Austin Realty Group



Posted by Austin Realty Group on 4/24/2018

When you are ready to buy a house, it pays to plan ahead to conduct a successful house search. That way, you can quickly and effortlessly navigate the real estate market and make your homeownership dream come true in no time at all.

Ultimately, you don't need to be a real estate expert to navigate the housing market like a pro. To better understand what it takes to complete a successful house search, let's take a look at three tips to ensure you can seamlessly go from homebuyer to homeowner.

1. Create Homebuying Criteria

If you plan to purchase a house in the foreseeable future, it helps to establish homebuying criteria. By doing so, you can enter the real estate market with a plan.

Think about where you want to reside. For example, if your goal is to live in the same small town as your family members and friends, you may want to hone your house search to properties in this town. Or, if you want to own a house that is close to your office in the city, you may want to pursue residences in or around the city itself.

Consider what differentiates your dream house from an ordinary home too. Thus, if you want to own a home that boasts an in-ground pool, dazzling garden or other distinct features, you should include these criteria in your homebuying strategy.

2. Get Pre-Approved for Home Financing

Lenders can help you get pre-approved for a mortgage prior to launching a home search. Then, you can establish a budget for the homebuying journey.

There is no shortage of mortgage options available, regardless of your credit score, income and outstanding debt. If you meet with banks and credit unions, you can learn about different mortgage options and select a mortgage that is sure to serve you well.

Of course, when you meet with lenders, don't hesitate to ask questions. Lenders employ friendly, knowledgeable mortgage specialists, and these professionals are happy to help you make an informed mortgage selection.

3. Hire a Real Estate Agent

A real estate agent can help you simplify your home search. In fact, with a real estate agent at your side, you can boost the likelihood of finding a terrific house at a budget-friendly price.

Generally, a real estate agent understands what it takes to pursue a home in any city or town, at any time. If you employ a real estate agent, you can get the help you need to accelerate your quest for your dream residence.

A real estate agent usually learns about a homebuyer's goals and maps out a homebuying plan. He or she sets up home showings and keeps a homebuyer up to date about new residences that fit a buyer's criteria. And if a homebuyer wants to submit an offer to purchase a residence, a real estate agent will help this buyer craft a competitive proposal.

Ready to buy a house? Use the aforementioned tips, and you can streamline your search for your ideal residence.





Posted by Austin Realty Group on 2/20/2018

When it comes to purchasing a home, there is no need to settle for an "average" homebuying experience. Instead, there are many things that you can do to become an expert homebuyer, i.e. someone who can discover a first-rate house at a budget-friendly price.

Now, let's take a look at three ways that a "typical" homebuyer can become an extraordinary one:

1. Evaluate the Housing Market Closely

The housing market can be complicated, particularly for those who are searching for a house for the first time. Fortunately, an informed homebuyer will be able to identify real estate market trends and plan accordingly.

For example, if there is an abundance of houses available and a shortage of homebuyers, you likely are operating in a buyer's market. In this market, you should have no trouble locating a top-notch house at a price that corresponds to your budget.

On the other hand, a real estate market that features a limited number of outstanding houses commonly favors property sellers. Therefore, you'll need to proceed cautiously if you want to acquire a high-end house at an affordable price.

Of course, you should always check out a wide range of houses in cities and towns where you'd like to live. This will enable you to explore many houses and improve your chances of finding a residence that matches or exceeds your expectations.

2. Get Your Finances in Order

Although you'd like to buy a home in the near future, you still need to figure out how you'll pay for it. Lucky for you, many credit unions and banks are available that can make it easy for you to get pre-approved for a mortgage.

Lenders are happy to meet with you at your convenience. These financial institutions can outline a variety of mortgage options and help you make an informed mortgage decision.

With a mortgage in hand, you can enter the real estate market with clear-cut financial expectations. This may help you avoid the temptation to overspend on a home. Plus, you'll be better equipped than other property buyers to narrow your home search, thereby accelerating the process of acquiring your ideal house.

3. Work with a Real Estate Agent

A real estate agent is a housing market professional. As such, he or she can help you simplify the process of going from homebuyer to homeowner.

For homebuyers, hiring a real estate agent is essential. This housing market professional can keep you up to date about new properties as they become available, set up home showings, submit home offers on your behalf and much more.

Perhaps best of all, a real estate agent is available to respond to your homebuying concerns and queries at any time. He or she will even provide homebuying recommendations to ensure you can navigate the property buying cycle quickly and effortlessly.

Ready to become an expert homebuyer? Use the aforementioned tips, and you can streamline the process of acquiring a terrific home that you can enjoy for years to come.




Categories: Uncategorized  


Posted by Austin Realty Group on 1/23/2018

Once you have gone through the pre-approval process and have narrowed down your home search, thereís a good chance youíll soon find a place that you want to make an offer on. This can seem like a huge step for any first time homebuyer. Even seasoned home buyers feel butterflies when the time comes to make an offer on a home they love. Before you even start your home search, you should become educated on how to make a good offer in order to land the property that you really want. Thereís so many factors that effect your offer including the surrounding properties and the current state of the market. Here are a few very important pieces of advice that you should heed in order to have a successful time securing a home and closing the deal. 

Craft A Persuasive Offer

In many areas thereís a low inventory of homes and a high number of those seeking to buy. This means that youíre not guaranteed to get a property that you have made an offer on. Lowball offers might not be at all competitive and even insulting to sellers in certain markets. Often, you may need to make an offer of more than the asking price if youíre in love with a home. By working with your real estate agent and doing the right research, you can craft an offer on a home that will be compelling for sellers.    

Decide On Your Contingencies 

Once an offer has been accepted, itís time to get to work on those contingencies. Be especially mindful of financing contingencies. If something falls through in the process, youíll want to be sure you can get the deposit you made back. Also keep in mind that sellers love reliable buyers who have already been preapproved.  

Home inspection contingencies are another area of importance. After you sign the purchase agreement and the inspection is complete, youíre allowed to ask the seller to make repairs or provide you with a counter offer. While this can be one of the more nerve-wracking aspects of home buying, it has many positives. Home inspections protect buyers from purchasing a home that they canít live with in cases of extreme mold, termites and other environmental and structural issues. 

The appraisal contingency is also important. In order for you to qualify for a loan, the property must be appraised. The property must be valued at or above the purchase price. A loan will only be approved by a lender up to the appraised value. If your home loan is $400,000 but your home of choice is appraised at $390,000, youíll have a problem.       

Your Finances Matter Until You Get To The Closing Table

Donít go crazy with all kinds of purchases before you reach the closing table. Opening a new credit account at your favorite furniture store, for example, could lead to a disastrous surprise on closing day. Hold off on big purchases until after you secure your home. Also avoid making large transfers or deposits from your bank account. donít do anything to negatively affect your credit score

  

Know What To Bring To The Closing

Donít show up to the closing for your home purchase unprepared. Youíll need to have the following items: 


  • Photo ID
  • Checkbook
  • Cosigners 



Think Ahead


Be sure that you think of the future when youíre purchasing your home. Youíll need to have enough cash flow to pay for things like property taxes, home insurance, utility bills and even new furniture for your home. Plan your future mortgage payments accordingly. Some companies have payments that are monthly or bimonthly. 


While buying a home is a huge undertaking, with the right plans in place, the process will be as seamless as possible. With the right plans, the moving truck will be pulling into the driveway before you know it.      




Categories: Uncategorized  


Posted by Austin Realty Group on 1/2/2018

Whether you're looking for your first house, a vacation home, or a retirement condo, there's always an element of excitement in finding a new place you can call your own!

Although buying and selling real estate can be stressful, especially if you've never done it before, being prepared and knowing what to expect can help keep things on an even keel.

Similar to planning a vacation or a cross-country trip, you'll want to avoid missed connections, frustrating delays, and wasted time. When it comes to buying a home, a little research, planning, and expert advice can go a long way toward ensuring a smooth journey. Here are a few specifics:

Check your credit score: Your credit rating has a major impact on your ability to successfully apply for a mortgage and be offered a relatively low interest rate. Knowing your credit rating can help you understand your options, avoid unexpected surprises, and take action to correct errors in your credit report or improve your credit profile.

Prepare a wish list: One of the keys to getting what you want in a new home is to clarify and prioritize the features that matter the most to you. Your checklist can include everything from lot size and architectural style to the reputation of the school district and proximity to stores. Some house hunters also place a high value on features like a fireplace, screened-in porch, and an open floor plan.

Find a good real estate agent: A buyers' agent can provide you with an immense amount of help in finding properties for sale that meet your specifications. They can also provide assistance, advice, and guidance on the many steps involved in going from loan applicant to new home owner. An experienced agent can also negotiate the best possible deal, in terms of price, seller concessions, and other advantages.

Meet with mortgage lenders: A crucial step in preparing to become a homeowner is understanding the mortgage application process, knowing how much banks would be willing to lend you, and determining an affordable price range. Meeting with lenders is also the first step to comparing interest rates and choosing a financial institution that would best suit your needs. Here's a helpful tip from the Consumer Financial Protection Bureau: "Getting a preapproval letter helps you show sellers that you are a serious buyer Ė but it doesnít commit you to a lender."

When it comes to searching for and buying a house, probably the best advice anyone could give you is "stay the course!" Let's face it: It's easy to give up, get discouraged, or settle for a home that's less than what you really want. However, when you adopt a "stay the course" mindset, you'll do a better job of staying motivated, focused, and well organized until you find just the right home for you, your family, and your future!





Posted by Austin Realty Group on 12/12/2017

Thereís numerous reasons why the name on a title to a home may not be the same as the name thatís on the mortgage loan. These reasons include:


  • Only one buyer had stable credit
  • Only one person was on the loan application
  • One person was released from the mortgage


No matter why this is the case, having your name on the mortgage but not on the title to a home can affect you and people residing in the home in different ways. 


Why Would Only One Name Be On The Mortgage?


If people are looking to get a home or refinance a home, but only one person has good credit a decision must be made. For the best possible mortgage rates, youíll want to person with the best credit to be the primary loan holder. This may mean that you need additional legal documents in the process.  


The person with lower credit may still be able to have their name placed on the title to the home. Anyone who plans to contribute financially to a home, even if not on the mortgage, should place their name on the title. This would be one instance when a name would be on the title to a home and not on the mortgage loan. In this case, a person has property rights, but no legal-financial responsibility to the home. Itís important to agree on the home arrangement that youíre considering. This would be done through a will or a legal contract. This way, all parties are protected in regards to the ownership of the home should something happen to the individual whose name is on the mortgage.


Legal Things To Consider


Those who are listed on the mortgage are the people who are responsible for house payments. If a personís name isnít on the mortgage, it doesnít release them from complete responsibility from the home. If your name is on the title to the home but not on the mortgage, the bank generally has first dibs on the home if thereís a lapse in payments. If you want to keep living in the house, youíll have to keep making payments on the home. If you canít make the mortgage payments, youíll risk going into foreclosure. 


Taxes


An issue that can come up if your name is not on the mortgage is that you cannot use the home youíre living in as a tax deduction. Even if you make payments on the home, in order for you to get tax benefits, your name must be on the mortgage stating that youíre legally responsible for the home. If you are paying for the mortgage because your name appears on the title to the home, you arenít legally entitled to pay, giving away your rights to tax benefits. If youíre married, filing jointly, and only one name appears on the mortgage, however, you can use this as a tax deduction. This becomes an issue if two unmarried people buy a home together.  


Ask For Legal Assistance


Whenever you have an issue with the title of your home or with names on the mortgage, itís good to consult legal counsel. The attorney can assist you in determining who is legally responsible for the home and if the people listed on the title of the home are correct. This can help save you from trouble at a future date.


Since credit scores and loans can get messy at times during the home buying process, itís good to understand all the implications of home mortgages and titles.




Tags: Mortgage   Buying a home  
Categories: Uncategorized