morristown tn homes for sale: Morristown TN Real Estate For Sale - Land Contract#5
- 02/01/16 10:02 PM
Land ContractAn alternative to a non-conforming loan is the use of a land contract, which is allowed in some states. A land contract is an agreement between a buyer and a seller, where the buyer agrees to make periodic payments to the seller. The title to the property only transfers to the land contract buyer on fulfillment of the land contract obligations.
A land contract can be helpful for those who need time to establish or improve their credit rating. There are only small closing costs, and payment can help establish a good mortgage payment record. This can help establish an overall … (0 comments)
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morristown tn homes for sale: Morristown TN Real Estate For Sale - Understanding Preliminary Reports#5
- 01/31/16 09:01 PM
Understanding Preliminary ReportsAfter months of searching, you’ve finally found it -- your perfect dream home. But is it perfect?
Will you be purchasing more than just a beautiful home? Will you also be acquiring liens placed on the property by prior owners? Have documents been recorded that will restrict your use of the property?
The preliminary report will provide you with the opportunity, prior to purchase, to review matters affecting your property which will be excluded from coverage under your title insurance policy unless removed or eliminated before your purchase.
To help you better understand this often bewildering subject, the Land Title Association has … (0 comments)
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morristown tn homes for sale: Morristown TN Real Estate For Sale - Plan of Action#5
- 01/28/16 08:48 PM
Plan of Action Analyze why you are selling - If you understand your motives, you will be able to better negotiate and to get what it is that you want, whether it be a quick sale, high price, or somewhere in the middle.
Prepare your home for the buyer - Maximize the strengths of your property and fix up its weaknesses. You want the buyer to walk away from your home with a lasting good impression.
Find a good real estate agent that understands your needs - Make sure that your agent is loyal to you, and can negotiate to help … (0 comments)
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morristown tn homes for sale: Morristown TN Real Estate For Sale - Thinking About Buying a Foreclosure?#5
- 01/27/16 08:50 PM
Thinking About Buying a Foreclosure?With the housing bubble burst and the subprime mortgage crisis, millions of homeowners found themselves unable to make their mortgage payments. Many found themselves owing more on the house than the home was worth. Many just walked away from their homes. As a result of these complicated issues, millions of homes were foreclosed.
While this isn’t the only reason for which homes are foreclosed, it has been a widespread one. With all the foreclosed properties, there has also been extensive interest in buying these properties at a bargain price.
It is true that foreclosed properties can be priced at … (0 comments)
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morristown tn homes for sale: Morristown TN Real Estate For Sale - Items You Need When Applying For a Loan#5
- 01/26/16 09:04 PM
Items You Need When Applying For a LoanHave These Items Ready When You Apply For a Loan
It used to be that lenders mailed out verifications to employers, banks, mortgage companies, and so on, in order to verify the data supplied by borrowers. Nowadays, the interest is often in speed and getting answers quickly so alternate documentation has become more widely used. Alternate documentation means that underwriting answers can be obtained with information supplied directly from the borrower instead of waiting around for verifications to come back in the mail.
The following is required for most standardized loans as part of alternate documentation … (2 comments)
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morristown tn homes for sale: Morristown TN Real Estate For Sale - Title Insurance Requirements for Insuring Trusts#5
- 01/25/16 10:18 PM
Title Insurance Requirements for Insuring TrustsIn today’s world of busy probate courts and exorbitant death taxes, the living trust has become a common manner of holding title to real property. The following may help you understand a few of the requirements of the title insurance industry if title to property is conveyed to the trustee of a living trust.
What is a trust?An agreement between a trustor and trustee for the trustee to hold title to and administer designated assets of the trustor for the use and benefit of one or more beneficiaries.
Can a trust itself acquire and convey interests in real … (0 comments)
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morristown tn homes for sale: Morristown TN Real Estate For Sale - Making a Good First Impression#5
- 01/24/16 10:17 PM
Making a Good First ImpressionIf you want buyers to be interested in your home, you need to show it in its best light. A good first impression can influence a buyer both emotionally and visually, thus prompting them to make an offer. In addition, what the buyer first sees is what they think of when they consider the asking price.
A bad first impression can dissuade a potential buyer. Don’t show your property until it’s all fixed up. You do not want to give buyers the chance to use the negative first impression they have as means of negotiation.
Ask around for the … (1 comments)
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morristown tn homes for sale: Morristown TN Real Estate For Sale - Is Buying a Home Still a Smart Plan?#5
- 01/18/16 09:41 PM
Is Buying a Home Still a Smart Plan?With the burst of the housing bubble, credit crisis, and millions of foreclosures across the country, you may wonder if buying a home is such a good idea after all. However, it’s important to consider all of the facts. The important message to take away from these events is not that buying a home is a bad idea, but that you must be smart about buying your home.
The housing market, like every type of market, unavoidably has its ups and downs. That doesn’t mean buying a home is a bad investment. As a long-term … (0 comments)
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morristown tn homes for sale: Morristown TN Real Estate For Sale - FICO® Scores and Your Mortgage#5
- 01/17/16 11:09 PM
FICO® Scores and Your MortgageYears ago, credit scoring had little to do with mortgage lending. When reviewing the credit worthiness of a borrower, an underwriter would make a subjective decision based on past payment history.
Then things changed.
Lenders studied the relationship between credit scores and mortgage delinquencies. There was a definite relationship. Almost half of those borrowers with FICO® scores below 550 became ninety days delinquent at least once during their mortgage. On the other hand, only two out of every 10,000 borrowers with FICO® scores above eight hundred became delinquent.
So lenders began to take a closer look at FICO® scores and … (2 comments)
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morristown tn homes for sale: Morristown TN Real Estate For Sale - Title Insurance - Where Does Your Dollar Go?#5
- 01/14/16 10:59 PM
Title Insurance - Where Does Your Dollar Go?Title Insurance: As a homebuyer, the term is probably familiar - but is it understood? What is your dollar actually paying for when you purchase a title policy?
Title Insurers, unlike property or casualty insurance companies, operate under the theory of risk elimination. Title companies spend a high percentage of their operating income each year collecting, storing, maintaining and analyzing official records for information that affects title to real property. Their technical experts are trained to identify the rights others may have in your property, such as recorded liens, legal actions, disputed interests, rights of … (1 comments)
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morristown tn homes for sale: Morristown TN Real Estate For Sale - Insist on a Home Inspection#6
- 01/13/16 08:56 PM
Insist on a Home InspectionA professional home inspection protects both you and the buyer. It allows both you and the buyer the opportunity to learn about the property’s defects.
A home inspection usually covers the following:
Plumbing conditions - if there is leakage or clogging Roofing conditions - the extent of deterioration, if there is leakage Electrical conditions - if there are inadequate circuits or potential fire hazards Structural problems - if there are problems with the underlying foundation of your home As a seller, the home inspection reports protect you because it establishes the actual condition of the property at the … (0 comments)
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morristown tn homes for sale: Morristown TN Real Estate For Sale - Hot, Normal, and Cold Markets#5
- 01/13/16 12:14 AM
Hot, Normal, and Cold MarketsHot MarketThis is an extremely competitive market and is advantageous to the seller. Sometimes, homes will sell as soon as they are listed or even before homes are listed. Typically, during a hot market, multiple offers will be made on each home and more often than not, homes will sell for more than the asking price. It is even more crucial to be prepared and to be ready as a buyer when the market is hot. It can be easy to get caught up in the bid for a home, but if you are prepared (pre-approved, solid … (0 comments)
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morristown tn homes for sale: Morristown TN Real Estate For Sale - FICO® Score - a Brief Explanation#5
- 01/11/16 08:51 PM
FICO® Score - a Brief ExplanationWhen you apply for a mortgage loan, you expect your lender to pull a credit report and look at whether you’ve made your payments on time. What you may not expect is that they seem to be more interested in your FICO® score.
“What’s a FICO® score?” is a common reaction.
Each time your credit report is pulled, it is run through a computer program with a built-in scorecard. Points are awarded or deducted based on certain items such as how long you have had credit cards, whether you make your payments on time, if your credit balances … (0 comments)
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morristown tn homes for sale: Morristown TN Real Estate For Sale - The Functions of an Escrow#5
- 01/10/16 09:11 PM
The Functions of an EscrowBuying or selling a home (or other piece of real property) usually involves the transfer of large sums of money. It is imperative that the transfer of these funds and related documents from one party to another be handled in a neutral, secure and knowledgeable manner. For the protection of buyer, seller and lender, the escrow process was developed.
As a buyer or seller, you want to be certain all conditions of sale have been met before property and money change hands. The technical definition of an escrow is a transaction where one party engaged in the sale, … (1 comments)
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morristown tn homes for sale: Morristown TN Real Estate For Sale - Insist on a Home Inspection#5
- 01/07/16 08:21 PM
Insist on a Home InspectionA professional home inspection protects both you and the buyer. It allows both you and the buyer the opportunity to learn about the property’s defects.
A home inspection usually covers the following:
Plumbing conditions - if there is leakage or clogging Roofing conditions - the extent of deterioration, if there is leakage Electrical conditions - if there are inadequate circuits or potential fire hazards Structural problems - if there are problems with the underlying foundation of your home As a seller, the home inspection reports protect you because it establishes the actual condition of the property at the … (1 comments)
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morristown tn homes for sale: Morristown TN Real Estate For Sale - Hot, Normal, and Cold Markets#5
- 01/06/16 08:34 PM
Hot, Normal, and Cold MarketsHot MarketThis is an extremely competitive market and is advantageous to the seller. Sometimes, homes will sell as soon as they are listed or even before homes are listed. Typically, during a hot market, multiple offers will be made on each home and more often than not, homes will sell for more than the asking price. It is even more crucial to be prepared and to be ready as a buyer when the market is hot. It can be easy to get caught up in the bid for a home, but if you are prepared (pre-approved, solid … (0 comments)
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morristown tn homes for sale: Morristown TN Real Estate For Sale - Documenting Your Assets - Verifying Your Down Payment#5
- 01/05/16 08:42 PM
Documenting Your Assets - Verifying Your Down PaymentWhen buying a home, it is not enough to just come up with the money. With the exception of no asset verification loans, lenders want to verify where the money for your new home will be coming from. If you can document that the funds are coming from your personal savings, the lender is more confident of your strength as a borrower.
In addition, if you can verify that you have additional assets that are not needed for the down payment, it is important to document those, too. Additional assets are reserves you can draw … (0 comments)
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morristown tn homes for sale: Morristown TN Real Estate For Sale - Statements of Information#5
- 01/04/16 08:51 PM
Statements of InformationWhat’s in a name?When a title company seeks to uncover matters affecting title to real property, the answer is, “Quite a bit.”
Statements of Information provide title companies with the information they need to distinguish the buyers and sellers of real property from others with similar names. After identifying the true buyers and sellers, title companies may disregard the judgments, liens or other matters on the public records under similar names.
To help you better understand this sensitive subject, the Land Title Association has answered some of the questions most commonly asked about Statements of Information.
What is a Statement of Information?A … (1 comments)
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morristown tn homes for sale: Morristown TN Real Estate For Sale - Getting the Highest Price in the Shortest Time#5
- 12/22/15 12:33 AM
Getting the Highest Price in the Shortest TimeIn order to get the highest price in the shortest time, you need to know how to market your home. The better you market your home, the more offers you will get. And the more offers you get, the more choices you have to get the price and terms you want.
The most important factor of marketing your home is pricing it right. Your price should be adjusted to reflect the market and your property’s worth. The key is to get as many people as possible checking out your fairly priced property. If your property … (0 comments)
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morristown tn homes for sale: Morristown TN Real Estate For Sale - Getting a Legitimate Lender and Getting Pre-Approved#5
- 12/20/15 09:29 PM
Getting a Legitimate Lender and Getting Pre-ApprovedIt used to be that buyers could go house shopping and when they have found their dream home, then they go to get pre-approved. However, in today’s market, that has proven to be one of the least effective methods in landing the dream home.
Most lenders can pre-qualify you for a mortgage over the phone. Based on general questions about your income, debt, assets, and credit history, lenders can estimate how much mortgage you qualify for. However, being pre-qualified and pre-approved are different things. Pre-approval means that you have applied for a mortgage; you have filled … (0 comments)
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Land ContractAn alternative to a non-conforming loan is the use of a land contract, which is allowed in some states. A land contract is an agreement between a buyer and a seller, where the buyer agrees to make periodic payments to the seller. The title to the property only transfers to the land contract buyer on fulfillment of the land contract obligations.
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