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Buying a Previously Rented Home
Buying a home that has been a rental property for any length of time can create some special challenges. Knowing what to expect, and what steps you need to take to protect yourself, is essential.
There are a lot of reasons to consider buying a property that has been rented out for any length of time. They can be a fantastic deal, and the seller may be especially motivated. If the property has multiple units, you can rent out the additional units, which may pay for most of your mortgage payments. You can also convert the extra units back into one complete home, if you choose.
The first step is to learn how long the property has been rented out. Some sellers, if their home is not selling right away, may rent a property until they find a buyer. In that case, the property may have only been rented a few months. There would probably not be any major problems with this property caused by the tenant. Alternatively, if the home has been a rental for years, you need to really pay attention to the condition it’s in. Unfortunately, renters don’t always take care of a home the same way a buyer would.
Another potential issue with a rented home is that the current renters may not be enthusiastic about the sale. This is especially true if you are intending to live in the home yourself. When the property sells, they will be out of a home. It is not uncommon for a current tenant to exaggerate problems with the home, or to otherwise try to dissuade you from making the purchase.
If you are considering a previously rented home, it is essential that you hire and work with an experienced home inspector. You need to be aware of any damage that the property may have so that you can decide if the property is worth the extra work it may require. Make sure you are present for the inspection; the inspector will be able to explain any problems he or she comes across, and can tell you how serious the problem is.
It’s not always a bad thing to have several smaller problems in the inspection report. Small problems, while inconvenient, are easily fixed. Larger problems will require a little more thought. If there are major structural issues, you may be better off walking away from the property. If the problems can be fixed, ask for the current owner to either take care of it or to accept a lower purchase price that will make up for the time and expense of fixing it yourself. Your Syracuse real estate agent can help you determine a fair adjusted price for the home, and then can help you to negotiate with the sellers.
Refinancing under Obama’s Plan
Many people have seen or read reports about new programs being set up under the Obama administration to help with the housing market crisis. One of these programs is that help is being given to people that have little or no home equity which may make it hard or even impossible to refinance their home and save more money now and in the future. This program is a good idea, but many may not know if their mortgages will qualify for it or not. Here are some basics to help you know if you qualify or not and what to do once you know. This way the whole process is a little easier for everyone.
Contact you real estate agent and lender
It is part of their job to know about all new programs that may benefit current or future homeowners. They may be able to answer questions that you have or provide you with information of someone who can. They are a good starting point.
Qualify if you owe 80-105% of your current mortgage
If you owe this much on your current mortgage then you will qualify for refinancing under Obama’s plan. If you owe more, like many homeowners in Florida or California, you will not qualify under this plan and may need to consider alternatives.
Loan backed by Fannie Mae or Freddie Mac
More than half of single family loans are backed by either Fannie Mae or Freddie Mac, but many people do not know this. If you are unsure who backs your loan, it is a good idea to contact your lender for details and further help.
Have Conforming Loan
This means having a loan under a certain amount. In many places, it is under $417,000, but in areas such as San Francisco, Boston, or Washington, D.C., it may be up to $625,500.
Fill out a loan request
If you are still unsure if you qualify, you can fill out a loan request, gather up your paperwork, be informed, and be patient. Many people are filling out these requests, so it may take time to process your own.
Many people are struggling because of the economy and the housing market crisis, but some programs under Obama’s plans may help. Now that you have more information, it is important to follow these steps and to continue to stay informed about any updates or changes that may help you and your family in the future.
Simple Fixes for Your New Home
Finding the perfect home is tough. There are a lot of properties available in the Syracuse area right now, so there are a lot to choose from. What happens, though, when you finally find the perfect home, only to find that it’s not quite as perfect as you were hoping for? Do you walk away, or just accept the home as it is? What you need to do is figure out if the problems are fixable. Here are some common problems with simple fixes.
- Fleas, ants or other pest problems. Although this is more common in the warmer summer months, some homes have pest problems year round. The current owner should take care of the problem before you move in, but if they don’t (or if the problem returns) hire a professional exterminator. There are a lot of safe and effective ways to get bugs and rodents out of your home, and to keep them out, and a professional will be able to get it done quickly.
- No air flow. If the property has a closed floor plan, meaning that rooms are closed off with doors, it can be hard to get air moving between rooms. Stuffy rooms are no fun, especially when the weather heats up. Consider installing ceiling fans; it sounds a lot harder than it really is, especially if you already have overhead light fixtures. Alternatively, purchase some floor fans to keep air moving in and between the rooms.
- Dark and dingy. You love the home, but it feels like the bat cave. This is a really, really easy fix. Start by painting the rooms lighter colors, and putting up light-colored curtains that let in the light. Clean the windows, floors, walls and other surfaces really well. If the room is still dark, install extra lighting and use higher-quality light bulbs to give the room a more natural glow.
- Outdated… everything. Maybe the home looks like it fell out of a 1970’s Better Homes and Gardens magazine. Older homes, especially if they were owned by older couples, might be in need of a serious make-over. Tear out the shag carpeting and replace it with something more modern. Hardwood floors give the home a timeless look. Paint the walls and ceilings, and consider replacing any older fixtures. Kitchen cabinets can be transformed by a coat of paint and new handles. If you’re looking at new appliances, you might be able to get some great deals (and rebates) on Energy Star models, thanks to new green government initiatives.
If the home is almost everything you wanted, and there are no huge problems, don’t let a few small issues chase you off. Small problems can be fixed, usually with less of a hassle than you might first assume. Ask your Syracuse real estate agent for advice, or visit a local hardware store for information on how to handle the problem. Chances are, with a little bit of effort, the almost perfect home can be the home of your dreams.
How to Get Top Dollar for your Home
Home prices are down. If you have lived in your home for several years, you might have a hard time getting back what you paid for the property originally. Fortunately, there are some things that you can do to improve the selling price of your property.
Start by cleaning. It sounds basic, but it can make a huge difference. Dust, scrub, wash the windows. Hire someone to come in and deep clean the carpets, and make sure the floors are mopped and waxed, if necessary. Don’t forget to organize cabinets and shelves, and to clear out any clutter and personal items (pictures, refrigerator magnets, ect.).
You also need to clean up the outside of your home. This is a little harder in the winter, but it still needs to be done. Shovel all walkways and clear off the deck. Knock down large icicles. Make sure any outbuildings (garage or storage sheds) are cleaned out and organized. If you have pets, don’t forget to clean up their droppings. Buyers don’t want to see, or step in, the remainder of what Fido had for breakfast. Remember that the outside of the home is the first thing the buyer will see. Make sure their first impression is a good one.
Once everything is clean, it is time to start staging. If cleaning makes your property presentable, staging is what gives it the finishing “wow factor” touch. There are two main parts to staging. The first is that every room has a purpose, and only one purpose. Move the office out of your bedroom, for example. Clear out “storage” rooms and give them a purpose. Put the office in there, or set up a den or spare bedroom. Your goal is to make buyers feel like they could make the property their own.
The second part of staging is that the home has to look neutral. Paint the walls a soft, neutral color, such as light green or an off-white. Take down heavy drapes and put up something lighter that lets in a lot of natural sunlight.
You also need to go through the home and make note of any repairs. Leaky faucet? Loose floorboard? Fix it. Taking care of these tiny problems will make your home look well-cared for. That’s going to assure the buyer that he or she is getting a great property, which can up their offer price.
A buyer will only pay what they think your home is worth. It is up to you to impress them, as soon as they pull up to the property and then again as soon as they step foot inside your home. Prove to a buyer that your home is a great buy, and they’re more likely to pay what the home is worth.
Mistakes Every Home Buyer Should Avoid
We all know buying a new home can be a quite exciting as well as challenging, overwhelming, and even at times a bit stressful. That is why even people that have bought a house or two can end up forgetting certain things and making certain mistakes. Here are a few of the more common and sometimes easy mistakes of home buyers. This way you can add these to your check list when you go looking for the house of your dreams and avoid making simple mistakes.
Not using a real estate agent
Many people think that they can look for a house on their own and can save the money they would have to pay an agent. The truth is, the process is more challenging than most people realize and hiring a professional can save you time, money, and stress in the long run.
Not having a long term budget
If you do not plan for your future especially when buying a house, you may end up well over your head. It is important to plan for the unexpected such as family, repairs, and any changes in the housing payments or the housing market. This way you can be more secure in the future.
Not checking out the neighborhood
If you do not check out the neighborhood well, you may get a few unpleasant surprises when you move in. It may be noisy than you expected, there may be crime or sewage problems and more. Check the neighborhood well before buying any home.
Thinking you will get everything you want
This just is not realistic. A house may seem perfect in many ways, but there may be things that just aren’t exactly perfect but it may be the best house for your money. Be realistic when you go looking for a home.
Not choosing the best lender
If you do not thoroughly research and check out your lender, they could end up costing you more than necessary especially in the long run. It is important to ask as many questions as possible and to know exactly how things will go with your lender before deciding on one.
When making every decision, sometimes people make mistakes. When buying a house though, it is important to avoid making as many mistakes as you possibly can. This way you make sure you get the best home possible for you and your family and you can worry less and just enjoy your new future.
Buying a Bank Owned Property
There are more homes in foreclosure right now than ever before. Homes that do not sell during the foreclosure process become the property of the bank that was holding the mortgage. These homes can be a great bargain, if you know where to look and what to look for.
A bank owned property (also known as REO- Real Estate Owned- property) can sell for as much as 20% off the actual value of the home, and the bank may allow a lower down payment, and discounts for repairs needed. They can be a great opportunity for investors or first time home buyers who don’t mind a challenge. With the help of a Syracuse real estate agent, buying an REO property can be a low-stress, easy way to achieve your home ownership goals.
Bank owned properties are sold “as is,” or in whatever condition the previous owners left it. Sometimes, the home is left in great shape; other times, you’ll be facing major repairs. If the bank will give you access to the property, make sure you hire a home inspector to give you a list of problems that will need repair. Keep these repairs in mind when making your offer to the bank. The bank will probably counter-offer with a higher price, and then you can either accept it, walk away, or try to reduce their asking price. You might be more successful with getting the price dropped if the home needs extensive work.
The bank will take care of all prior debts against the home, and evict the previous owners (if they haven’t already done so). If you have decided to buy the home, a contract will be drawn up. Review it carefully, and make sure you know exactly what you will be responsible for. Have your real estate agent or lawyer review the contract with you.
A bank owned property can be a great bargain, but you need to do your homework. Add up the cost of repairs, and get an accurate picture of the value of the home, both before and after the repairs have been completed. It is not unusual for a buyer to spend more on a bank owned property than they would have to buy a traditionally sold home. To avoid that, know what the home is worth, hire a great property inspector, work with a Syracuse real estate agent that will put the time into making sure your decision to buy a bank owned property is the right one.
Fix it Up, or Sell As Is?
Not every home is ready to be sold when a seller decides to put it on the market. If your home needs repairs, you have a choice to make. You can fix it up yourself, or sell the home as it is, and let the buyer worry about fixing it up.
How do you decide? There are a few things to consider. For starters, realize that buyers will expect a lower price to make up for the time and expense of taking care of the repair. For example, your home is worth $150,000 after repairs. Repairs will cost $20,000, but you will probably get offers closer to $120,000, if not less. If you do take care of the repairs yourself, you’ll be able to bring in the full $150,000.
What needs to be done? Smaller projects, such as replacing a sink fixture or patching up an interior wall, are going to take less from the sale price than a new roof or water heater. The less expensive and inconvenient a repair is, the better chance you have of getting offers close to the actual value of the home. Again, you pay for the convenience of not worrying about a repair yourself; the factor to consider is how much that convenience will end up costing you.
The more economical choice is obviously to take care of the repairs yourself. Even if you choose to leave major repairs, taking care of smaller projects can have a huge affect on what your home sells for. Clean up the property, put a fresh coat of paint, in a neutral color, on the walls. As you go along, make a list of anything that is broken, worn out, or otherwise in need of repair or replacement. If you have to choose between repairs, pick the ones that will yield the most value for the smallest price. Kitchens and bathrooms will almost always improve the sale price, sometimes drastically.
Even if the home needs repairs, you should still try to make the property look well cared for. Replace worn or stained carpeting, fix broken windows, and scrub until the home shines. If a home looks like it hasn’t been taken care of, buyers will be more likely to wonder what else could be wrong with the property, and you won’t get as high of an offer.
The decision to fix a home up, or to sell it as is, is one that you should put some thought into. Even hiring someone to do the repairs for you will cost less than leaving them for the buyer to handle, but if you don’t have the money for repairs immediately available, or if you are in a hurry to move, it might be more practical to accept the home selling for less.
Buy or Rent?
Last year’s housing market fiasco has some people looking at real estate as a waste of money. What’s the point in buying when you can rent a nice apartment for the same price? Why go through the hassle of finding and paying for the perfect home?
Buying a home is an investment. There are disadvantages, but there aren’t many. You have to mow your own lawn, or pay someone else to do it for you. You have to handle snow removal and utility costs. You’re also responsible for repairs and maintenance.
On the other hand, your monthly mortgage payment is actually helping you. A renter is throwing money down the drain; there’s never any return for what they’re paying. They can rent the same apartment for 20 years, and they still won’t have anything to show for it. If you buy a home, you not only get the home itself, you get equity.
Equity is the total worth, or market value, of your home minus what you owe on your mortgage. For example, if you buy your home for $220,000 and take out a loan for $200,000 to pay for it, you start with no equity. Five years later, you’ve paid $40,000 towards what you owe. Your home value has also gone up from $220,000 to $230,000 (difference of $10,000). Added together, you now have $50,000 worth of equity. Equity can be borrowed, used for home repair or remodeling loans or for other expenses. It can also be used for a reverse mortgage. If you later sell your home for a less expensive property, you have “earned” the difference between the two homes.
Buying a home is less expensive than renting. You might be surprised by how much home you can afford. An easy way to get a rough estimate of this is to multiply your current rent payments by 200. You could buy a home at that price for the same monthly payment. If your rent is $900, you could buy a home worth $180,000. Obviously, this depends on your income and credit rating, but this quick exercise will give you an idea. Remember that the home you can get for this price is probably considerably bigger than your apartment is now.
Another bonus to buying a home is that there are no unpleasant landlords or building managers to deal with. If you keep up on your payments, you can’t be forced to leave your property. It’s yours.
As with any purchase, there’s always a risk. More times than not, though, buying a home is going to pay off. Don’t spend your life renting; you’ll be missing out on one of the best parts of life: owning your own little place in the world.
Things a Real Estate Agent Should Know
Many of us may be getting ready to buy or sell a home and you may have always hired a real estate agent because that is what your parents did and your grandparents and so on. You may have also hired a real estate agent because you believe it is the smart thing to do. Even though you know all this, you may be wondering why. You may be wondering exactly how a real estate agent helps and what they are expected to know about the housing market. Here are some things to know to help you get your questions answered.
Ask your Syracuse real estate agent
The best thing to do when wondering about something is to go to the source first. Ask your real estate agent any questions you may have or watch them as they work. They are a great resource of information and willing to help.
Local Price Trends
It is part of a real estate agent’s job to study the local pricing trends of the housing market. This way they know which areas will give you the most value for the money you can afford. This also helps agents figure out which areas are in demand and which are not.
Watch for new developments
It is also important to watch which housing or business areas are being built up or created. This lets agents know the demand and how the market will be doing in the future and good locations for house sales.
Know Tax Alternatives
Real estate agents should know which areas have high property taxes and which have lower property taxes. This way they can recommend the best tax breaks and deals for you as a buyer or seller. This also helps agents know which areas are really busy or overcrowded
School Ratings
An agent also knows which schools are rated higher than others and where they are located. This is good for buyers who are planning on buying family homes or are thinking about having families in the future.
These tips will let you know why it is even more important to hire a real estate agent than you may have ever realized before. This will also help let you know what a real estate agent does and how they can best help you. This way you can feel good about your future home and have peace of mind.
Things to Ask When Hiring a Real Estate Agent
So you may have decided to buy a home and you know you do not want to search on your own or buy the home by yourself so you want to hire a real estate agent. Now, you are wondering how you will pick the real estate agent that is best for you and will help you pick the home that is right for you. There is much to consider when picking the right real estate agents and the process can be overwhelming. Here are some things to ask when hiring a real estate agent. This way the process will be a little easier and you will hire the best agent for you.
Ask how much experience they have
It is important to know how much experience they have and how long they have been in the business. Ask about their training and certificates of completion in a program. It may also be helpful to ask what methods they use when searching for the best homes and how new they may be.
Marketing plans
It is important when buying a home to know how your real estate agent plans to search for your new home, how many homes they plan to show you, how the competition will be, and if they represent offers. This will also let you know how much experience they have and if they are the best agent for you.
Ask for References
It is important to know who the real estate agent has previously worked for and how happy those clients were. Ask for references and then check into them and ask about good and bad experiences.
What makes them the best agent for you
There are many real estate agents out there. You need to know why you should pick them over other possible agents. It is important to ask about their assertiveness, negotiation skills, honesty, communication skills and more.
Ask how much they charge
This may seem basic but it is important to know how much they charge depending on how much they house you buy costs and what other fees there may be included.
Many people may know that is important to hire a real estate agent. They may also know that agents are an important and useful resource, but they may not know how to hire a good one. Knowing things to ask, will help you pick the best agent for you and will help you be better able to buy the best home possible.