses what has become the largest asset class in the US?
• [01:09:40] THE SPOTLIGHT
• Maggie's Farm in Hamilton!
• [01:12:20] Final thoughts
• Next episode - Well and Septic: What Homeowners and Homebuyers Should Know (another special guest!)

Hosts

Michael Becker, Sierra Pacific Mortgage
NMLS #200085
Michael.Becker@spmc.com
(443) 310-0012 (m) / (410) 252-9000 (office)
https://lo.sierrapacificmortgage.com/michael-becker 

Brad Cox, The Vesta Group of Long & Foster Real Estate
MD Lic #652795
Brad@HomesByVesta.com
(410) 375-7550 (m) / (410) 583-5700 (office)
https://www.bradcox.realtor/ 

Our Guest

Jeff Nengel, Baystate Insurance Group
(410) 419-6273 (mobile)
https://www.savewithbig.com

Links

Michael Becker, Sierra Pacific Mortgage
Brad Cox, The Vesta Group of Long & Foster Real Estate
@berealmdpod

• Brad talks more slowly
• Hope everyone had a fantastic Father's Day!
• How we spent our Father's Days
• [00:03:55] THE RUNDOWN (Mortgages)
• [00:07:30] THE RUNDOWN (Real Estate)
• [00:12:05] So what is a skoonch (and how do you spell it)?
• [00:17:10] THE SCOOP (Behind the Curtain: The Role of Title Companies in Homebuying)
• [00:17:22] Buyers have the right to choose their title company in a home purchase
• [00:21:40] What's the 50,000-foot level overview of the title process?
• [00:28:40] What tools and sources do title companies use in their work?
• [00:39:35] Title insurance overview and why you need it
• Link for Maryland State Insurance Commission info on title insurance: https://insurance.maryland.gov/Consumer/Documents/publications/titleinsurancebrochure.pdf 
• [00:48:06] How title companies handle escrow funds (and fraud advice)
• [00:53:33] What do you actually sign at the settlement table?
• [00:56:22] How title companies ensure the property transfers legally to the right parties
• [00:59:30] What happens after the settlement?
• [01:02:00] How long does it really take to do the title work (and what can slow things down)?
• [01:05:37] Strange things that happen in title work
• [01:08:30] Things real estate agents should look out for related to title
• [01:10:50] Final thoughts from Tom Drechsler
• [01:12:35] THE UNREAL
• The unexpected impact of a single person on inflation in Sweden
• [01:16:10] THE SPOTLIGHT
• Linwoods in Owings Mills!
• [01:18:55] Final thoughts
• Next episode - Insuring Your Home: Top 10 Insider Tips (another special guest!)

Hosts

Michael Becker, Sierra Pacific Mortgage
NMLS #200085
Michael.Becker@spmc.com
(443) 310-0012 (m) / (410) 252-9000 (office)
https://lo.sierrapacificmortgage.com/michael-becker 

Brad Cox, The Vesta Group of Long & Foster Real Estate
MD Lic #652795
Brad@HomesByVesta.com
(410) 375-7550 (m) / (410) 583-5700 (office)
https://www.bradcox.realtor/ 

Our Guest

Tom Drechsler, Sage Title Group
(410) 821-4510 (office)
https://www.sagetitlegroup.com

Links

Michael Becker, Sierra Pacific Mortgage
Brad Cox, The Vesta Group of Long & Foster Real Estate
@berealmdpod

• Brad talks too fast
• National Beef Jerky Day
• Ideas for inflicting Dad Jokes on your family
• Say yes to everything and tell your people you love them
• How 'bout dem O's!
• What president is credited with creating the 7th inning stretch?
• [00:08:06] THE RUNDOWN (Mortgages)
• [00:12:50] THE RUNDOWN (Real Estate)
• [00:20:00] THE SCOOP (Dollars and Sense: Financial Planning for Homebuying)
• [00:21:47] It's hard to impulse buy a home
• [00:22:03] How much of your income should you use toward your home?
• [00:25:55] How should you set up a budget? Think cash flow.
• [00:29:07] Cash or credit?
• [00:31:54] Strategies for saving money
• [00:34:25] Reducing your tax liability
• [00:35:30] First-Time Homebuyer Savings Accounts
• [00:40:05] Can you buy a home with college debt?
• [00:42:13] The impact of SECURE ACT 2.0
• [00:45:33] Can current homeowners buy a new home without a home sale contingency?
• [00:50:22] Including real estate in your investment strategy
• [00:54:55] How to balance saving for your future vs saving for your home purchase
• [01:01:40] THE UNREAL
• CoreLogic's report - homeowner equity down year over year (and what it means)
• [01:08:00] THE SPOTLIGHT
• Pairings Bistro in Bel Air!
• [01:10:50] Final thoughts
• Next episode - Behind the Curtain: The Role of Title Companies in Homebuying 

Hosts

Michael Becker, Sierra Pacific Mortgage
NMLS #200085
Michael.Becker@spmc.com
(443) 310-0012 (m) / (410) 252-9000 (office)
https://lo.sierrapacificmortgage.com/michael-becker 

Brad Cox, The Vesta Group of Long & Foster Real Estate
MD Lic #652795
Brad@HomesByVesta.com
(410) 375-7550 (m) / (410) 583-5700 (office)
https://www.bradcox.realtor/ 

Our Guest

Jason Piebes, Edward Jones
(410) 337-9146 (office)
https://www.edwardjones.com/us-en/financial-advisor/jason-piebes 

Links

Michael Becker, Sierra Pacific Mortgage
Brad Cox, The Vesta Group of Long & Foster Real Estate
@berealmdpod

• Remembering those who serve, have served, or made the ultimate sacrifice - thank you for your service!
• [00:04:20] THE RUNDOWN (Mortgages)
• [00:09:00] THE RUNDOWN (Real Estate)
• [00:14:04] THE SCOOP (VA Benefits: Homebuying for Our Service Members)
• [00:16:09] Benefit #1 - down payment
• [00:17:30] Benefit #2 - mortgage insurance
• [00:19:51] Benefit #3 - interest rates
• [00:22:08] Benefit #4 - credit requirements
• [00:25:41] Benefit #5 - closing costs
• [00:31:38] Benefit #6 - lifetime benefit
• [00:34:40] Benefit #7 - prepayment penalty
• [00:35:13] Benefit #8 - foreclosure avoidance
• [00:36:06] Benefit #9 - VA appraisal
• [00:38:41] Benefit #10 - acceptable income
• [00:41:04] Benefit #11 - variety of loan types
• [00:43:41] Benefit #12 - loan limits
• [00:45:35] Benefit #13 - funding fees
• [00:47:25] Benefit #14 - assumability
• [00:52:00] THE UNREAL
• Zillow economist's forecast for property values
• [00:56:17] THE SPOTLIGHT
• RockSalt Grille in Westminster!
• [00:58:30] Final thoughts
• Next episode - Preparing to Buy: Financial Planning for Homebuyers 

Hosts

Michael Becker, Sierra Pacific Mortgage
NMLS #200085
Michael.Becker@spmc.com
(443) 310-0012 (m) / (410) 252-9000 (office)
https://lo.sierrapacificmortgage.com/michael-becker 

Brad Cox, The Vesta Group of Long & Foster Real Estate
MD Lic #652795
Brad@HomesByVesta.com
(410) 375-7550 (m) / (410) 583-5700 (office)
https://www.bradcox.realtor/ 

Links

Michael Becker, Sierra Pacific Mortgage
Brad Cox, The Vesta Group of Long & Foster Real Estate
@berealmdpod

Zillow housing market prediction: https://archive.ph/2023.05.23-192316/https://fortune.com/2023/05/23/housing-market-home-price-prediction-by-zillow-2024-real-estate/#selection-479.118-479.164

VA entitlement calculator: https://whatsmypayment.com/va-entitlement-calculator/

• Michael is an amatuer handicapper, and Brad guessed the winner of the Preakness (but didn't bet!)
• [00:07:36] THE RUNDOWN (Mortgages)
• [00:10:00] THE RUNDOWN (Real Estate)
• [00:15:31] You miss 100% of the shots you don't take.
• [00:15:39] THE SCOOP (Winning the House: Top 10 Tips to Make Your Offer Stand Out from the Crowd)
• [00:17:15] Tip #1
• [00:21:55] Tip #2
• [00:27:38] Tip #3
• [00:32:56] Tip #4
• [00:34:03] Tip #5
• [00:35:48] Tip #6
• [00:40:11] Tip #7
• [00:41:36] Tip #8
• [00:45:18] Tip #9
• [00:47:09] Tip #10
• [00:50:27] Bonus Tip (#11)
• [00:52:19] Bonus Tip (#12 - Brad's really not good at Math)
• [00:56:55] THE UNREAL
• 78% of those surveyed believe it's a bad time to buy a house - what do you think?
• [01:01:55] THE SPOTLIGHT
• La Cuchara in Baltimore!
• [01:03:54] Bugs Bunny. Also, Schlemiel, Schlamazel, Hasenpfeffer Incorporated! (If you know, you know...)
• [01:05:15] Final thoughts
• Next episode - A few options we're considering - stay tuned!

Hosts

Michael Becker, Sierra Pacific Mortgage
NMLS #200085
Michael.Becker@spmc.com
(443) 310-0012 (m) / (410) 252-9000 (office)
https://lo.sierrapacificmortgage.com/michael-becker 

Brad Cox, The Vesta Group of Long & Foster Real Estate
MD Lic #652795
Brad@HomesByVesta.com
(410) 375-7550 (m) / (410) 583-5700 (office)
https://www.bradcox.realtor/ 

Links

Michael Becker, Sierra Pacific Mortgage
Brad Cox, The Vesta Group of Long & Foster Real Estate
@berealmdpod

• We recorded before Mother's Day, so Happy Mother's Day to all the great Mom's out there!
• [00:04:20] THE RUNDOWN (Mortgages)
• [00:09:55] THE RUNDOWN (Real Estate)
• [00:21:10] THE SCOOP (To Buy, or Not to Buy: That Is the First-Time Homebuyer Question)
• [01:13:49] THE UNREAL
• A minor victory - more news on the FHFA's loan level price adjustments (LLPAs)
• [01:18:10] THE SPOTLIGHT
• Pappas Restaurant and Sports Bar in Parkville or Pappas Restaurant and Sports Bar in Cockeysville!
• [01:22:56] Final thoughts
• Next episode - Winning the House: How to Make Your Offer Stand Out from the Crowd

Hosts

Michael Becker, Sierra Pacific Mortgage
NMLS #200085
Michael.Becker@spmc.com
(443) 310-0012 (m) / (410) 252-9000 (office)
https://lo.sierrapacificmortgage.com/michael-becker 

Brad Cox, The Vesta Group of Long & Foster Real Estate
MD Lic #652795
Brad@HomesByVesta.com
(410) 375-7550 (m) / (410) 583-5700 (office)
https://www.bradcox.realtor/ 

Links

Michael Becker, Sierra Pacific Mortgage
Brad Cox, The Vesta Group of Long & Foster Real Estate
@berealmdpod

• Interesting week in sports - Lamar, the draft, and the Orioles are still smokin' hot!
• [00:03:25] What makes Brad feel old?
• [00:04:11] THE RUNDOWN (Mortgages)
• [00:07:11] THE RUNDOWN (Real Estate)
• [00:14:04] THE SCOOP (Planning Your Move: Insider Tips for a Successful Moving Experience)
• [00:19:00] How far in advance should you contact a mover?
• [00:22:00] What should you do to prepare before contacing a mover?
• [00:23:33] How does the overall process work with a mover?
• [00:29:40] What happens if there's a hiccup or last-minute change in plans?
• [00:33:00] What happens on moving day?
• [00:34:23] Are there things a mover shouldn't or wouldn't move?
• [00:35:20] What are some great packing tips?
• Do you know what dolphin foam is?
• [00:37:40] What should you consider for a cross-country move?
• [00:39:13] What's involved in shipping cars?
• [00:41:30] Do you save money doing the move yourself?
• [00:45:45] What's the strangest stuff they've ever moved?
• [00:50:27] How soon until SkyNet takes over with AI?
• [00:51:08] Final advice from the moving pro
• [00:55:00] Brad's piece of advice - tip and take care of your movers
• [00:56:27] THE UNREAL
• More news on the FHFA's loan level price adjustments (LLPAs)
• 27 states agree the adjustments don't make sense
• Check out Episode 3 for our first comments on LLPAs (and some amazing acting!)
• Link for the LLPA Heat Map: https://www.mortgagenewsdaily.com/news/01192023-big-llpa-changes 
• [00:57:40] Some journalist are getting it wrong, and we are more reliable than the WSJ
• [01:04:37] THE SPOTLIGHT
• Cantlers Riverside Inn!
• [01:09:04] Final thoughts
• Next episode - To Buy, or Not to Buy: That Is the First-Time Homebuyer Question

Hosts

Michael Becker, Sierra Pacific Mortgage
NMLS #200085
Michael.Becker@spmc.com
(443) 310-0012 (m) / (410) 252-9000 (office)
https://lo.sierrapacificmortgage.com/michael-becker 

Brad Cox, The Vesta Group of Long & Foster Real Estate
MD Lic #652795
Brad@HomesByVesta.com
(410) 375-7550 (m) / (410) 583-5700 (office)
https://www.bradcox.realtor/ 

Guest

Sam Perry, Perry Moving & Storage
Sam@PerryMoving.com
(410) 799-0022
https://perrymoving.com 
https://perrymoving.com/blog/ (for moving tips and more!)

Links

Michael Becker, Sierra Pacific Mortgage
Brad Cox, The Vesta Group of Long & Foster Real Estate
@berealmdpod

• The Ravens' new offensive weapons, how 'bout them O's!
• Michael is going to try a DIY project at the beach - let us pray.
• [00:06:25] THE RUNDOWN (Mortgages)
• [00:10:15] Michael's prediction for rate trajectory for the week
• [00:10:39] THE RUNDOWN (Real Estate)
• [00:12:43] Are buyers paying over the list price again?
• [00:15:05] THE SCOOP (Juggling Chainsaws: How to Buy and Sell a Home at the Same Time)
• [00:19:05] What happens in a "normal" market for buying and selling at the same time?
• [00:22:11] Why you shouldn't get attached to any specific house until you're ready
• [00:22:55] The importance of getting your finances in order
• [00:29:00] Have a plan, and a backup plan (and maybe another backup plan)
• [00:30:19] Getting your existing home ready to sell
• [00:33:17] Seeing what's on the market, or creating your own market
• [00:34:15] How to negotiate some "extra" time in your existing house
• [00:38:00] What if you find a new house before your existing house sells?
• [00:45:27] Syncing up settlement dates
• [00:48:40] How to line up financing
• [00:58:55] THE UNREAL
• Deposit loss from the 15 biggest regional banks from Q422 to Q123
• And will there be additional fallout in the banking industry?
• How jumbo loan practices contributed to the problem
• [01:03:48] THE SPOTLIGHT
• The Oregon Grille!
• [01:06:03] Final thoughts
• Next episode: Planning Your Move: Top Insider Moving Tips (guest contributor!)

Hosts

Michael Becker, Sierra Pacific Mortgage
NMLS #200085
Michael.Becker@spmc.com
(443) 310-0012 (m) / (410) 252-9000 (office)
https://lo.sierrapacificmortgage.com/michael-becker 

Brad Cox, The Vesta Group of Long & Foster Real Estate
MD Lic #652795
Brad@HomesByVesta.com
(410) 375-7550 (m) / (410) 583-5700 (office)
https://www.bradcox.realtor/ 

Links

Michael Becker, Sierra Pacific Mortgage
Brad Cox, The Vesta Group of Long & Foster Real Estate
@berealmdpod

• Do we really have someone listening in Belgium???
• We know - we didn't hit our goal of under 60 minutes. We're a work in progress!
• Also, we're fancy adjective-free this episode....
• [00:01:16] Where to find the best chocolate in the world
• [00:03:40] THE RUNDOWN (Mortgages)
• [00:05:25] Michael's prediction for rate trajectory for the week
• [00:06:53] It's not the rates, it's the volatility
• [00:08:15] THE RUNDOWN (Real Estate)
• [00:10:46] Brad's theory on seller help increases
• [00:12:40] Takeaway for buyers and sellers
• [00:15:27] THE SCOOP (Lemonade from Lemons: Renovating Your Home Before Selling)
• [00:16:42] Factors to consider when deciding whether to renovate
• [00:21:35] Return on investment (ROI) for major and midrange repairs/updates
• [00:28:00] ROI for minor updates
• [00:31:15] The best movie to watch before doing a home improvement project
• [00:40:20] Options for paying for renovations
• [00:45:44] An option for renovating that you may not expect
• [00:48:50] Summary of the options and ROI
• [00:51:12] THE UNREAL
• Article from Housing Wire: NAMB welcomes legislative proposal to ban use of trigger leads
• [00:59:40] How to opt out of the barrage of lender calls
• [01:01:35] THE SPOTLIGHT
• The Mint Leaf!
• [01:03:49] Final thoughts (so close!)
• Next episode: Juggling Chainsaws: How to Buy and Sell a Home at the Same Time

Hosts

Michael Becker, Sierra Pacific Mortgage
NMLS #200085
Michael.Becker@spmc.com
(443) 310-0012 (m) / (410) 252-9000 (office)
https://lo.sierrapacificmortgage.com/michael-becker 

Brad Cox, The Vesta Group of Long & Foster Real Estate
MD Lic #652795
Brad@HomesByVesta.com
(410) 375-7550 (m) / (410) 583-5700 (office)
https://www.bradcox.realtor/ 

Links

Michael Becker, Sierra Pacific Mortgage
Brad Cox, The Vesta Group of Long & Foster Real Estate
@berealmdpod