Pros and Cons of Going Condo

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

Condominiums and townhouses offer an affordable option to single-family homes in many markets, and they’re ideal for those who appreciate a maintenance-free lifestyle.   But before you buy, make sure you do your legwork.   These are some of the important elements to consider:

  • Storage.   Some condos have storage lockers, but usually there are no attics or basements to hold extra belongings.
  • Outdoor space.   Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, this may not be a good...
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Tips for Buying in a Tight Market

 |  Financial, Purchasing a Home, Real Estate News

Increase your chances of getting your dream house in a competitive housing market, and lower your chances of losing out to another buyer.

  1. Get prequalified for a mortgage. You’ll be able to make a firm commitment to buy and your offer will be more desirable to the seller.
  2. Stay in close contact with your real estate agent to find out about the newest listings. Be ready to see a house as soon as it goes on the market — if it’s a great home, it will go fast.
  3. Scout out new listings yourself
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Forms You’ll Need to Sell Your Home

 |  Home Organization, Real Estate News, Selling a Home

Historically spring is a popular time to sell your home.  Here is a list of important forms that you will need to accomplish this.

  1. Property disclosure form:  This form requires you to reveal all known defects to your property.  Check with your state government to see if there is a special form required in your state.
  2. Purchasers access to premises agreement:  This agreement sets conditions for permitting the buyer to enter your home for activities such as measuring for draperies before you...
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Tips for Pricing Your Home in the New Year

 |  Financial, Real Estate News, Selling a Home
  • Consider comparables –  What have other homes in your neighborhood sold for recently?   How do they compare to yours in terms of size, upkeep, and amenities?
  • Consider competition –  How many other houses are for sale in your area?   Are you competing against new homes?
  • Consider your contingencies –  Do you have special concerns that would affect the price you’ll receive?  For example, do you want to be able to move in four months?
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Understanding Capital Gains in Real Estate

 |  Financial, Real Estate News, Selling a Home

When you sell a stock, you owe taxes on your gain — the difference between what you paid for the stock and what you sold it for.  The same holds true when selling a home (or a second home), but there are some special considerations.

How to Calculate Gain

In real estate, capital gains are based not on what you paid for the home, but on its adjusted cost basis.  To calculate, follow these steps:

1. Purchase price: _______________________

The purchase price of the home is the sale price, not the amount of money you ac...

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 |  Financial, Purchasing a Home, Real Estate News

Things You Might Not Know About Title Insurance

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

  1. Your mortgage lender is going to require it. Title insurance protects the lender and the secondary markets to which they sell the loans from defects in the title to your home and property. It ensures the validity and enforceability of the mortgage document. Title defects could include mistakes made in the local property office, forged documents and claims from unknown parties. The amount of the policy is equal to the amount of your mortgage at its inception. You ...
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What Not to Overlook on a Final Walk -Through

 |  Purchasing a Home, Real Estate News, Selling a Home

It’s guaranteed to be hectic right before closing, but you should always make time for a final walk-through. Your goal is to make sure that your home is in the same condition you expected it would be. Ideally, the sellers already have moved out. This is your last chance to check that appliances are in working condition, and that agreed-upon repairs have been made. Here’s a detailed list of what not to overlook for on your final walk-through.

Make sure that:

  • Repairs you’ve requested have been made. Obtain copies of paid bil...
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Common Closing Costs for Buyers

 |  Financial, Purchasing a Home, Real Estate News

You’ll likely be responsible for a variety of fees and expenses that you and the seller will have to pay at the time of closing. Your lender must provide a good-faith estimate of all settlement costs. The title company or other entity conducting the closing will tell you the required amount for:

  • Down payment
  • Loan origination
  • Points, or loan discount fees, which you pay to receive a lower interest rate
  • Home inspection
  • Appraisal
  • Credit report
  • Private mortgage insurance premium...
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Five Things to do Before Putting Your Home on the Market

 |  Home Maintenance, Home Organization, Real Estate News, Selling a Home
  • Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you’ll be able to make repairs before open houses begin.
  • Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets...
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Lender Checklist: What You Need for a Mortgage

 |  Financial, Purchasing a Home, Real Estate News, Resources to Hire Professionals
  • W-2 forms — or business tax return forms if you’re self-employed — for the last two or three years for every person signing the loan.
  • Copies of at least one pay stub for each person signing the loan.
  • Account numbers of all your credit cards and the amounts for any outstanding balances.
  • Copies of two to four months of bank or credit union statements for both checking and savings accounts.
  • Lender, loan number, and amount owed on other installment loans, such as student loans and car loans.
  • Addresses where you’ve lived for the last...
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