Author Archive: Alisha Overwood

The 10 steps of the Home Buying Process

 

Buying a home with a great living room is simple

Inside a Living Room

 

The Home-Buying Process Explained.

Relax. You do not have to worry yourself any longer. Buying that home is now easier than ever with the help of these ten essential tips. But remember, it is wise to start your search early and allow yourself plenty of time to see what is available in the housing market.

Original Source Info: Discover.com

I. Sooner the better

As said, it is wise to start your search early. This is a valuable tip that will lead to many possibilities, and the chance to catch the best deals before the market changes. The housing market is always fluctuating as the cost of living changes. With the increase in technology, searching for your new home is now easier than ever. Technology, however, is more than just the electronics we absorb your self into. It is true, you can find a great deal in the realm of the world wide web, but you are also able to expand your search into local newspapers in the particular location you wish to buy that home. But remember you must start your search early and catch those deals before they are gone.

II. To much? To little? Just right.

It is recommended that buyers seek homes that cost no more than three to five times their annual income. This is recommended with the intention of allowing the buyer to make a 20% down payment and have a moderate amount of other dept. But, this does not apply to everyone the same. It is wise to base your determination on your own financial situation.

III. Consider a mortgage.

It is wise to know how much you can spend on that new home. Unfortunately we do not have access to a money tree, but we do have access to a mortgage that will help spread out the payments and in turn allows a more expensive house, to become more affordable for you. The process of prequalifying for a mortgage is fairly easy. You provide your financial information to your mortgage banker. This would include your income, savings, and current investments. This will reveal the price range of the homes you should be setting your sights on. Later, when it is all said and done, you should consider getting your credit approved. This too is fairly easy. You provide your financial documents such as W-2 statements, paycheck stubs, bank statements and more. This will allow your lender to verify your financial status as well as your credit.

IV. Seeking out the best real estate agent.

What is a real estate agent? No, not agent 007. Real estate agents are very important when you are buying or selling a home. They are able to provide you with information that will allow you to better know the homes and neighborhoods that you cannot gather through a simple web search. These agents are skilled in negotiating deals, and are knowledgeable of the home buying process. It is wise to know the are you are interested in calling home. The best part is the cost of the agent. They are free. That’s right, free.

 

V. Let’s make a deal.

Relax. This does not require you to sell your soul…yet. It is a good idea to start touring homes within your price range. In this time, you can take notes and this will allow you to look back on what you encountered and decide what best suits you. It can be hard to remember everything about each house.
Make sure to check out the details of each house as well as the neighborhoods. If you take as much as you like searching for the house, you are able to lessen the risk of making a mistake. Once you find that dream home, you should work with your real estate agent and negotiate a fair deal. Once you and the seller agree on price, the house will be placed in escrow. This is the period of time it takes to complete all the steps remaining in the buying process.

VI. Make sure it is in the best condition

It is wise to get a home inspection so that you can know any possible structure damage or other things that may need to be fixed or replaced. The results of this inspection can effect the cost of the home. The inspection can be conducted within a few days after your offer has been accepted. This protects you by allowing a chance to renegotiate your offer or withdraw it without risk to yourself.

VII. Select your loan

You are likely to have many questions when purchasing a home and having a mortgage banker to work with you when seeking out the best loan for you, is a wise step to consider. The mortgage banker’s assistance allows the whole process to be completed smoothly.

VIII. Time for some appraise.

Yes, you are doing a good job but I am referring to appraising the home. An appraiser will be arranged by the lender to provide an estimated value of the house. The appraiser is part of a third party company and as a result, not associated with the lender. The appraiser allows all parties to know your intentions of paying a fair price.

IX. Paper work. Paper work. Paper work.

As you can imagine the home buying process results in a great deal of work. One of the most important steps is the paper work. Not to worry, your lender will take care of process. This includes arranging for a title company to take care of all the paperwork and be sure the seller is the correct owner of the home you are buying.

X. QUICK CLOSE THE SALE AND MOVE IN!

The last step has finally arrived. All the work is now behind you as you close the sale. This will require you to sign all the paperwork that is required to complete the sale, including your loan documents. This process could take one to two days after the paperwork is returned to the lender. You are finally ready to move one once the payment is received by the seller.

3 reasons to hire a real estate agent when buying a home

We all need the help of a professional occasionally, especially if we’re tackling a big project that’s outside of our normal area of expertise. So when it’s time to buy a home, it’s smart to hire a real estate professional, also known as a real estate agent. Here are 3 reasons to hire a real estate agent when buying a home

THE AGENT IS EXPERIENCED

Many agents have years and years of experience working with home buyers and sellers. Indeed, many are pseudo-psychologists because they can “read” their clients and determine their needs and preferences. An experienced, knowledgeable real estate agent will be able to guide you to homes or property that he/she feels will suit you and your family. Many will also let you know if the house if “over” or “under” priced, and will guide you as you bid on a home. Their experience is invaluable when it’s time to sign the contracts and complete the paperwork, too.

THE AGENT IS UP-TO-DATE

Housing listings change quickly – in many cases overnight – and that means the homes you see on websites and in catalogues or magazines may not be current. Real estate agents, however, have the inside scoop. They’ll be able to let you know whenever a house that might interest you hits the market. And they’ll also be able to let you know when a house is already sold, so you don’t waste time and energy on an unavailable property.

THE AGENT IS KNOWLEDGABLE

Most agents specialize in a particular city, county or geographic area. They’re already informed about things like local schools, crime rates, and nearby shopping. They also will be able to tell you about local zoning laws, possible natural hazards–like hurricanes and tornados–and even things like the demographics of the community. Most will know if something large and commercial, like an airport or huge shopping centre, is planned for future construction in the neighbourhood. They have quick access to things like floor plans and property restrictions, too. Here is a list of recommended Home Mortgage Lenders online. It’s important to use a reputable lender online to make sure your personal information is secure.

A real estate agent can make your home buying process relatively simple and painless. Unless you’re an expert in real estate, it makes sense to hire a professional to help guide you through the home buying process.

Home Selling Best Practices

Real Estate agent with a coupleThe housing market isn’t quite recovered yet, and there are a lot of people that are looking to sell their homes. These people many times may be a little unsure as to what they need to do. No matter, there are certain home selling best practices that need to be upheld in order to get the desired results for your home sale.

These practices are why some people get their home sold fast, while others seem to sit forever. Having these tips in your corner will go a long way in getting positive results that you can be proud of. No matter if this is the first or the third home, you need to keep these in mind.

 

Make sure that you remove any personalization from your home.

Things like family pictures may break the illusion that a person has when looking at your home. Many times they will look at a potential home with them in mind. Things of yours that are personal will make it difficult for them to imagine their life in the home, they will only see yours.

Make sure that the home is in good shape.

Things like a leaky faucet will give a bad impression and lead a potential buyer to wonder what else may be wrong with the home. The exterior, as well as the interior of your home, needs to be in the best possible shape that it can be. If something is beyond you being able to fix, then have a professional do it for you, but most certainly do not show the home unless it is in a condition that you would be willing to buy it yourself.

Selling your home on your own is not an idea that is often advised.

You will be best to make sure that you use the services of a Realtor that is trained in getting you the best results in your market and for homes like yours, with sellers such as yourself.

When you have these home selling practices in your corner, you are looking at having better results than if you had no idea about what will and will not work. Your neighbors might be still trying to get their homes sold; yours will be off the market and off your hands, leaving you to start the search for your next dream home.

Top 5 Reasons For Buying A Home

Buying a HomeMaybe you have seen a lot of people buying homes, and it has hit you that maybe you should be doing the same. But since buying a home is a huge commitment as well as undertaking, you will need to know what you will benefit from this action. This is one of the biggest decisions you may ever make in your whole life. The top 5 reasons for buying a home are the following:

 

Protection against increasing rent

Unlike a while ago when renting a house used to be a cheaper alternative to people had the aim of saving so that they can, later on, buy their homes, landlords nowadays have set the rent prices so high that it is hard for some people to save. In many places, it is affordable to buy a house compared to renting. 1500 dollars or more is a lot of money to part with every month to pay rents. It will be even better off if you buy a house that has a fixed rate mortgage because you will never have to worry about the monthly payments increasing.

Taking advantage of low mortgage rates

Mortgage rates have dropped tremendously as of now, and therefore you will benefit a lot if you buy a home now since that trend may be short-lived. Therefore the best time to act is now especially if you are a bargain shopper. With the current low rates, you will never have worries about refinancing in the future and therefore you will be able to save a lot of money in closing costs on loans that you may have taken.

Taking advantage of low home prices

There are those years one those when the cost of buying a home goes down. But the prices may start rising and go up fast. You will, therefore, need to take advantage of the situation and buy a house sooner if you want to get a great deal.

Helping your credit

You may also buy a home if you want to boost your credit score. If you can handle a mortgage, it implies that you are responsible and therefore credit bureaus will not have a problem rewarding you for that. That will help you overcome situations that might cause you to incur a lot of interests.

Making the home your own

When you are residing in a rented apartment, there is a limit to the modifications that you can make to that house, and you will also need to seek consent from the owner to be able to make any change to the house. If it is your home, you can upgrade the kitchen to suit your taste, paint the walls in the living room and the master bedroom using your favorite colors and also put up a garden in the backyard. You will have full control over your home so you can personalize it as you want.