Real Estate Info

If you're buying a home and have gotten the clear to close from your lender, then CONGRATULATIONS! - all of your efforts to purchase your dream home are about to become a reality!

What they don't tell you is that there are a few actions that can bring this process to a complete HALT.

I'm here to let you know what these mistakes are so that you DON'T make them before you reach the closing table!

All of the following items are RED FLAGS for your lender and they could decline the transaction because of one of the items below happening right before buying your home:

1. Don't purchase items such as a new car, new furniture or new appliances.
2. Don't open a new line of credit or close an existing line of credit.
3. Don't quit or switch jobs.
4. Don't make a late payment on a bill.
5. Don't ignore questions/requests from your lender and/or broker.
6. Don't authorize a credit check.
7. Don't make large deposits into your bank account outside of your normal paycheck amount.
8. Don't cosign a loan with ANYONE.
9. Don't change bank accounts.
10. Don't take out a payday loan.

Wishing you Every Success!

7 REAL ESTATE FACTS YOU NEED TO KNOW

1. Property taxes are ASSESSED every year - this means your taxes will probably go up after you purchase your home.
2. HOA Dues DO matter - the amount and frequency of the HOA dues in a community could make or break your financing.
3. Real Estate Websites aren't ALWAYS accurate - some real estate websites feed from multiple sources, aren't regularly updated or can be updated by just anyone. Information that you find on the web regarding a specific house may not always be correct depending on how quickly the website updates its listings.
4. Home Value Estimates are NOT always ACCURATE - these online estimates are calculated by a computer and not an experienced realtor which leaves out a lot of important factors used to price a home.
5. Seller's PAY the commission - sellers pay the entire real estate commission for the sale of the home, half of the commission goes to the listing agent and half to the buyers agent. This means that if you are buying a home, then it is virtually free for you to use a real estate agent.
6. Going directly to the Listing Agent DOES NOT SAVE money - some buyers believe they will save money going directly to the listing agent instead of hiring a buyers agent. This isn't true because the commission is always paid by the seller. It's also not recommended because the listing agent won't have a buyers best interests in mind.
7. Not All Types of Properties QUALIFY for financing - not all financing programs accept all property types and not all sellers accept all types of financing. This is why it's recommended to explore available financing options before searching for a home.

LOCATION, LOCATION, LOCATION...

We all know that living near a good school increases the value of your home. But who knew a neighboring cemetery can adversely affect your property value? Or that proximity to a hospital isn't a good thing? In fact, we now know—or should know—that nothing is more important when selling your home than your neighborhood. So if you're buying, think ahead; purchase your dream home in the wrong location and you may be buying into a nightmare.

Here are some location no-nos:

• Realtor.com research has found that living near a cemetery will lower your property value by 12.3%
• And having a hospital nearby means when you sell you can expect an impact on your sale price of 3.2%.
• Also note: make sure you move near a "good" school; a "bad" school will reduce your home's value by 22.2%. ·
• An article in the Journal of Transport Economics and Policy indicates that having an airport nearby can discount the value of your home. The greater the noise level, the greater the negative impact.

Among the amenities to look for in your neighborhood-to-be:

• Proximity to transit. According to a Transit-Oriented Development in America survey, 55% of Americans would pay more to live near good transit options. The study, conducted by consultant HNTB Corporation, found that 57% of respondents liked not having to depend on cars to "work, live, and play." ·
• A neighborhood on its way up—not down. In transitional neighborhoods, you get a lot of value for your home-buying buck. Your real estate agent is the best source of information and will also know if there are any planned roads or developments that may impact the neighborhood—positively or negatively.
• Water, parks, and green spaces. A nearby waterfront can add up to 25% to the value of your home