Collins & Demac Real Estate



Posted by Collins & Demac Real Estate on 8/3/2017

There are countless reasons a homeowner might want to sell their home and buy another. Some want to move for a change of scenery or to relocate for work. Others are parents with a recently empty nest who want to downsize to something more affordable that meets their needs.

The good news for second time homebuyers is that you already have an idea of what to expect when buying a home. The research, paperwork, disappointments, and delays that come with buying a home can all be prepared for. However, if you have the burden of selling your old home, finding a temporary place to live, and then moving into a new one, your responsibilities can be doubled or tripled.

In this guide, we’ll go over how to prepare for selling your old home and moving into the new one. We’ll cover some common mistakes and offer some advice to keep you sane throughout this daunting (but exciting!) process.

Buying or selling first

For most homeowners, selling first makes the most sense financially. Holding onto a second house often means having to make two mortgage payments at once. Similarly, selling first will give you a much clearer idea of your budget for your new home.

Depending on market conditions, your home may or may not sell for as much as you were hoping. It’s important to keep this in mind before signing onto a new mortgage.

Moving logistics

Once you sell your home, you’ll have to work out living and storage arrangements until you are ready to move into your new home. It may seem easy at first--just rent for a couple months until your move-in date, right? It isn’t always that simple, however, as deals can sometimes fall through and you can find yourself with a move-out date from your own home without having finalized a deal on your new home. Because of this, many homeowners elect to may their current mortgage for an extra month or two until they can move in to their new home. 

Research your options for short-term living and storage in your area. See if you can work with moving companies who will give you a discount for helping you move twice; once to the storage facility and again to your new home.

One way around this is to time your move out and move-in dates so that you don’t have to worry about storage. Some homebuyers will even move into the new home before officially closing on the home (i.e., take possession before closing). While this may be convenient, it can also be dangerous for the buyer and the seller.

Plan meticulously

One of the best piece of advice we can give is to stick to your schedule and keep good records during your buying and selling processes. Make sure whoever buys your home is aware of your plans for moving out and that anything that could delay those plans (inspection issues, moving logistics) are taken care of.  

Keeping track of all this information can be difficult, so don’t be afraid to keep a daily list or planner of the things you need to take care of, and never be afraid to reach out to your real estate agent who will often be able to advise you on the best way to make your move as smooth a process as possible.





Posted by Collins & Demac Real Estate on 3/23/2017

Purchasing a home can be stressful, and the homebuying process might even cause your blood pressure to rise if you're not careful. Fortunately, there are many quick, easy ways to minimize stress and stay calm during the homebuying process, including: 1. Don't Be Afraid to Take a Step Back and Relax. The real estate market remains an ongoing battle between homebuyers. Plus, after you find a house you like, you may encounter problems with a home seller as you try to finalize a purchase agreement. But remember, as you move along the homebuyer journey, don't be afraid to take a step back and relax. Buying a home represents a life-changing event, one that should not be taken lightly. However, homebuyers who try to rush through the homebuying process may watch their stress levels rise quickly – the last thing any homebuyer wants to encounter. If you feel stressed at any point during the homebuying process, be sure to take a deep breath and focus on the big picture. By doing so, you'll be able to improve your chances of remaining cool under pressure and simplify your journey from homebuyer to homeowner. 2. Stay Organized. As a homebuyer, you may be required to make phone calls and emails as you move along the homebuying journey. And in some cases, problems could arise if you don't document your conversations properly. But a homebuyer who devotes the necessary time and resources to stay organized should have no trouble tracking phone calls and emails that are sent to a home inspector, lender or other professionals who may be involved in the homebuying process. Jotting down notes on phone calls usually is a great idea for homebuyers, as this allows you to keep track of your conversations. And if you send emails, you already have a surefire way to monitor any messages you send or receive, too. 3. Hire a Courteous, Diligent Real Estate Agent. Let's face it – it often is easy to become emotional during the homebuying process. On the other hand, if you have a courteous, diligent real estate agent at your side, you'll be better equipped to overcome any hurdles that you may encounter during this process. Your real estate agent will offer information about upcoming open houses and set up home showings, enabling you to check out many homes that fit your needs. Also, this professional ultimately will serve as a liaison between you and a home seller and can help you stay calm, cool and collected during negotiations. Furthermore, your real estate agent will keep you up to date as you progress through the homebuying journey. As a result, this professional is exceedingly important and can help streamline the process of buying a home. The homebuying process can become time-consuming and complicated, and as such, cause stress. Conversely, if you use the aforementioned tips, you should be able to simplify the process of finding a home that suits your perfectly and buy this residence without delay.




Categories: Uncategorized  


Posted by Collins & Demac Real Estate on 2/16/2017

When you’re buying a home, there’s a lot to think about. Your finances probably have the biggest impact in the entire home search process. The amount of a down payment you have and the amount of loan you’re approved for help decide what you can buy. 


When you hear about closing costs, what do they entail? How much will you need to cover these costs? Many people get to the closing table for their home purchase and feel unprepared. You’ll need a certain amount of cash on hand when you finally close on a home. Learn more about closing costs, so that you understand everything that you need to know about your home purchase.    


Closing costs are spelled out pretty plainly in just about every kind of real estate contract. These costs are the fees associated with the title companies, attorney, banks, lenders and everyone else who is involved in the purchase of a home. The closing table is also the time when you provide your sizable down payment. The closing costs that are being referred to are considered a separate expense independent of the closing costs.


Closing Costs Vary


Closing costs can range from anywhere between 2 and 8 percent of the purchase price of the home. You can’t really “choose” what’s included in the closing, so you’ll need to have an idea of how much money you’ll need to write a check for. Lenders can give you an estimate of about how much closing costs will be. 


Negotiations 


Certain things like the realtor’s commission fees can be negotiated and can be paid for by the buyer or the seller. The good news is that you can roll your closing fees in with your mortgage in some cases. You may also be able to negotiate with your lender to pay the closing costs for you in exchange for a higher interest rate. 


What’s Included In Closing Costs?


Depending upon where and what type of home you’re buying, what the closing costs actually cover varies. Here’s just some of the things that closing costs cover:


  • Appraisal
  • Escrow fees
  • Credit reports
  • Title search
  • Title exam fee
  • Survey fee
  • Courier fee (Most transactions are done electronically, but in some cases this may be necessary)
  • Title insurance
  • Owner’s title insurance
  • Natural hazards disclosure
  • Homeowner’s insurance (Your first year of insurance is often paid at closing)
  • Buyer’s attorney fee
  • Lender’s attorney fee
  • Transfer taxes
  • Recording fees
  • Processing fees
  • Underwriting fee
  • Pre-paid interest
  • Pest inspections
  • Homeowner's association transfer fees
  • Special assessments


These fees vary widely by state and the type of property that you’re purchasing. Not every fee is required, but the above is just a list of many of the possible fees that could be included in on the closing of the home you choose.





Posted by Collins & Demac Real Estate on 11/3/2016

Just as selling a house can be a hassle, so can buying one, but it’s exciting and scary at the same time. A few things to remember before entering into an agreement will make the process a little easier. It may be that you are relocating and have decided that the best way to put down roots is to buy. It can also be a better choice than renting, given the high costs of rental property these days. First, you must scope out the area, checking the neighborhood, the proximity to your work, and the school system, for instance. Also, look at the tax rate, as they vary from town to town. As a rule of thumb, taxes are higher if the property is in a city or located adjacent to one. A “bedroom town” might be a better bet. That is a town that is still in the suburbs but doesn’t border on the city. It might be next to the one that does, but that is what keeps the prices and taxes a tad lower. Another very important consideration is to get pre-qualified for a mortgage before looking at property. Your credit rating and income and expenses will be a factor on how much you can afford. Go to a reputable bank or lender and sit down with the lender for a realistic picture of your finances. Although it is “scary”, it is vital to know where you stand. Once you are ready to start looking, there are a multitude of real estate agents just waiting to help. Sometimes, recommendations from friends or people in the area can help you decide which agent is dependable and will have your best interests at heart. Don’t be impatient; it takes some time to complete the whole process. Six to eight weeks on average is likely, but it can take much more time, what with home inspections, and taking care of any issues of the property’s condition and legalities, such as titles and the like. Most of this part will fall on the seller, but it still can slow down the process. Once you have decided on a house and made the offer, sit back and relax, if you can. It’s a time consuming process, but owning a home is very large investment and you don’t want to make a mistake.





Posted by Collins & Demac Real Estate on 9/29/2016

Let's face it – buying a home is rarely simple. As such, you may need extra help along the way to ensure you understand the ins and outs of purchasing a house. So what does it take to become an expert homebuyer? Here are three homebuyer education options that are available to homebuyers nationwide: 1. Family Members and Friends Did a family member or friend recently purchase a house? If so, you may be able to lean on this individual for support as you explore the real estate market for the perfect home. Typically, a family member or friend can serve as a reliable source who can share his or her past homebuying experiences. This individual also might be able to recommend a real estate agent who provided outstanding support to him or her in the past or suggest areas where you may be able to find a home that fits your budget. Family members and friends, of course, can help you minimize stress throughout your search for the right home, too. Thus, you should be able to rely on them for a helping hand as you explore the housing market. 2. Networking Groups and Workshops Did you know that networking groups and workshops may be available that can empower you with insights you need to find the right home immediately? That's right, and in many cases, there are no costs to participate in these groups and workshops as well. Usually, a networking group serves as a collection of homebuyers with a common mission – to discover a great house at an affordable price. It is important to note that networking groups are scattered across the country. And in order to find the right networking group, you may want to search websites like Meetup and Facebook. Homebuyer workshops occasionally are held at various locations nationwide by homebuying experts who are happy to share their knowledge. In many cases, cities and towns also will host free homebuyer workshops, enabling you to learn what it takes to purchase a house quickly and effortlessly. 3. Real Estate Agents When it comes to becoming an expert homebuyer, there may be no better resource at your disposal than an experienced real estate agent. Because with the right real estate agent at your side, you'll be able to explore a broad assortment of high-quality houses any time you choose. To hire the right real estate agent, you should be prepared to meet with several real estate professionals and discuss your homebuying needs with them. By doing so, you'll be able to find a real estate agent who you are comfortable working with and possesses the skills and expertise needed to ensure you can find your dream home without delay. Purchasing a house can be a stressful, time-consuming process, but receiving homebuyer education from multiple expert sources ensures you are better equipped to buy a house that fulfills your needs. Utilize the massive collection of homebuyer educational resources that are available, and ultimately, you can improve your chances of purchasing a home that you can enjoy for years to come.







Tags