buyer: Barbara's Blog - Using Gifted Money for a Down Payment - 05/12/15 05:13 AM
It can be extremely hard to save for a down payment for a new home. Some people have turned to accepting gifts from friends and family.  Using gifted money for a down payment was a popular way of getting the 20% or more needed at closing.
.But then the big housing bust of 2008 happened. And like with most things housing related, being able to use gifted money has changed.  Regardless of the amount of the down payment, new restrictions make it harder, if not impossible to use gifted money.
Lenders are requiring more documentation for loans these days and that includes documentation … (2 comments)

buyer: Barbara's Blog - Can the Buyer Assume My Mortgage - 05/04/15 04:22 AM
Simply put, an assumable mortgage allows a buyer to assume the rate, repayment period, current principal balance and other terms of the seller's existing mortgage rather than obtain a brand-new mortgage, according to James Hines, a spokesman at Wells Fargo Home Mortgage.
It should be possible to assume any type of mortgage, but it is usually an FHA loan or a VA Loan.  
There are certain advantages for a buyer when assuming a mortgage.   "An assumable mortgage can be very attractive if interest rates are on the rise or the current interest rates are significantly higher than the interest rate on … (1 comments)

buyer: Barbara's Blog - Dealing With an Unhappy Buyer - 04/22/15 04:06 AM
There may be a small issue with a home after the closing that frustrates the buyer. Typically an issue that comes up within a week or so after the closing that the buyer may call you about that can be taken care of rather quickly. But what about those issues that comes up months or years after closing that can be a hassle for the agent.
It could be anything such as a repair that has not been done but was agreed to at the time of closing, or a repair that was done but had broken down again. Whatever it is, … (1 comments)

buyer: barbara's Blog - Don't Shop Alone! - 11/08/14 06:54 AM

The internet has become a natural part of our lives. Real estate is no different, with so much reality information on the net, more and more buyers are saving on foot work and looking at houses online. According to the National Association of Realtors (NAR), 92 percent of perspective buyers searched for homes online.
The NAR also asked buyers where they first saw or learned about the home they purchased, 43 percent said from the internet – up 36 percent from 2009.
So with the number of buyers taking to the World Wide Web to search for houses, you … (0 comments)

buyer: Barbara's Blog - Five Ways Bargain Hunting For Homes Can Backfire - 10/27/14 03:22 AM
Let’s face it, we all want to save money on anything we purchase, especially on a house. This is why we shop for bargains.
This is why many buyers look for For Sale By Owner, foreclosures and short sales for bargain prices. But these are not always plentiful in all areas. Then you have buyers who check housing prices, see which houses have had price reductions, been on the market for a long time or are underpriced for desperate seller and lowball their offers.
These practices can work and many buyers have been successful using these processes. But it can also … (2 comments)

buyer: Barbara's Blog - Why Sellers Overprice Their Homes - 10/18/14 07:52 AM
What’s the number one piece of advice real estate agents give to sellers? “If you overprice your home, it will take longer to sell.” Do seller’s listen? Not always. Some sellers overprice their homes in hopes of making a higher profit despite the market value. Other reasons sellers overprice their homes are:
They feel they have to make a huge profit They don't want to bring money to closing They feel they have a superior home They want to recoup money invested in the home for improvements and repairs They want the extra money to buy a bigger, more expensive home … (2 comments)

buyer: Barbara Blog - Tips To Make Your Offer Stand Out - 08/31/14 09:40 AM

Believe it or not, some areas have seen a switch in the market and some buyers are finding themselves in bidding wars for their dream homes.
The real estate market is heating up with first time buyers getting into the market, home owners looking to move to larger homes and for some to purchase second homes. It is also an opportunity for many former home owners to get back into homeownership.
Whatever the reason, it is important to make an offer that stands out among the others. Here are a few tips to help your offer rise above the … (0 comments)

buyer: Barbara's Blog - How To Negotiate with A Seller part 3 - 08/04/14 04:36 AM
Negotiating after inspections
Ok! You made an offer, it was countered and after some back and forth, finally an accepted offer with the earnest money at the escrow agent’s office.  Now for the inspection. It’s important to know that no house is absolutely perfect, even newly constructed homes have flaws. The Inspector is required to tell you among other things, any condition or flaw in appliances, heating/cooling systems, roofs, electrical, plumbing and issues with the foundation if visible and especially if the house is up to code.
This is where any contract can break down or be renegotiated. Sellers are not … (0 comments)

buyer: Barbara's Blog - Three Negotiating Mistakes Sellers Make - 07/28/14 05:19 AM
Sellers and buyers may be discussing the same house, but rarely see the house the same. When a seller lists a house, he or she may think it’s priced just right to sell, they’ve staged it just right to sell and that they have timed the market just right for a quick sale.
Before a buyer even sees a house, they have decided they are not going to or will not offer the list price. They may have different tastes or a different style than the seller and may be turned off by how a house is staged. And no matter … (0 comments)

Barbara Puorro

Barbara Puorro

Middletown, CT

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