Mark Gorman

Co-Founder of HomeTraq. 30 years mortgage & real estate experience.

Recent Posts

CARES Act Forbearance (COVID mortgage relief) details

May 10, 2020 10:20:58 AM / by Mark Gorman posted in housing market, buying a home, misconceptions, rent, income, asset, myths, loan, rates

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There’s little doubt that COVID-19 has changed our lives significantly over the last days and weeks. There has been so much information released as a result of these unprecedented times that it’s been hard to keep up. To keep things clear, and to help you sift through all the information you’re getting, we wanted to provide a resource so you can better understand recent legislation enacted to help homeowners impacted by the COVID-19 pandemic.

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The most unique spring housing market in ... Ever? [2020 Real Estate]

May 7, 2020 8:53:32 PM / by Mark Gorman posted in housing market, housing demand, summer, buying a home, moving, homebuying, rates

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Kicking off at the end of March, spring signals the start of homebuying season…at least it used to. As you know, the coronavirus pandemic has changed everything about this spring—including the real estate market.
 
The months of April through July traditionally account for more than 40% of all housing transactions. 2020 has been much different. This year's homebuying season started in January due to record low mortgage rates, low inventory and high demand. In fact, just prior to the pandemic, the housing market was hot—with sales at their best levels in over a decade and multiple offer situations part of the norm. 

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HomeTraq Innovation recognized in STL Business Journal

Apr 9, 2020 9:35:49 AM / by Mark Gorman posted in realtor, real estate tech, home tours, hometraq, home ownership, buying a home, moving, selling home, STL, innovation, startup

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The Titling Process Explained [Real Estate 2020]

Mar 28, 2020 7:33:03 PM / by Mark Gorman posted in insurance, title, homebuying

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“Title insurance.” Like “escrow,” “earnest money” and “amortization,” title insurance is one of those home buying terms you feel you should understand but probably don’t. But have no fear: we’re here to break down and explain this vital part of the homebuying process, and how it can help you fend off serious financial troubles down the road.

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Real Estate Insider Tips [Procuring Cause]

Mar 16, 2020 9:20:36 AM / by Mark Gorman posted in real estate, buyer's agent, commission, homebuyers, dual agency, representation, listing agent, selling agent, home showings, disclosure, negotiation, procuring cause, home tours

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"Procuring cause" is a real estate term which agents, brokers and sometimes buyers use to determine who will receive the commission on a house sale. It is widely identified by the specific tasks performed by a real estate agent which lead to an accepted purchase contract and successful sale of real estate.  

In many cases, the "procuring cause" task could be identified as the first showing of a house by a real estate agent which a buyer purchases. "Procuring cause" could also be construed to mean the task of writing and negotiating the purchase offer. Since there is no hard and fast rule as to what specifically triggers "procuring cause", its easy to see how this situation can get tricky.

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The Selling Agent Checklist - Must Have!

Feb 7, 2020 1:32:58 PM / by Mark Gorman posted in agents, listing agent, selling agent

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As a seller, you'll want to know exactly how the agent will sell your home. Is a direct mail campaign appropriate? Why or why not? Where and how often do they advertise? What kind of photography do they offer? Do they market online? What steps will they take to prepare your home for sale?

 
Open Houses - Have your agent or their associates hold an open house as often as possible, but definitely from time to time. These bring in prospects that are not yet willing to commit to an agent, but are interested. However, do understand that open houses are mostly to attract buyers for the agent, and doesn't necessarily get the house sold. It definitely doesn't hurt, as it could lead to buyer or a referral to another prospective buyer.
 
An open house provides a buyer with the opportunity to gather quite a bit of information on a home in a short amount of time. The listing agent often will be present and ready to answer questions, which will allow a buyer to get his or her full attention. The information needed to make an informed purchase might come immediately rather than waiting for a buyer's agent to get back to them.  
 
Broker/Agent Open Houses - Have your agent promote the new listing to the broker/agent network. Getting them there can be as valuable as having the right buyer walk into your home, as they may already have a buyer looking for your exact house!
 
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Title insurance: The truth revealed.

Feb 6, 2020 5:08:50 PM / by Mark Gorman posted in insurance, before you buy, title, homebuying, title insurance

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When it comes to title insurance, there can be a lot of information out there—and not all of it correct. Like much of the home-buying process, the title insurance process can often seem too technical or complicated to understand.

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Real Estate Insider - Credit, Credit Resources and Credit Counselors

Feb 5, 2020 11:28:31 AM / by Mark Gorman posted in homebuyers, Credit, Credit Score, financing, capital, mortgage payments, homebuying, boosting credit, credit bureaus

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There are three major credit reporting agencies.

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The Loan Approval Phase

Feb 2, 2020 9:26:08 PM / by Mark Gorman posted in Home Loan, financing, capital, buying a home, income, credit bureaus

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Lender Evaluates Mortgage Loan Application:

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Why co-signing on a loan is probably a bad idea

Dec 9, 2019 4:00:12 PM / by Mark Gorman posted in Home Loan, cosign, loan

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Lots of people – even those we love – don’t make good on promises; your credit takes an immediate hit

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