Driving You Home Without Steering – Jodie Bow

On this episode of The Closing Table, we sat down with Jodie Bow!

To watch the full episode, check it out on YouTube below. In the meantime, here’s a summary of the conversation…

Here’s what you missed from Jodie Bow…

The conversation began with a word association icebreaker on closing costs, escrow, home warranty, and more. Jodie then introduced herself as an associate broker with Century 21, co-owner of an interior designer and staging company, and a full-time mom. When asked to describe the current market she serves in Michigan, specifically the tri-county area in Midland, Jodie shares some key details. The market still faces a lack of inventory, with more buyers than homes for sale. The available homes are often in need of repairs or overpriced. Jodie notes that the majority of properties for sale are priced at 400K, while the largest buyer pool is at 100-200K.

Jodie then shares her experience working with first-time homebuyers and how she loves the opportunity to help guide them through the process. She notes that first-time homebuyers are often grateful and excited about the prospect of purchasing a home. Although they may take a bit longer, there are downpayment assistance programs available to help them get approved. When it comes to getting a good deal on a home, Jodie suggests working with a good buyers agent who will perform a market analysis to determine the best price range for your budget. She also emphasizes the importance of knowing your lender and the specific loan programs you are using to ensure you are qualified for the home you are interested in.

Moving on to pending/under contracts and completed sales, Jodie explains that under contract means both the buyer and seller have signed the contract, and sellers cannot back out for any reason without potentially being taken to court. Purchase agreements are typically designed to protect the buyer.

Next, Jodie talks about rent-to-own, which is a popular option for individuals who are interested in homeownership but may not have the means to purchase a property outright. Jodie explains that when a homeowner wants to sell or rent their property, potential buyers may ask for a rent-to-own or land contract option. However, it’s important to note that when a property already has an existing mortgage, a land contract is not possible.

In this case, Jodie explains that a rent-to-own agreement may be an option, where a portion of the rent goes towards the principal of the property. While this can be a beneficial option, it’s important to note that a large deposit is typically required and may not be refunded if the tenant decides to terminate the rent-to-own agreement. Additionally, the interest rates for rent-to-own and land contract agreements can be high, up to 13%. Despite many people approaching her to do rent-to-own, Jodie doesn’t always recommend it due to the potential financial risks involved.

Kevin then asked Jodie what she advises buyers to watch for red flags during the home buying process. For her it’s slow communication from the realtor or lender, or a tight budget that could result in denial of funds. Agents cannot tell clients whether an area is safe, so Jodie suggests driving through the area at different times of the day to get a feel for it. Jodie helps clients avoid potential pitfalls by working with trusted lenders who communicate in a way that suits the client’s preferences.

When it comes to effective offline and online marketing strategies for listing her clients’ properties, Jodies discusses how much she loves using her 3D camera for online virtual tours, which has been especially helpful during the lockdown. She also emphasizes the importance of staging a home, as it can increase its value by 10%.

The conversation wraps up with Jodie sharing that she hopes her clients see her as a compassionate and understanding realtor who is not pushy or forceful. She prioritizes listening to her clients’ needs and will show them as many homes as it takes to find the perfect match. On top of that, Jodie is protective of her clients and will do what it takes to ensure their safety and satisfaction.

Check out Jodie Bow:

https://www.facebook.com/JodieBow

https://www.facebook.com/jodielbowcentury21

https://www.instagram.com/jodiebow/

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