7 Things That Will Scare A Buyer Away From Buying Your Home

7 Things That Will Scare A Buyer Away From Buying Your Home

When one buys a home, they usually want the most for the least. Whether its the first time buyer that maybe cant afford to do the repairs, or somebody just looking for the best value, buyers are usually inclined to select the turn key property. As a seller, once you list your home, you’re entering into a competition. What about your house is gonna make the buyer choose yours? What value do you give the buyer that makes them not want to look at anything else after yours. A good buyers agent will showcase those things and let their clients know which home is the best investment. Here are 7 things that will likely scare a buyer away. Aged or Damaged Roof One of the biggest repairs and upgrades is the roof. On average a roof can be at least about $6000 to replace (depending on size of the home). Roof issues are responsible for about 40% of the insurance claims in the US. Typical lifespan on a roof is between 21-30 years. Damaged or Missing Gutters Gutters and downspouts are critical in keeping water away from pooling up around the house. Water pooling up can cause major foundation issues and water seepage into the basement and causing further damage. Old Windows and Doors Windows are another major expense that can cost you money monthly in heating and cooling costs. Broken windows may also stop a buyer from buying the house due to financing rules. Window replacement can bring 50%-80% return on your investment. Old and Outdated Appliances Most buyers usually replace their appliances anyways, but old and outdated...
4 Most Common Mistakes First Time Buyers Make

4 Most Common Mistakes First Time Buyers Make

Buying your first home can be a very exciting, nerve wrecking, and rewarding process without the right direction. So much rests on this transaction and if not done right it can cost you thousands of dollars and lots of stress. Being a first time home-buyer specialist, I make it my priority for every client to know what the process entails and how to make it easier. Here are the 4 most common mistakes First Time Home Buyers make. Not Listening to or Seeking Professional  As soon as you mention your buying a home, all your friends and family will give you their horror stories. While I wont say don’t listen, I will say that’s not exactly your fate. Being in the business long enough, I will say every deal has a bump and no two are the same. As soon as you think to begin the process, your first call should be to a trusted area Realtor (Me, lol). Reason being, we know the best ways and programs you can utilize to get the most out of your purchase. We can also send you to the best loan officers in the area and likely save you a lot of money and frustration. Not Learning the Process If you fail to plan, plan to fail. Knowing what you’re getting into step by step, will save you lots of time as well. What we call a buyer consultation is where we sit and go over the process and make sure you know what is going to happen. Again, no two deals are the same and there will always be issues that...
What will it take to qualify for a home loan with no money down?

What will it take to qualify for a home loan with no money down?

In Connecticut there are a few programs in which you can buy a home with a no money down loan (100% financing). The one which I would recommend and have done the most work with for my clients personally is through CHFA (Connecticut Housing Finance Authority). They allow you to purchase a home with no money down on the loan. You do still have some other costs that are involved with a purchase but its ideal for a first time buyer whom maybe doesn’t have the normal 3.5% or 5% down payment. So what are the qualifications for this loan? Here are the basics* Minimum credit score of a 620 (no active collections) 2 years of employment at same job or in same field/position 2 years of tax returns/W2s 60 days of bank statements and paystubs When buying a home, you do still have the buyer inspection (average of about $400) and appraisal (average of about $500). These costs will need to be paid by the buyer and are not included in the loan. The time frame on these loans is slightly longer as you have to get a bank and CHFA final approval. You can expect about a 60 day closing (from time your offer is accepted until the day you get keys).   I hope this give you a better idea of whats needed and what 100% financing entails. As always, if you have any questions or would like to begin the process, we are here to help you. If credit is an issue and you need help in that area, please hit the “Credit Repair Assistance”...
5 Biggest Credit Score Myths

5 Biggest Credit Score Myths

Your credit is the financial reputation that you carry with you throughout your adult life. Having good credit can be the determine what you drive, where you live, and sometimes where you work. Bad credit will cost you money as well whether it be through higher interest rates, not being able to qualify for a mortgage and having to pay a high rent, or generally not getting approved for credit and having to make all cash purchases. There are many myths about Credit and how to maintain and perfect it, but there are also alot of misconceptions. Here are the 5 Biggest credit score myths. 1. Checking your credit score will cause it to drop Checking your own score wont cause this because it is a soft inquiry. Only a hard inquiry (seeking new credit) will cause it to drop momentarily. There are several free services that give you a ball park credit score figure, but the most accurate report will come from annualcreditreport.com 2. You have only one credit report and score While your score is usually consolidated into one, you do have three scores. Transunion, Equifax, and Experian are the three credit bureaus and while the scores may vary, they’re usually in the same vicinity. A FICO or vantage is usually an average and many times the score used to make credit decisions. 3. You need to carry a balance and pay interest to build credit Some people believe you need to carry a balance to show lenders you’re using credit, but doing so could result in you paying unnecessary interest and could hurt your credit score...
The 5 Pillars Of Buying An Investment Property

The 5 Pillars Of Buying An Investment Property

Real estate is usually the surest and best way to become wealthy in America. Its all around us and the need is always there. Those that have learned and are learning this understand that the first investment property is usually residential of some type. Here are the 5 key things to focus when buying an investment property. Financing (Down payment and interest rates) Funds to purchase the property is usually the first thing that should be determined and factored in. There are a few different avenues one can take, in purchasing. You can buy your first home as an owner occupant (2-units) and put down up to about 3.5% of the purchase price down. You will usually have to live there for about a year, being its a owner occupant. If you’re looking to buy more than 4 units, you’re likely looking at anywhere from 20%-25% down. Interest rates are higher for non owner occupant loans, so that is something you want to discuss with your loan officer. Decide if you’re looking to rent or flip the property Buying and holding versus buying to flip are two separate strategies. Flipping a house will cost you more upfront money to get the home sell-able and ready for the market. Getting your initial investment back on a buy-hold will take a little longer but you’re starting to build equity and a portfolio. Renting the property for income is the smarter route for a beginner until they fully learn the ins and outs of the flipping business. Understand where you’re buying Knowing what is selling and renting in the area is vital for...

The 5 Reasons You Should Buy Your Home This Fall

With all the beautiful Connecticut foliage, happenings, and fairs going on during another New England fall season, real estate is something else you should have an eye on. While spring is the most popular buying season, here are 5 reasons you should buy a house this fall. What’s left of Spring Inventory may work for you As stated before Spring is when most sellers list their home initially, but what happens when they don’t sell? Most sellers stay on the market in hopes of selling and may end up with a home that sells less than its market value. Less Buying Competition A biy motivation in buying is closing before school starts, and now that time has come and gone. Many are also hesitant to buy in the fall and cooler months of the year. Many Sellers want to close by years end Some properties aren’t homes and investments for some owner, so the tax consequences can be motivation for a seller to make a deal. Some agents even convince sellers to offer incentives and extra discount to buyers whom can close by years end. Homes on the market during holidays usually have motivated sellers Many don’t like their home to be viewed or open during holidays and disrupting their family gatherings and events. If a seller is listed during this time, then in most cases they’re motivated and likely to work harder to put the deal together. The great landscaping is gone Flowers are starting to die and trees losing their leaves so the beauty of the landscaping for homes is going away. This will let you know...

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