Coldwell Banker Murray Real Estate



Posted by Coldwell Banker Murray Real Estate on 6/4/2019

If you want to buy a house, it pays to enter the real estate market with a checklist in hand. That way, you can streamline the process of going from homebuyer to homeowner.

Now, let's take a look at three things to include in your homebuying checklist.

1. Your Budget

Your budget will dictate whether you're able to afford a condo, luxury home or something in-between. As such, you'll want to assess your finances closely as you determine exactly what type of house that you can afford.

Oftentimes, it helps to get a copy of your credit report. You are eligible to receive one free copy of your credit report annually from each of the three credit reporting bureaus (Equifax, Experian and TransUnion). If you know your credit score, you can determine whether now is a good time to enter the real estate market, or whether you should improve your credit score first.

You may want to consult with several banks and credit unions too. These financial institutions can teach you about various mortgage options and help get pre-approved for a mortgage. Then, once you have a mortgage, you'll know exactly how much you can spend on a house and tailor your home search accordingly.

2. Where You Want to Live

Living in the suburbs is very different from residing in the city. Therefore, you'll want to consider where you want to live so that you can search for a home in specific areas.

For example, if you prefer the peace and quiet of a small town, you may want to consider houses in small towns in the state of your choice. These towns may feature dozens of available homes. Plus, in many instances, small town houses are priced lower than big city residences.

Or, if you enjoy the hustle and bustle of the big city, you can search for residences in any city, at any time. These houses likely will ensure that you'll have quick, easy access to a variety of big city attractions and landmarks.

3. Real Estate Agent

There is no telling whether you're about to enter a seller's or buyer's market, as the housing sector often fluctuates. Fortunately, if you hire a real estate agent, you can increase the likelihood of a quick, successful homebuying experience, regardless of the current housing market's conditions.

A real estate agent is committed to your homebuying success and will do what it takes to help you find the right home, at the right price. He or she will learn about your homebuying goals and offer expert insights into the real estate market. Also, if you ever have homebuying concerns or questions, a real estate agent is available to address them.

For those who want to streamline the homebuying process, it helps to hire a real estate agent. And if you hire a real estate agent today, you can get the assistance that you need to make your homeownership dream come true.

Get started on your homebuying checklist, and you can simplify the process of acquiring your ideal residence.




Categories: Uncategorized  


Posted by Coldwell Banker Murray Real Estate on 5/21/2019

You may have heard the term ďescrowĒ in your experience with real estate. You might know itís an account, but what exactly does it do for you as a buyer? An escrow account is what your lender uses to make payments on things like property taxes, insurance, and more. The lender collects your monthly mortgage payment, and part of that cash goes into an escrow account. 


This type of account is an excellent option for homeowners because your bills relating to being a homeowner will all be paid without you having to do anything. It makes budgeting a breeze because there arenít any complicated calculations involved. Every month, your lender collects 1/12 of the estimated tax bill and insurance cost for the home. The rest of your mortgage payment covers the principal and interest on the loan of the house.


Are Escrow Accounts Mandatory?


Youíll find that most lenders require you to have an escrow account. The purpose of the account is to keep the home safe as collateral for the loan. The bank has an interest in the proper insurance behind the property. The taxes also need to be paid on time in order to keep the property in good standing. If the taxes arenít paid, a tax lien will be placed against the house. 


Everything In One Place


Youíll receive an annual statement from your lender that will show you how much money was collected and placed in your escrow account. Escrow payments often change because insurance premiums and taxes tend to change quite frequently. The amount being put into escrow may change a few times throughout the year. The lender keeps track of all this for you, saving you some time. 


Bills That Need To Be Paid


Whether you have an escrow account or not the bills that are included must be paid one way or another. Itís a good idea to speak with your lender before you buy a home to find out that bankís procedures around these insurance and tax payments. Property tax and home insurance are items that youíll need to budget for regardless of how your lender does things. An escrow account can be much more convenient for many buyers. 


Escrow is just another one of the many essential terms that youíll come across as a homebuyer. Knowing the advantages and purpose of the account helps you to be informed as you dive into the home buying process. 





Tags: Buying a home   Mortgage  
Categories: Uncategorized  


Posted by Coldwell Banker Murray Real Estate on 5/14/2019

If you know youíd like to buy a home in the future, youíve probably thought about saving money for all of the upfront costs that buying a home can bring. Saving the sizable amount of money that it takes for a down payment can be seemingly impossible to do. Itís impossible without making yourself seem miserable for a time, at least. You can save money creatively without sacrificing everything. Below, youíll find some tips for saving money that work for your life. 


Put Your Money Somewhere Safe


While investing in the stock market may seem like a good idea to put your savings on hyperdrive, itís risky. When it comes to your savings, try high interest savings accounts and CDs. The latter is a particularly good option because you wonít be able to touch the money for the time period that the CD will mature. Youíll also earn a bit of interest on the funds that are in there. 


If you plan to keep adding to your savings (which you should) a traditional savings account is best. You should have a dedicated account thatís solely for the house fund. Do some shopping around for the savings account that will have the best interest rate and be the easiest option for you. Remember that as boring as a savings account seems, itís a safe bet for your money. 


Apps Can Assist You


There are plenty of budgeting apps and apps that help you to set aside spare change. You should make use of these tools to help you reach your savings goals. Whether you need some help with budgeting or need to find ways to put your spare change to good use, thereís an app for that. You can even find apps that will reward you for good behavior. These apps may ďtipĒ you a few bucks for going to the gym or completing a project on time. Youíre saving money and doing good for yourself at the same time! Saving money for your future home can be fun if you find the right tools to help you.



Set Goals


One reason that many people donít save a lot of money is that they lack specific goals. If you sit down and look at your budget, youíll see where you can cut expenses. Then, youíll be able to have clear cut goals of how much you can save on a weekly or monthly basis. With your eyes on the prize of homeownership, you should be motivated to save where you can. Having specific numbers in mind can be a big help in reaching your long-term goals.




Categories: Uncategorized  


Posted by Coldwell Banker Murray Real Estate on 4/23/2019

After you complete a condo inspection, you'll need to make a major decision: Should you move forward with your condo purchase or rescind your offer?

Ultimately, there are several important questions to assess before you finalize your decision on a condo, including:

1. What was discovered during the property inspection?

Study the results of a condo inspection closely. By doing so, you'll be able to learn about a condo's strengths and weaknesses and plan accordingly.

A property inspector will evaluate a condo both inside and out. He or she also will provide honest, unbiased feedback, enabling you to make an informed decision about how to proceed with a condo.

Take into account major and minor condo problems that a property inspector discovers. And if this inspector finds minor flaws associated with a condo, you may want to stay the course and move forward with your initial proposal.

On the other hand, if a property inspector finds significant problems with a condo, i.e. issues that may prove to be costly and time-consuming, you may want to consider rescinding your offer. Or, in this case, you can always ask the condo owner to complete property repairs before you finalize a condo purchase.

2. How much will it cost to perform assorted condo repairs?

The costs associated with condo repairs will vary. However, if you allocate the time and resources to learn about condo problems and the costs associated to fix these issues, you may be able to avoid expensive, time-intensive mistakes.

For example, consider what might happen if a property inspector discovers a defective kitchen light switch in a condo. Although this light switch is a problem, the time and costs needed to repair or replace the faulty light switch likely are minimal. As such, a condo buyer may choose to ignore this problem, or a condo owner may be willing to complete the fix quickly.

Conversely, consider what could happen if a property inspector finds that a condo's furnace is defective. It may cost thousands of dollars to fix or replace a faulty furnace. As a result, a condo buyer may ask the property seller to repair or replace the defective furnace. And if the condo owner fails to do so, a buyer may choose to walk away from the condo purchase altogether.

3. Can I enjoy this condo both now and in the future?

It is essential to consider both the short- and long-term ramifications of a condo purchase. That way, a condo buyer can determine whether a property can serve him or her well for years to come.

A property inspection offers valuable information that a buyer can use to assess the pros and cons of purchasing a condo. Furthermore, a condo buyer who works with an experienced real estate agent can get the support needed to make the best decision possible.

Consider the aforementioned questions as you evaluate your options following a condo inspection, and you should have no trouble deciding whether a particular condo is right for you.




Tags: Condo   buyer tips   Buying a home  
Categories: Uncategorized  


Posted by Coldwell Banker Murray Real Estate on 1/29/2019

Getting a professional inspection is one of the most important parts of closing on a home. An inspection can save you endless time and money if it catches repairs that need to be made, and it can draw your attention to any problems that could be dangerous to you and your family.

Many buyers, especially those who are buying a home for the first time, arenít sure what to expect during a home inspection. They might have questions that theyíre afraid to ask the inspector, or they might feel like they should be asking questions but donít know the right ones to ask.

In this article, weíll give you the rundown on the home inspection process. Weíll explain how to get started, what to expect on inspection day, and what to do with your findings.

Contingency clauses

Before closing on a home, itís important to make sure your offer involves a contingency clause, otherwise known as a ďdue diligence contingency.Ē This section of your contract gives you the right to perform a home inspection within a given number of days.

Sellers may inform you that they have recently had the home inspected and even offer to show you the results of the inspection. However, it is best practice to have your own inspection performed with a trusted professional.

After your offer is accepted, you should begin calling and getting quotes from inspectors immediately.

Before the inspection

Once youíve considered your options of inspectors and chosen an inspector, itís time to schedule your inspection. Both you and your real estate agent should attend the inspection.

Youíll both have the opportunity to ask questions. However, itís a good idea to write down your minor questions and ask them before or after the inspection so that the professional youíve hired is able to focus on their work to do the best possible job inspecting your future home.

During the inspection

The inspection itself is pretty straightforward. Your inspector will examine the exterior and interior of your home, including several vital components and then will provide you with a report of their findings.

They will inform you of repairs that need to be made now, parts of the home that should be monitored for future repairs, and anything that poses a safety concern to you and your family.

The parts of your home the inspector will review include:

  • Roof

  • Exterior Walls

  • Foundation

  • Garage

  • Land grading

  • Plumbing

  • Electrical

  • Heating, ventilation, air conditioning

  • Appliances

There are some things your inspection wonít include. For example, mold, termite damage, and other issues that arenít easily observable without causing damage might be missed by your inspector and will require a specialist.

After the inspection

Once the inspection is complete, you will have the chance to ask any remaining questions. You can review the findings of your inspection report and make decisions about how you want to handle any repairs that need to be made.

You may choose to ask the seller to make the repairs noted in your inspection report. If they refuse, you can withdraw from your contract at any time.


Ultimately, the choice will be yours what to do with the findings from the inspection. But having one can save you immeasurable money on impending repairs that you may not have been aware of.




Categories: Uncategorized  




Tags
©2018 Murray Real Estate,Inc. All Rights Reserved. Coldwell Banker® and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker Real Estate LLC. Murray Real Estate, Inc. fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated. Any services or products provided by independently owned and operated franchisees are not provided by, affiliated with or related to Coldwell Banker Real Estate LLC nor any of its affiliated companies.