So, you think you’re ready to buy a home! You have a steady job, you have a good amount saved for a down payment, and your credit score is good. You might even be ready to apply for mortgage pre-approval or to start looking for a Realtor. However, even if you’re very prepared, there are still some dire mistakes that may sink your prospects. If you want to be sure to be approved for a mortgage, check out this post by Sarah D’Hondt at the Lighter Side of Real Estate Blog for things to avoid:
-Not STAYING pre-approved- do not open any new lines of credit, make any late payments, or use a credit card.
-Dilly-Dallying- if you see a house you love, make an offer!
-Too low an offer
-Asking too much from the seller and nit-picking the inspection report.
Photo Credit: Frank Hebbert
We wish you and your Shak a Merry Christmas, and Happy Holiday season!
Photo from: One Kind Design
The string tree is completely adorable!
I love watching movies and TV shows about haunted houses and ghosts. Inevitably, in a lot of these movies, the previous home seller can get in trouble because they did not disclose to the buyer that the home was haunted, or that someone had previously died in the home. Now, in real life, that seems silly- right? Would you actually need to disclose that? Well, turns out that- yes! Depending on your state, you may need to tell the buyer if your home has experienced anything “paranormal.” To cover your tracks, check out this list of things to disclose by Bill Gassett at Max Real Estate Exposure:
-Haunted homes, murder or death on the property- depending on area
-Roof leaks, foundation cracks
-Lead based paint or other toxic materials present in home (asbestos, mold, radon, etc.)
-Any water damage
-Off site hazards (nearby hazardous waste plants, for example) and natural disasters in the area.
These are some really great tips, especially if you have no idea where to start!
In many cities, rent expenses are growing faster than actual home prices. It’s becoming cheaper to own than to rent, and people are realizing it. However, to buy a home, you do need to have some money to your name for a down payment, which is why less people are switching over. But, there are ways to buy a home with a small down payment (or even none at all!) For the pros and cons of buying a home with a smaller down payment, check out this post by Kyle Hiscock at the Rochester Real Estate Blog:
-It lets you buy a home when you have good credit/job history, but no saved money.
-It won’t drain your savings account
-Lack of immediate equity- you’ll need to stay in that home for more than 5 years before moving.
-Mortgage insurance required
-Higher interest rates
Instead of going Black Friday shopping, my family puts up our Christmas decorations the day after Thanksgiving! I love these tips and ideas.