Real Estate

Don't Move to Boston

Don’t Move to Boston, Massachusetts

So you are thinking about moving to Boston. Well wait just a moment… It may not be all that it is cracked up to be! It's hard to believe, but there are some negatives to this world class city. Especially if you are coming from an area that is not as…. We will go with prestigious!

Take it from me as I was not born and raised here… There is a little bit of a culture shock, so I want you to know some of the negatives of our fair city ahead of time. This way you can be well prepared!

Hey, it’s Jeff Chubb. I am a recovering investment banker turned real estate agent that has sold more than a 1,000 (One Thousand) homes and am one of the top agents in the state of Massachusetts. If you have any real estate questions, then I look forward to being your resource for answers.

As I mentioned, I will be covering some of the most negative items about moving to Boston and I will tell you what… There are some good ones in here. But we are going to start out with the Weather of course.

Weather: You say you are from Boston to someone in pretty much any area that is South of us… And they look back at you with puppy dog sorrowful eyes saying something along the lines of, “oh, it’s cold up there”. We have these things called the seasons in Boston. We get them all. Spring, Summer, Fall and the yes… the Winter. There are some days that you will wake up and leave the house in a jacket to only be wishing you had shorts on by the afternoon and to then be complaining how cold it is by dinner time… But then there are the days that are just pure perfection.

Yes. We get snow. No, it’s not as much as you think. It’s true. Some years are worse than others, Personally, I like the snow. Not the 10 feet of snow and I can’t stand the 1-inch snowstorms... But it’s pretty and it can be fun.

Plus, without experiencing...

Quincy, Massachusetts

Quincy, MA

Quincy and that is pronounced QUIN ‘ZEE’ is a city south of Boston with over 101,000 residents. The City of Presidents is located in Norfolk County and is the seventh largest city in the state. In this video we are going to unpack all of Quincy from talking about the history to what it is like today. We are going to go over the neighborhoods, schools and things to do for recreation which include beaches and parks. We will even talk about some things to do around Quincy.

It is called the City of Presidents because it is the birthplace of two U.S Presidents – John Adams and his son, John Quincy Adams. John Hancock who was the President of the Continental Congress and the first signer of the Declaration of Independence was also from Quincy.

Quincy was part of Dorchester then a precinct of Braintree and then finally became its own town in 1792 and would graduate to being a city in 1888. Quincy was home to a thriving granite industry and was the site of the Granite Railway that was the first commercial railroad in the U.S. Fun fact, the granite used at the Bunker Hill Monument was granite from Quincy! Quincy was also known for their Shipbuilding and more recently contributed to our current world with the founding of Howard Johnson’s and most importantly for all the Coffee Drinkers… Dunkin Donuts. Yes… That is right, Quincy was the first city to run on Dunkin.

Quincy shares borders with Boston to the North and is separated by the Neponset River. Milton is to the west of Quincy with Randolph and Braintree to the South. Weymouth which is separated by the Fore River is to the East. If you were to look over the Quincy and Hingham Bay, then you would be looking at Hull.

We have a lot on deck including Schools, beaches, parks and commuting...

Top 5 Best & Worst Performing Boston Neighborhoods in 2008 Market Crash

The 5 Best & Worst Performing Boston Neighborhoods During the Market Crash

If history really is the best indicator of the future, then it makes a lot of sense to know exactly what and how much happened. For those who are thinking there is going to be a market crash, then this would be some very important and telling information for you.

And for those that are thinking about making a move and are worried about a market correction, then buying in some more insulated markets in the past may be a wise investment decision. And those that are looking to make an investment and are hoping to find some opportunities for possible big returns then that means looking at past markets with big losses would be very informative.

Hey, it’s Jeff Chubb. I am a recovering investment banker turned real estate agent that has sold more then a 1,000 homes and am one of the top agents in the state of Massachusetts. If you have any real estate questions, then I look forward to being your resource for answers.

Let’s start with the best performing neighborhoods in Boston. But first one very interesting thing I noticed is that in many of these neighborhoods the peaks and low points for market pricing were during different years. Amazingly one market peaked in 2010 to have two down years then a HUGE rebound in 2013. While the peaks were all over the place, most neighborhoods hit their bottom in 2009.

Also, as a quick heads up, I used all sales for Single Family, Condos and Multi-Family properties for these data figures. I felt this was a more fair analysis as there are significantly more condos in the Back Bay with very few Single Families and vice versa for West Roxbury.

So on to the top 5 performers.

The number five best performer was the Brighton neighborhood. Property values peaked in Brighton with an average sales price of $364k while finding their bottom in 2009 with an average sales price of $331k. This represents a 9.33% decrease...

Top 10 Markets in Massachusetts that Could See a Price Correction



The Top 10 Markets that Could See a Price Correction

I am on the record saying that I do not believe that the state of Massachusetts as a whole will see a housing crash with severe price corrections. I am also on record saying that I do believe some towns in our market have more potential for a minor price correction than others.

I have been repeatedly asked which towns in Massachusetts are the most likely to see some sort of pricing correction and because I didn’t have any data… I was always reluctant to provide any answers. Well, that changes today! This is a data driven analysis. No back handed feelings helping drive up or down a specific market. And there were towns that I personally deep down feel like should be on this list… But the data says otherwise.

So, what specific data metrics did I look at? The first metric that I wanted to look at were the markets with the largest appreciation gains since 2019. I disqualified any towns that had less then 50 sales as I felt that was not enough sales data with one or two outliers being to easily able to skew the data one way or another. .

It is my belief that the towns that had the largest gains would most likely be the ones that give it back. For example, the #1 town on the list has seen nearly a 59% increase in the average sales price since 2019. That is nearly 15% per year. But the 20th town on the list had a little over a 65% increase in sales prices. So, what gives?

I channeled my investment banking days when I traded mortgages to come up with these calculations and this list. When evaluating risk on a pool of mortgages, we would look at certain obvious characteristics like average down payment percentage, average FICO scores and asset concentration. But another area of very specific importance was second homes and investment property concentration. We...

Is there going to be a Massachusetts Real Estate Market Crash?

Is there going to be a Real Estate Market Crash?

Is there going to be a real estate crash in Massachusetts like we saw in 2008? Time will tell, but let’s look at the data so we can make an educated prediction about the future of our real estate market rather then just throwing around guesses while relying on national data.

Hey, it’s Jeff Chubb with the Chubb Homes Team. If you have any questions about your own specific situation or are thinking about buying or selling a house, then you can find my information in the description below. Love talking real estate and would love to talk to you friend to friend about your goals. You can also schedule a time to talk with me at: BookChubb.com

The most important thing to remember when it comes to real estate is that real estate is local. What is going on here in Massachusetts is different then what is going on in California. And what is going on in specific markets within our state are going to be different as well. So, for example, what is going on in Brockton Homes For Sale may just be a lot different then what is going on in Cohasset Homes For Sale.

To figure out where we are headed, let’s first take a look at the past. Specifically, data on the 2008 real estate crash. The Average home sale price in Massachusetts in 2005 was $434,095. It would dip slightly in 2006 to $430k then go up slightly in 2007 to a hair under $432k to hit its low point in 2009 at $359,443 to rebound in 2010 with an average sale price of about $381k. So that would be a little more then 17% drop in home prices from the peak in 2005 to the low in 2009.

...

Moving to Boston Suburbs: Town Guide - Quincy, MA

Quincy and that is pronounced QUIN ‘ZEE’ is a city south of Boston with over 101,000 residents. The City of Presidents is located in Norfolk County and is the seventh largest city in the state. In this post we are going to unpack all of Quincy from talking about Quincy history to what it is like today. We are going to go over Quincy neighborhoods, Quincy schools and things to do in Quincy for recreation which include beaches and parks. 

It is called the City of Presidents because it is the birthplace of two U.S Presidents – John Adams and his son, John Quincy Adams. John Hancock who was the President of the Continental Congress and the first signer of the Declaration of Independence was also from Quincy.

Quincy was part of Dorchester then a precinct of Braintree and then finally became its own town in 1792 and would graduate to being a city in 1888. Quincy was home to a thriving granite industry and was the site of the Granite Railway that was the first commercial railroad in the U.S. Fun fact, the granite used at the Bunker Hill Monument was granite from Quincy! Quincy was also known for their Shipbuilding and more recently contributed to our current world with the founding of Howard Johnson’s and most importantly for all the Coffee Drinkers… Dunkin Donuts. Yes… That is right, Quincy was the first city to run on Dunkin. (More about Quincy Below the homes for sale)

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Worst Thing to Do When Missing a Mortgage Payment

Worst Thing to Do When Missing a Mortgage Payment

This game called life can sometimes lead to some challenging times where we may fall behind on our bills and make a late mortgage payment. This could be by accident or by circumstance. It’s important to understand the different stages of a late mortgage payment before talking about the worst thing that you can do if this should happen to you… Because you may just be in a grace period and not even know it!

Hey, it’s Jeff Chubb. Welcome to the channel. To learn more about real estate and your options should you be behind on your mortgage, then don’t forget to click the subscribe and like button below. And if you want to talk Real Estate friend to friend… And confidentially might I add, then find my info in the description below!

Most people think that they are late on their mortgage on the second of the month. This is incorrect. Banks give you a 15 day grace period. Essentially there is no penalty for making a payment up until the 15th of each month. And as a heads up, the bank needs to be in receipt of the payment. You can’t have put it in the mail on the 14th.

On day 16 through 30 Days is when a borrower will normally incur a late charge. This fee is usually between 4 and 5% of your monthly payment. So if your payment is $2,000 then expect a fee of $100.

30 Days late is when the lender will report your late payment to the credit bureaus. This will negatively affect your credit score and will make it more difficult to borrow money whether that be for a new car, new couch or even to refinance.

At 45 Days late, the lender is required to assign someone to your case to inform you of your options. I talk about these options in the video above and will have the video at the end of this video as well.

60 Days late is when the compounding affect really starts adding up as they will charge you for a second late fee plus the additional mortgage...

Flagship Wharf - Charlestown: Navy Yard

Welcome to Flagship Wharf, a 10-story luxury brick condo building with 201 luxury residences, a 516- car garage and 34,000 square feet of commercial space. Flagship Wharf was built in 1989 and is considered one of Boston’s most prestigious buildings which offers its residents many different amenities such as valet parking, a state-of-the-art fitness center and lending library. And then there is it’s amazing location which we are going to talk more about momentarily.

Hey, it’s Jeff Chubb. Welcome to the channel. To learn more about real estate then don’t forget to click the subscribe and like button below. And if you are thinking about making a move in and around Boston and want to talk Real Estate friend to friend… Then find my info in the description below!

Flagship Wharf is located in the Navy Yard which is a neighborhood in Charlestown. The Charlestown Navy Yard was actually one of the original six yards that formed to support the US Navy and was one of the oldest ship building facilities for the military branch. Today the Navy Yard has been transformed to a residential community that attracts thousands of tourists while offering lavish apartments, condos and townhouses with awe inspiring waterfront views. (More about Flagship Wharf and the Navy Yard Below)

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Moving to Boston: East Boston vs. South Boston - The Title Town Duel

Title Town Duel: East Boston vs. South Boston

Today we are going to witness an anticipated match against East vs. South. In the Red corner we have South Boston who is officially weighing in as the home to 32,000 residents. And in the Blue Corner, we have East Boston who is officially weighing in as the home to 40,000 residents. Ladies and gentlemen, boys and girls… LETS GET READY TO RUMBLE!

To choose the victor of the battle between East and South Boston, we will be looking at and comparing 7 different categories. These categories include Commuting Access, Affordability, Education, Culture & Environment, Green Space, Amenities and Crime Rates. Now, by law because I am a licensed professional... I am not allowed to say which neighborhood is better or which neighborhood is the winner… SO, that means it is up to YOU. You get to decide who the winner is… Put your vote for which neighborhood is the winner in the comment section below. The winning neighborhood will move on to the next round.

Now I am assuming that you know all about East Boston and South Boston. But if you are looking to learn more about these exceptional towns then at the end of this blog be sure to check out our in-depth analysis of each of these amazing Boston neighborhoods.

So... Let's get this competition going! 

Crime Rates

This one should be an easy comparison. As facts don’t lie… But again, because I am licensed… I am not allowed to spout out any crime stats. It’s absurd. This I know. But what I can do, is point to research done by someone else and talk about that… So here we go!

I utilized the website Areavibes.com. This website has a lot of information about different areas around the country and includes grades on things like Cost of Living or Amenities… Or Crime!

So according to Areavibes, ...

The Final Walk Through - What it is. Why it's Important. When it is done.

The Final Walk Through

The Final Walk Through. Let’s talk about what it is. Why it is important. And when it happens.

Hey it’s Jeff Chubb, welcome to the channel. To learn more about real estate then don’t forget to click the subscribe and like button. And if you want to talk Real Estate mano ye mano… Then find my info in the description below!

The final walk through is an essential step of the home buying and selling process.

So, what is it? The final walk through is just that. It is a time when a buyer walks through a property that they are purchasing to verify that they are receiving the property in the promised condition and there is no debris left behind.

When does it happen? The final walk through generally happens the day of or the day before closing. The reason that the final walk through happens so close to closing is that the buyer owns any and all issues that happen between the actual walk through and when they have closed.

Why is it important? This is an actual example that happened to me. We had a closing scheduled for Thursday. My client moved out of the house over the weekend with the last day of them being in the property on Sunday night with no issues and the property ready to be delivered in “broom swept” condition.

The buyer had scheduled the final walk through on Wednesday night. They showed up and started walking around the house when they noticed some water. They opened the basement door to find the basement literally full of water. Sometime between Sunday night and Wednesday night, a pipe burst in the second-floor bathroom. Traveled down from the second floor through the first floor and into the basement. If this was a car, the equivalent of this would be the house...

Neighborhood Guide - South Boston: Boston, MA

NEIGHBORHOOD GUIDE - SOUTH BOSTON, MA

With its rich history and strong sense of community, South Boston is an evolving, vibrant neighborhood located in Boston, MA.

From the Departed to Good Will Hunting, South Boston (colloquially known as ‘Southie’) has been the setting of many well-known movies over the years. However, you’ll find that South Boston is quite different from the neighborhoods these movies have often portrayed.

This traditional community is one of the city's most storied and historically rich areas, but don’t make the mistake of thinking it’s stuck in the past! Over the past few years, South Boston has been changing and reinventing itself. The community has seen new life with the opening of new restaurants, hotels and markets all over, as well as new housing developments, from stunning condos to the refurbishment of many of the original Victorian-era style buildings.

Neighborhoods here are filled with life and character. And, with the influx of working professionals and families streaming into the area, it’s no secret that South Boston has become one of the city’s most sought-after areas.

Click Here to search all Homes For Sale in South Boston 

History of South Boston

Previously fertile farmland, the first formal settlement in South Boston dates back more than 350 years, with the Anglo-Saxon Protestant Puritans’ arrival in 1635. This piece of the neighborhood's history is quite ironic since South Boston would later become famous as a haven for Irish Catholic immigrants in the following centuries.

After being annexed in 1804, South Boston became a center of rapidly growing industrial development. As factories producing everything from glassworks to chemicals became the...

Boston Neighborhoods - Where to Live?

Boston Neighborhoods – Where to Live?

The city of Boston has designated 23 Neighborhoods in the city. One of the best things about Boston is that all the neighborhoods have different personalities... And that there is literally a neighborhood for anyone and everyone in Boston!

To make things even more confusing... Unofficially, Boston has many overlapping neighborhoods... within larger towns. Take South Boston or otherwise known as “Southie” as an example. Boston recognizes the neighborhood of South Boston, however to residents it is broken up into two distinct parts. There is the East Side & West Side. But within the two sides, there is the neighborhood w/in the neighborhood. Take Andrew Square or City Point. Both are in Southie. Andrew Square is on the West Side of South Boston while the neighborhood of City Point is on the East Side. And both are two very distinct areas with very different personalities.

So where do we start? Let’s start with the Designated 23 Neighborhoods in the city and then be on the lookout for future videos that go more in depth for each neighborhood. So lets scratch the surface if you will…

The official neighborhoods of Boston are: Allston, Back Bay, Bay Village, Beacon Hill, Brighton, Charlestown, Chinatown, Dorchester, Downtown, East Boston, Fenway- Kenmare, Hyde Park, Jamaica Plain, Mattapan, Mission Hill, North End, Roslindale, Roxbury, South Boston. South End, West End and West Roxbury. Boy… Say that 5 times fast!

Keep in mind that Boston today looks A LOT different than a couple hundred years ago. Knowing this, Boston may make a little more sense when you see all the roads criss cross in chaos when looking at a map!

Much of what we know as Boston today was actually a Bay that would be later filled in. So geographically speaking when we say north End or South End,...

What is A Home Sale Contingency?

What is A Home Sale Contingency?

A home sale contingency is a clause in an offer that states the execution of the offer is only if the buyers home goes under agreement and successfully closes.

These contingencies are often times used by buyers when they are planning on using proceeds from the sale of their home to purchase the next one.

So, how does it work? It’s important to remember that a home sale contingency can be structured in Many different ways. But let’s say the buyer needs to sell 123 Main Street. The Home Sale Contingency will be in the offer that the buyer extends to the seller. The offer will be like any other offer with regards to price, deposits, inspections. The difference is that the actual execution & closing on the property is all based on whether the buyer’s home at 123 Main Street goes under agreement and closes.

If the buyers house at 123 Main Street goes under agreement by a specified date, then the contract moves forward. If it does not sell, then the contract is terminated and the deposits are released back to the buyer.

If you couldn't tell, these clauses are here to protect the buyer, not the seller and are only applicable to home buyers who want or need to sell a home Before they Buy a new home.

There are two separate types of home sale contingencies that are used at different times. These contingencies are the:

Sale and Settlement Contingency and just the Settlement Contingency

So, what’s the difference between the two and when is each correctly used.

If you are a buyer & your home has already gone under Agreement then you will want to use the Settlement Contingency. Simply put, this contingency protects the buyer should their sale fall through for any reason. If the buyers home closes...

Are Housing Prices Going Down in 2021?

Are Housing Prices Going Down in 2021?

I have heard many perspective buyers say they are waiting on the sidelines until prices go down. Or that prices are getting too expensive. It seems that timing the real estate market has become a new national past time…

But is the real estate market really going down in 2021 or heck even 2022?

It’s always important to remember that real estate is local. So, while the national market could continue to see gains, there could be some specific markets where home prices go down due to local issues. In this case we are talking about the National market.

So, will the market go down in 2021 or even 2022?

It’s not going to happen. And there are a multitude of reasons why.

Let’s first start with the imbalance of housing supply to demand. Demand is far outstripping supply. The level of demand will subside. This level of imbalance will not continue. It’s my belief that demand will decrease due to increased interest rates and/or buyer fatigue. But that decrease in demand will not turn into a slump.

Freddie Mac recently stated that the U.S housing market is 3.8 million single-family homes short of what is needed to meet the country’s demand.

Why the shortage? The chief economist at Freddie Mac is quoted as saying “That is what you get when you under build for 10 years”.

So, what does this have to do with prices? Even if demand subsides a bit, we will continue to see an imbalance in the supply and demand curve for housing due to underbuilding.

It’s true, we are building more houses. Last year single family home starts rose to 991,000 units. Which isn’t bad. That is actually the highest rate since 2007. But in order for home builders to meet long term demand, they need to be constructing between 1.1 and 1.2 million single family homes a year....

Lies Being Told About & by eXp Realty

Okay, Not Quite Lies… But Misconceptions about eXp Realty

There are so many misconceptions about eXp Realty. On both sides. Competing brokerages harp on non or even partial truths while eXp agents are sure to make certain things better or easier then they really are. I know this was the way it was before eXp came into the picture (think RE/MAX vs. Keller Williams), but feel that it has really gotten out of hand… The eXp Realty complaints I find are generally from agents that never joined the company. Working for eXp isn’t for everyone… Just like KW isn’t for everyone either.

Everyone should keep their opinion about competing brokerages to themselves. Seriously, shut up. A bunch of keyboard warriors… Speak your opinion when spoken to (For the record, if you are reading this then you googled a term and clicked my blog so therefore are asking for my opinion/experiences)!

You Will Join and Everyone Else You Know Will Join Under You

Call 100 eXp agents and I feel like 99 of them will tell you how easy it is to recruit. They will say that when you join, they will teach you how to recruit and everyone you know that is an agent will want to talk to you and will sign up under you (Side bar, when RE/MAX sells you a franchise they make it sound like you will open your doors and people will flock to you and beat down your door).

This isn’t true. Recruiting is hard. Shit. It’s cut throat. Money is involved so therefore people’s feelings can get hurt. I believe most eXp Realty Complaints come from this. It doesn’t matter how great the company is… Recruiting is a process and if you want to be successful... Then you need to work at it REALLY hard. I know people...

Why Join eXp Realty - What Pushed Me Over the Cliff

Why I joined eXp Realty

I got pitched eXp 83 times before I finally joined. Heck, I am sure I was one of those eXp Realty Negative Reviews! I was SO tired of the eXp Realty Pitch… It gets really annoying when people pressure you when you aren’t soliciting their opinion. I have mentioned this before, but really find this as one of the most annoying things about the company. That being said, again… I get it. This mindset has made a lot of people in this company multi multi multi-millionaires… That is How eXp Realty Works.

I joined eXp when I was ready to. I reached out to (what ended up being my sponsor) the agent with questions… My sponsor abruptly joined eXp. He was an independent agent with a large and VERY successful company. I was at his office a month earlier for a Mastermind. When he joined, it turned my head. And made me pick up the phone and call him to say “what the heck, I thought eXp Realty is Bad?”… That is when I think I had my first very real conversation about the eXp opportunity.

Revenue Share that my wife can inherit

I had been talked to… or maybe it was talked AT numerous times about the virtues of eXp. It’s amazing because no one ever took the time to learn what was important to me. If they had, then they probably would have been able to better articulate the virtues of eXp.

To understand me, you first need to understand that my father passed away when he was 50 years old. Whether right or wrong, this has been something that has hung over me for the better part of my life. One of my biggest fears is leaving this world and leaving my young family unsecure. While I do have life insurance, because my Dad died so young… It is VERY expensive.

Back to the agent I called. I asked him why he is leaving the Real Estate Bliss of being independent and going to eXp. That’s when the conversation that had happened 82 other times...

Is eXp Realty Really Worth it – Why I Decided to Stay

Is eXp Realty Really Worth it – Why I Decided to Stay

I spent some time discussing the eXp Realty Negative Reviews and now its time to talk about why I ultimately stayed. I don’t like being the guy that focuses on the negative which is what I felt like so many were saying on my recent therapy session… I mean blog post, eXp Realty Bad Review – What I Don’t Like About eXp 

I ended that article noting that I am still at the company and quite frankly it is for good reason. While there are not as many reasons as to why I am still at eXp Realty, I have come to the conclusion that these reasons far outweigh the negatives of eXp Realty. So back to the question of Is eXp Really Worth It?

 I have always felt that where you work and for the reasons why are personal. I think it is absurd for people to get all wound up pounding their chest with a “my brokerage is better” attitude. That’s great. I am happy it works for you. But shut up and sell some real estate. Let’s improve the conversation by talking about how to continue to elevate the industry and provide more for our individual families.

To that end, here are the reasons why I have decided to stay at eXp Realty (for now! Because you never know when there will be another opportunity that comes along).

Lower Fees - $22k a Year

Agents ask How Much Does eXp Cost all the time. And the answer is… It depends. I am an Icon agent which means I “cap”. Long story short, that is me paying them $16,000 in fees. I also pay them about $5,000 in transaction fees. My last cost is the $85 per month in recurring fees. All in, I am at $22k a year as the team leader to operate a $40 to $50m a year business.

As I have said before, I am a high D personality and my mind works almost purely in a financial dollars...

eXp Realty Bad Review - What I Don't Like About eXp

What I don’t Like About eXp Realty

Anyone that says that their company has no negatives or that there are no areas of improvement are full of it… Every company has its positives and negatives and most importantly what works for me, doesn’t necessarily work for everyone else. This is the beauty of options! And as Real Estate Agents, we have a lot of them! So here are my eXp Realty Negative Reviews if you will…

Facebook Workplace

Working for eXp Realty will require you to use Facebook Marketplace. This is the main way of communication in the company and is one of the things I do not like about eXp. This may be perfect for everyone else, but for me it is just one more platform for me to log onto and follow. I love email. I would prefer everything to be email. I am old school and have learned to deal with it.

How the Agent to Agent Referrals work on Workplace

One of my biggest eXp Realty Complaints is that I do not like the way referrals are handled in eXp. Being a top producer, I miss the way that RE/MAX agents would go about finding other RE/MAX agents for a referral. I found that many people would go on to the RE/MAX database and search for the top producers first which really benefited me from a referral standpoint. If you are not a top producer, then you may love this process!

At eXp, company referrals work a lot like they do in Facebook Referral Forums like Labcoat Agents. It becomes a mad dash and ultimately the first to respond (who often are not well qualified and rarely vetted) will get the referral lead. This rewards the idle agents that quite frankly are not busy.

Reputation of eXp in the Real Estate Community

With a quick glance at eXp Realty Reviews (which are mostly from other agents not at or who have never joined eXp) you will see some negativity. Oh, heck. You will see a LOT of negativity. Whether it is deserving or not, it is reality. To many, eXp has...

How to Get Rid of PMI (Private Mortgage Insurance)


How to get rid of Private Mortgage Insurance (PMI)

Private Mortgage Insurance is required in most cases when getting a loan if you do not put more than 20% down on a home loan (i.e. have a 20% equity position in a property).

It is an insurance premium that is provided by a 3rd party for the bank which covers the loss up to that 20%. This insurance premium is what motivates a bank to lend and at the low rates to a borrower with less than 20% down.

In order to get rid of PMI, either the house needs to have appreciated to have a 20% equity position or the borrower needs to have paid down a portion of the principal balance to give the house that 20%. Appreciation can come from just regular market gains or from improvements to the property that a home owner has made.

There are three ways to remove PMI. You can either provide a new appraisal to the bank to show the new value, wait until you have paid down 78% from the original appraised value. Or refinance the property which really only makes sense if interest rates have not increased.

Bank’s don’t really want to remove this premium. So, you as a homeowner needs to nudge the bank in order to get them to do it.

At 78% of that original appraised value, a bank should automatically roll off the Mortgage Insurance Premium. Should. You will want to call them to verify if this is the case.

If you think the market has appreciated to give you that 20%, then the first thing you should do is call your Realtor to verify the market comps. Your Realtor can do this at no cost and this way you will have actual comps to provide to an appraiser.

Once you have figured out that you believe you have enough equity, then you will want to call your bank and talk with them about the process of hiring an appraiser. Do they have a certain list of appraisers that they would like used?...