Eleanor Osborn's Blog
The amount of time it takes to find the perfect residence varies from buyer to buyer. In some instances, a buyer may fall in love with the first residence that he or she views in person. Or, in other cases, a buyer may need to attend several home showings and open house events before he or she finds the right residence.
It ultimately may take more than a single day to find your dream residence. Lucky for you, we are here to help you streamline your quest for your dream house and ensure you can find the right home faster than ever before.
Now, let's take a look at three tips to help you accelerate your search for your ideal house.
1. Create a List of Homebuying Criteria
You know you want to buy a home as quickly as possible. With a list of homebuying criteria at your disposal, you'll be better equipped than ever before to discover a house that suits you perfectly.
Think about where you'd like to reside and the features you want in your dream house. Then, you can narrow your house search and move one step closer to finding a residence that matches or exceeds your expectations.
2. Get Your Finances in Order
Pre-approval for a mortgage can make a world of difference, particularly for a buyer who wants to speed up his or her home search. If you learn about all of your mortgage options, you can select a mortgage that complements your finances and enter the real estate market with a mortgage in hand.
Many banks and credit unions employ friendly, knowledgeable mortgage specialists. By meeting with various financial institutions, you can learn about a broad array of mortgage options. Plus, you can receive comprehensive insights into fixed and adjustable-rate mortgages and make an informed mortgage selection.
3. Collaborate with a Real Estate Agent
For those who want to quickly and effortlessly find their dream residence, it may be beneficial to collaborate with a real estate agent. In fact, a real estate agent can help a homebuyer remove the guesswork commonly associated with searching for a residence.
A real estate agent understands what it takes to discover a great residence at a budget-friendly price. First, he or she will meet with you and learn about your homebuying goals. A real estate agent then will put together a personalized homebuying strategy. Next, a real estate agent will help you put your homebuying strategy into action. And when you discover your dream residence, a real estate agent will help you submit a competitive offer to purchase this house.
As you get ready to conduct a house search, you may want to hire a real estate agent soon. If you have an expert real estate agent at your side, you can get the help you need to find your dream house. Best of all, a real estate agent will go the extra mile to ensure you can seamlessly navigate all stages of the property buying journey.
Ready to buy a house? It pays to be proactive, especially if you hope to streamline the process of acquiring a terrific residence at a budget-friendly price.
A superb house is likely to stir up interest from large groups of homebuyers. Fortunately, with a proactive approach, you can stay ahead of the homebuying competition and boost your chances of securing a wonderful house.
Ultimately, there are several best practices for proactive homebuyers, and these practices include:
1. Search for Homes Early and Often
The early bird catches the wom. Much in the same vein, a proactive homebuyer is better equipped than others to achieve his or her desired results.
Keep a close eye on the housing market – you'll be glad you did. If you monitor home listings in your city or town, you can quickly identify potential properties that you may want to buy.
In addition, evaluate housing market trends and patterns. With this housing market data in hand, you can differentiate between a buyer's and seller's market.
2. Get Pre-Approved for a Mortgage
Meet with several banks and lenders in your area. By doing so, you can explore a variety of mortgage options and select one that complements your finances.
There is no shortage of mortgage options at your disposal. For example, many homebuyers prefer a 30-year fixed-rate mortgage, which guarantees they will pay the same amount each month for the life of a mortgage. On the other hand, some homebuyers choose a 15-year adjustable-rate mortgage, which features lower upfront payments that gradually increase over time.
If you're uncertain about which mortgage option to select, there is no need to worry. Banks and credit unions employ friendly, knowledgeable mortgage professionals who can help you make an informed decision.
Perhaps best of all, meeting with mortgage professionals guarantees you can receive expert responses to your concerns and questions. These mortgage professionals will devote the necessary time and resources to assist you and make it simple for you to select a great mortgage.
3. Collaborate with a Real Estate Agent
If you want to enter the housing market, there is no reason to wait. In fact, if you contact a real estate agent today, you can immediately launch a successful homebuying journey.
A real estate agent is dedicated to your homebuying success. He or she first will learn about your homebuying goals, ensuring you can start the homebuying journey on the right foot. Then, this housing market professional can help you narrow your search for your dream residence.
In most instances, a real estate agent will set up home showings, keep you up to date about new residences as they become available and help you submit home offers. This housing market professional also provides a one-of-a-kind homebuying resource. And if you ever have homebuying concerns or questions, a real estate agent is ready to respond to them.
Don't wait to kick off a homebuying journey. Instead, use the aforementioned tips, and you can become a proactive homebuyer.
Homeowners associations are common features of new residential subdivisions, condominiums and townhouse developments, planned communities, and vacation resorts throughout the United States and abroad. Typically established by the builder or developer, such associations are most often responsible for maintenance of common facilities. They also frequently oversee the operation of community centers, pools, golf courses and sports courts, and can assume responsibility for routine repair of streets and/or sidewalks, building exteriors and roofs, and even front yard landscaping and upkeep.
Residents pay a monthly fee to the association, in addition to mortgage, taxes, insurance and utilities on their individual properties. Most commonly, the day-to-day operation of a homeowners association will be managed by an independent firm, with oversight from a governing board of homeowners elected to serve, unpaid, for specific terms.
Pay Attention to the CC&Rs
Buying a home in a community with an HOA requires that residents agree to the covenants, conditions and restrictions, known as the CC&Rs. Rules can be relatively simple, outlining the types of fencing allowed or specifying allowable trim colors and landscaping plants. Some HOAs, however, have stringent restrictions, governing varied aspects of community living. Some actively promote community programming while others simply act as a review board to handle disputes or non-compliance with stipulated regulations.
Withholding payment of association dues can lead to legal action, sometimes even foreclosure.
HOAs Uphold Community Standards
Prior to buying property in a subdivision with an HOA, a buyer should be completely familiar with the CC&Rs and understand the financial commitment entailed. All HOAs are committed to uphold community standards and protect property values. That is perhaps the best reason for buying property in an area that has a well-managed, effective and highly-functioning HOA. But it is always up to the buyer to determine the effectiveness of any HOA. The best way is to ask to view previous years' financial statements, and to talk to current owners.
The best homeowners associations foster a heightened sense of community, encouraging social events and offering services to promote safety and security for residents. Neighborhood watch programs, community patrols and emergency response, rideshare programs, and youth-oriented activities are common. In addition, well-run associations have financial reserves to handles unexpected maintenance or repair needs and have a "comfortable" relationship with homeowners.
HOAs were first established to govern the operation of condominium associations, and have sometimes received a bad rap from owners who found them restrictive and expensive. The role of the HOA has changed over the decades, and most are professional and dedicated to the welfare of current and future homeowners. They actively promote and encourage neighborliness, cohesive community spirit and property values.
Belonging to a homeowners association fosters a valuable common bond with other owners, and offers homeowners a real voice in the community.
The last step of any home sale is the closing. This is the time when the buyer and seller sign all the documents surrounding the sale, including the documents for the buyer’s mortgage. This is when money changes hands and, in most cases, the buyer gets the keys to the home. If you’ve never attended a closing before, or it’s been a while, here’s what you can expect.
Before the Closing
Before the closing takes place, the buyer and seller will meet at the property for a final walkthrough. This gives the buyer the chance to inspect the home to make sure nothing changed in its condition between the inspection and the closing date. Buyers will look for damage to the property or items that aren’t working properly.
Who Attends the Closing
The closing is the next step. Both the buyer and seller with their respective real estate agents will be there. If anyone used a real estate attorney, that attorney will attend. A closing agent will conduct the meeting, and the lender may send a representative. Finally, someone from the title company will be in attendance.
Presenting & Signing the Documents
The main task that takes place at closing is the signing of documents. The buyers will go through about 50 to 100 pages of documents, many of which require a signature. Many of the documents are related to the buyer’s mortgage. The buyer will need to show proof of insurance, pay the closing costs, which are typically 2 to 5 percent of the home’s value, and fund the escrow, unless the seller offered to cover closing costs. Some of the documents relating to the mortgage that the buyer will need to sign include:
Final loan application
Loan estimate and closing disclosure
In addition to the mortgage documents, both the seller and buyer will need to sign several things, including:
The property’s deed
Bill of sale
Transfer tax declarations
At this point, any necessary payments are made, and the closing agent will write checks for the real estate agents' commissions. As long as there are no delays for funding, the keys change hands and the buyer becomes the home’s new owner.
Potential Problems at Closing
Most closings happen without any issues, but there are some problems that can arise on that day. It’s on the closing day that the final approval of the mortgage takes place. If the lender finds something surprising, like a change in employment or credit history, they could deny the loan. Also, title problems can pop up at closing that went undetected during negotiations. Finally, problems found during the final walkthrough could lead to delays at closing.
Being well prepared for closing can help both buyers and sellers avoid these types of problems. With the right knowledge ahead of time, you can walk into closing confidently, knowing your real estate transaction will be completed in just a few hours.
As a homebuyer, it is paramount to establish realistic expectations for the homebuying journey. That way, you can take a step-by-step approach to achieve various goals along this journey and acquire your ideal residence faster than ever before.
Setting realistic homebuying expectations can be simple. Now, let's take a look at three tips to help you set realistic homebuying expectations.
1. Assess Your Home Must-Haves and Wants
Dozens of homes are available in cities and towns nationwide. If you establish realistic homebuying expectations, you may be better equipped than others to determine exactly what you want to find in your dream house. As a result, you could reap the benefits of a quick, seamless homebuying experience.
Oftentimes, it helps to create a list of home must-haves and wants prior to searching for a house. This list can be updated as you proceed along the homebuying journey and will serve as a guide to help you discover your ideal residence.
2. Get Pre-Approved for a Mortgage
With a mortgage in hand, you can narrow your home search to residences that fall within your price range. Then, you can speed up the homebuying journey and find your ideal residence in no time at all.
To get pre-approved for a mortgage, you'll want to meet with banks and credit unions. These financial institutions generally offer a broad array of mortgage options. Examine all of your mortgage options closely, and you're sure to find a mortgage that matches your finances.
Also, don't hesitate to ask mortgage questions when you meet with potential lenders. Banks and credit unions employ friendly, knowledgeable mortgage specialists who are happy to help you in any way they can. Thus, you can gain expert insights from these mortgage specialists that could help you make an informed mortgage decision.
3. Collaborate with a Real Estate Agent
A real estate agent understands what it takes to purchase a home in any housing market. Therefore, he or she can help you prepare for the real estate market and establish realistic homebuying expectations from day one.
Typically, a real estate agent first will learn about your homebuying goals. He or she then will help you map out a successful homebuying journey, one that concludes with you discovering your dream house at a budget-friendly price.
A real estate agent offers plenty of support at each stage of the homebuying journey too. This housing market professional will set up home showings, keep you updated about new residences that become available and help you evaluate houses. And if you want to submit an offer on a home, a real estate agent will make it easy for you to put together a competitive homebuying proposal.
Achieving the optimal results during the homebuying journey sometimes can be difficult. But if you establish realistic homebuying expectations, you may be able to streamline the homebuying journey and ensure that you can purchase a great house that suits you perfectly.