What is Appraised Value?

 |  Financial, Purchasing a Home, Real Estate News, Resources to Hire Professionals, Selling a Home

The subject of appraisals has been in the news recently.  Here is information for you to help clarify the topic.

 

  • Appraisals provide an objective opinion of value, but it’s not an exact science so appraisals may differ.

 

  • For buying and selling purposes, appraisals are usually based on market value — what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes.

 

  • Appraised value is not a...
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Five Factors That Determine Your Credit Score

 |  Financial, Purchasing a Home

The following is reprinted with permission of the NATIONAL ASSOCIATION OF REALTORS®

Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:

  1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.
  2. How much you owe. If you owe a great deal of money on numerous accounts, it can indicate ...
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Five Tips For First Time Home Buyers

 |  Financial, Purchasing a Home, Real Estate News, Resources to Hire Professionals

It is a great time to purchase a first home home!  If you are considering buying a new home, use this short checklist for your reference to make sure you end up with the property that you really want.

  1. Find the right agent who’s willing to help you through the home buying process ~ no matter how long this process takes.
  2. Ask your lender a variety of questions so you don’t end up missing out on the best deal.
  3. Carpe Diem – When you make your decision to buy a home do not delay before someone else buys the house.
  4. Make sur...
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Understand Agency Relationships

 |  Purchasing a Home, Real Estate News, Resources to Hire Professionals, Selling a Home

The following is reprinted with permission of the NATIONAL ASSOCIATION OF REALTORS®

It’s important to understand what legal responsibilities your real estate salesperson has to you and to other parties in the transaction. Ask what type of agency relationship your agent has with you:

Seller’s representative (also known as a listing agent or seller’s agent)

A seller’s agent is hired by and represents the seller. All fiduciary duties are owed to the seller. The agency relationship usually is created by a listing contract.

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Why You Should Work With a REALTOR®

 |  Purchasing a Home, Real Estate News, Resources to Hire Professionals, Selling a Home

Not all real estate practitioners are REALTORS®.   The term REALTOR® is a registered trademark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION of REALTORS® and subscribes to its strict Code of Ethics.   Here are five reasons why it pays to work with a REALTOR®.

1.  You’ll have an expert to guide you through the process.   Buying or selling a home usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page settlement statements.   A knowle...

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What You Can Do to Improve Your Credit

 |  Financial, Purchasing a Home

 

What You Can Do to Improve Your Credit 

Credit scores, along with your overall income and debt, are big factors in determining whether you’ll qualify for a loan and what your loan terms will be.  So keep your credit score high by doing the following:

  • Check for and correct any errors in your credit report.  Mistakes happen, and you could be paying for someone else’s poor financial management.
  • Pay down credit card bills.  If possible, pay off the entire balance every month.  Transfe...
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Questions to ask when Choosing a REALTOR®

 |  Purchasing a Home, Real Estate News, Resources to Hire Professionals, Selling a Home

Home ownership is a significant investment for most.  It is very important to obtain sound and professional advice in any real estate transaction.   Below is a list of questions to help guide you in chosing your own real estate professional.

 1.  How long have you been in residential real estate sales? Is it your full-time job?    While experience is no guarantee of skill, real estate — like many other professions — is mostly learned on the job.

2.  How many homes did ...

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Ten Strategies to Prepare for Homeownership

 |  Purchasing a Home, Real Estate News

1. Decide what you can afford.   Generally, you can afford a home equal in value to between two and three times your gross income.

2. Develop your home wish list.   Then, prioritize the features on your list.

3. Select where you want to live.   Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.

4. Start saving.   Do you have enough money saved to qualify for a mortgage ...

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