Lisa Bradley - Re/Max Vision



Posted by Lisa Bradley on 9/11/2018

Once you have gone through the pre-approval process and have narrowed down your home search, thereís a good chance youíll soon find a place that you want to make an offer on. This can seem like a huge step for any first time homebuyer. Even seasoned home buyers feel butterflies when the time comes to make an offer on a home they love. Before you even start your home search, you should become educated on how to make a good offer in order to land the property that you really want. Thereís so many factors that effect your offer including the surrounding properties and the current state of the market. Here are a few very important pieces of advice that you should heed in order to have a successful time securing a home and closing the deal. 

Craft A Persuasive Offer

In many areas thereís a low inventory of homes and a high number of those seeking to buy. This means that youíre not guaranteed to get a property that you have made an offer on. Lowball offers might not be at all competitive and even insulting to sellers in certain markets. Often, you may need to make an offer of more than the asking price if youíre in love with a home. By working with your real estate agent and doing the right research, you can craft an offer on a home that will be compelling for sellers.    

Decide On Your Contingencies 

Once an offer has been accepted, itís time to get to work on those contingencies. Be especially mindful of financing contingencies. If something falls through in the process, youíll want to be sure you can get the deposit you made back. Also keep in mind that sellers love reliable buyers who have already been preapproved.  

Home inspection contingencies are another area of importance. After you sign the purchase agreement and the inspection is complete, youíre allowed to ask the seller to make repairs or provide you with a counter offer. While this can be one of the more nerve-wracking aspects of home buying, it has many positives. Home inspections protect buyers from purchasing a home that they canít live with in cases of extreme mold, termites and other environmental and structural issues. 

The appraisal contingency is also important. In order for you to qualify for a loan, the property must be appraised. The property must be valued at or above the purchase price. A loan will only be approved by a lender up to the appraised value. If your home loan is $400,000 but your home of choice is appraised at $390,000, youíll have a problem.       

Your Finances Matter Until You Get To The Closing Table

Donít go crazy with all kinds of purchases before you reach the closing table. Opening a new credit account at your favorite furniture store, for example, could lead to a disastrous surprise on closing day. Hold off on big purchases until after you secure your home. Also avoid making large transfers or deposits from your bank account. donít do anything to negatively affect your credit score

  

Know What To Bring To The Closing

Donít show up to the closing for your home purchase unprepared. Youíll need to have the following items: 


  • Photo ID
  • Checkbook
  • Cosigners 



Think Ahead


Be sure that you think of the future when youíre purchasing your home. Youíll need to have enough cash flow to pay for things like property taxes, home insurance, utility bills and even new furniture for your home. Plan your future mortgage payments accordingly. Some companies have payments that are monthly or bimonthly. 


While buying a home is a huge undertaking, with the right plans in place, the process will be as seamless as possible. With the right plans, the moving truck will be pulling into the driveway before you know it.      




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Posted by Lisa Bradley on 9/4/2018

A homebuyer must stay focused throughout the property buying journey. Otherwise, a buyer risks missing out on an opportunity to acquire the right house at the right price.

Now, let's take a look at three tips to help you stay on course during the homebuying journey.

1. Craft a Homebuying Strategy

Creating a homebuying strategy enables you to outline the steps that you'll need to take to make your homeownership dream come true. Plus, with a homebuying plan in place, you'll be better equipped than ever before to streamline your house search.

Think about where you want to live and what you want to find in your ideal residence. Then, you can make a checklist of home must-haves and wants. And once you develop this list, you can enter the housing market with a plan in hand.

2. Get Pre-Approved for Home Financing

Home financing plays an important role in a buyer's ability to acquire a residence. If you ignore home financing as you move along the homebuying journey, you may struggle to get the finances you need to purchase your dream house.

Oftentimes, it helps to get pre-approved for a mortgage so you won't have to worry about home financing as you move along the property buying journey. To get pre-approved for a mortgage, you should meet with a variety of banks and credit unions. That way, you can learn about all of your mortgage options and select a mortgage that matches your finances.

As you review your mortgage options, don't hesitate to ask questions. Banks and credit unions employ home financing specialists who can remove the guesswork commonly associated with getting a mortgage. These specialists are happy to respond to your mortgage concerns and questions and ensure that you can make an informed home financing decision.

3. Work with a Real Estate Agent

When it comes to staying focused during the homebuying journey, it generally is a good idea to hire a real estate agent. This housing market professional can offer plenty of assistance throughout the property buying journey. And by doing so, a real estate agent will ensure that you can seamlessly navigate the property buying journey and achieve your desired results faster than ever before.

A real estate agent understands the challenges that buyers frequently encounter when they pursue houses and can help you plan accordingly. Furthermore, a real estate agent will guide you along each stage of the homebuying journey and do everything possible to help you avoid potential pitfalls.

Also, a real estate agent provides comprehensive support as you get ready to finalize a house purchase. He or she will help you get ready for a home inspection, appraisal or closing and ensure that you can purchase your ideal house at a budget-friendly price.

Don't lose focus as you pursue your dream residence. Instead, use the aforementioned tips, and you can stay on course and accomplish your homebuying goals.




Categories: Uncategorized  


Posted by Lisa Bradley on 8/28/2018

Are you a millennial under the presumption that because you carry student loan debt you arenít eligible for home financing?

If you are, you arenít alone. According to a 2017 survey from the National Association of Realtors 80% of millennials donít own a home. And a whopping 83 percent of those who donít own a home say that student loan debt is holding them back.

However, you might have a better chance at homeownership than you think.

Lenders look at your monthly debt commitments when forming a decision to offer to finance. Debt commitments are things like car loans, student loans, credit card balances and mortgages.

As you can see student loans are just one small piece of the puzzle that makes up your eligibility.

What this means for millennials carrying student loan debt who want own a home is that they simply need to get laser-focused on their financial priorities. Steep credit card debt and expensive car loans that fund a lifestyle chasing the newest, shiniest things will work against your home ownership goals.

With student loans, you donít have to pass up homeownership but you do have to be willing to compromise on the other debts you carry. You also may not be able to aggressively pay down your student loans while also making a mortgage payment each month. This is a matter of knowing your budget, your values, and your financial goal timeline.

If you have other debts start by paying them down. Take care of your most expensive debts now before applying for a mortgage approval to increase your eligibility. Lower monthly payments by consolidating your student loans or opting for income-driven repayment options. Refinancing options can give you a lower interest rate and total a 6-figure difference in savings over time.

Doing these things increases your debt to income, or DTI, ratio. Your DTI is a strong factor in financing eligibility. Typically, lenders look for a 28/36 qualifying ratio. This means that 28% of your income is being spent on housing expenses and 36% of your income towards debt, including your future mortgage payment.

When carrying two long-term debts (a mortgage and student loans) you want to make sure you still leave room in your budget for saving. You also want to leave ample room for home maintenance costs and any potential large repairs.

You may also take a temporary lifestyle setback financially while saving up for your down payment. While there are programs that will help you by lowering the required percent down it is always recommended to put as much down as you can. This will lower your month to month payments significantly and make carrying two debts a lighter burden.





Posted by Lisa Bradley on 7/17/2018

Let's face it Ė there are many risks that you may face during the homebuying journey. From submitting an offer on a house that ultimately proves to be a poor investment to failing to obtain a mortgage due to a bad credit score, there are various issues that may prevent you from achieving your desired results. Lucky for you, we're here to help you focus on the task at hand and eliminate potential risks as you search for your ideal residence.

Now, let's take a look at three tips to help you avoid risks throughout the homebuying journey.

1. Set Realistic Homebuying Expectations

How you search for a home may determine whether you are successful or unsuccessful. For example, if you evaluate houses that fall outside your price range, you may struggle to find a home that you can actually afford. On the other hand, if you establish realistic homebuying expectations from the get-go, you may be able to streamline your house search.

Think about where you want to live and how much you can afford to pay for a home. Also, you should consider home must-haves and wants. With this information at your disposal, you can avoid the risk of missing out on an opportunity to acquire a residence that matches your expectations.

2. Get a Mortgage

Getting pre-approved for a mortgage is pivotal. Because if you obtain a mortgage today, you can enter the housing market with a budget and narrow your house search accordingly. Perhaps most important, a mortgage enables you to avoid the temptation to pursue homes that be priced beyond your budget.

Consult with banks and credit unions, and you can learn about a broad array of mortgage options. Then, you can select a mortgage and kick off your search for your dream residence.

3. Work with a Real Estate Agent

Problems may arise at any point during the homebuying journey. And if you're unsure about how to address these issues, it may be tough for you to acquire your ideal residence. Fortunately, if you hire a real estate agent, you may be able to identify and address homebuying problems before they escalate.

A real estate agent understands the housing market and is happy to share his or her expertise with you. This housing market professional can teach you about the differences between a buyer's and seller's market, help you prepare a homebuying strategy and much more.

Let's not forget about the assistance that a real estate agent can provide as you get ready to submit an offer on your dream home, either. A real estate agent will help you craft a competitive homebuying proposal. Furthermore, he or she will negotiate with a seller's agent on your behalf and do everything possible to ensure you can acquire your dream residence at a budget-friendly price.

Take control of the homebuying journey Ė use the aforementioned tips, and you can limit risk as you search for your ideal house.




Categories: Uncategorized  


Posted by Lisa Bradley on 7/3/2018

If you discover a house that you want to buy, it generally is a good idea to submit a competitive offer. That way, you can move one step closer to acquiring your ideal residence.

However, the hours after you submit a home offer can be stressful, particularly for a buyer who fails to plan accordingly. Lucky for you, we're here to help you stay calm, cool and collected as you wait to receive a seller's response to your offer.

Let's take a look at three tips to help you get ready to handle a seller's response to your homebuying proposal.

1. Plan for the Worst-Case Scenario

Even the worst-case scenario is not the end of the world for a buyer who is awaiting a seller's response to a home offer. In fact, if a seller rejects your proposal, you can always reenter the housing market and continue your pursuit of your dream home.

As you await a seller's response to your home offer, you should not stop searching for available houses. Because if you continue your home search, you'll have no trouble moving forward in the homebuying journey if a seller rejects your home offer.

2. Consider All of Your Options

If you submit a home offer and a seller says "Yes," what should you do next? Consider how you'll proceed if a seller accepts your proposal, and you'll be better equipped than ever before to enjoy a seamless homebuying experience.

On the other hand, it helps to prepare for a potential counter-offer from a home seller as well. If you are open to negotiating with a seller, you may be able to find common ground with him or her and finalize a home purchase.

3. Consult with a Real Estate Agent

A real estate agent knows all about the stress that is commonly associated with submitting a homebuying proposal. He or she can help you minimize this stress and ensure you can achieve the best-possible results throughout the homebuying journey.

Typically, a real estate agent will work with you to submit a homebuying proposal. This housing market professional then will keep you up to date as you await a seller's response to your offer. And if you have any concerns or questions during this time, a real estate agent is happy to respond to them.

A real estate agent will make it simple to streamline the homebuying journey too. For instance, if a home seller accepts your offer, a real estate agent will be ready to help you move forward with a property inspection and appraisal. Conversely, if a home seller rejects your proposal, a real estate agent will be prepared to work with you to help you discover another house that matches or exceeds your expectations.

The waiting period after you submit an offer on a house may prove to be a challenging time. Fortunately, if you plan ahead for this period, you can maintain your confidence and continue to move forward in the homebuying journey.




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