home buying: Number Your Favorites
- 12/02/15 12:02 PM
Your “winners” list will include houses that are in good condition, fit your price range, and meet 85% of your “wish list” criteria:
Number the houses (1, 2, 3, etc.) according to which ones you like the most.
Now that you’ve spent an entire day house hunting, or maybe even a couple of weekends, it’s time for you and your wife or husband to discuss which house you’re going to write an offer on. What are the pros and cons about each house? Which do you like better than the others? If you cannot agree on your top choices, can you agree on … (0 comments)
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home buying: Home Buying Tips: Keep a Backup Plan
- 11/25/15 11:11 AM
What are the reasons NOT to get your hopes up too high in the beginning of the escrow?
Many transactions “fall out” of escrow and you may be disappointed So you can make a good business decision to cancel your contract if needed Keep a backup plan for the other houses you liked Many transactions “fall out” of escrow.
Okay, we are now in escrow. We hope to be closing on our new house in about 2 weeks so we are packing and preparing, and we are starting to get excited. However, we do not want to get our hopes up too … (4 comments)
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home buying: Apply Your Knowledge to Major Appliances
- 07/26/15 02:51 PM
By Regina P. Brown
Appliances reveal a lot about a home. Buyers may gauge the likeability of a house based on the brand, style, and finish of the appliances. Yes we all know our buyers “Can always buy a nicer fridge after they move in.” But they want to know what is in the house now. Don’t let them down. Satisfy their thirst for knowledge by cluing them in on the latest major appliances.
Refrigerators
Double-door refrigerators just don’t make the cut any longer. Discriminating homeowners are spending extra for mega capacity French door refrigerators (side-by-side top with bottom freezer drawer) to accommodate their … (3 comments)
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home buying: Home Buying: Make notes of what is in the home
- 06/02/15 10:07 PM
Was there a dishwasher, refrigerator, washer or dryer, window coverings, light fixtures such as a chandelier, shed, workbench, or any other personal property?
To keep track of what’s inside each home, write down which appliances are in the house, or any items of personal property that may be staying with the house. You will need to refer to this list later on when you write your offer to purchase. The MLS data sheet should list the personal property items that are (and are not) included in the purchase, but it is not always accurate. So it’s best to do your own visual … (42 comments)
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home buying: What is a pre-approval letter?
- 05/15/15 10:38 AM
One of the steps in house shopping is getting a pre-approval letter. A pre-approval letter is more valuable than a pre-qualified letter because it shows that your lender has analyzed your income, expenses, and credit.
Your lender will give you 3 types of loan letters:
A pre-qualification letter gives you and your RELATOR® the green light to start shopping for houses for sale. The letter includes the dollar amount for which you are qualified. It is an unofficial estimate and is not highly regarded for accuracy. The lender may not pull your credit or verify your income. Therefore, it does not take … (10 comments)
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home buying: How to Attract Affluent Home Buyers
- 02/11/15 09:52 AM
Do you want to know what's appealing to these clients? Here's an article from my Realty Times listing some cool tech gadgets that affluent buyers are looking for:
Tech to Attract Affluent Home Buyers
Written by Realty Times Staff
ERA Real Estate and HGTV reported 46 percent of consumers see smart-home technology as important for their current and future residences. But luxury homebuyers are willing to make the ultimate sacrifice. According to Digital Interiors, 94 percent of buyers surveyed would sacrifice 1,000 square feet of living space for more technology in their new home. Oversized houses are no longer the driving trend … (3 comments)
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home buying: Start To Think Long Term
- 02/01/15 07:45 PM
Homeowners are more focused on their family’s stability in the long term. They dream of retiring one day and have a plan to get there.
Remember when you were shopping for houses and you found that one house that was stuck in the 1970’s? The homes with the avocado green shag carpet, the pink bathtub, and the mustard yellow tiles on the kitchen counters?
You were wondering, “Why didn’t these homeowners upgrade their house in the last 40 years?” Maybe it is because they did not budget for upgrades up front. Do not get stuck decades behind and plan ahead for your improvements. … (5 comments)
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home buying: Your Loan Size and the Price of Houses
- 12/26/14 01:32 PM
Your loan size will determine what price of houses you should shop for The less debt that shows up on your credit report means you will qualify for a higher loan and; therefore, be able to purchase a bigger, better house. Using your income and your expenses, your lender will calculate the maximum size of a loan for which you will be eligible. This will give you a good idea of the type of house for which you will be shopping.Remember that your total monthly housing payment will include your mortgage payment, taxes, and insurance.
If you choose a condominium or … (0 comments)
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home buying: Let’s get pre-qualified!
- 12/03/14 07:20 PM
Complete the loan application form (1003)
Now that you have found a great lender to work with, you are going to need to fill out the loan application form. It is also called the Form 1003 (ten-oh-three) Freddie Mac form. The application is a 4-page form on legal size paper with lots of questions. You are going to write down your employment information going back at least two years, your residences for the past 2 years, and list all outstanding loans and credit.
Remember that your credit report will be compared to this list, so make sure it is accurate. It … (0 comments)
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home buying: Your FICO score
- 11/14/14 07:04 PM
Check your FICO score at www.MyFico.com
The FICO score is a number between 300 and 850 that lenders use to determine your credit risk. Scores are calculated based on payment history, debts owed, and the types of credit used. However, you can get a free FICO score from 1 of the credit bureaus with your trial membership at www.myfico.com. That should give you a good idea of how you rank for loan scoring purposes.
FICO Scores
750 - 800 = A Excellent 700 – 750 = B Above Average 620 – 700 = C Average 580 – 620 = D Below … (2 comments)
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home buying: What is a Non-Traditional Construction?
- 10/27/14 12:12 AM
This category includes homes that do not meet the traditional construction types. For example, a geodesic dome constructed from a kit, a houseboat, or a mobile home with stick-built additions. Other non-traditional types of housing include coops (housing cooperatives) in which the homeowners only own a share in a corporation (not actual land), and leasehold condominiums built on leased (not owned) land.
Before pursuing houses built with non-traditional construction methods, check with your mortgage lender. Financing may not be available, and there are probably other restrictions.
Read more in our book, "Buy Your First Home", http://tinyurl.com/dy2wjx4.
… (0 comments)
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home buying: Eliminate Debts and Expenses if You Can
- 10/07/14 02:36 PM
Once you start keeping track of entertainment, recreation, and extracurricular activities, you will be surprised how much of your budget gets eaten up in these categories. Other hidden money pit drains include late fees, bank overdraft charges, payday loans, cell phone overages, traffic tickets, and miscellaneous cash purchases from out of pocket.
What else can you cut out of your budget? Recreation, vacation, and travel can be cut way back. It does not mean you won’t have any fun in your life, it simply means that you can discover new cost-effective ways to enjoy life and have adventures for a while. It … (4 comments)
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home buying: Research Neighborhoods
- 09/12/14 08:13 PM
Drive around neighborhoods where you would like to live. You have to do a little footwork yourself. This assignment is your family’s homework.
The first thing we are going to do is to research the various neighborhoods in our price range. Now, if you already live in a single-family house in a community that you like, and your children are already enrolled in school here, then this is probably a neighborhood where you want to live.
Why should you and your family research neighborhoods by driving around communities you want to live in?
Find out about the schools and services that … (2 comments)
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home buying: Are you ready to buy a house?
- 09/11/14 01:50 PM
It’s time to get excited! Let’s get ready to shop for houses.
First, we are going to research neighborhoods to find out where we want to live, where the best schools are, and where our family wants to live.
Second, we are going to interview lenders to find out about what type of mortgage loans are available for us. What is the interest rate? What is our monthly payment, and what does it include?
Third, we are going to copy documents and give them to the lender. We will show you what you need to be prepared for that important lender appointment.
Fourth, we are … (3 comments)
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home buying: Non-Profit Organizations as Lenders
- 09/04/14 12:06 PM
Another source of mortgage lending is a non-profit organization. Especially in metro areas, there are funding sources through HUD-approved counseling agencies. Visit www.NACA.com to find out about a national non-profit agency called NACA (Neighborhood Assistance Corporation of America) which is not widely known. They offer zero down payment loans for affordable home purchases.
All of these non-profit agencies have many restrictions, such as location of the home, income level, and debts. So be sure to research each program first, before you get excited about it. To get a loan, you will need to complete their home buyer education courses, and … (4 comments)
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home buying: Pay off consumer debt
- 08/07/14 01:06 PM
Eliminate consumer debt by making additional principal payments or paying off as much as possible. If you cannot pay it off right away, make substantial payments to reduce your debts. Some people would advise you not to pay off your credit cards and close the accounts, because you need to have some type of monthly payments that demonstrate your capacity to pay on time, thus building your credit score. If you have several credit cards, get rid of them as you pay them off. Keep only 1 or 2 cards for rainy day emergencies.
By the way, which credit card account should … (6 comments)
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home buying: Eliminate Consumer Debt
- 08/05/14 01:08 PM
Get your credit card balances as low as possible, and consumer debt paid off. What are the best ways to eliminate consumer debt?
Pay off consumer debt by making extra principal payments Do NOT make any purchases on credit Do NOT apply for credit cards Here is my challenge to you: Pay off your consumer debt this year. Consumer debt is any credit account you use to buy electronic goods, household furniture, vacations, clothing and jewelry, Christmas presents, or anything that is not considered an asset.
Your house is an asset that should be appreciating in value. On the other hand, … (5 comments)
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home buying: Credit Monitoring & Repair
- 08/03/14 12:03 PM
What determines your interest rate on a home loan? Your credit score! When you apply for a loan, the lender runs your credit report and receives your payment history summarized as a number, called a FICO score.
Each of the 3 major credit bureaus rate you according to your FICO score, between 300 to 850. The higher your FICO score, the better your loan terms (such as lower interest rate).
The FICO score is comprised of:
Payment history (35%) Amounts owed (30%) Length of credit history (15%) New credit (10%) Type of credit in use (10%) Your credit score depends on … (3 comments)
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home buying: When viewing homes, remember to be respectful
- 08/01/14 02:58 AM
Always be respectful inside a homeowner's personal residence. Do not touch things, do not sit on their furniture, do not open their refrigerator, and do not peek inside drawers, cupboards, or medicine chests. Hopefully, you did not bring your children with you, but if you did, make sure they do not touch ANYTHING. It is nearly impossible for children to keep their hands to themselves. They just get so excited when they see new things, and cannot resist playing with them!
If the residents have cats or dogs, be aware of the family’s wishes and be mindful not to let the pets … (0 comments)
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home buying: Can You Take Photos?
- 07/29/14 03:00 PM
Everyone has a camera or a video recorder on their mobile phone. People are taking pictures and video everywhere they go, so it just seems natural to want to take photos of a house you may purchase. But you should take photos of the homes only if you have written permission from the residents.
It is usually okay to take a photo of the house from the street because that is something the public can easily see. Besides, the photo of the front of the house is probably on Google maps already anyway.
However, to take photos of the interior, you should get … (8 comments)
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Your “winners” list will include houses that are in good condition, fit your price range, and meet 85% of your “wish list” criteria:
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