What is the difference between short sales or foreclosure listings?

As you're looking for homes, you might be coming across short sales or foreclosure listings - I can help you understand the differences between these listings, and talk with you to figure out if they're right for you!

 

Short sales occur when a bank agrees to allow a seller to sell a home for less than the total debt owed on the mortgage.  Banks typically only agree to this "short payoff" of the debt after they have reviewed the seller's financial history and have proof of a financial hardship. The bank's approval is not guaranteed and often can take a long time to receive, so sometimes these transactions can be long and frustrating.

 

Foreclosures have already gone through the auction process and are now bank-owned. The properties are sold "as-is", so buyers should exercise some caution and see what kinds of repairs might be needed since the bank will not typically make any repairs to the property.

If you're interested, let's discuss if either of these property types may make sense for you.

 

Let us know if you have any questions! 

www.cbgold.com  907-456-4653

Coldwell Home Buyer Tips: When you are looking but not ready to buy!

Are you finding homes you like on wwwcbgold.com or apps like Realtor.com or Zillow? Even if you're not ready to go see homes, you can still get into a great position for buying a home.

 

1. Know your neighborhoods. Use the website to learn more about schools, restaurants, public transportation, and walkability in neighborhoods where you're searching.

 

2. Get your finances in order. If your credit is not great, work at paying down your debt. If you'd like to meet with a financial advisor to talk over your situation, I can recommend one to you! 

 

3. Stay organized. Make sure you have all the documentation you will need for the loan process. Use the Saved Homes feature to keep all the homes you like in one spot.

 

I hope those tips help you. Let me know if there are any questions I can answer for you, or if you're ready to go see a home or two!

Top Eight Home Showing Tips

Top Eight Home Showing Tips

Showing your home is essential in the real estate business. After all, who would purchase a property sight unseen? When a potential buyer stops in, here are eight recommended tips to follow when showing your home:

 

Tip # 1: Welcome Your Buyers

Graciously greet your potential homebuyers and invite them to look around. Make sure that you instruct them to take their time and to ask any questions that they may have.

 

Tip # 2: Be Flexible

Many homebuyers are on a tight schedule, whether it be work, school or other commitments. Time is tough to come by, so try to be flexible about allowing potential buyers to tour your home.

 

Tip # 3: Climate Control

When a buyer comes into your home, they do not want to feel cold in the winter or overly stuffy in the summer. Make sure that the temperature is comfortable. Otherwise, your buyer may not spend as much time in the home as necessary in order to form an accurate opinion. The last thing you want is a buyer who's in a hurry to leave.

 

Tip # 4: Quick Cleaning

If you have enough time before the buyer shows up, run the vacuum over the floors and make sure that any clutter is cleaned up. A clean home appears larger, while a cluttered one gives the appearance of being too small. If you really want to impress your potential buyers, place a plate of freshly baked cookies on the dining room table. When they walk into your home, they will be greeted by the wonderful smell.

 

Tip # 5: Animal Control

If you have pets, remove them from the home temporarily or place them in a contained space, such as a kennel, exercise pen or carrier. This will allow buyers to tour the home without being distracted by a nervous animal, which could result in a nervous buyer.

 

Tip # 6: Light The Way

Your home should appear open and bright, even if it's a winter day, so open the curtains and turn on the lights throughout the home. Buyers will not likely be drawn to a dark, dimly-lit house.

 

Tip # 7: Educate Your Buyers

When someone is looking for a home, they are looking for more than the perfect floor plan. If you have recently had the home appraised or inspected, place copies of each report on the dining room table. Purchasing a home is a big step, and buyers will be drawn to a home that has everything out on the table, so to speak.

 

Tip # 8: Ask For Feedback

Once the potential buyer has completed their tour, invite their feedback by placing comment cards in the home. The information provided could be potentially helpful during your next home showing, and it will make the potential buyer feel as though you value their opinion.

Homebuying Tips

As you begin to think about taking steps toward buying a home I thought I would send a message pointing out some high level tips that may help you. 

Like any other life changing experience, buying a home for the first time can seem overwhelming. However, once you are able to organize your priorities, conduct research and interact with a real estate agent, your confusion will quickly turn into excitement. 
Keeping in mind some of the basic tips outlined below can help pave the way to a successful home buying experience. Prior to researching the real estate market and hunting for mortgages, setting your goals and priorities is crucial. Take some time to reflect and determine if it is the right time to purchase your first home. You may also want to ask yourself where you want to be in the next few years and consider how purchasing a home for the first time fits into your long-term goals. Once you determine you are ready to purchase your first home, look into the details of the buying process. Any insight you gain will help you avoid unwanted headaches further along in the process. 

The next important step in the home buying process may seem obvious but is often overlooked during the excitement of purchasing a first home. Very simply, you need to determine what you can afford. Too often, buyers underestimate or simply miscalculate the costs of owning a home. Before searching for your first home, ask yourself if your income is both adequate and reliable enough to afford mortgage payments. There are also upfront costs to consider when buying a home. Though the amount required to cover a down payment and possible closing costs will vary, there are usually some out of pocket expenses to incur when closing on your first home. 

Being prepared for these expenses, as well as any unexpected costs that occur after you have moved in will help your transition into home ownership. After determining what you can comfortably afford, you should start shopping around – for both homes and mortgages. By this time, you should have a good idea of what types of amenities you are looking for in a first home and what neighborhoods best match your family's needs. 

As your search advances, you may want to attend some open houses in your neighborhoods of interest. Even if you don't find the perfect home right away, being active in the market will give you a better chance of finding the best fit for your needs. 
While looking at homes, you may also want to see what types of mortgages are available to you. If you are able to determine what rates you qualify for and estimate your mortgage payment before actively bidding on a home, you can narrow down your price range and make a confident offer when the time comes. 

Though following the previous steps can help a home buyer find the right home, buyers never need to go it alone. After conducting your own research, it is a good idea to find an agent you can trust. Besides being able to assist you when searching for the right home, a reliable real estate agent can help guide you through the home buying process. If you are patient with the home buying process and do your homework before purchasing your first home, your diligence will most likely lead you to the perfect home for your family. 

Feel free to reach out to our Coldwell Banker Gold Country Agents if you have any questions or are interested in kicking off your home search 907-456-4653.

How To Buy A Home With A Low Down Payment

Purchasing a home with a low down payment is important for a number of reasons, including the buyer's ability to have extra cash left over for closing costs, decorating expenses, upgrades and/or other essentials needed to turn their new house into a home. Thanks to the level of competition between mortgage lenders, it's now easier than ever to buy a home with a low down payment.

 

First-Time Homebuyers

 

There are a lot of perks to being a first-time homebuyer, including the ability to get in the door with a low down payment. Many lenders will ask for a down payment as low as five percent (three percent for FHA loans) to those looking to purchase their first home.

 

A first-time homebuyer is someone who has rented their previous home(s) or has never purchased a house on a permanent foundation. Individuals who have owned manufactured homes may also be eligible for a first-time homebuyer loan, but the final decision is up to each individual lender.

 

FHA Loan

 

This type of loan is guaranteed by the Federal Housing Authority (FHA) and allows for a smaller down payment than many conventional loans. In addition to offering down payments as low as three percent of the total purchase price, FHA loans often carry lower interest rates and are easier to qualify for. This type of loan is ideal for first-time homebuyers, individuals with past credit problems or even those who wish to purchase a second home.

 

Provide Your Land As Collateral

 

If you own the land that you intend to build on, many lenders will use the land in place of a down payment. In other words, you build a house on the land that you already own, and the lender gets both if you default. This is why individuals who own land often choose to build, while using the lot in place of a big down payment. In addition, many lenders are more willing to approve a loan if the land is already owned by the buyer.

 

Owner Financing

 

When a seller lists their home, they have the option of considering owner financing. In this situation, a buyer provides a down payment to the seller and signs an agreement to pay for the home (plus interest) over a preset number of years. Owner financing typically requires a lower down payment, which can be any amount that the buyer and seller agree to. Because there is no bank qualifying and no credit check, a seller can extend the offer on any terms that they wish.

Looking for someone to trust in your home search or sale?  Call Coldwell Banker Gold Country at 907-456-4653 www.cbgoldcountry.com