The A-Team

The A-Team

As a realtor, I always tell my clients, “Your deal is only as good as the team you have working with you.” That is why it is extremely important to pick competent and efficient people to put on your A-Team. Who exactly should be on your team and what are things that will make them people you want to work with?

In a previous post, you might remember reading that the first step in the home buying process is getting pre-approved. So that leads us to the first person on the A-Team, your lender. Many people just assume that they should get a mortgage through the bank or credit union they bank with. That is not always necessarily the best option. Working with a mortgage broker might be the better route. Mortgage brokers have the ability to shop rates among several lenders and often times offer you a more personalized experience because they work with you the entire process. If you get a mortgage through a large company such as Quicken Loans, you will be passed along to multiple people throughout different stages of the process.

*Just remember, the financing is the most important part of your transaction. If your loan doesn’t go through, you won’t be buying that dream house you have your heart set on. So pick someone who is going to be honest and help you until the end.

If you haven’t already chosen your realtor, this is another very important member of your team. Your realtor is going to be the one showing you houses, negotiating on your behalf, and getting you to the closing table. Important things to consider when choosing your realtor are talking to family and friends to see if they’ve worked with someone in the past that they would recommend, making sure your realtor is a full time agent (part time agents often aren’t going to be able to give your all of their attention or available during business hours which is necessary when engaged in a transaction), and making sure your realtor is about making your transaction as personal and smooth as possible. You won’t want a realtor that only cares about making commission. You want to make sure your needs are being met and that you can contact them for advice even after the current deal you are doing.

The next important team member is your title company. Usually your realtor will have a title company they prefer to use (taking into account which ones will put in the effort to make closings happen as planned and which ones don’t really care to keep things moving along). The title company is the one who disperses the estimated closing cost statement and the final closing costs statements. These show sellers and buyers how much money they are going to expect to have to bring to closing. They also insure the title so that if anything comes up after closing (such as boundary disputes, encroachments, etc.) they will cover the cost to clear things up.

Photo credit:
https://www.firstoptiononline.com/3-things-minnesota-mortgage-lenders-look-for-in-a-buyer/

http://www.realtor.com/advice/7-step-guide-selling-house/

http://www.southeasttexascommercialrealestate.com/port-arthur-title-company-texas-regional-title-also-in-beaumont/

Sprucing Up, Saving Bucks

Sprucing Up, Saving Bucks

Updating your home may be a necessary task if you’ve purchased a home that needs some work or if you’ve lived in your house for decades and need to change the look to match current trends. Before choosing which areas of your home to update, it is important to keep in mind what is going to add the most value and that you don’t have to do all of these updates at once.

Updates that will add the most value:

·         Replacing windows

o   This is a pricey update so keep in mind that you can replace in phases. Do a couple windows at a time or if replacing the windows is out of the question, consider at least fixing broken seals.

·         Getting a new roof

o   First check into getting your roof cleaned before investing in a new roof. A lot of times those ugly black streaks on your roof are mold and can be treated and cleaned to give the roof a brand new look. If the cleaning doesn’t help, time for a new roof. Once again, a new roof is a huge plus to home buyers.

·         Update your door

o   Try painting the door (but remember not to pick any exotic colors if you are going to sell. Neutral colors are best). If you want to replace the door, contemplate a door with windows that might give your home an elegant look.

·         Granite counter tops

o   Everyone these days wants a kitchen with granite. You may not recoup all of your money if you try to resell, but it is a definite selling point and can do a lot for the look of your kitchen.

·         Re-facing cabinets

o   An update that is a lot cheaper than replacing cabinets. Oak cabinets are becoming outdated. Try a dark cherry to change things up.

Little improvements that make a big difference include:

·         Updating light fixtures

o   Brass is outdated.

·         Changing window treatments

o   Pick something nicer than just aluminum mini blinds

·         Replace carpet or consider putting in engineered flooring (looks like wood and holds up so much better than real hardwood).

·         Add knobs to kitchen cabinets

*Updating your home may seem overwhelming once you make a list of everything you want to do. Try to pick two projects per year to do and don’t borrow money to do so. If you do these updates as you go, you can get some enjoyment out of them before you are in a situation where you want or need to sell your home. 

Photo credit: Image 1: http://www.thurstontalk.com/2013/03/28/replacement-windows-olympia/  

Image 2: http://www.decodir.com/counter-tops-granite-laminate-quartz-decor.html 

Image 3: OneHundredDollarsaMonth.com 

Prepared and on the Hunt

Prepared and on the Hunt

Are you thinking about buying a new home and want to know how you can be prepared in case the perfect home pops up on the market? Currently, inventory is low especially considering this is the fall market. What this means for home buyers is that there are going to be multiple people looking for the same thing.

The first step (if you are not going to pay cash) is to get pre-approved from a lender. Getting pre-approved will let you know how much you can actually afford and when you are ready to put an offer in on a house, the sellers will see you are qualified and ready to go. In order to apply for a loan you will need:

1)      Copy of your past 30 days of pay stubs.

2)      Copy of your W-2 forms for the most recent 2 years.

3)      Provide past 24 months employment history.

4)      Most recent 2 years federal income tax returns with all schedules.

* Check with the loan officer for extra requirements based on your individual situation.

REMEMBER: when applying for a loan, DO NOT:

·               ·        Change jobs, become self-employed or quit your job.

·         Buy a car, truck or van (or you may be living in it)!

·         Use credit cards excessively or let your accounts fall behind.

·         Spend money you have set aside for closing.

·         Omit debts or liabilities from your loan application.

·         Not buy furniture.

·         Originate any inquiries into your credit.

·         Make large deposits without first checking with your loan officer.

·         Change bank accounts.

·         Co-sign a loan for anyone.

Step two is to narrow your search criteria. Think of the community you want to live in rather than just a house you like. How many bedrooms and bathrooms do you need? How many square feet does it need to be? Looking for acreage? Consider neighborhoods with home owners associations and large dues. Areas with high taxes. Do you have kids? Think of the school district that would best suit your family. If you are working with a realtor, your realtor cannot steer you to any area. It will be up to you to investigate information regarding schools, the quality of the communities, etc.

Step three is to ask your agent to set up appointments for any homes you might like. Start touring and hopefully you’ll find the perfect home.

Step four is placing an offer on the home of your choice. You will need an earnest money deposit. Usually your realtor’s real estate brokerage holds this money in a non-interest bearing account until the end of the transaction. This is a sign of good faith to the seller that you are qualified and ready to move forward in the process of purchasing that home.

Step five is the home inspection. Your agent should accompany you to this. If there are any issues you will have a certain number of days to decide if you want to walk away from the home or if you want to negotiate with the seller to come down in price or fix certain items. You also have the opportunity to move forward as is without asking for anything.

Step six is the appraisal. Once a licensed appraiser produces a value for the home and it meets at least the offer price on the home, you are ready to move forward and there will be a clear to close from the lender. Closing will be scheduled, and documents will be sent out to review.

Step seven is closing! Enjoy your new home! 

photocredit: image 1 http://thehomebuyerguygj.com/getting-a-mortgage-in-2015/ 

image 2 http://expertbeacon.com/buying-home-hoa-neighborhood-can-be-great-move/#.Vj0Z8LerTIU 

image 3 http://creditablehomeinspections.com/