Buyer

You, Too, Can Buy!

Have you ever said to yourself, “I want a house so bad but I can’t buy right now” or “I want to move but I can’t buy right now”.  Why do these thoughts come to mind?  In my opinion, there are NO issues that can’t be overcome in order for you to get that new house.  My job is to make that dream come true.  I am on your Team and together we’ll make that Dream of a new home a Reality!!

 

    First Time Home Buyer Tricks and Tips

    THE First Time Homebuyer Talk

    Buying your first house is one of the most exciting times in your life!  With many of my first time buyers, the prospect of their very first home can also be a bit unnerving.  But don't let those jitters get in the way of YOU becoming a Home Owner.  Before I give you my top 5 tips on how to get you the keys to your dream house, let's look at the reasons why buying a home VS. renting is such a great benefit.

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    Ladies!!!  TAKE HEED!  You are KICKING BUTT in the Housing Market.

    Over the past 12 months, single women made up 17 percent of all homebuyers , purchasing at twice the rate of their single male counterparts, according to a new annual report from the National Association of REALTORS®.

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    3 Important Points Every Buyer Should Know About Home Inspections

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    CONGRATULATIONS!!! Your offer was accepted!  You’re probably celebrating the news that I just gave you on the phone in your own way—popping the bubbly, jumping up and down and yelling out WOO HOO!!!  Now after you’ve let out that wonderful supply of joy and energy; we will need to sit down and start the processes that will get you those keys in the end.  And the very first step it to line up your inspectors so you can give that beautiful house a clean bill of health.

    Inspection:  Getting a home inspected may seem like a daunting task – especially for those first time homebuyers.  But don’t fret, that’s where I come in.  If you’ve prepped yourself on the home purchase process through Reality TV (ah like who hasn’t recently), then you may have a great idea of what happens. Well I hate to break it to you, Reality TV and reality aren’t related. First, the fabulous no issue home and it’s brother the major money pit home generally don’t exist as much as you see it on TV.  Let’s take a walk down the escrow lane with our first stop- the Inspection period.  Here 3 KEY POINTS that you need to understand about the Inspection period and inspections.

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    What to Look For In the Home Loan Process

    Buying a new home will be one of the most exciting times of your life.  On the other hand, obtaining the loan to buy your dream home may hold many anxious moments.  A prequalification is just the first step in a series of reviews that gets you to the closing table.  The actual approval of the loan comes from Underwriting and it’s there that even the most capable loan officer may see their match.

    Most buyers base their ability to buy on Credit Score.  While this is a very important part of buying, Credit scores are just one of many review items for the Lender to undertake before they approve a loan.  So when you think you’re all set to go after giving up endless supplies of personal documents, there may still be things that pop up after the loan officer hands your file over.

    I’ve compiled a list of situations that came up during the many closings I’ve had over the years.  Here are some of the standout loan issues that I faced as both a Buyer’s agent and Listing agent that needed quick actions to help move the loan review through the Underwriting stage:

    New Job:  Being at a job for a certain amount of time is part of the loan review.  Lenders may do an employment verification before the loan can be approved.  A change in jobs can throw off the review as they compare the pay information against the employment verification.  Best solution:  Let your Lender know upfront about any potential job changes.  AND ask your new employer to respond quickly to your Lender’s request for verification.

    Own a Rental:  It’s important to ask your Lender what documents are needed IF part of how you qualify for a loan is based on properties you currently own and rent out.  So in other words, your rental income is what you need to qualify for that loan on top of your salary.  Fannie Mae guidelines may require specific tax schedules to further the review.

    Past Short Sales or BK:  This may not be a topic you want to bring up to your Lender but it is important to know that 1) this may affect the timing of a loan approval and 2) will be discovered somewhere in the loan process if you had a short sale or BK in the last couple of years.  Better to disclose early to allow your fantastic loan officer to find solutions rather than being caught off guard after all the hard work you’ve put in.

    Adding new toy(s):  We’re all excited about the new house and you may have held off buying anything new until you find that house of your dreams.  The lenders are looking at your debts right away to see if you can qualify with the money you make.  The bad news happens if the loan is right on the cusp of qualifying and you add more debt OR you take our money to buy that new toy, furniture, etc..  Hold off any major buys till you get the keys.  Those numbers on your paperwork are so important to the review stage that by changing it (even just a little) may create an unwanted delay.

    While these are the main doozies that can cause hiccups to the loan process, there are some that are not as common but yet can create a snag.  Having a good understanding of how the process works and a partner in Real Estate that can keep the ball rolling will get those keys into your hands quicker so you can enjoy your first night your new home!

     

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    Building a Village Under One Roof

    Over the last 8 years, the housing market has been trending towards Multigenerational homes. In our current times, it’s not unheard of or unique to have 2 or more generations living all under the same roof. These households can come in all shapes and sizes.  Government statistics show that close to 20% of households (vs. 12.1% in 1980) currently have more than one generation living under its roof.

    Some of my own friends are living under one roof with their recent college graduate children who are unable to find a job that allows them to live independently.  Whether it’s the cost of living on your own or the silent expense such as health care and college loan debt, the fact is that we are seeing record numbers of adult children living with their parent unlike before.

    Families with aging parents look to move their parents in to provide care in their later years.  The ability to accommodate additional occupants coupled with features that can or do address their physical restrictions are important elements to consider.

    Lastly, some Buyers purchase these homes simply because they want to own more but the affordability is out of their range so they choose to share the financial burden with a family member(s).

    If you’re looking for a home that contains features combing separate privacy areas with space to allow the different generations to come together, then the best way to start is to setup a list of privacy features you need.  Some of the ones that my clients ask for are:

    • 1st Floor Bedroom with a full bath.
    • Extra rooms to allow for get aways (formal rooms that are not in same location as family room or loft areas).
    • Extra garage space (3 or more)
    • Larger kitchen sizes
    • More than ONE AC thermostat controller in the house.

    These are just a few examples.  But for most of my clients, it’s about space to live together but not be in each other’s way.  If we can’t find the house with exactly what they want, we look for something that has the potential for the least amount of remodel to accommodate.

    Multigenerational living is wonderful if you Make the Right Move!  Call me if you’re moving towards needing one of these homes or have outgrown your own multigenerational home and looking for that perfect Buyer!

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