The process of buying a home can be an emotional, time-consuming, and complex process. There are a few things that you can do to help make the process go as smooth as possible:
1. Check your credit.
Before you apply for a home loan, regardless of your credit, it's a smart idea to obtain a copy of your credit report from the three major credit bureaus and review the information. If there are errors or things that need to be addressed, it's easier to address them before you have found a house, than after you have found a house and are trying to close your loan.
2. Get approved before you buy.
An approval means that a lender has reviewed your credit history, verified your assets and employment, and has approved your loan before you have found a home to purchase. As long as the home appraises for at least the purchase price, the loan should close. You would also have an advantage over buyers that may not have spoken with a lender first.
3. Find a great buyer's agent.
Traditionally real estate agents represent the sellers in a transaction. When you are not working with a buyer's agent, they are less likely to negotiate the best price or contingencies for you.
A buyer's agent's job and fiduciary responsibility (meaning legal duty) is to you, the buyer. Before working with an agent, establish if they are a buyer's agent or a seller's agent. After spending a lot of time with a Realtor, it's natural to feel like you're a team. But if they are not negotiating for you, then they are not on your team.
4. Protect Yourself.
Ask your Realtor for a copy of the documents you will be asked to sign if you decide to buy the house. Read them ahead of time so that you'll understand the questions that you will be asked, the things you need to know, and the decisions you will need to make.
5. Have reasonable expectations.
There is a lot of money at stake. No house is perfect. Understanding and remembering these two statements will help diffuse the negotiation stage, the inspection stage and the closing stage. Emotions are high for both buyers and sellers.
I was once a first time home buyer 7 years ago and I can truly say it's been a pleasure. Why rent an apartment, I was NEVER going to own it....
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Yolanda Hayes, Sold By Yolanda
Showing posts with label homes for sale. Show all posts
Showing posts with label homes for sale. Show all posts
Saturday, April 23, 2011
Wednesday, March 3, 2010
$8000 Tax Credit Reminder
You’ve decided to purchase a home and take advantage of the Extended Home Buyer Tax Credit. Here's what you have to do to get your benefit:
Close on your home purchase between November 7, 2009 and April 30, 2010, or have a binding written contract by April 30, 2010 and close by July 1, 2010.
Decide whether to:
apply the credit to your 2009 tax return, filed on or before April 15, 2010;
file an amended 2009 return; or,
apply the credit on your 2010 return, filed on or before April 15, 2011.
Buyers purchasing in 2010 will have the option to:
Claim the credit on their 2009 return, even if the purchase is completed after December 31, 2009;
File an amended return for 2009 if their purchase is completed after April 15, 2010; or claim the credit on their 2010 tax returns.
Close on your home purchase between November 7, 2009 and April 30, 2010, or have a binding written contract by April 30, 2010 and close by July 1, 2010.
Decide whether to:
apply the credit to your 2009 tax return, filed on or before April 15, 2010;
file an amended 2009 return; or,
apply the credit on your 2010 return, filed on or before April 15, 2011.
Buyers purchasing in 2010 will have the option to:
Claim the credit on their 2009 return, even if the purchase is completed after December 31, 2009;
File an amended return for 2009 if their purchase is completed after April 15, 2010; or claim the credit on their 2010 tax returns.
Monday, December 21, 2009
Sunday, November 29, 2009
Providence Pointe~ Ballantyne Area Subdivision
The Providence Pointe neighborhood is located in Ballantyne area of South Charlotte. This unique community is easy to access from I-485E exit 61 Johnston Road and currently within the Community House Middle School, Ardrey Kell High School and Ballantyne Elementary school districts.
Providence Pointe was began in 2001 by developer and builder Shea Homes. This is a finished development with approx. 427 homes with currently 14 homes for sale within the price range of mid $260-$400k per the Carolina MLS. Providence Pointe comes with various attractions such as: resident clubhouse, jr olympic pool, 2 tennis courts, basketball court,children's playground with nearby golfing at the Ballantyne Resort an 18-hole, five-star championship golf course. This community has a Home Owners Association, currently under Hawthorne Management Company, to keep all common areas of this beautiful community preserved.
Ballantyne has quickly become the guide to fine dining in the south Charlotte area. Nearby Providence Pointe you can find an array of restaurants and shopping such as the Ballantyne Village that includes Villa Antonio serving Northern Italian cuisines or Jade an Asian Fushion Sushi Bar. After dining, enjoy a great movie at the Regal Ballantyne Village theater or listen to live jazz/blues on the patio at the Dilworth Cafe.
Think of me to help you with your real estate needs. Whether you are buying, selling or relocating to the Charlotte area, I can help. For more questions about Providence Pointe feel free to email or call me.
View Larger Map
Providence Pointe was began in 2001 by developer and builder Shea Homes. This is a finished development with approx. 427 homes with currently 14 homes for sale within the price range of mid $260-$400k per the Carolina MLS. Providence Pointe comes with various attractions such as: resident clubhouse, jr olympic pool, 2 tennis courts, basketball court,children's playground with nearby golfing at the Ballantyne Resort an 18-hole, five-star championship golf course. This community has a Home Owners Association, currently under Hawthorne Management Company, to keep all common areas of this beautiful community preserved.
Ballantyne has quickly become the guide to fine dining in the south Charlotte area. Nearby Providence Pointe you can find an array of restaurants and shopping such as the Ballantyne Village that includes Villa Antonio serving Northern Italian cuisines or Jade an Asian Fushion Sushi Bar. After dining, enjoy a great movie at the Regal Ballantyne Village theater or listen to live jazz/blues on the patio at the Dilworth Cafe.
Think of me to help you with your real estate needs. Whether you are buying, selling or relocating to the Charlotte area, I can help. For more questions about Providence Pointe feel free to email or call me.
View Larger Map
Monday, June 8, 2009
Top 10 Mistakes First Time Buyers Make
1. Not knowing how much house you can afford.Many novice homebuyers spend a lot of time researching homes — comparing kitchen layouts and backyard square footage — but very little time researching their financing options. One of the first things buyers should do is talk to a qualified lender and get preapproved for a mortgage, says Claire Clark, senior vice president of business development at Prudential California Realty. Without first figuring out how much house you can afford, you risk falling in love with one you can't.
2. Assuming foreclosures are great deals.Just because the previous owner owed $450,000 on a house before the bank took it over doesn’t mean it’s worth that much now. Values have slipped significantly, says Jay Michael, partner at Estate Property Group, a Chicago real-estate brokerage, so you may not be getting the bargain you think with a foreclosure. Also, most homes owned by lenders or banks have been sitting vacant for months and may have been vandalized. That could require extensive renovation or repair. Weigh the costs of fixing up the property against the savings you’ll likely reap by buying a lower-priced foreclosed home.
3. Letting your true feelings show.No matter how much you've fallen in love with a house, don’t let the seller’s agent in on it. Otherwise, he will gain the upper hand in negotiations.
4. Failing to find a good buyer's agent.Landing a mortgage is tough these days. So buyers should rely heavily on knowledgeable agents to help them get their finances in order, says Michael. After all, buyer’s agents have a fiduciary responsibility to the buyer exclusively — and should be looking out for his best interests. Start your search at the National Association of Exclusive Buyer Agents, a nonprofit representing buyers. Or consider using an agent recommended by a relative or friend. Interview the candidates about their experience; ask if they’ve worked with first-time buyers before and what kind of service you’ll get from them.
5. Underestimating the costs of owning a home.Whether it’s a rusty pipe or a leaky roof, things go wrong and need to be fixed. Many homebuyers don't anticipate the additional costs for repair and maintenance, or for an increase in utility costs, says Erin Baehr, a certified financial planner and president of Baehr Family Financial. Consider the age of your new home and how well it’s been treated by the previous owners in your budget. Be prepared to set aside a small percentage (1% at most) of the home’s purchase price annually for repairs and upkeep.
6. Failing to budget for property taxes.Property taxes — and the likelihood that they’ll climb over the course of your time in the house — should be factored into any homebuying budget, says Baehr. To get an idea of how much you’ll be paying, call the local assessor’s office or talk to people in the neighborhood.
7. Assuming your first offer will get accepted.As home prices get even more affordable, competition is bound to heat up. “You can’t assume you’ll walk in there, make the offer and get it,” says Clark. Try not to get discouraged if you lose out on the first — or second — house you make an offer on.
8. Skipping the inspection.Before signing anything, hire a professional inspector, says Justin Lopatin, a mortgage planner with American Street Mortgage Co. The seller isn’t likely to tell you there’s mold in the basement or the walls are poorly insulated. Lopatin advises buyers to find and hire their own inspector — independently of the real-estate agent — to ensure there’s no conflict of interest. (You can find inspection companies in the phone book, or by doing a simple Web search with your ZIP code.)
9. Doing too much too fast.Some buyers want to make the house their own right away, says Baehr. They overextend themselves on credit to do so, and assume the improvement will pay for itself by increasing the home's value. But that’s not always the case — especially in today's market. Instead, buyers need to exhibit patience and make changes over time.
10. Failing to include a contingency clause in the contract.A mortgage financing contingency clause protects you if, say, you lose your job and the loan falls through or the appraisal price comes in over the purchase price. Should one of these events occur, the buyer gets back the money he used to secure the property. Without the clause, he can lose that money and still be obligated to buy the house, says Lopatin.By SmartmoneyPlease share with friends, family and co-workers.
(Smartmoney)
Yolanda Hayes-realtor
Wilkinson and Associates
2. Assuming foreclosures are great deals.Just because the previous owner owed $450,000 on a house before the bank took it over doesn’t mean it’s worth that much now. Values have slipped significantly, says Jay Michael, partner at Estate Property Group, a Chicago real-estate brokerage, so you may not be getting the bargain you think with a foreclosure. Also, most homes owned by lenders or banks have been sitting vacant for months and may have been vandalized. That could require extensive renovation or repair. Weigh the costs of fixing up the property against the savings you’ll likely reap by buying a lower-priced foreclosed home.
3. Letting your true feelings show.No matter how much you've fallen in love with a house, don’t let the seller’s agent in on it. Otherwise, he will gain the upper hand in negotiations.
4. Failing to find a good buyer's agent.Landing a mortgage is tough these days. So buyers should rely heavily on knowledgeable agents to help them get their finances in order, says Michael. After all, buyer’s agents have a fiduciary responsibility to the buyer exclusively — and should be looking out for his best interests. Start your search at the National Association of Exclusive Buyer Agents, a nonprofit representing buyers. Or consider using an agent recommended by a relative or friend. Interview the candidates about their experience; ask if they’ve worked with first-time buyers before and what kind of service you’ll get from them.
5. Underestimating the costs of owning a home.Whether it’s a rusty pipe or a leaky roof, things go wrong and need to be fixed. Many homebuyers don't anticipate the additional costs for repair and maintenance, or for an increase in utility costs, says Erin Baehr, a certified financial planner and president of Baehr Family Financial. Consider the age of your new home and how well it’s been treated by the previous owners in your budget. Be prepared to set aside a small percentage (1% at most) of the home’s purchase price annually for repairs and upkeep.
6. Failing to budget for property taxes.Property taxes — and the likelihood that they’ll climb over the course of your time in the house — should be factored into any homebuying budget, says Baehr. To get an idea of how much you’ll be paying, call the local assessor’s office or talk to people in the neighborhood.
7. Assuming your first offer will get accepted.As home prices get even more affordable, competition is bound to heat up. “You can’t assume you’ll walk in there, make the offer and get it,” says Clark. Try not to get discouraged if you lose out on the first — or second — house you make an offer on.
8. Skipping the inspection.Before signing anything, hire a professional inspector, says Justin Lopatin, a mortgage planner with American Street Mortgage Co. The seller isn’t likely to tell you there’s mold in the basement or the walls are poorly insulated. Lopatin advises buyers to find and hire their own inspector — independently of the real-estate agent — to ensure there’s no conflict of interest. (You can find inspection companies in the phone book, or by doing a simple Web search with your ZIP code.)
9. Doing too much too fast.Some buyers want to make the house their own right away, says Baehr. They overextend themselves on credit to do so, and assume the improvement will pay for itself by increasing the home's value. But that’s not always the case — especially in today's market. Instead, buyers need to exhibit patience and make changes over time.
10. Failing to include a contingency clause in the contract.A mortgage financing contingency clause protects you if, say, you lose your job and the loan falls through or the appraisal price comes in over the purchase price. Should one of these events occur, the buyer gets back the money he used to secure the property. Without the clause, he can lose that money and still be obligated to buy the house, says Lopatin.By SmartmoneyPlease share with friends, family and co-workers.
(Smartmoney)
Yolanda Hayes-realtor
Wilkinson and Associates
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