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Tuesday, September 15, 2015
Real estate consumers may be familiar with the word as-is. This might be a beneficial condition for home sellers, but it is critical to learn how a potential might react to it. Here is what you need to know about selling your home in Asheville NC as-is.
Wednesday, September 9, 2015
Finding a builder can be a big decision and can thus be a stressful one. Using the right professionals for your project is critical to its success. When looking for Asheville NC home builders, there are several questions that you may ask. These will help you make an informed decision on which builder to hire for your building or renovation work. Below is information on questions to ask Asheville NC home builders.
Questions To Ask Asheville NC Home BuildersThe following are questions that you should ask builders you are considering:
- How many years have they been active in the industry?
- Does the builder have any special certifications??
- Are they familiar with local building codes?
- What individuals will be working on the project? Are they direct employees or sub-contractors?
- Will there be other projects that the builders will be coordinating simultaneously?
- Are the builders insured? And if so, what type of insurance?
- How many similar projects have they completed in the last year?
- Are there references you can call? And have any complaints been initiated against them?
- Do they have a portfolio of recent projects that you can review?
- Are they affiliated with a national trade association?
Analyzing the Information Gathered on Asheville NC Home BuildersThese facts can give you the status, history, and reputation of the builder. Be sure to ask for proof of certain facts for your own protection. This will help you fairly compare builders and select one that is best qualified and accommodates your needs. Also be conscious of your first impressions. Did each seem well-versed in various facets of the business? Did they seem trustworthy? Did you develop a good rapport with them? It is important to base your decision on both concrete facts and your gut feelings. Once you have decided on a builder, there are additional questions to pose regarding the particular project and contract. Follow our blog or call us for additional information on questions to ask Asheville NC home builders and other related topics.
Tuesday, September 1, 2015
You will likely come across electronic property pricing estimates as you search for property information on the Internet. As a real estate consumer, you might end up relying on these estimates. Do not use such estimates without understanding first how the figures are calculated.
The Process of Estimating Electronic Property ValuesElectronic property pricing estimates normally reference information from public sources. This includes particulars such as square footage, bedrooms, and acreage. It is entered into a database and used in predetermined calculations to estimate the market value of a house.
Limitations of Public RecordsPublic information is not often precise. Commonly, the data is outdated. It may not reflect changes to the building. It also usually excludes information that can influence the value of a home, such as the condition of the home.
Reliability of Electronic Property Pricing EstimatesBecause the information referenced by electronic property pricing estimates is incomplete, it can never be truly correct. Most websites mention a margin of error. Keep in mind, the actual difference could be significantly higher in particular markets.
Dangers of Relying on Electronic Property Pricing EstimatesAs a real estate consumer, it will be ill-advised to solely refer to electronic property pricing estimates. When selling, you could end up overpricing and waste essential time. As a home buyer, you might upset a seller and miss out on your dream home by submitting too low a price. A proper price range involves an experienced professional evaluating comprehensive facts from more than one source and comparing it to comparable properties selling within the last few months. This is where your real estate broker plays a key role. When marketing a home to sell quickly, he/she can compile an analysis that returns a certain price point. As a home buyer, your agent will advise you on a price that positions you for the best opportunity for success, especially in multiple offer situations. Remember the reliability of electronic property pricing estimates in Asheville NC noted above as you are browsing on the Internet and contact a local real estate professional for the most accurate information.
Tuesday, August 18, 2015
For home listings owned by Fannie Mae, you may see a note about HomePath mortgages. This financing is strictly for Fannie Mae homes and come with many unique financing terms. The information on HomePath home loans for Asheville NC properties in this blog includes a few important aspects of this program.
HomePath Financing AvailabilityHomePath mortgages are offered by approved local lenders. There are two types of options. The first is HomePath Mortgage, which can be used for properties in livable condition. For listings needing repair, buyers may roll-in the cost of renovations with HomePath Renovation Mortgage.
Primary Features of the ProgramBoth program alternatives can be used to purchase principal homes, second properties, or investment units. Down payments can be as low as 5% and the funds may be gifted, a grant, or even loaned in certain circumstances. MI is not mandated, but there might be costs associated with this feature. Sellers concessions are allowed. Mortgage terms may range and include fixed rates, variable rates, and interest-only.
Appraisal RequirementHomePath Mortgages have the added advantage of not requiring an appraisal. For HomePath Renovation Mortgages, an appraisal is requested to estimate the post-renovation value of the home. The repair cost rolled into the mortgage relies on this estimation. The rolled in amount must be no higher than $35,000 or 35% of the estimated future value.
Where to BeginMany local lenders offer HomePath mortgages. Buyers should compare this option to other programs available. When evaluating fixed rate, variable rate, and interest-only programs, review the advantages and disadvantages of each. Some loan programs may work better for you than others based on your specific finances and how long you intend to keep the property. Selecting HomePath financing is not necessary when buying a Fannie Mae property. It is merely an alternative that might make purchasing easier. As with all types of financing, closing expenses and other things can differ from lender to lender. The information on HomePath home loans for Asheville NC properties in this blog is just an overview of the program, does not detail the full program qualifications, and is subject to change. Speak with a local mortgage company for the most current facts.
Monday, August 10, 2015
There are several factors to consider when comparing new construction versus existing properties. There are pluses and minuses to each. The better option depends on your preferences and skills. New properties continue to attract many home buyers. Below are a few reasons to purchase new homes.
Less Maintenance NeededThere is repair required with owning every type of home, but with new homes there are usually not as many (because it is new). Furthermore, with old homes, you may not know how diligently the systems were maintained in the past. This may make it difficult to project when more maintenance may be required.
Meeting Current Building CodesBuilding codes are constantly updated over time. Homeowners are not forced to update before selling. Home buyers will need to acknowledge that as part of purchasing an older house and understand they may ultimately need to perform the work, for either safety or to better energy efficiency. If you purchase new homes, you do not need to worry about this. The house is constructed based on current guidelines and then inspected by the city inspector.
Customization OptionsYou usually have the chance to change selections in new homes, although it will differ depending on whether you are going with an established development or constructing a totally custom home. In a custom home, you have complete authority over the design. In an established development, most builders allow you to pick colors, cabinets, flooring, appliances, and other similar things. These changes result in a more unique home.
Future Home ValuesNormally, new homes will continue to be valued more than older properties, even if they include comparable designs and amenities. Buyers value newer houses because of the reasons noted in this article. More demand results in higher prices. New homes are therefore a better choice.
More Reasons to Purchase New HomesThere are many reasons to purchase new homes. Beyond the option to make selections, new homes are in compliance with recent safety codes, will need less work, and can have better value upon resale. Many are also situated in contained neighborhoods with similar-styled properties. If you want antique character or enjoy home repair tasks, then new homes might not be a good fit for you. It ultimately depends on your specific style and house repair expertise.
Wednesday, August 5, 2015
When it comes to selling a property, homeowners sometimes consider selling on their own. Just like electrical repairs, taxes, and other tasks, it may be possible to do it yourself but sometimes it can end up costing more because of mistakes made in the process. Technique, resources, and experience are valuable, particularly when it comes to selling such a high-priced item. Below are 5 reasons to use a listing agent in Asheville NC that sellers should consider.
1. Pricing ComplexitiesDetermining the right price will mean the difference between your home selling quickly or not selling at all. Many homeowners make the mistake of referring to past values, the selling price of a nearby property, or stagnant homes that are currently for sale to determine their price. Incorrect pricing may result in wasted time and a lower selling price if it actually sells. Listing agents monitor changes in the market and understand the complexities of setting prices. This is critical not only when your house is initially listed but also as time passes and the seasons fluctuate.
2. Marketing RangeRealtors will expand the reach and exposure of your property to a larger pool of prospects. Most home buyers, particularly first time home buyers, use real estate brokers to assist them through the home buying steps. For-sale-by-owner marketing options do not include the network of real estate professionals. The selling price is a matter of supply, demand, and time. By taking more time and minimizing exposure (the demand), the end result can be a significantly lower selling price.
3. Buyer Qualification MethodsNot all buyers are qualified. There are different aspects to an offer and pre-approval that should be reviewed, and it goes beyond price. Taking your home off the market for an unqualified buyer can cause you to lose valuable time, miss out on other buyers, or leave your home unfairly stigmatized. Realtors will ensure you properly qualify offers and minimize your risk.
4. Making Deals HappenContracts sometimes more forward or fail over minor terms. There are methods of keeping them intact that homeowners may not know simply due to inexperience. Real estate agents gain a wealth of knowledge over time and usually find alternate ways to bring buyers and sellers together or to address issues.
5. Creating a Buffer Between PartiesEmotions come into play in many real estate deals. It is natural given the enormity of the investment and the attachment that many sellers have to their home. Realtors act as a buffer between buyer and seller to keep matters civil and communication productive. Believe it or not, this is pivotal in most real estate deals. Your real estate agent can maintain clear thinking and advise you on matters while promoting your best interests.
Reasons To Use A Listing Agent In Asheville NCListing agents help you price your home correctly for the current market, reach the most buyers, qualify buyers, find ways to bring deals together, keep deals together, and achieve successful closings. Sellers who take the independent route to save commission may be faced with lengthy market times, be stressed over issues in the transaction, and ultimately save less money than they hoped. The 5 reasons to use a listing agent in Asheville NC detailed above are only a few reasons not to go it alone.
Tuesday, July 28, 2015
Everyone has a right to dispute incorrect items on their credit report. However, home buyers should be conscious of the impact that it may have on getting home financing. This article includes important information on disputed credit lines and the impact on Asheville NC mortgages.
Getting Ready for a Home PurchaseIf you are intending to buy a home in the future, be proactive about reviewing your credit score several months in advance. This gives you the time to find and address errors well before you apply for a loan. Ideally, you would want any disputes addressed before starting the home purchase process. If you do have any pending items, notify your mortgage consultant early in the process. Do not assume that it was seen on your report at the pre-approval stage.
What Are Disputed Credit LinesIf you discover a mistake on your credit report, you have the ability to correct it by sending information to the credit bureaus. A note is made in your credit report and the accounts are called disputed credit lines. Credit bureaus can choose to disregard the particular items when calculating your score, so they may not lower your score while in process. Ordinarily, the notation is cleared when the issue is settled and, if applicable, the needed corrections are made. This process may take many months. Although you may not experience a negative impact on your score, the details of the dispute can cause other issues.
Disputed Credit Lines And The Impact On Asheville NC MortgagesMany mortgage companies implement electronic underwriting systems. Your credit score and other elements of your credit report are analyzed by the program. Disputed credit lines may lead a loan application to be rejected or diverted to manual underwriting. Gather all paperwork and supporting material on disputed credit lines. If it was a debt that you settled but was not correctly reflected in the credit reports, have statements showing the amount owed and confirmation of payments made. Also write a letter clearly explaining the situation. All of this may improve your chances of getting your mortgage approved. Keep in mind that some lenders may not approve a loan if there is an active dispute, regardless of the scenario. This is implemented in an attempt to minimize fraud but, unfortunately, will sometimes hurt consumers with reasonable claims. To be safe, it is best to fully address credit disputes before applying for a loan. It is important to speak with a mortgage consultant for personalized guidance on your financing needs. To be referred to a local professional, Rowena Patton at Patton Property Group at 828-226-0217 or firstname.lastname@example.org.
Tuesday, July 14, 2015
The qualified mortgage rule was released by the Consumer Financial Protection Bureau in January 2013 as part of the Dodd-Frank Reform Act. It officially takes effect January 2014 and specifies the way lenders must analyze and verify information for consumers. An introduction to the qualified mortgage rule for Asheville NC mortgages can be found below.
Introduction To The Qualified Mortgage Rule For Asheville NC MortgagesThe qualified mortgage rule requires mortgage companies to verify financial facts from borrowers and to determine their capacity to afford monthly payments. First and foremost, the earnings and assets must be sufficient to repay the loan. Secondly, the ability to repay must be analyzed over the life of the mortgage and not just for an introductory length of time. This is an especially critical factor for mortgages with variable interest rates.
Specifics of the Qualified Mortgage RuleThe qualified mortgage rule includes instructions for identifying the ability to repay, debt-to-income ratio meximums, and a limitation on points and fees. Mortgage companies will be required to apply a minimum of eight specific underwriting factors to analyze the ability to repay a mortgage. They are:
- Assets and Salary
- Employment Status
- Credit Reports
- Monthly Mortgage Payments
- Recurring Payments for Second Mortgages
- Additional Property Ownership Expenses (Real Estate Taxes, Association Fees, etc.)
- Other Debts
- Debt-to-Income Ratios
Programs Eliminated in 2014Due to the components of the new qualified mortgage rule, certain mortgage programs will not be allowed. Examples are mortgages requiring no documentation, interest-only payments, balloon loans, negative amortization, and those with terms longer than 30 years. Although these types of mortgages account for a small portion of all mortgages, it will impact specific types of borrowers such as those wanting jumbo products.
Purpose of the Qualified Mortgage RuleThe housing and financial crisis was blamed on specific financial practices such as issuing home loans with risky features or borrowers receiving loans that were obviously not within their ability to repay. The new qualified mortgage rule attempts to target harmful loan features. It also seeks to control fees charged by lenders. This is all meant not only to protect consumers but also to minimize the potential for another crisis. The above introduction to the qualified mortgage rule for Asheville NC mortgages is provided only as a summary. To view additional details on the qualified mortgage rule, visit the Consumer Financial Protection Bureau website
Thursday, July 9, 2015
Asheville NC homeowners should figure out the potential change in the value of their home compared to the expense of individual changes before performing any repairs. Some repairs are more profitable than others. The following is guidance on Asheville NC home repairs worth the investment.
Asheville NC Home Repairs Worth The InvestmentMost homeowners think that they will regain every dollar spent on a repair, or even more, when it comes time to sell. This is a natural expectation, but it is not realistic. Different home repairs add different values, and that amount may differ depending on location. To give you an overview on home repairs worth the investment, below are a few nationwide figures.
Average Increase in Value for Mid-Range ImprovementsThe figures below are from the Remodeling Magazine Cost Versus Value Publication.
|Renovation||Expense||Increased Value||Cost Recouped|
|Replacing a Roof||$21,204||$12,257||57.8 %|
|Deck Addition||$10,350||$7,259||70.1 %|
|Bathroom Remodel||$16,552||$10,293||62.2 %|
|Minor Kitchen Remodel||$19,588||$14,120||72.1 %|
|Entry Door Upgrade||$3,536||$1,990||56.3 %|
Evaluating Home Repairs Worth The InvestmentAnother factor affecting the value of repairs is whether it is a mid-range or up-scale improvement. Kitchen upgrades, for example, can be completed using different quality materials leading to a different return on investment. So, not only should you consider the type of repair but also the amount of money to spend. For a full list of property updates and up to dateAsheville NC home repairs worth the investment, visit http://www.costvsvalue.com.
Wednesday, July 1, 2015
For luxury properties, you have the choice to build a new property or purchase an existing one. There are advantages and disadvantages to each. The following is some information on building vs. purchasing luxury properties in Asheville NC.
Purchasing a Pre-built Luxury PropertyBuying an existing property is a simpler undertaking than constructing one. There are fewer decisions to make when the property is already built and hardware and appliances are already in place. Time frames and costs are also more definite. However, pre-built real estate may be more generic, particularly if they are situated in neighborhoods of similarly-styled homes. They may also lack some amenities on your wish list and therefore need construction work after you complete the purchase. It would be wise to discuss alternatives and expenses with a construction company prior to finalizing a purchase.
Building a Custom Luxury PropertyConstructing a unique luxury home is exciting, but it does come with a few challenges. Custom properties can be constructed to your specific design. This allows you to attain all features that you desire and to create a truly special home. However, constructing a property is not simple. First and foremost, it may be hard to find and purchase a good lot. When found, it might not be situated in the community setting that you were hoping for. The building process also takes a lot of thought and time to complete and with many decisions to make throughout the process. The ending cost may change based on a variety of factors such as upgrades, change orders and unanticipated delays. Lastly, finding a good builder is extremely important.
Building Vs. Purchasing Luxury Properties In Asheville NCA local real estate agent and a custom home builder can help you compare the options of building vs. purchasing luxury properties in Asheville NC. Differences mostly include planning, time frames, expenses, and possible amenities. Naturally, some of these factors may be more critical to you than others.
Friday, June 26, 2015
Mortgage insurance (MI) is a policy required by mortgage providers to protect them from losses if a property buyer defaults on their mortgage. When the mortgage company goes to relinquish a house, they are unlikely to obtain the full remaining balance on the mortgage. MI applies to first mortgages where the home buyers are financing more than 80% of the sale price of the property. There is ordinarily an up-front MI fee due at closing and monthly fees based on a percentage of the initial loan balance. Asheville NC mortgage insurance overview and advice on getting rid of MI are provided below.
Amount of MIMI rates depend on the type of loan. Home buyers should ask a mortgage professional to obtain sample rates and evaluate the impact that it will have on recurring mortgage payments. Rates can also change at certain times, so be sure to get accurate figures when you are assessing the affordability of a home purchase. Once you close on a loan, the MI rate for that specific mortgage will remain the same for the life of that mortgage. With certain loans, such as FHA, you may be able to obtain a refund of a portion of the up-front MI charged at closing if you refinance within a certain period of time.
Advice on Getting Rid Of MIRecurring MI payments will normally be removed when the mortgage is paid down to 80% of the beginning home value. Most lenders allow removal of MI a little earlier if initiated by the homeowner when that percentage mark is attained. Refer to your loan paperwork for the percentages that apply to your loan. In an increasing real estate market, homeowners can also request a new appraisal (from a third-party approved by the bank) to document that the value of the home has increased and that you may have therefore reached the 80% mark sooner.
Asheville NC Mortgage Insurance Overview and HelpMost home buyers are unable to provide a 20% down payment and therefore cannot avoid MI. By understanding how MI works and how to get rid of it, home buyers can realize significant savings. We hope that you found this Asheville NC mortgage insurance overview useful and will be able to use the advice on getting rid of MI. For additional information on this and other related topics, contact Rowena Patton at Patton Property Group by calling 828-226-0217 or emailing email@example.com.
Monday, June 22, 2015
Think about an eco-friendly approach to your renovation project. Green remodeling essentially means that you use specific materials and processes that are beneficial to the environment or for your health. Below are a few tips for remodeling green in Asheville NC.