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Posts Tagged ‘Buyers’
Home Warning Signs for Possible Buyers
Buying a home is big decision and a huge investment. It is important to not only consider prices, location, and other conveniences but to make sure that everything is up to the standards it should be. There are some warning signs to look out for that many home buyers may not even have considered. These tips and advice will help you find other warning signs. This way you can make sure that you truly are getting the right home for you.
Ask your Syracuse real estate agent
It is a real estate agent’s job to know what buyers want and also what they should look for and beware of. They also have information about any problems with the house you may be looking at. They are a great information resource.
Check the water pressure
If the water pressure is low, this may be a sign of plumbing problems or pipes needing repair. Make sure to check for these problems and plan for extra costs when thinking about how much you want to spend on a home.
Look for problems with doors
Open and close all doors in the home to make sure they all open properly. If they don’t, it may need a simple repair or there may be a structural problem which will be very costly in the future.
Notice odors
If there is cigarette smoke or an odor from a pet, they can be hard to get rid of. They may require a heavy cleaning by a professional. Consider this before buying a home.
If there is a basement, check it over thoroughly
It is important if there is a basement to look it over very carefully. Check for water damage or structural damage or decay. If there are any signs of these things, they may be expensive to fix in the future. Ask the seller about this and think about having them make some repairs and offer an incentive towards the repairs.
There are many things that home buyers look at and consider before buying a home. They think about the price, bedrooms, bathrooms, locations, neighborhood and more. Some of these warning signs however, may get overlooked. These tips will help you know about the signs in advance and save you time, money and stress in the future.
What to Know Before Backing Out of a Real Estate Contract
If you sign a contract to buy or sell a home, it’s expected that you will be able to follow through. Once you’ve signed the contract, the other party (buyer or seller) begins preparing for the sale. A buyer may be finalizing the sale of their current home; a seller might be finishing the paperwork for the home they will be moving into. Movers are hired.
What happens when you need to back out of the contract, for whatever reason? That depends on whether or not there was an “escape clause” in the contract. Most contracts will have a way for the buyer to back out if their loan falls through or if the home inspector finds structural damage or other problems that could cancel the sale. Buyers can also ask for a contingent sale clause, stating that they can back out if their current home does not sell. Sellers of an estate property can include a statement saying that the sale must be approved by the appropriate family members before it can be sold, such as if a home was left to the deceased’s children as a whole, instead of just to one.
Avoid canceling a real estate contract for almost any other reason, if possible. If you can’t avoid it, check the contract. Most have a section detailing what will happen in the case of the buyer or seller needing to back out of the sale. The consequences are usually costly. Buyers will often forfeit the “earnest money” deposit they paid when they execute a purchase contract for the home. Sellers will have to return the earnest money (kept in escrow until this point). There is also a good chance that the buyers will ask for damages, to cover time and money spent on the purchase. In some cases, the buyer may ask a court to force the seller to honor the contract, and sell the home.
Buying or selling a home is a huge financial move. No one enters into a real estate contract with the intention of later backing out. If you need to, for any reason, let your real estate agent know immediately. You may also want to contact a lawyer, to discuss your options. If there is any reasonable way to avoid breaking the contract, strongly consider it. The financial and legal consequences of walking away from a contract for a home can be incredibly stressful, for all parties involved.
New Year’s Resolution: Buy a Home
The beginning of a new year is a time for looking back and looking forward. It is also a time for setting goals for the upcoming 12 months. With the homebuyers credit extended through April, and home prices still low, this could be the perfect year to make good on your plans to buy a home.
Like any good goal, you need to start with a plan. Here are 10 easy steps to follow, to get you started on buying your new Syracuse area home.
- Check your credit score. Even if you aren’t planning on buying right away, you should know what your score currently is, and start looking for ways to improve it. You also need to look for any errors and have them corrected as soon as you possibly can.
- Inspect your finances. You will need at least 3.5% of the total price of the home for a down payment, if not more. Lenders prefer if you have 20% or more. You also need to see if you can afford the mortgage payments for a home. Lenders will figure 33% of your income can be put towards your monthly mortgage payments; you need to make sure that amount is enough to pay for a home.
- Start thinking about what you’re looking for in a new home. Do you want a big yard? How many bedrooms or bathrooms do you need? Where do you want to live? While you don’t need to have an exact checklist, it will help both you and your Syracuse real estate agent if you at least have a general idea.
- Start looking for homes online, to give yourself a better idea of what’s available for different prices and neighborhoods. If there are any homes that really stand out, make a note of them for the next step.
- Contact a Syracuse Realtor. Someone who knows the local area will be able to help you find the home you are looking for.
- Look at available homes, attend open houses, and begin searching for the right home.
- Make an appointment with several area lenders to discuss financing. Get quotes from each for your mortgage, and remember to ask questions. The more you know about your loan options, the more prepared you will be.
- Pick out the lender you feel most comfortable with (who is also giving you the best, or one of the best, mortgage packages), and ask to be prequalified for a loan. This will give you the ability to pick a home based on what you are going to be able to take a loan out for.
- Pick out your new home. Make an offer, get it accepted (hopefully), go through some paperwork, and schedule a day for the closing. Start packing, if you haven’t already. Also, don’t forget to hire a home inspector to walk through the home with you, pointing out any potential problems.
- Close on the home. Sign all of the paperwork, get the keys (if the sellers have moved out), and start your new life as a homeowner.
Tips for Buying a Home from a Builder
More often these days, people go to “parade of homes” events or talk with their friends and family and decide to buy a home directly from a builder instead of looking for another home. This way they get exactly what they want and it is brand new. Buying a home can be challenging though and buying from a builder has its own challenges. Here are some tips for buying from a builder to help make the process easier and more enjoyable for everyone.
Ask your real estate agent for advice
Real estate agents experience many different situations with buyers and sellers and they are a great resource. They will answer any questions you may have or put you in contact with someone with more information. They also can be available to help you talk to builders and lenders and to help negotiate.
Shop around for a lender
You may think it is easy to just go with the builder’s lender, but this may not always be the best choice. They may overcharge you or not really listen to your concerns and needs. It is best to shop around for the right lender that will best fit your needs.
Obtain legal advice
When buying directly from a builder, sometimes they just write up an agreement that is best for them and not the buyer. Make sure to ask plenty of questions and know your rights. Also, make sure you get an agreement that works for you as well.
Hire a home inspector
It always a good idea to hire a home inspector when buying any home. Home builders have certain requirements but it is a good idea to make sure everything is done properly and any repairs are made before you purchase the home.
Ask around about the builders
Make sure the builders have a good reputation for building good quality homes with good construction. It is a good idea to ask other people that went with the same builder or to ask your agent for information on the builders.
These tips will help make the buying process easier for everyone. Buying a home can be challenging, but it should also be an enjoyable and rewarding experience as well. These tips will help make sure everyone is on the same page and help make sure there are fewer problems in the future.
After Closing Tips for Home Buyers
So you have finally found the home of your dreams that is just right for you and your family and it is all yours, but you may be wondering what you do now. You need to pack and move and there are so many things to think about and do. Here are some after closing tips to help the process go a little easier for everyone involved. This way you can settle in with fewer worries and just enjoy your new home.
Ask your Syracuse real estate agent for advice
After you are finished closing on your new home, you may think you do not need your agent anymore, but they are still a great resource of information. They can help you figure out what to do next and give you contacts you may need. They are also good to keep in touch with for any future problems, concerns, questions, or future moving plans.
Set up utilities
Make sure to contact the electric, gas, and phone companies to get everything hooked up and working properly. Also, it is a good idea to look through your closing paperwork and see how far the utilities are paid up by the previous owners.
Make any needed repairs
If any repairs are needed, make sure they are completed and everything is working before moving your family in and your stuff into your new home. It also may be a good idea to paint or repaint and decorate your home before moving your stuff in.
Notify people of your move
It is important to notify the post office of your change of address and to make sure all your mail will be forwarded. Other people that need to be notified are banks, employers, friends, family members, caregivers, and schools if you have kids.
Change any locks on your new home
It is important to have the locks changed on your new home. That way only people you know, will have access to your home. If you use keypads or other security systems make sure these are changed and set up as well. It is also a good idea to make sure all locks are working properly.
These tips and advice for after closing will help make the process seem a little less overwhelming and stressful for everyone involved. The moving process can be hard enough and these tips will help remind you of everything you need to get started. This way you can know everything is set up and ready for your move to your new home. Then you can sit back relax and enjoy your new home with your family.
Preapproval for a Mortgage
Before you buy your first home, your Syracuse real estate agent will probably recommend that you take the time to get preapproved for a mortgage. Taking the time to narrow down lenders and get a definite highest amount that you can spend on a home can save you a lot of time and frustration down the road.
Once you know what you can spend on a home, you no longer have to waste time on homes you can’t afford. Instead of looking out homes outside of your price range, you can concentrate on the ones will be able to buy. This will save you a lot of energy and probably even speed up your search for a home. It also allows you to worry about something besides the price of a home when you’re looking at it, freeing you up to pay more attention to the finer points of the homes you look at.
Once you have found the perfect home, you can make an offer, confident that you have the financing to back it. Sellers will appreciate knowing that you have already been approved for a mortgage for the home; they won’t be put into the situation of trying to close the property only to have financing fall through at the last minute. If there are multiple offers, this could give your offer the edge it needs over the others. This will work in your favor even more if the sellers are hoping to close as soon as possible. Instead of closing after a month or more, it may only take a couple of weeks. Being preapproved for a mortgage also gives you a great bargaining position. Because sellers know that your financing is a sure thing, they may be more willing to work with you during the negotiation process.
It is important to know that being preapproved is considerably different than being prequalified. When you are preapproved, you’ve essentially gone through the entire mortgage approval process. The preapproval letter you’re given states that you will be getting a mortgage for up to a certain amount. This is usually only good for a limited amount of time, depending on the lender, but you should have plenty of time in which to find a home.
A prequalification letter is based on a much simpler process. The lender looks at briefly at your current financial status, and lets you know how much of a loan you could afford. This is not the same as what you will actually be getting for a mortgage, and it is non-binding. There is no promise implied in any of the letter. The loan amount, interest rate and terms will all be determined when you apply for the actual loan.
Home Safety Tips for Home Buyers
When moving into a new home, there are many things to consider, space for all the things you have, location, a yard, improvements needed and more. One of the most important things to consider though is whether or not the home will be safe for you and your loved ones. Here are some tips to help make sure the home you want is safe for everyone. This will help you worry less and enjoy your new house more.
Ask your Syracuse real estate agent for advice
As real estate agents, they need to know about the location of a property, any hazards and some history of the owners and more. Ask as many questions as you have or make sure to get documents verifying the safety of the home.
Water and Heating
It is important to check the water and heating systems in a house and find out how old they are or when it was last repaired and why. Ask your agent for documents if they are available.
Maintenance and alternations
If the house has had repairs or improvements, ask when they were and why. Then check doors, windows, and walls for any signs of damage or wearing away. If the house has been recently decorated or painted, ask about why. This will help make sure the sellers are not hiding anything.
Electrics
Check to make sure the outlets are old or new and ask about how many outlets they are available. It is also important to ask the owners about any electrical problems and when they were last repaired and why.
Check the neighborhood
Look and see how well the streets are lit and ask about the level of crime in the area. It also may be important to talk with other neighbors and see how well built their houses are and how safe they seem. Noticing how busy the street is may be helpful as far as safety as well.
These basic home safety tips will help you figure out if the home you are interested in purchasing is really safe for you and your family. This way you can know for sure that everything that is important to you will be safe. This will help provide peace of mind and let you be able to better enjoy your future home.
Tips for Coping with Home Buying Stress
When searching for the right home and buying a home, this can be a very stressful process because this is a major purchase and there is much to consider. However, home buying should also be an enjoyable, rewarding, happy experience. Here are some basic tips for coping with the stress of buying a home. This will help you and your family to worry less, have more peace of mind and just be able to enjoy your new home and future.
Ask your Syracuse real estate agent for help
As real estate agents, it is their job to help you search for the right home and to answer any questions you may have. Do not be afraid to let them help you and to ask for advice or help when needed. This will help reduce stress from the whole home buying process.
Purchase Offer Stress
Stress can start during a purchase offer or when signing a purchase agreement. You may start to worry and wonder whether or not they will accept the offer, what will happen when you find a home you like and more. This is where your agent will be a major help. Discuss your concerns with your agent, and make sure you get everything explained well and all your questions answered.
Stress waiting for Acceptance
Stress can happen and increase while waiting for a seller to accept your offer. You may worry if they will accept it, if they will get angry about the offer, if they will have a counter offer and more. To help you relax and cope, call a friend or family member, or get out of the house and keep yourself busy while you wait. This will help keep your mind of it for a while.
Counter offer stress
Stress can grow if a seller does not accept the offer and gives a counter offer. This can cause worries about being able to afford the home, and more. The best thing to do is to discuss these worries and concerns with your agent and family and friends. Also, remember that there are still other options and this is not your only chance to buy a home. This will help you relax and be more at ease.
Stress During Closing
There is usually much stress during closing because there is so much to do and consider. One way to cope with this stress is to ask your agent about the whole process so you can be more prepared and then more relaxed. Always ask questions if you have them.
These tips for coping with the stages of buying a home can help the process be more enjoyable, rewarding and more important to the buyer. This will help the home buyers to be able to relax and just enjoy their new home more than ever before.
Incentives to offer a Buyer during a down Market
Even though the housing market is on its way to improving and is even improving in some areas more than others, the market has a whole is down because of the recent recession. Due to this, many buyers are holding off on buying and saving up their money for later and this can be bad news if you are a seller, but there are some things you can do, to help motivate a buyer. Here are some tips on incentives to offer a buyer to help make a sale.
Ask your Syracuse real estate agent for advice and help
As real estate agents, they have plenty of experience knowing what does and what does not motivate buyers to purchase a home. They will be able to offer you some advice and techniques to get you started.
Pay for inspections or repairs
In order to motivate a buyer to buy your home, one option is to offer to pay for an inspection and any repairs to the home up to a certain amount as agreed upon by both buyers and the sellers.
Help with financing
Another motivation is to help with the financing of the home up to a certain amount. If the buyer does not have to pay for all the financing, they will be more likely to purchase your home.
Offer appliance packages
These days many sellers are offering possible buyers free appliance package deals as an inventive to purchase the home. These packages may include washers and dryers, ovens, or even a new television. They are real incentives for any buyer, especially first time buyers.
Give Pre-paid utilities option
This option takes some of the burden off the buyer to pay the electric bill that first month or the gas bill or maybe even the cable bill. This helps motivate buyers to purchase homes and hopefully your home too.
These tips for offering incentives to buyers so they will be more motivated during a down market or recession can make both parties happy. The seller will not have to worry about the burden of paying for two homes in their future and the buyer can enjoy their new home with fewer worries about money and other move in details. It is really a good idea for everyone involved.
Five Ways to Save up A Down Payment
When you are paying, with monthly utility payments, car payments, and other expenses on top of that, saving up several thousand dollars for a down payment sounds almost impossible, especially in this economy. Luckily, there are a handful of almost painless ways to set money aside, allowing you to buy a home within a few years, if not sooner. Start by opening a savings account with a high interest rate to put your savings into, and then leave the money in there until you are ready to buy.
- Save your tax return. Depending on your living and working situation, this could add up to a considerable chunk of your down payment, especially if you make the commitment to save the whole thing. Set it up so that the money goes in as a direct deposit; if you never see the check or hold the money, it will be easier to save.
- Set up direct deposit for your regular paychecks. Put 10% (or whatever you can afford) straight into your house savings account. Again, what you don’t see, you’ll be less likely to miss.
- As you pay off student loans, car loans, or credit cards (always a good idea before buying a home anyway), keep writing those checks. Instead of going towards your payments, put the amount towards the home. As you are already used to living without that money, you won’t miss it as it builds towards your down payment.
- Draw up a budget plan. Don’t cut out all of your fun money, but try to cut down what expenses you can. Saving $100 a month on groceries, dining out and wasteful spending can add up to an extra $1200 a year. If you can also transfer over to a cheaper cell phone plan, cut down on your cable or satellite costs, and drive less (car pool), you can add even more to that amount. If you aim to cut $50 a week overall, that will add up to a significant $2600 a year.
- Take on a second job. This doesn’t have to be as bad as it sounds. Is there some skill you’ve always wanted to learn, haven’t ever had the chance to learn? Consider this paid education. Learn how to make a perfect pizza, make your lawn extra beautiful (working in a garden store or with a landscaping crew), or consider doing some freelance work. Many department stores offer employee discounts—work in a place that sells furniture or other household items, and you could save a lot when it comes to furnishing your new home.
It’s important to keep motivated. Figure out how much you need to save (aim for 20% of your ideal home price), and make a chart showing your progress. Attend open houses in the area. Being able to visualize yourself owning a home can make skipping your daily latte (in exchange for making coffee at home) less of a sacrifice. It’s not always going to be easy, but with enough commitment, you will be able to buy your first home within a few years.