Collins & Demac Real Estate



Posted by Collins & Demac Real Estate on 5/3/2018

When you think of buying or selling a house, the first thing that comes to mind may not be the legal aspects associated with the process. You may want to reconsider this rather boring part of the process as an important one. Hiring a lawyer can help both buyers and sellers to get through many hurdles that buying a home can present. 


The Contracts


There will be many negotiations and a lot of back and forth throughout the process of buying a home. Everything thatís involved with buying a home needs a contract for it to be legally binding. A real estate attorney will negotiate on your behalf and be sure that the contracts adhere to all state and local laws. The lawyer will also help you to address issues that may affect the future of the property such as botched inspections, liens against the home, and other items that could affect you as the home buyer. 


Title Search


Real estate attorneys will perform what is called a title search. This allows them to see if there are any outstanding liens or judgements against the house. This title search will also make sure that the seller has the right to actually sell the property thatís being sold. An attorney can do all of this much quicker than the average person since they have working relationships with title companies.


Transfer Of Property


If a property is being transferred through a corporation, trust, or partnership, things can get complicated. Itís good to have an attorney who is used to working with these complex situations and understands the legal boundaries within the state or municipality   that the property is in.


If You Choose Not To Have A Real Estate Attorney


Many times, a real estate attorney isnít required to buy a property. It is advisable to have one, however. Without an attorney you increase your chances of problems arising in the future. You run the risk of:


  • Being sued for failure to disclose information
  • An improper property transaction takes place
  • You could miss relevant facts about the property
  • Failing to file the correct documents at both the state an local levels
  • Deeds are not transferred
  • Building permits werenít correctly filed


The Takeaway


Having a real estate lawyer on your side is important due to the complex nature of property transactions. While some states require that an attorney be present throughout your property transaction, many states do not have this stipulation. You are smart to hire a competent real estate attorney to protect your own interests as either a buyer or a seller.





Posted by Collins & Demac Real Estate on 4/26/2018

If you recently submitted an offer on a house and received a "Yes" from the seller, you likely will need to schedule a home inspection in the next few days or weeks. Ultimately, an inspection can make or break a house sale, so you'll want to plan for this evaluation accordingly.

Fortunately, there are several steps that a homebuyer can follow to plan for an inspection, and these are:

1. Find an Expert Home Inspector

All home inspectors are not created equal. And if you make a poor selection, you risk missing out on potential home problems that could prove to be costly and time-intensive down the line.

Before you schedule a home inspection, evaluate the home inspectors in your area. That way, you can find an expert home inspector who will go above and beyond the call of duty to assess a residence.

Reach out to a variety of home inspectors and ask for client referrals. Then, you can contact home inspectors' past clients to better understand whether a home inspector can match or exceed your expectations.

Furthermore, a real estate agent can help you find a qualified home inspector. In addition to helping you buy a home, this housing market professional can put you in touch with top-rated home inspectors in your city or town.

2. Make a Home Inspection Checklist

When it comes to preparing for a home inspection, it usually pays to be diligent. Thus, you'll want to put together a checklist beforehand to ensure that you know exactly which areas of a house that you want to examine.

A home inspection checklist may emphasize looking at a house's roof, heating and cooling system and much more. Also, it may be worthwhile to include questions to ask a home inspector in your checklist. This will ensure that you can receive comprehensive support from a home inspector throughout your house evaluation.

3. Consider the Best- and Worst-Case Home Inspection Scenarios

Although you'd like to believe that a home that you want to buy is in perfect or near-perfect condition, an inspection may reveal a wide range of problems. However, if you prepare for the best- and worst-case home inspection situations, you can increase the likelihood of staying calm, cool and collected in even the most stressful post-home inspection scenario.

If a home inspection reveals that there are no major issues with a house, you're likely good to go with your home purchase. Next, a home appraisal may need to be completed, and you'll be on your way to finalizing your transaction.

Conversely, if various problems are discovered during a home inspection, you may need to reconsider your home purchase. In this scenario, you may want to ask a seller to perform home repairs or request a price reduction. Or, you can always walk away from a home purchase as well.

If you need extra help preparing for a home inspection, you can always reach out to a real estate agent too. In fact, with a real estate agent at your side, you can get the assistance that you need to conduct a successful home inspection.




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Posted by Collins & Demac Real Estate on 2/15/2018

As the workforce changes and a growing number of companies seek out contractors and freelancers, many Americans find themselves in a gray area when it comes to their income. They may put in full-time hours, but on their taxes they work for themselves.

Mortgage lenders are cautious about who they lend to. They want to make sure you are a low-risk investment who has reliable, predictable income to ensure that theyíll earn money off of your loan.

This can sometimes make it difficult for freelancers, contract workers, or the self-employed. Not only might your taxes be unconventional, but your income could vary depending on the time of the year and the amount of business you receive.

Itís easy to see why many people would be anxious about applying for a mortgage under these circumstances. However, if youíre self-employed, thereís no need to worry. You can still get approved for a mortgage at a fair interest rate--you just need to do a bit of work to provide the right documents to your lender.

In this article, weíll show you what documents and proof of income youíll likely need and how to present it to a lender to make the process run as smoothly as possible to get you approved for your mortgage. Hereís what you need to do.

Organize your records

Before applying for a mortgage, itís a good idea to take a look at your record-keeping process. As a self-employed worker, youíre probably already used to tracking your own income. However, this will help the lender analyze your income easier and move the process along more quickly.

Having a master spreadsheet of your dated invoices, paid amounts, and the names of your clients is a good place to start. Youíll also want detailed, easy to read information for your previous employers, landlords, references, and any other information you think will be pertinent.

Next, gather your tax documents for the last three to five years. As a self-employed worker, you likely file a Schedule C (Form 1040) and a Schedule SE. Make sure you have copies of these forms.

Dealing with deductions

Many self-employed workers write off business expenses in their tax returns. Travel expenses, internet, and other costs associated with doing business are all ways to save by reducing your taxable income. Doing so can save you money, but it can also reduce your net income which is what lenders will see when you provide them with your information.

If youíre hoping to get approved for a bigger loan, one solution is to plan your taxes in the year prior to applying for a mortgage. Make fewer deductions than you normally would to increase your net income.

Be ready to clarify

When a mortgage lender is reviewing your information, make sure you are open and available to provide any information that can be helpful to them in considering your application. Being prompt and accurate with your responses will signal to your lender that you are willing to work with them.





Posted by Collins & Demac Real Estate on 11/30/2017

Purchasing a deluxe home at an affordable price may seem impossible, particularly for property buyers who are searching for a residence in a seller's market.

Lucky for you, we're here to help take the guesswork out of buying a terrific residence at a budget-friendly price, regardless of the current housing market conditions.

Now, let's take a look at three factors that homebuyers need to consider before they enter a seller's market.

1. Your Timeline

What is your homebuying timeline? Ultimately, you'll want to consider how quickly you need to relocate to a new residence. This will enable you to map out a homebuying journey that boosts your chances of getting the best results possible.

For example, if you have several months to plan ahead, you may be able to wait out a seller's market. You can pursue a wide range of residences over an extended period of time. And if you find a residence that you like, you can submit an offer on it.

On the other hand, if you need to move right away, you'll likely need to speed up the homebuying journey. In this scenario, you'll want to make the most of the time and resources at your disposal. If you can optimize the time and resources that are available, you may be better equipped than other homebuyers to discover a great home in a seller's market.

2. Your Budget

How much can you afford to spend on a home? A seller's market favors property sellers, so you'll want to do everything possible to budget appropriately and avoid the temptation to overspend to acquire a residence.

Getting pre-approved for a mortgage usually is an excellent idea. If you meet with banks and credit unions, you can learn about your mortgage options and choose a mortgage that matches your finances perfectly.

With a mortgage in hand, you can enter the housing market with realistic property buying expectations. You also may be able to narrow your home search, and as such, speed up the process of purchasing your ideal house.

3. Your Homebuying Expertise

What do you know about the housing market? In most cases, homebuyers lack real estate expertise. However, working with a real estate agent ensures you can receive comprehensive support as you navigate a seller's market.

A real estate agent is a friendly, knowledgeable housing market professional, one who will go above and beyond the call of duty to assist you during the homebuying journey.

Typically, a real estate agent will set up home showings, keep you informed about new properties as they become available and negotiate with home sellers on your behalf. He or she will even provide honest, unbiased recommendations, guaranteeing you can get the expert insights you need to make informed homebuying decisions.

When it comes to exploring houses in a seller's market, why should you be forced to leave anything to chance? Consider the aforementioned factors closely, and you can improve your chances of acquiring a stellar home without having to break your budget.




Categories: Uncategorized  


Posted by Collins & Demac Real Estate on 10/12/2017

The housing market presents many opportunities for homebuyers. And after the right amount of research, you're sure to find plenty of exceptional houses that suit you well. But how do you know when you're ready to submit an offer on a residence? Determining the "perfect" offer for a house is key, and if you feel comfortable with your proposal, you may be better equipped to receive a resounding "Yes" from a home seller. Improve your chances of submitting the perfect offer on a residence Ė here are three tips that you can use to submit the right offer on a home: 1. Consider the Home Seller's Perspective. Of course, when you submit an offer, you likely want to make a proposal that fits your needs and budget. On the other hand, you must consider the home seller and ensure your offer represents a fair deal for both sides. If you submit a "lowball" proposal, there's a strong chance that a home seller will reject it immediately. Conversely, if you submit an above-average proposal, you may wind up paying a price that exceeds your budget. To make the right offer, evaluate the home seller's price as well as the price of similar homes in an area. By doing so, you'll be better equipped to make an offer that corresponds to the current housing market. Also, don't be afraid to discuss your proposal options with your real estate agent, as this professional may be able to offer insights that you can use to boost your chances of getting a "Yes" from a home seller. 2. Prepare for Plan B. Even if you consider your offer to be fair for both you and a home seller, there are no guarantees that a home seller will feel the same way. Thus, you need to be prepared to act quickly in the event that a home seller declines your offer. If a home seller says "No" to your proposal, you can always submit another offer. Or, you may want to consider moving on and evaluating other homes that are available. 3. Be Realistic. It is essential to feel comfortable with an offer you submit on a house. And the moment things start to make you feel anxious, you may want to reconsider your options. For example, a home seller may counter your initial proposal, but you might lack the finances to meet this seller's expectations. In this scenario, you should be unafraid to walk away. That way, you can avoid the dangers associated with over-extending your budget, which could put you in a tough financial position down the line. Remember, the perfect offer on a residence is one that fulfills the needs of both a homebuyer and home seller. If you feel uncomfortable with a home seller's counter offer, you need to understand the situation and act accordingly. Submitting the perfect offer can be tricky, especially if you're dealing with a home seller who sets the bar high for his or her residence. Fortunately, your real estate agent can help you alleviate the stress commonly associated with making an offer and ensure you are fully supported throughout the homebuying process. Work toward submitting the perfect offer on a home, and you can bolster your chances of a home seller accepting your proposal.







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