Real Estate Information

I was talking to a couple of buyers last week and I went thorugh a list of things NOT to do when applying for a home loan. I was suprised when they never thought of some of these things, so I thought I would list them for everyone.

1. Do not change jobs, become self-employed or quit your job.

2. Do not buy a car, truck or van (or you may be living in it!)

3. Do not use charge card excissively or let any accounts fall behind.

4. Do not spend money that you have set aside for closing.

5. Do not omit debts or libilities from your loan application.

6. Do not buy furniture.

7. Do not originate any inquiries into your credit.

8. Do not make any large deposits into your account without first checking with your loan officer.

9. Do not change bank accounts.

10. Do not co-sign for a loan for anyone.

It seems simple enough but some times these things are not thought of when you are trying to buy a home. You get excited and want to buy appliances or new furniture. You have a realitive who is going to give you money to buy the home or maybe as a wedding present. The banks can (and often will) pull credit up to the DAY of your closing. Just remember this: When it comes to buying a home check with your loan officer before doing anything that involves money or credit. For more information on buying or selling your home go to www.OrangeParkHomeSource.com

Most home buyers start their home search on the Internet. Alot of them look for homes while on break at work and due to company software can't look at virtual tours. They go on sites like Realtor.com and browse pictures looking for the best homes they can find in their price range. So can we all agree that the Internet and multiple photos are important in the marketing of a home?

Realtor.com ranks homes based on the number of pictures the listing has, so If you have one picture and you competition has several it  might not even be seen. People search for homes on their own before they hire an agent and  even when they have an agent. Think about it, when you buy a car and new car fever sets in do you just go to the lot and say "I'll take it!" or do you look on-line and compare them?

I would suggest that everybody who is selling their home do this: Look for your home on multiple websites. Look it up by area,then price, then number of bedrooms. Look at the pictures, do they show off your homes best qualities? Or if you are interviewing an agent ask them how many pictures they will take. Look for at least fifteen to twenty pictures with or without a virtual tour.

Comments are always welcome and if you have any questions we are here to help.

As someone who has seen alot of shortsales and forclosed properties, I can tell you that there are ones in good shape and ones that need work. The  shortsale and forclosure market can be an opportunity for people who want to get a good deal on a home that not to long ago was out of there price range.  The good ones go fast even in this market, so what do you do with the ones that need some work do? Did you know that there is an FHA loan that you can buy the property and get money to fix it without taking out a second loan?

It is called a 203k rehab loan and has been around since 1996. The main rule is  the porperty must need at least $5000.00 in home repair to qualify. With some of the properties beat up or stripped clean by its former owners this can be an attractive option. You can also use this program to update your existing home by refinancing into the 203k loan. This would make sense for people who can't sell their home due to market conditions or condition of their home. You only need to talk to a lender to find out all the details around this little known program. If you have any questions feel free to comment, we are here to help.

So you've decided to sell your home.....in a buyers market. There are some things that you need to know and some things to be aware of before making this leap.

First off, there is still a lot of inventory to compete with. In order to be competative you've got to have a great marketing plan, be top third in condition, and bottom third in price.  This is not the market where sellers get to be choosy about keeping that large self portrait above the fireplace. We need to make homes warm and inviting to buyers. That means, we need to make them feel like its there home, not yours. Likewise, the hotpink walls just won't do.

Secondly. Price, Price, Price. Be realistic. Homes are not selling for today what they did two months ago, let alone two years ago. Be sure that you understand the real estate market and get educated on what is going on in YOUR area. It needs to be your agents goal to get you top dollar for your house, but still be honest with you about what your home will truly sell for.

If you need a free evaluation of your homes value please visit www.OrangeParkHouseValues.com.