After finally finding that "dream home," what buyer isn't tempted to stretch
as far as possible -- and drain all available savings -- just to make the
numbers work? It's one of the big homebuyer mistakes.
Often, buyers fall in love with a property, and they try to rationalize the
decision. You need to be disciplined about it.
Too often, buyers set a price range and then fall in love with something that
costs more. So they figure they'll borrow the difference.
But you need a reserve fund -- something you hold back to address unexpected
problems, like the refrigerator that quits in mid-July, or the "like-new" water
heater that dies the day after you move in. Or the realization -- after seeing
the neighbors sunbathing once too often -- that you need a privacy fence, quickly.
In most homeownership situations, there are going to be some unforeseen
circumstances. So you want to make sure you have some funds
behind you.
Tuesday, May 19, 2015
My Agent isn't Showing My Home
Question: I
signed a contract to sell my house. My problem is that I have yet to see my
agent with anyone at my door. We have other agents showing it. I don’t have a
problem with that because we wouldn’t have any showings if it weren’t for them.
When I asked my agent why he never showed my house, the response was it is a
conflict of interest. Huh? I’m the one who signed the contract. Who are they
working for?
Answer: Let’s take your concerns step by step.
First, there are thousands of agents out there looking for homes for their
buyers. So, obviously there is a much greater chance that other agents will
show your home more than your agent. Keep in mind that 94 % of the buyers
search for homes on the Internet. These buyers, if they are interested in your
home, will most likely call their agent (not your agent) to show it to
them.
I suggest you review your agents marketing plan to ensure you are
visible on all the popular internet home search sites, and that you are
happy with the home remarks and pictures.
Second, not sure why your agent feels there is a conflict of
interest in showing your home. The goal is to get your home sold. Is it
possible he felt uncomfortable with this dual agency situation and had another
agent from his office show your home? You need to discuss this with him. It
doesn’t make sense that your agent is putting off buyers because of the
“conflict of interest.” Your agent does not get paid if your home doesn’t sell.
You are now immersed in one of the biggest changes in your
life….selling and moving! Communicate your concerns to your agent. We stress
this with our clients. If our clients have a concern, we want to know about it!
Call your agent for a meeting to discuss his marketing plan.
George
Bernard Shaw once said: “The single biggest problem with communication, is the
illusion that it has taken place.”
It also sounds like you are unhappy with the number of
showings on your home. If you are getting a lot of internet views of your home
and they are not equating to actual showings, then during this meeting with
your agent, you need to review your PRICE!
Tuesday, April 7, 2015
4 Money Facts you need to know before you buy a home:
1. Lenders qualify buyers based on their incomes and
debt-to-income ratios without considering how much the borrowers spend on items
such as transportation, savings, food and other necessities.
"A lot of first-time buyers are optimistic about the future and excited about buying a home, so they borrow the absolute maximum they can afford instead of allowing themselves wiggle room for a partial loss of income or for future expenses such as children," Harrison says.
Financial experts recommend that consumers decide how much they want to spend each month on housing before meeting with a lender.
"Every buyer should create their own budget and know their limits," says Stephen Adamo, president of Weichert Financial Services.
Adamo says many first-time homebuyers experience a sizable change in their housing payments. Some new owners may go from $500 per month in rent to a monthly mortgage payment of $2,000, he says.
2. Meeting with a lender for a buyer consultation and prequalification for a mortgage should be the first step toward homeownership. Yet many first-time homebuyers wait until they are ready to start house hunting before contacting a lender.
"It's never too early to set up a free buyer consultation with a lender," Adamo says. "Every buyer needs to get prequalified early enough in the process so that they can make some changes if they need to or correct errors on their credit report."
Some buyers may need to spend up to a year saving more money, increasing their incomes or cleaning up their credit before making an offer on a home.
A buyer consultation should include creating long-term financial goals and strategies for buying property, Adamo says.
3. While most consumers know it's important to have a high credit score, not everyone understands how costly a low score can be.
"All mortgage lending is done with a tier of interest rates and terms based on consumer credit scores," Harrison says.
Borrowers with credit scores of 740 and above tend to get the lowest rates and fees, saving potentially thousands of dollars. Mortgage-related fees usually are a little higher for credit scores from 720 to 739, and they go up for every 20-point downward increment in credit scores. Interest rates can go up, too. Consumers should learn about credit scores the minute they start working, Harrison says.
Even after a mortgage approval, consumers must avoid applying for new credit or taking on new debt, Adamo says, because a second credit check is often required before settlement.
4. First-time homebuyers today typically opt for a 30-year fixed-rate mortgage.
But Harrison says home loan alternatives to a 30-year fixed sometimes make more sense. For example, buyers who are certain their companies will relocate them within five years may find a 5/1 adjustable-rate mortgage "could be a much better mortgage," he says.
"There's no reason to pay a premium for a product you don't need like a 30-year loan," Harrison says.
Homebuyers eager to build equity in their homes or who are older and want to live mortgage-free in retirement should consider a 15-year fixed-rate loan or, if they can afford it, even a 10-year mortgage to reach their goals.
"A lot of first-time buyers are optimistic about the future and excited about buying a home, so they borrow the absolute maximum they can afford instead of allowing themselves wiggle room for a partial loss of income or for future expenses such as children," Harrison says.
Financial experts recommend that consumers decide how much they want to spend each month on housing before meeting with a lender.
"Every buyer should create their own budget and know their limits," says Stephen Adamo, president of Weichert Financial Services.
Adamo says many first-time homebuyers experience a sizable change in their housing payments. Some new owners may go from $500 per month in rent to a monthly mortgage payment of $2,000, he says.
2. Meeting with a lender for a buyer consultation and prequalification for a mortgage should be the first step toward homeownership. Yet many first-time homebuyers wait until they are ready to start house hunting before contacting a lender.
"It's never too early to set up a free buyer consultation with a lender," Adamo says. "Every buyer needs to get prequalified early enough in the process so that they can make some changes if they need to or correct errors on their credit report."
Some buyers may need to spend up to a year saving more money, increasing their incomes or cleaning up their credit before making an offer on a home.
A buyer consultation should include creating long-term financial goals and strategies for buying property, Adamo says.
3. While most consumers know it's important to have a high credit score, not everyone understands how costly a low score can be.
"All mortgage lending is done with a tier of interest rates and terms based on consumer credit scores," Harrison says.
Borrowers with credit scores of 740 and above tend to get the lowest rates and fees, saving potentially thousands of dollars. Mortgage-related fees usually are a little higher for credit scores from 720 to 739, and they go up for every 20-point downward increment in credit scores. Interest rates can go up, too. Consumers should learn about credit scores the minute they start working, Harrison says.
Even after a mortgage approval, consumers must avoid applying for new credit or taking on new debt, Adamo says, because a second credit check is often required before settlement.
4. First-time homebuyers today typically opt for a 30-year fixed-rate mortgage.
But Harrison says home loan alternatives to a 30-year fixed sometimes make more sense. For example, buyers who are certain their companies will relocate them within five years may find a 5/1 adjustable-rate mortgage "could be a much better mortgage," he says.
"There's no reason to pay a premium for a product you don't need like a 30-year loan," Harrison says.
Homebuyers eager to build equity in their homes or who are older and want to live mortgage-free in retirement should consider a 15-year fixed-rate loan or, if they can afford it, even a 10-year mortgage to reach their goals.
Tuesday, March 17, 2015
St Patrick's day Wearing of the Green
Wearing of the green
On St Patrick's Day it is customary to wear shamrocks and/or green clothing or accessories (the "wearing of the green"). St Patrick is said to have used the shamrock, a three-leaved plant, to explain the Holy Trinity to the pagan Irish: The Father, The Son and the Holy Ghost. This story first appears in writing in 1726, though it may be older.
The colour green has been associated with Ireland since at least the 1640s, when the green harp flag was used by the Irish Catholic Confederation. Green ribbons and shamrocks have been worn on St Patrick's Day since at least the 1680s. The Friendly Brothers of St Patrick, an Irish fraternity founded in about 1750, adopted green as its color. However, when the Order of St. Patrick—an Anglo-Irish chivalric order—was founded in 1783 it adopted blue as its colour, which led to blue being associated with St Patrick. During the 1790s, green would become associated with Irish nationalism, due to its use by the United Irishmen. This was a republican organisation—led mostly by Protestants but with many Catholic members—who launched a rebellion in 1798 against British rule. The phrase "wearing of the green" comes from a song of the same name, which laments United Irishmen supporters being persecuted for wearing green. Throughout the 19th and 20th centuries, the colour green and its association with St Patrick's Day grew.
Friday, March 6, 2015
Moving in Tips, Things you Should Do
From House Logic:
1. Change
the locks. You really don’t know who else has keys to your
home, so change the locks. That ensures you’re the only person who has access.
Install new deadbolts yourself for as little as $10 per lock, or call a
locksmith — if you supply the new locks, they typically charge about $20-$30
per lock for labor.
2. Check for plumbing leaks. Your home inspector should do this for you before closing, but it never hurts to double-check. I didn’t have any leaks to fix, but when checking my kitchen sink, I did discover the sink sprayer was broken. I replaced it for under $20.
Keep an eye out for dripping faucets and running toilets, and check your water heater for signs of a leak.
Here’s a neat trick: Check your water meter at the beginning and end of a two-hour window in which no water is being used in your house. If the reading is different, you have a leak.
3. Steam clean carpets. Do this before you move your furniture in, and your new home life will be off to a fresh start. You can pay a professional carpet cleaning service — you’ll pay about $50 per room; most services require a minimum of about $100 before they’ll come out — or you can rent a steam cleaner for about $30 per day and do the work yourself. I was able to save some money by borrowing a steam cleaner from a friend.
4. Wipe out your cabinets. Another no-brainer before you move in your dishes and bathroom supplies. Make sure to wipe inside and out, preferably with a non-toxic cleaner, and replace contact paper if necessary.
When I cleaned my kitchen cabinets, I found an unpleasant surprise: Mouse poop. Which leads me to my next tip
2. Check for plumbing leaks. Your home inspector should do this for you before closing, but it never hurts to double-check. I didn’t have any leaks to fix, but when checking my kitchen sink, I did discover the sink sprayer was broken. I replaced it for under $20.
Keep an eye out for dripping faucets and running toilets, and check your water heater for signs of a leak.
Here’s a neat trick: Check your water meter at the beginning and end of a two-hour window in which no water is being used in your house. If the reading is different, you have a leak.
3. Steam clean carpets. Do this before you move your furniture in, and your new home life will be off to a fresh start. You can pay a professional carpet cleaning service — you’ll pay about $50 per room; most services require a minimum of about $100 before they’ll come out — or you can rent a steam cleaner for about $30 per day and do the work yourself. I was able to save some money by borrowing a steam cleaner from a friend.
4. Wipe out your cabinets. Another no-brainer before you move in your dishes and bathroom supplies. Make sure to wipe inside and out, preferably with a non-toxic cleaner, and replace contact paper if necessary.
When I cleaned my kitchen cabinets, I found an unpleasant surprise: Mouse poop. Which leads me to my next tip
5. Give critters the heave-ho. That includes mice, rats, bats, termites, roaches, and any other
uninvited guests. There are any number of DIY ways to get rid of pests, but if
you need to bring out the big guns, an initial visit from a pest removal
service will run you $100-$300, followed by monthly or quarterly visits at
about $50 each time.
For my mousy enemies, I strategically placed poison packets around the kitchen, and I haven’t found any carcasses or any more poop, so the droppings I found must have been old. I might owe a debt of gratitude to the snake that lives under my back deck, but I prefer not to think about him.
For my mousy enemies, I strategically placed poison packets around the kitchen, and I haven’t found any carcasses or any more poop, so the droppings I found must have been old. I might owe a debt of gratitude to the snake that lives under my back deck, but I prefer not to think about him.
Wednesday, February 11, 2015
You will enjoy this new Coldwell Banker Commercial. Waiting for you to come Home
Click on the Norton Safe Link. You will Enjoy this Commercial.
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