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Buying a home with little money in savings

Buying a home with little money in savings

The Basement’s Role In Selling Your Home

Posted by on Aug 25, 2016 in Uncategorized | Comments Off on The Basement’s Role In Selling Your Home

For all the year’s that you have had your home, you may have planned to finish your basement. Alas, you never got past the wishing stage. Now that you are planning to sell your home, you have to face the fact that your basement is still a little sad looking. Before you put the house on the market, you should consider making over the basement. The Housing Market When it comes to this issue, experts frequently disagree on whether the basement helps sell the home. The answer is that it depends partly on your particular housing market. The extra living space that a finished basement offers can be a big inducement for potential buyers, especially in areas where the hunt for extra square footage is most important. Before you begin your remodeling project, consult with a local realtor for advice on this issue. They will know if the basement investment is worth the potential sales return. Cost Effectiveness Finishing your basement is a less expensive option than new construction or buying a larger home. In fact, finishing the basement should cost somewhere between $40 and $75 per square foot. Your other choices will cost $150 – $200 a square foot. As a result, you can pass these savings on to buyers. Your sale price will not have to rise that much to recoup your investment, and the additional space should make your home a more attractive entry in certain markets. Quality The quality of the work needs to match that of the rest of your house, but you do not want to spend too much money. Most people are not interested in a luxury basement, and you will be unlikely to recoup your money if you overdo it.  Also, do-it-yourself efforts will not be attractive to buyers unless you are a skilled craftsperson. The project needs to be done professionally, or it shouldn’t be done at all. An inferior job will cost you time and bring you no return. In fact, a poorly finished basement may cause buyers to pass on your home. A finished basement can be a help in selling your home, but you need to be careful about your investment. Consult with experts before you commit to the project. You certainly do not want to waste time and money on a project that won’t help you. If you do proceed, remake the basement professionally and on a...

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In The Market To Buy Your First Home? 4 Scenarios That Could Make It Difficult To Find A Lender

Posted by on Aug 2, 2016 in Uncategorized | Comments Off on In The Market To Buy Your First Home? 4 Scenarios That Could Make It Difficult To Find A Lender

If you’re in the market for your first home, you need to make sure you know where you stand financially. When it comes to purchasing a home, your income is only a small piece of the puzzle that lenders will put together to determine your eligibility. If you don’t know how you stack up financially, you might be a financial risk and not even know it. Here are four scenarios that could make you a financial risk when it comes to finding a lender. Your Credit Score Is Too Low Before you start shopping for a new home, you need to know what your credit score is. That’s the number that lenders will look at when determining your credit worthiness. In most cases, if your score is lower than 620, most lenders won’t approve you for a home loan. Take the time to look at your credit report to determine what your overall score is. If it’s too low, you might want to work on your score before you apply for a loan. Your Employment History is Questionable Your employment history can get you into trouble, especially if it’s not your typical history. Periods of unemployment or self-employment can create gaps in your employment history. Those gaps will need to be overcome before most lenders will take you out of the high-risk category. One way to overcome gaps is to provide proof of self-employment. You can document periods of self-employment by providing tax returns for those years. Your tax returns will provide an income paper trail that lenders will be able to follow. That paper trail can help elevate you out of the danger zone. You’re Behind on Payments Before lenders will approve your home loan, they need to know that you’re going to pay your mortgage on time. That can be difficult to determine if you’re behind on payments when you apply for your loan. If you know that you’re behind on payments, take the time to get caught up on your payments before you apply for your loan. You Haven’t Saved for a Down Payment Lenders like to know that you’re going to be adequately invested in the home you’re going to purchase. One way they determine your level of investment is through your down payment. If you don’t have an adequate down payment, you should talk to your realtor about down-payment assistance programs that might be available to you. Now that it’s time to buy your first home, make sure you understand your own financial status. The information provided here will help you determine if your current situation puts you in danger of being considered a financial risk. Be sure to speak to your real estate agent about ways to overcome problems in your credit status.   For a real estate agent, contact a company such as RE/MAX EXECUTIVES...

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The Three Most Common Mistakes New Real Estate Agents Make

Posted by on Jul 24, 2016 in Uncategorized | Comments Off on The Three Most Common Mistakes New Real Estate Agents Make

Whenever you try something new, you are bound to make some mistakes, and real estate is no different. If you make a few real estate mistakes, the best thing to do is understand what you have done wrong and learn how to avoid making the same mistakes again. Not Having A Plan Some home buyers will try to use your resources, including your gas, expertise, time and money, to look at homes. Then, when they find a home that they would like to move on, they may choose to buy the home without you. You may also encounter buyers who are time wasters who will look at homes with no intention of purchasing one. To avoid this problem, you will first need to create a business plan and determine exactly what services you will provide. For example, you will need to determine whether you will specialize in residential or commercial properties. Not Specializing Choose a specific demographic you would like to serve. For example, if you will specialize in commercial real estate, you may choose to serve those interested in opening storefronts. By carefully choosing a demographic that is more likely to actually lead to a commission, you are less likely to waste time on clients who will never lead to a sale. In a desperate attempt to get as many clients as you can, you may be tempted to say yes to every client who wants to work with you. It is essential that you instead learn how to say no in order to avoid wasting time and money on clients who will never lead to sales. This is especially true for clients who do not appear serious, such as if they do not bring what is necessary to begin the process, or if they are overbearing. Not Continuing To Improve The education that was necessary to obtain your real estate license will set you up to be a successful real estate agent. But there are always some things you may need to learn on your own, which can be learned only through experience. You will need to create scripts that you can follow to overcome common objections. You will need to cultivate contract negotiation skills. You will also need to work to develop contacts with various individuals, such as mortgage bankers, who can help you solve any unexpected problems that might arise. But if you stick with the business, it will eventually pay off. To learn more about real estate, contact a company like On Going...

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Crucial Questions You Should Ask A Real Estate Agent Before Signing Your Contract

Posted by on Jun 29, 2016 in Uncategorized | Comments Off on Crucial Questions You Should Ask A Real Estate Agent Before Signing Your Contract

Whether you are selling your starter home or this is just the latest of many homes you have bought and sold in your lifetime, you probably already know how important it is to work with an experienced real estate agent. However, choosing the right person is not always as easy as it seems. Fortunately, by asking the following three questions, you can be a little more sure that the real estate agent with whom you will soon be signing contracts will be the right person for the job. Who Will Be Handling Everything To Do With The Sale Of Your Home? Given the dollar amount you will be paying a real estate agent, it is important to be sure that you will be working exclusively or primarily with that person throughout the process. Therefore, you will want to make sure that your phone calls, research, open houses, etc. will not consistently be handed off to a junior agent. Although it is illogical to assume that you will never be asked to leave a message, it only makes sense that you want regular updates and input from the agent you have hired — not the receptionist, a co-worker or an aspiring real estate agent. What Items Do The Administrative Fees Contain, And How Negotiable Will They Be? It is important to note that many real estate contracts will contain an administrative fee. This is often the paperwork equivalent of a junk drawer and could be the charges for phone calls, excess paperwork, and you other miscellaneous expenses. That fee tends to be variable and can as low as $250 or as high as $1500. If the total number of services being listed under the administrative fee do not seem equal to the dollar amount being assessed for those services, you may want to ask if the fee amount is negotiable. Since that money is likely to go directly to the real estate agent and is typically charged on top of the commission already being paid when you sell your home, there could easily be some room for adjustment. In conclusion, choosing a real estate agent with whom you will be entrusting the sale of your home is a decision that can have significant financial repercussions for you and your family in the future. As a result, it is a good idea to ask the questions listed above of any real estate agent with whom you may do business with before signing any binding...

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Is It Time To Hire A New Realtor? 4 Ways To Know

Posted by on May 27, 2016 in Uncategorized | Comments Off on Is It Time To Hire A New Realtor? 4 Ways To Know

If you have ever found yourself struggling to sell your home, you know how effective a good realtor can be. Unfortunately, not all pairs of realtors and sellers work well together. It is often necessary to consider hiring a new realtor to handle your home. If you have been thinking about how to best handle your transaction, you might consider looking for a new realtor. These four signs will show you that perhaps it’s time to take action and switch realtors. 1. Your house just won’t sell. Simply because a real estate agent is experienced and has sold homes before does not mean that he or she is the perfect choice to sell your home. You also need to look for marketing efforts. What tactics is the real estate agent using to make a difference in the way your house is perceived? What changes has the agent made to the pricing or condition of the house to promote its sale? If you can’t answer this question, you may want to speak to another real estate professional. 2. Your real estate agent isn’t delivering on promises. You might realize that your real estate agent just can’t deliver on their promises. Realism is an essential component of being an agent, and you must be able to trust your agent wholeheartedly. Broken promises do not necessarily indicate that somebody is behaving badly. It could just mean that your agent lacks the necessary experience to sell your home. 3. You struggle to communicate. The key to building a strong relationship with your realtor is to communicate, but you may feel as if you are lacking communication from your agent. You must ensure that your real estate agent keeps you up to date with feedback received from potential buyers as well as any offers. An inexperienced realtor may fail to tell you about possible problems with the loan approval process or of buyer questions in a timely manner, ultimately sabotaging your sale. 4. You feel like your real estate agent is not answering your questions accurately or honestly. Some real estate agents may unknowingly direct you toward a plan of action you aren’t necessarily interested in. Selling your home is a big step, and you must be able to trust the person selling it. Sometimes asking questions you already know the answer to can be helpful in assessing your real estate agent’s knowledge. Trust is essential in this transaction. Seeking the assistance of a qualified and experienced realtor is the best way to ensure that your home is sold. For more information, contact a local real estate company like ERA Key 1 Realty Inc.-Cindy...

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3 Clever Ways For Finding Profitable Real Estate

Posted by on May 3, 2016 in Uncategorized | Comments Off on 3 Clever Ways For Finding Profitable Real Estate

Investing in real estate has become popular again, and many Americans are acknowledging the benefits of investing in prime real estate. In fact, a recent study showed that 1 in 4 Americans think that real estate is the best investment vehicle at the moment for money that they would not need in the next decade. While real estate can be very profitable, finding the right property can be difficult at times with all of the competition that’s out there. If you’ve been out of luck, here are 3 clever ways that might get you a great investment. Driving for Dollars Have you ever driven past a property that you think would look amazing if the home owner would just put in a little bit of work? Driving for dollars is a common technique that many real estate investors use to find their next investment vehicle. Basically, what you do is you drive around until you find several houses that either look vacant or distressed. You or a real estate agent then figures out who the owner of the property is to attempt to buy it from them. Looking for Eviction Records Most landlords that are going through an eviction will be able to give you a good idea as to how annoying and troublesome the entire process is. Not only will the landlord be out a good chunk of money, but he or she may also have to deal with a unit that has a lot of damages. Most landlords generally won’t want to deal with the nightmare ahead of them. As a result, you’ll be surprised at how easy it is to find profitable real estate by contacting landlords that are in the process of evicting a tenant out. Picking Up Bargains from Owners Facing Foreclosure Another great way for finding a profitable investment vehicle is to look for homeowners that are facing tough times and foreclosure. These sellers tend to be the most motivated and will want to liquefy their property as soon as possible, so you’ll generally have more leeway when negotiating a fair price.   Conclusion Once you find a good property up for sale, you can either contact a real estate agent, like Seattle Metro Property Management-John L. Scott, or an attorney to close the deal. Don’t rely solely on the real estate agent. Sometimes you’ll have to get your hands dirty in order to find the most profitable and best deals available on the...

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Why You Should Always Reveal The Defects Of Your Home When Trying To Sell It

Posted by on Apr 13, 2016 in Uncategorized | Comments Off on Why You Should Always Reveal The Defects Of Your Home When Trying To Sell It

When a house has a major problem or defect of some kind, it can be tempting for the owner to want to conceal this issue. Homeowners are not legally allowed to do this though, and there are consequences of this action. If your home has a major problem, you might be afraid you will never find a buyer; however, you have a legal obligation to let people know of this problem. Here are three things you should know about this. Why full disclosure is required Anyone selling a home is legally required to fill out a Seller’s Disclosure Form, which requires full disclosure of any type of major problem a house may have. This includes problems with the roof, heating, plumbing, electrical system, and septic, and it always requires revealing mold issues, problems with rodents or bugs, or anything else a person may want to know before buying a house. This form does not require listing minor issues, such as a broken icemaker or missing piece of trim. The main reason this is required is to help buyers know what they are purchasing. It prevents a person from ending up with a lemon of a house, and it helps people save money when house shopping. Consequences of not disclosing major problems If you know of a problem with your home, you face huge consequences if you fail to disclose it. The person that buys your home can legally come after you for this, and you could end up paying a lot of money for the problem. The buyer could sue you for money to cover the following expenses: Attorney fees Costs to make all necessary repairs Punitive damages for the pain and suffering the buyer experienced from this Why it’s better to tell the truth While you might be afraid that no one will buy your home if you tell the truth, it is still better to reveal any problems you know about. Not only is this legally required, but it will also save you from trouble in the future. If you can just be honest about the issues your home has, you will never have to worry about getting sued in the future. The downside to this is that you may have to accept a lower amount for your home, but at least you would not have to worry about consequences in the future. If you are getting ready to put your home up for sale and have questions about this, contact a real estate agent today for your single family home for...

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Personal Touches That Can Lower The Value Of Your Home

Posted by on Mar 21, 2016 in Uncategorized | Comments Off on Personal Touches That Can Lower The Value Of Your Home

If you are hoping to sell your home in the future, there are a few personal touches you might want to avoid when it comes to redecorating. The more individualized a space is, the harder this will be to sell. Here are four upgrades you should try to avoid before selling. 1. Remodels Under the Radar Without the proper permits, it will be hard for buyers to understand what remodeling projects were actually done properly, and the official square footage of your home might be incorrect. Smaller DIY repairs that are outside of your scope when it comes to plumbing and electrical upgrades can come out looking uneven and unprofessional. 2. Extreme Paint Color Choices Inside and Out While you might have a unique taste in color, many real estate agents will nudge sellers to go with whites and beiges inside and outside of a home. If you need to have a splash of color, an accent wall in the kitchen or bathroom is alright, but not an entire living room. Even if you resolve to paint over this before selling, it can be hard to hide darker colors and dark paint choices might bleed through. 3. Unique Backyard Uses As with all areas of the home, if these are set up in a traditional way that people are used to, this can help sell your home. The backyard is no exception. If you have unique items in your yard such as mobile sheds, an above-ground pool, or golf practice runs, you might want to remove these before your open house and replace with grass or mulch. 4. Converting a Garage into a Living Space Especially if you are limited on space, you might want to get more use out of your garage than using this just for cars. The thing is, a lot of people would like to use garages in the traditional sense. If you have converted your garage into a studio, a rec room, or a home gym, potential buyers might only see this as a restoration expense. If you can use this space in a way that can be easily transitioned back to a garage, this will help when you are ready to sell. While one of the main points of buying one’s own home is the ability to make this a unique space, don’t forget about the future. If this is your ‘right now’ home and not your ‘forever’ home, try to strike a balance of what you must change and what you can keep as-is to appeal to potential buyers. Your real estate agent should be able to help in the process and suggest small changes as...

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Two Budget Friendly Marketing Ideas For New Real Estate Agents

Posted by on Jan 21, 2016 in Uncategorized | Comments Off on Two Budget Friendly Marketing Ideas For New Real Estate Agents

Starting a career as a real estate agent can be a very exciting and rewarding opportunity. However, one of the greatest challenges that new agents encounter is marketing their clients’ homes. This is especially true if you have a limited budget and few professional connections. Luckily, if you are finding it difficult to attract new clients or buyers, you might benefit from utilizing the following couple of marketing tips. Utilize QR Codes Buying a billboard or ad in the local paper may be beyond your financial reach. Fortunately, if you have encountered this problem, you may be able to use QR codes to help draw attention to your listings without needing a large budget. These codes can be scanned by a smartphone to open the browser to a particular web page. To help these codes be seen by prospective homenbuyers, you should consider having some of them printed in sticker form. This will allow you to place them on bulletin boards, public transit areas and other high traffic locations. While you will still need to pay to have these printed, it will cost a fraction of what most traditional advertising approaches would require. Create Vibrant Social Media Accounts One of the most affordable ways of reaching a lot of potential clients with minimal investment is through the use of social media. This approach to marketing can allow you to create rich connections with individuals through sharing content. While you may be tempted to have each post market a house you are trying to sell, you should make sure to divide your content into two broad categories. Marketing content can be thought of as the homes that you are attempting to sell, and viral content is designed to grown your social media account. Ideally, your postings should be a healthy mix of these two types of content. This will ensure that your followers do not become fatigued by a constant stream of homes for sale and that your account grows at a healthy pace. Starting a career as a real estate agent can be a challenging task because you may not have the marketing infrastructure, resources or expertise to attract customers, and without enough exposure, it can be almost impossible for you to sell enough homes to make a comfortable living. Luckily, using QR codes as well as understanding how to get the most from social media will help you to get the most exposure for your properties without having to expend a lot of capital on marketing efforts.For more information, visit a site...

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Time to Sell Your Home? Sell It Quicker and for a Better Price by Working with an Agent

Posted by on Nov 19, 2015 in Uncategorized | Comments Off on Time to Sell Your Home? Sell It Quicker and for a Better Price by Working with an Agent

It’s tempting to try and sell your home yourself so you can save on the fees that come with a real estate agent. However, you may actually end up losing money. After all, an agent works on commission, so you can feel confident he or she will work aggressively to sell your home for the best price. Here’s a quick look at why hiring an agent is a good idea. Set the Selling Price It may be difficult for you to set a realistic price when you have an emotional and financial investment in your home. An agent is able to look at your house objectively and compare it to other homes recently sold in your neighborhood. If you set the price too high, your house may stay on the market for a long time, but if the price is too low, you’ll lose money. Real estate values change on an almost daily basis based on trends and the economy. One of the most important things you can do is to have an agent help you set the ideal price so your home sells fast and at a fair price. Prep Your Home One thing that affects the selling price is the condition of your home. You’ll get more money if your home is in good shape, but you have to invest money in upgrades wisely. Some renovations may not affect the selling price very much, and that means the money is wasted. Other things, even simple jobs like painting, can make a big difference in how fast your home sells and how much you get for it. A real estate agent can go through your home room by room and tell you how to prep it for sale. You may need to rent a storage unit to get rid of clutter, update the colors in your bathrooms, paint the house, and take out old carpeting. Your agent can help you decide if it is worth investing money in renovations so you can sell your home at a higher price or if you should leave it as is and sell it to a flipper for a lower price. Deal with Paperwork There is a lot involved in selling a house. If there are known problems with your home, you’re required to disclose them to potential buyers. This requires the preparation of documents to keep you in line with the law. It’s good to have an experienced agent oversee all the legal documents and contracts involved in selling a house. In fact, some buyers may not want to buy from a private seller because of the risk that the transaction will not be handled properly. Since buying a home is a huge financial move, both sides will feel better with professionals handling the process as the house moves through bidding to closing. Another thing to remember when you’re wishing you could avoid paying the real estate agent’s commission is that you’ll need to invest money in advertising anyway. An agent has a big reach when it comes to listing your home with the MLS service, placing videos and photos online, and advertising your home in local real estate magazines. You would have to pay a lot of money to give your home that much exposure yourself. It’s certainly a lot...

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