We got through the home inspection, that was intense. What’s next? Why, title and appraisal of course! We are in the home stretch; you can do this. As the lender is finalizing the mortgage, they are doing a little bit more digging: appraisal to confirm the value, survey to confirm the boundaries, title to verify ownership, and title insurance. Appraisers will look at the home and comps to determine what they think the home is worth and relay this to you and the lender. The lender will only write a loan for the home’s appraised value, so if there is a difference between selling price and appraisal price-buyer and seller have to come together to cover the gap. Therefore, it is important to create a win-win situation, both parties have to work together at times. Survey is to determine where the homes boundaries are and are not. You would be surprised how many times a neighbor’s fence may be on your property due to boundaries of each property being forgotten over time and various homeo...

So by now, you have found your house and have reached an initial agreement with the seller. To close the deal though, you must remove contingencies. But how do you feel comfortable enough to remove them? You do due diligence. If you discover a reason you should not be purchasing this house in doing due diligence, you are saving yourself a lot of heartache and money and removing yourself from the transaction while you are still able to. One of your first major inquiries will be for: homeowners insurance and property inspections. While this may cause another round of negotiations-these steps are to protect you the buyer. In regards to your home owners insurance policy, here are some things to think about: 1.       How much coverage do you need? 2.       Replacement cost or actual cash value? 3.       What the named and unnamed perils? 4.       Do you need personal property ins...

That house you just walked through was perfect. In some ways you were compromising with it, but it hit all the major points and in that corner the L shaped couch is going to be placed. And think of all those boxes you are going to have to get. But before we start talking boxes, we need to put an offer. When writing an offer, make it a strong one. Also remember, you were thinking with your heart before-think with your head now. An offer can be broken down into three things: Price, Terms, and Contingencies. In terms of price, your agent will know if it is priced well or you should be offering more based on comparables (comps). Defer to their knowledge as they are the market expert. Terms, decide what details of the transaction you would like to handle: when the deal closes, does anything stay in the house, who pays closing costs. Use this to create a win-win situation for both you the buyer and them the seller. Lastly contingencies, there are five standard contingency clauses in a rea...

Can you say open house? I can. So many open houses! So many people walking through all of your potential houses! Before we figure out what houses to look at, we need to figure out what is important to find in your home. What do you value most? 1.       What do I want my neighborhood to be like? What do I want my home to be close to? 2.       How much space do I need? What do I need space for? 3.       What is most important-location or size? 4.       Would I be interested in a flipper Upper? 5.       How important is appreciation? 6.       How important is neighborhood stability? 7.       Would I be interested in a condo? 8.       Would I be interested in new home construction? 9.       What features do I need? What amenities do I want? ...

One of the scarier parts of the home buying process is the mortgage, it is just such a huge financial commitment. But you must remember, big risk big payoff. When you take on the responsibility of a mortgage and get to the end of the tunnel, you are that much wealthier for you and your family. That is an incredibly worthy award for the scare of a mortgage! What is a mortgage? A mortgage is the borrowing of money (loan) secured by a real estate property (mortgage). You can obtain your mortgage loan from banks, credit unions, and mortgage broker. You start by submitting an application detailing your income, assets, and debts. Once the loan officer has all the information, they look at what financing option is best for you. Your application then goes to an underwriter and the institution decides how much they are willing to lend you. This is preapproval. Next, talk to your loan officer about specific packages they offer. Shop referrals not rates! Even though there are a lot of number...

Now that we have made the decision to buy your first home, scary I know-time to find a real estate agent to help you do it! What does a real estate agent do for you exactly? They are your market consultant, home guide, your liaison for other partners in the home buying process, negotiator, and the closer. They wear a lot of hats, for this reason it is a very good idea to have conversation with them and get to know them as a person and as a professional. Here are some great questions to ask them: 1.       Why did you become a real estate agent? 2.       Why should I work with you? 3.       What do you do better than other real estate agents? 4.       What process will you use to help me find the right home for me? 5.       What are some mistakes that you think people make when buying their first home? 6.       What are ...

A person’s firsts are so iconic-your first car, your first kiss, and especially your first home. It is the most memorable and equally terrifying experience for buyers. You can ask any buyer, even if the process is the same for buying each house there is no time quite like the first time. One of the biggest reasons to purchase your first home is to start building your wealth. What are some fears about buying your first home? I can’t afford to buy a home right now. I should wait until the real estate market gets better. I don’t have the money for the down payment. I can’t buy a home because my credit is not good. I can’t afford to buy my dream home. I should wait to buy a home until I get married. Buying a home seems way to complicated. You can’t afford to not buy a home right now. If you don’t own-you rent right…and you will pay less owning a home monthly than renting with tax savings. There is never a wrong time to buy the right home. Real estate is a long term investment and tryi...