16 Jan 2019
By Kevin Gahagan

Strategies For Buying And Selling A Home At The Same Time

Real Estate

Strategies For Buying And Selling A Home At The Same TimeIf you’re already a homeowner and you’re getting ready to buy a new home, you know it’s tricky to buy and sell a home at the same time. There are lots of questions about how to handle this scenario. What if your old home doesn’t sell quickly?

Will you have to make two mortgage payments? What if you sell and the new owners want to move in before you close on your new home?

Depending on your situation, here are some strategies available to you.

Get A Bridge Loan

If you find yourself facing more than one mortgage payment – one on your old house and one on your new house – consider taking out a bridge loan to pay the monthly mortgage on the old house. Bridge loans are a solution to a temporary problem. When your old house sells, you pay off your bridge loan and you’re left with just the one mortgage payment.

Move Into A Short-Term Rental

If your old house has sold and the owners want to close before you can close on your new house, you could move into a short-term rental. This could be an apartment with a short-term lease. Or it could be a long-term hotel accommodation. You’d likely have to move your furnishings into storage; again, only for the short-term until your new house is available.

Ask If You Can Lease Back Your Home

You could ask the buyers of your current home to allow you to rent your home until you’re able to move into your new house. This is called a lease-back. It’s not ideal to pay rent on your own house, but it saves you from having to move twice.

This strategy usually only works if you already have a new house deal, so the owners of your old house have a known estimated time-frame when you’ll be moving out.

It’s definitely tricky trying to figure out the arrangements when you’re buying and selling a house at the same time. But one of the strategies mentioned above will likely work out for you.

Your trusted home mortgage professional is a valuable resource and can help you secure the best financing options while you are transitioning into your new home.

 

15 Jan 2019
By Kevin Gahagan

4 House “Flaws” You Can Safely Disregard

Real Estate

4 House Flaws You Can Safely DisregardWhen you walk through a house with your real estate agent, you’re seeing if you and your family would be happy living there. But you’re also probably looking for signs of trouble that might spell big expenses later on. Be careful, though. It’s important to see the “bones” of the house rather than focusing on minor issues.

Here are four flaws you can safely disregard.

1. Stained Carpet

Stained carpet is more an indication of the owner’s poor cleaning habits than of any real problems with the house. It’s so easy to replace carpeting that it’s not worth even paying attention to when you’re viewing a house for sale. In fact, once you pull up that carpeting, you could discover beautiful hardwood flooring!

2. Funky Paint Colors

They say that there’s no accounting for bad taste. If you’ve seen enough houses with your real estate agent, you’re bound to encounter some less than traditional paint colors. However, paint can easily be painted over. You can safely ignore the flamingo pink bathroom walls or the putrid brown bedroom color.

3. Lack Of Curb Appeal

Every homebuyer wants to pull up to a house for sale and think, “How charming!” Unfortunately, a lack of curb appeal gives a sour first impression. However, don’t let that deter you from see the house for its true value. The inside might be magnificent. You can always add your own curb appeal later with pretty landscaping, shutters or window boxes.

4. Outdated Kitchen

If the kitchen is a little dated but the rest of the house meets your expectations, it’s okay to overlook this “flaw.” It’s fairly easy to update a kitchen with new or refinished cabinets, new appliances and a fresh coat of paint. Yes, it will cost a bit, but the outdated kitchen might be reflected in a lower selling price. Ask your real estate agent for their recommendation in this regard.

Sometimes it’s challenging to find the right house in the right location. When you do find one that checks all the boxes, don’t let any of these minor “flaws” deter you from making an offer. The little things won’t keep you from enjoying your new home, and you’ll be glad you focused on the things that really matter!

Your trusted home mortgage professional is available to help you secure your financing for your new home. Be sure to make an appointment to get your pre-approval so you can be ready to make an offer as soon as you find the home of your dreams.

 

 

 

11 Jan 2019
By Kevin Gahagan

4 Ways to Improve Your Curb Appeal

Real Estate

4 Ways to Improve Your Curb AppealYou have about five minutes to impress (or not) prospective buyers at a showing. For curb appeal, you get about five seconds for buyers to decide whether they want to go inside.

Here are four tips to help you get the wow factor from your home’s street-facing views.

Update Entryway Hardware

A wall-mounted mailbox, chic house numbers and a pretty porch light add interest to your entryway. However, dated and dinged hardware impress no one. In a perfect world, all your hardware matches in style, color and finish. Of course, it should also tie-in to the style of your house. Brushed nickel house numbers look fabulous on a modern home but might clash with your Victorian-style house.

Splash On The Color

A gallon of high-quality paint costs about $25 and should cover the front door, trim and shutters. This simple upgrade gives the whole property a fresh look. Of course, if the street-facing side of your home has peeling or faded paint, you’ll have to paint that too. If you end up painting the facade, it’s best to do the entire house at the same time to maintain color conformity. 

Plant Power

A walkway trimmed in plants and flowers creates an inviting look. You can buy pre-planted greenery at your local home and garden center for an easy makeover of your walkway. For a less labor-intensive effect, install window boxes to add color and perk up your home’s exterior. Be careful to maintain them, since dying plants don’t increase curb appeal.

Create An Outdoor Living Space

If you have plenty of space on your patio or porch, use it to create a comfortable seating area. An outdoor rug, loveseat, chair and small table give buyers the idea that they could relax and entertain in this space. Colorful cushions in outdoor fabrics provide durable color and long-lasting wear the new owners can also enjoy. Make sure existing furniture is clean and maintained since moldy cushions and broken lawn chairs are not the upscale look you’re going for. 

The main point of curb appeal is to attract prospective buyers who can’t resist the charm of your home. This makes it far more likely they’ll like what the see on the inside.

Whether you are interested in buying a new home or refinancing your current property, your trusted home mortgage professional is available to help.

09 Jan 2019
By Kevin Gahagan

What Happens After Your Offer Is Accepted?

Real Estate

What Happens After Your Offer Is AcceptedWhen you make an offer on a home, you wait anxiously to see if it will be accepted. Sometimes you’re lucky enough to hear back within hours. Other times you could wait days or even weeks.

But once you get that good news that your offer has been accepted, what happens next? It’s a common question, and one that your real estate agent can help you with. In general though, here’s what you can expect.

There’s A Home Inspection

A home inspection needs to be conducted in order to assess the condition of the home for financing needs. This is a stage where some issues might come up that require negotiation. If serious problems are reported on the home inspection report, you could try to negotiate a lower price with the seller, but they don’t have to agree to that. 

There’s A Lender Home Appraisal

A lender appraisal will also have to be done. This is when the lender asks a third party to come out and assess the financial value of the home. If the appraisal comes out well, you could get approved for the selling price. But if the appraisal comes out lower than the selling price, you could have a hard time getting a mortgage unless the seller is willing to come down in price.

You’ll Go To The Closing

Now’s the time to get your financing finished up. If you’ve been pre-approved, that’s great. But your pre-approval may only be conditional. That is, it may be contingent on your financial situation to be completely in order. The full approval process may unveil something that needs to be corrected before you actually get final documents for the home purchase.

Once the documents are issued, you will go to the loan closing to sign the documents.  This usually happens with a third party closing agent or escrow company that ensure everything is in order.

The final word is that a lot can happen between having your offer accepted and actually getting the keys to your new home. That’s why it’s absolutely essential to work with a trusted home mortgage professional and a licensed real estate agent when buying a new home. They’ll be able to navigate you through any of the rough spots that happen along the way. And while there are things that can go wrong, chances are great that eventually you’ll be able to happily call yourself a homeowner!

08 Jan 2019
By Kevin Gahagan

Top 5 Ways To Pick A High Quality Real Estate Agent

Real Estate

Top 5 Ways To Pick A High Quality Real Estate AgentYour real estate agent can be the difference between a successful home buy and a bad purchase. Take a look at the characteristics of a good real estate agent and how you should vet your next partner in real estate.

Patience

Does the real estate agent immediately tell you to give up your rights to audit a home for a quicker sale? You may want to move on. The best real estate agents realize how big of a commitment a home is, and they are willing to walk you through the process at whatever pace you are comfortable with.

Localized Knowledge

There are major differences in the buying process between cities. You need a real estate agent with a knowledge of local ordinances, building and zoning laws and culture. This will save you a great deal of money, believe it or not.

Negotiation Skills

You will go through a number of negotiations with opposing parties during the course of buying or selling a house. You can take them on yourself, but they can be difficult considering that you will likely be facing a real estate agent on the other end. It is usually advisable to have a professional with similar experience on your side. Pick a real estate agent who is not afraid to fight for you at the closing table.

Connections

The best deals in any real estate market may not be public knowledge. You may not even be able to get into certain neighborhoods or business districts unless you know somebody. Your agent should be able to help you in this regard. Pick an agent who is established in your marketplace and well connected.

Other Clients’ Experiences

No real estate agent worth his or her salt will have a problem showing you testimonials and reviews of clients that they have served in the past. You may ask to speak to other clients of that real estate agent if you would like to know their experience buying or selling their home.

Sometimes the best indicator of success is the stories of other people who have been in your shoes. Also, look at the ratings, reviews and testimonials of your agent on their website or other review sites. These are great resources to learn about other clients’ experience.

Another key partner in your home buying experience is your trusted home mortgage professional. Be sure to make contact if you are ready to get pre-approved for a new home loan or find our about options to refinance your current property.