Finding Your Homebuying Team
Real estate agent. Your real estate agent will be your “wingman,” helping you navigate each step of the homebuying process while being readily available to answer your questions. Their job is to help you find a home that meets your needs and budget requirements.
Actived: 4 days ago
Finding and working with an agent to sell your home
(1 days ago) One of the first steps you'll take as a seller is to find a reputable real estate agent. Often called a “listing agent,” this person will play a significant role in the sale of your home. What to look for in an agent. To find a listing agent you can trust, ask your colleagues, friends and family for referrals.
Making your offer
(4 days ago) Now what? Your real estate agent will be by your side, helping you determine a fair offer price based on their experience and following key considerations: Recent sales prices of similar homes in the same neighborhood; The condition of the house; What you are willing to pay and can comfortably afford; Submitting the Offer
Finding the right home
(9 days ago) Single-Family: Typically, these are the largest of the property types – providing you with the most privacy and space. If you buy a single-family home, you're responsible for every aspect of the home which requires both time and money but allows you …
5 Tips for Online House Hunting
(8 days ago) In fact, according to the National Association of Realtor’s report on real estate in the digital age, 97% of all homebuyers in 2021 used the internet in their home search. And of the nine total homes buyers typically viewed during their search, five were viewed solely online.
Understanding the homebuying and closing documents
(3 days ago) Purchase Agreement: Once your offer to purchase a home is accepted by the seller, a purchase agreement is drawn up which includes all details of the transaction, including the names of the buyers and sellers, total purchase price, commission payable to the real estate agent, and requested closing date. It is used to secure financing from the lender and is submitted as part …
Lenders Make Home Possible
(3 days ago) June 19, 2019. Just like real estate agents, lenders play a critical role in the homebuying process. Lenders work with borrowers to educate them about available mortgage options and will help them find the right fit for their budget and lifestyle. You'll want a lender with a good reputation and lots of experience.
What to Expect with a Home Inspection
(8 days ago) During a home inspection, the inspector will look at the home’s interior and exterior features to identify any health, safety or mechanical issues. The inspector will look at the following: After completing the inspection, you’ll get a detailed report about the overall condition of the home, including any issues and necessary or recommended
Understanding VA Home Loans
(6 days ago) Find a home and sign a purchase agreement. Work with your real estate professional to negotiate a purchase agreement. You'll want to make sure that your sales agreement includes a VA Option Clause, which provides an option to void the contract if the appraisal value of the property is lower than the contract price.
Clearing Up Commission
(Just Now) Generally, this fee is the responsibility of the seller only, not the buyer. Real estate commission typically ranges from 5% to 6% of the home's sale price and is split between the buying and listing agents (and their respective brokers). Sometimes the split is 50/50, but it can vary. The exact split depends upon a variety of factors such as
Understanding the costs of selling your home
(4 days ago) Closing costs are typically the largest expense for sellers and you’ll be responsible for real estate commissions, taxes and fees. These costs will be taken from the sale proceeds of the home at closing. Real estate commission, the largest of your costs, typically ranges from 5% to 6% of the home's sale price and is paid by you, the seller. This money is split between the buying and …
The 7 Parts of a Mortgage Payment
(2 days ago) Your mortgage payment will typically include one-twelfth of the estimated annual real estate taxes, also known as property taxes, on the home you purchased. These payments are put into an escrow account, and the lender will use the funds to pay your property taxes on your behalf when they are due. 5.
Homebuying and Homeowning Glossary of Terms
(8 days ago) The completion of the real estate transaction between buyer and seller. The buyer signs the mortgage documents and the closing costs are paid. Also known as the settlement date. Closing Agent A person who coordinates closing-related activities, such as recording the closing documents and disbursing funds. Closing Costs
Should My Offer Include an Escalation Clause
(1 days ago) Your real estate agent will look into the seller's process for reviewing offers and advise about whether an escalation clause would be accepted. You are giving up the chance to negotiate. Once the sellers accept the escalation clause, they know your highest offer right away, and you don't have the opportunity to negotiate, including on factors outside of price that may …
Inspecting and Appraising Your Home
(2 days ago) The home you want to buy looked pristine and perfect when you saw it with your real estate agent. So why bother with a home inspection? It’s simple: What if there is an underlying issue with the home that you can’t detect, such as an imminent plumbing issue that could cost thousands of dollars to fix? Home inspections give you the
How Much Can You Sell Your Home For
(5 days ago) Additionally, strong house price growth contributes to a seller’s market in that sellers benefit by selling at a higher price and capitalizing on the strong demand of buyers who are taking advantage of today’s low mortgage rates. With house price growth expected to average 5.5% in 2020, we are leaning towards a seller’s market. But
Making Home Possible
(2 days ago) He contacted a friend who is a licensed real estate agent so he could move quickly when the right property came along. Finding a Home Patrick wanted to find a property near the local college with extra rooms he could rent to help offset his mortgage payments. In February 2019, a two-story house, just two blocks from the Marywood campus, came on
5 Steps to Success Before Closing Day
(6 days ago) Request a Final Walk-Through. When: You should request to do a formal walk-through of the home 24 hours before closing. During the formal walk-though, you and your real estate agent can certify that everything is in proper order before you finalize the purchase. You will want to double check that all agreed upon repairs have been completed and
Renting a Home Quiz
(9 days ago) No real estate taxes Lower insurance costs The opportunity to build equity is one of the top reasons many people prefer to own a home. question 2/5. Next. 3. Which of the following is NOT a potential cost associated with renting? Utilities Pet …
Agents Make Home Possible
(7 days ago) June 11, 2019. Real estate agents are an important member of your homebuying team. Like housing counselors, they play a vital role – helping you find the right home at the right price - and will be with you every step of the way during your homebuying process. Because they're local experts, your agent should have the inside scoop on available
5 Steps to Prepare for Buying a Home
(6 days ago) Make a budget. Determine if you are financially ready for homeownership by creating a budget that keeps track of how much you earn, spend and save each month. You can adjust from there to save for the expenses of buying and owning a home. Save for upfront costs to buy a home.
4 Tips for Buying a HomeSteps Home
(8 days ago) While the process for buying a HomeSteps home is very similar to buying just about any home on the market, here are 4 tips: Act quickly once you've found the right home. Make your first offer your best. Provide all the required items. Make sure your real estate agent understands the "Multiple Offer Process" guidelines.
5 Tips for Buying New Construction
(Just Now) Your real estate agent is an important part of your homebuying team, helping you navigate each step of the process and negotiating your offer. With new construction, your real estate agent will also help you choose options. When buying new construction, there are additional considerations to consider when choosing an agent.
What to Do When Your Home Appraisal Is Below Your Asking Price
(5 days ago) Wait until a comparable home sells at a similar price and get a new appraisal. The value of your home is heavily influenced by the housing market in your area. If a comparable home in your neighborhood sells at a higher price than what you were asking, you may be able to obtain a new appraisal with a higher result.
4 Reasons Fall Is a Great Time to Sell
(Just Now) You may have a faster closing. Because there are typically fewer real estate transactions in the fall, the people who are needed to close the home purchase may be more available. For example, mortgage lenders may have fewer loans to process, and home inspectors and appraisers may have fewer appointments. As a result, your home closing may
3 Strategies to Win a Bidding War
(6 days ago) Get Cash. In real estate, cash is undoubtedly king, and an all-cash offer can significantly increase your chance of getting the home. This is because all-cash offers are more streamlined with fewer possibilities of falling through. However, putting in an all-cash offer is unrealistic for most families, so going with strategies #1 and #2 are
Understanding Contingency Clauses in Homebuying
(5 days ago) Mortgage Contingency. A mortgage contingency, also called a financing contingency, specifies the time limit for finding financing for your loan. If you are not able to obtain a loan during the agreed upon time frame, you can walk away from the home purchase without legal repercussions.
10 Real Estate Terms Every Homebuyer Should Know
(3 days ago) Points are upfront payments typically used to reduce your mortgage interest rate on the loan. By lowering your interest rate, you'll likely end up with a lower monthly payment. A point is equal to 1% of your loan amount, or $1,000 on …
How Do I Get Pre-Approved for a Mortgage
(3 days ago) A pre-approval letter helps both you and your real estate agent better understand your price range. It shows you are a serious buyer. A pre-approval letter lets your real estate agent and the seller know that you are ready to purchase and have borrowing power. It strengthens your offer.
Understanding Commission When You Sell Your Home
(7 days ago) The commission fee typically ranges from 5% to 6% of your home’s sale price and is split between the listing and buying agents, as well as their respective brokers — the individuals who employ real estate agents to work for them. Sometimes the split is 50/50 between the selling and buying side, but it can vary.
Homebuying Negotiations: Responding to a Counteroffer
(6 days ago) Your real estate agent should be able to advise you on what makes the most sense for your budget and the local market. Closing costs. Closing costs, which include insurance, title fees, taxes and appraisals, are often the most negotiated line item between buyers and sellers. Closing costs can add up to as much as 5% of your total loan amount.
Homeownership costs: PMI, taxes, insurance and HOAs
(6 days ago) Lenders will estimate your homeowners insurance premium and real-estate property taxes yearly. Remember, it’s an estimate so at the end of the year you may get a refund or pay extra for a shortfall. Your taxes and insurance premiums will change over time and your escrow payment estimate will be adjusted yearly to reflect any changes.
4 Things You Should Know Before Making an Offer on a Home
(5 days ago) Your real estate agent can help you make a competitive offer while making sure you stay within the range of what you can afford. Prepare to Negotiate. Once you submit your offer, the seller has three options: accept it, reject it or counter it. If the seller accepts and signs your initial offer, you enter a binding contract.
Housing Counselors Make Home Possible
(9 days ago) A housing counselor is a trained, independent professional who is there to offer advice, listen and help you make informed decisions for your unique situation. The Department of Housing and Urban Development or HUD maintains a list of approved housing counseling agencies. Additionally, Freddie Mac Borrower Help Centers and Borrower Help Network
Budgeting for Upfront Costs: The Homebuyer’s Guide
(5 days ago) Home inspection ($300-$500) When buying a home, your responsible for paying for the inspection of the home. An inspection will tell you about the home and any potential maintenance issues you should be aware of. Your real estate agent should be able to recommend several well-qualified home inspectors in your area.
Understanding the Mortgage Documents
(1 days ago) counselor, real estate agent, or lender — you can be better equipped to understand what you are signing. Mortgage Documents Understanding the purpose and function of the primary documents used in the mortgage process will help you navigate more confidently from application to closing. Uniform Residential Loan Application