If you’re considering the purchase of a home, you may be concerned with the issue of finance. Attaining the right mortgage is key in the home buying process, but it doesn’t have to be a stress-inducing one. Most lenders offer prequalification, pre-approval or both to help you know where you stand.
If you have a home on the market, you will want to know that your seller is pre-approved or pre-qualified. Let me explain the difference between prequalification and pre-approval:
Pre-qualification: is a preliminary estimate of how much you can afford to pay for a home based on information you provide. Because credit and employment information aren’t validated for prequalification, it can only be considered a rough idea of a monthly mortgage payment and loan size. This can be a useful guide as you begin the home buying process, however.
Pre-approval: Pre-approval is a written commitment from a lender to finance your home purchase up to a set amount. This indicates that the lender has taken a close look into your financial history and has agreed to lend you a specific amount of money, reliant on certain details like a finalized sales contract and professional inspection. Pre-approval indicates to sellers that you are a serious homebuyer.
Regardless of which option you utilize, or even if you take both steps, you’ll be able to shop with much more confidence. Why wait until you find the perfect home to discover problems with obtaining a mortgage? Or, if the determining factor between two homes is the amount of property tax, are both in your budget?
If you have questions about moving, building, selecting your first home or moving up to your next home, contact DAVID BRENTON’S TEAM.
When you are serious about moving… put our TEAM to work for you!
Saturday, September 15, 2007
Friday, September 14, 2007
Ask the Hard Questions
If you are considering buying or selling a home, selecting your agent is the first important decision you will have to make. There are many qualified REALTORS out there, so it’s important to decide on a professional who will understand your needs and preferences – someone whom you can respect and trust. Nearly four out of five home buyers and sellers enlist the help of a real estate professional or broker. Here are some questions to consider when choosing an agent. (The responses in blue are how our TEAM would answer.)
How long have you been a real estate professional? Since 1992
Do you work full or part time? 12 Full time employees to serve you
How long have you been working in this area? Life-long south-side resident, serving in real estate since 1992
What type of homes do you usually handle? Residential, condo, new construction, existing homes, guaranteed sales, commercial, property management
How much business comes from repeat customers or referrals? 39%
How often do you update your clients, regardless of any progress? Every 14 days
Above all, you should choose an agent with whom you feel comfortable and are well suited to your demands. Your real estate professional will be your guide through the entire process of buying or selling a home, and can be a valuable resource.
I’d love to hear from you and have the opportunity to discuss if I may be right for you. You may also find it worthwhile to explore my website -- it allows you to perform very detailed searches using search fields typically reserved only for real estate agents. I think you will also find that it has plenty of information to cover many of your real estate questions.
If you have questions about moving, building, selecting your first home or moving up to your next home, contact DAVID BRENTON’S TEAM.
When you are serious about moving… put our TEAM to work for you!
How long have you been a real estate professional? Since 1992
Do you work full or part time? 12 Full time employees to serve you
How long have you been working in this area? Life-long south-side resident, serving in real estate since 1992
What type of homes do you usually handle? Residential, condo, new construction, existing homes, guaranteed sales, commercial, property management
How much business comes from repeat customers or referrals? 39%
How often do you update your clients, regardless of any progress? Every 14 days
Above all, you should choose an agent with whom you feel comfortable and are well suited to your demands. Your real estate professional will be your guide through the entire process of buying or selling a home, and can be a valuable resource.
I’d love to hear from you and have the opportunity to discuss if I may be right for you. You may also find it worthwhile to explore my website -- it allows you to perform very detailed searches using search fields typically reserved only for real estate agents. I think you will also find that it has plenty of information to cover many of your real estate questions.
If you have questions about moving, building, selecting your first home or moving up to your next home, contact DAVID BRENTON’S TEAM.
When you are serious about moving… put our TEAM to work for you!
Thursday, September 13, 2007
Investing in Real Estate?
Anyone can tell you that there is no such thing as a “sure bet” when investing in real estate. However, over the past several decades, real estate investments have proven to be lucrative and reasonably reliable when compared to other forms of investment. They can also be a great way to earn extra income, provided you have the right guidance. And, as a buyer, these services are available to you at no cost!
The professional expertise of a licensed REALTOR can be very useful, even if you have invested in property before. And, if you are planning to buy a home at a discount and then turn around and make a cool profit - beware - it may be more time-consuming and expensive than you think! The resale value of a once-favored subdivision may have changed since Indiana has reached its newest wave of high foreclosure rates. Some properties are now better suited for positive cash flow as a rental as opposed to a buy-and-flip home. And, in a few years, the trend may change – so you’ll want to use someone who stays up on real estate in your area.
A good agent can help you focus your long-term investment goals and match them with the type of properties that will suit your plans. We have the tools and talent to help research your properties to ensure you avoid common investor mistakes. And, remember, as a potential real estate investor, you’re in competition with run-of-the-mill buyers, “tire-kickers” and other serious investors like yourself. Having a professional advisor on your side will help you stay a step ahead of the competition!
If you have questions about investing, moving, building, selecting your first home or moving up to your next home, contact DAVID BRENTON’S TEAM.
When you are serious about moving… put our TEAM to work for you!
The professional expertise of a licensed REALTOR can be very useful, even if you have invested in property before. And, if you are planning to buy a home at a discount and then turn around and make a cool profit - beware - it may be more time-consuming and expensive than you think! The resale value of a once-favored subdivision may have changed since Indiana has reached its newest wave of high foreclosure rates. Some properties are now better suited for positive cash flow as a rental as opposed to a buy-and-flip home. And, in a few years, the trend may change – so you’ll want to use someone who stays up on real estate in your area.
A good agent can help you focus your long-term investment goals and match them with the type of properties that will suit your plans. We have the tools and talent to help research your properties to ensure you avoid common investor mistakes. And, remember, as a potential real estate investor, you’re in competition with run-of-the-mill buyers, “tire-kickers” and other serious investors like yourself. Having a professional advisor on your side will help you stay a step ahead of the competition!
If you have questions about investing, moving, building, selecting your first home or moving up to your next home, contact DAVID BRENTON’S TEAM.
When you are serious about moving… put our TEAM to work for you!
Tuesday, September 11, 2007
Building a New Home? Why Use a REALTOR?
New home communities are more popular than ever, featuring open floor-plans, special pricing and incentives that make it easy to buy one with little or no money down. New home transactions typically seem a lot easier, too. If a buyer chose to, they could almost go from start to finish on a new home transaction without contacting anyone except the on-site sales person. But, if you are tempted by those new subdivisions at all, it is wise to consider using a real estate agent to represent you in the transaction. Why? Read on, and make an informed decision:
Use a REALTOR Who Has New Home Sales Experience - Many people think that they can save money on new construction by not using a REALTOR or that the services of a REALTOR aren’t needed if you're buying a new home. This couldn't be further from the truth! Most builders have already factored the cost of ‘marketing’ into the home, and this usually includes paying the services of a REALTOR. A real estate professional can walk you through the transaction and make sure that you're protected every step of the way. If your builder’s loan product sounds competitive and attractive, your REALTOR will know who to contact for a second opinion. And best of all, a REALTOR with a lot of builder transactions under their belt will have established relationships with area home builders. The builder doesn't want to ruin a good rapport with an agent, especially one who can potentially bring more buyers to them in the future.
Don't Sign ANYTHING Until - You get it all in writing! You're not simply picking out a house; you're picking out where you'll spend the holidays next year, where your parents will come visit you, and where you might raise your children. The on-site sales people are trained to play on this emotion and push you to write a contract right away so that "no one else can get your house." Take all the time you need to understand what you're signing, and don’t sign anything until you have it all down on paper. Just remember - it doesn’t matter what might be said, because everything will be done as it is written in the contract.
Order a professional home inspection - Many who sign a contract to build a new home (or purchase a spec or model home) won't bother to invest in a home inspection. Most new homes come with a one year "bumper-to-bumper" warranty that covers almost everything and many buyers feel that any and all construction flaws can be discovered within this time frame. The problem with this mindset is that many problems won't surface until after those first 12 months. Unfortunately, no matter how much experience and success a builder brings to the table, it's still next to impossible for a single construction supervisor to monitor and correct all mistakes made by the subcontractors they have hired. Usually, a home inspector will return to your site during the various stages of construction for one set price.
Don't Automatically Agree to Use Their Lender - Many production builders (builders who can develop whole communities on their own) are now large corporations, many of them traded publicly. They have also realized that there is much more money to be made than simply selling you a new home - they'll also try to sell you a loan. Builders may offer HUGE incentives to get you into your new home, sometimes up to 15% of the value of the home, with one HUGE stipulation -- that you use their lender. There are many problems that can arise when you pigeon-hole yourself to one lender, namely agreeing to higher rates and higher closing costs without checking with other lenders. The on-site sales associate will typically tell you that their hands are tied, and that you have to use their lender to get the incentives. I can tell you from experience that this is seldom the case. Remember, the builder's job - first and foremost - is to sell homes. If you refuse to sign on the dotted line unless this stipulation is removed, you will be successful - most of the time. There are rare occasions when a builder will lose sight of the fact that they build and sell homes - and will absolutely insist that you use their in-house lender. In these circumstances, stop and take time to do your homework. If it is still a good deal - by all means, sign the papers! Just remember that no house is worth taking a bad loan and paying THOUSANDS more for that home in the long run.
Research the Builder - Most builders are good builders. They take simple steps to protect their neighborhoods. Research your builder, or ask your REALTOR if your builder takes the following steps to make sure that your neighborhood won't instantly go down in value: a) Limiting the number of investor purchases (This ensures the neighborhood doesn't turn into a "rental" neighborhood & allows the "pride of ownership" to shine through); and b) Continuing to build equal or greater value homes in the same and surrounding neighborhoods. Builders who avoid doing this create a "vacuum" in home prices and the result is instantaneous devaluation in area new home prices.
Choose Your Appraiser - Even if you are paying cash for your new home, ordering an appraisal is a wise investment. Include in your contract the stipulation that the sale is contingent upon the property appraising for at least the purchase price on your contract. An appraisal will give you an in-depth knowledge of the market area and how your particular home stands in the present evaluation of that market. A lender will usually require a professional appraisal of the property before they will loan the money to you. Plus, most appraisers charge about the same of money for the service - so why not choose your own? Ask around until you are confident with your choice of appraiser and tell your lender whose services you wish to pay for.
Research City Plans - New neighborhoods are typically on the outskirts of town - the land is readily available and less expensive, which means that you can buy a bigger house for the same amount of money. In these outskirt communities, it's very important to know what the city has in store in the way of roads, zoning, public transportation, parks, and schools. These factors will dictate whether your new neighborhood will become the next "big thing."
There are many benefits to purchasing a new home - that's why they're so popular! Just as in making any large investment, it is important to use qualified professionals to protect your interests. This will ensure that you'll not only love your new home, but you'll feel comfortable knowing that you're a winner in the transaction, as well.
If you have questions about moving, building, selecting your first home or moving up to your next home, contact DAVID BRENTON’S TEAM.
When you are serious about moving… put our TEAM to work for you!
Use a REALTOR Who Has New Home Sales Experience - Many people think that they can save money on new construction by not using a REALTOR or that the services of a REALTOR aren’t needed if you're buying a new home. This couldn't be further from the truth! Most builders have already factored the cost of ‘marketing’ into the home, and this usually includes paying the services of a REALTOR. A real estate professional can walk you through the transaction and make sure that you're protected every step of the way. If your builder’s loan product sounds competitive and attractive, your REALTOR will know who to contact for a second opinion. And best of all, a REALTOR with a lot of builder transactions under their belt will have established relationships with area home builders. The builder doesn't want to ruin a good rapport with an agent, especially one who can potentially bring more buyers to them in the future.
Don't Sign ANYTHING Until - You get it all in writing! You're not simply picking out a house; you're picking out where you'll spend the holidays next year, where your parents will come visit you, and where you might raise your children. The on-site sales people are trained to play on this emotion and push you to write a contract right away so that "no one else can get your house." Take all the time you need to understand what you're signing, and don’t sign anything until you have it all down on paper. Just remember - it doesn’t matter what might be said, because everything will be done as it is written in the contract.
Order a professional home inspection - Many who sign a contract to build a new home (or purchase a spec or model home) won't bother to invest in a home inspection. Most new homes come with a one year "bumper-to-bumper" warranty that covers almost everything and many buyers feel that any and all construction flaws can be discovered within this time frame. The problem with this mindset is that many problems won't surface until after those first 12 months. Unfortunately, no matter how much experience and success a builder brings to the table, it's still next to impossible for a single construction supervisor to monitor and correct all mistakes made by the subcontractors they have hired. Usually, a home inspector will return to your site during the various stages of construction for one set price.
Don't Automatically Agree to Use Their Lender - Many production builders (builders who can develop whole communities on their own) are now large corporations, many of them traded publicly. They have also realized that there is much more money to be made than simply selling you a new home - they'll also try to sell you a loan. Builders may offer HUGE incentives to get you into your new home, sometimes up to 15% of the value of the home, with one HUGE stipulation -- that you use their lender. There are many problems that can arise when you pigeon-hole yourself to one lender, namely agreeing to higher rates and higher closing costs without checking with other lenders. The on-site sales associate will typically tell you that their hands are tied, and that you have to use their lender to get the incentives. I can tell you from experience that this is seldom the case. Remember, the builder's job - first and foremost - is to sell homes. If you refuse to sign on the dotted line unless this stipulation is removed, you will be successful - most of the time. There are rare occasions when a builder will lose sight of the fact that they build and sell homes - and will absolutely insist that you use their in-house lender. In these circumstances, stop and take time to do your homework. If it is still a good deal - by all means, sign the papers! Just remember that no house is worth taking a bad loan and paying THOUSANDS more for that home in the long run.
Research the Builder - Most builders are good builders. They take simple steps to protect their neighborhoods. Research your builder, or ask your REALTOR if your builder takes the following steps to make sure that your neighborhood won't instantly go down in value: a) Limiting the number of investor purchases (This ensures the neighborhood doesn't turn into a "rental" neighborhood & allows the "pride of ownership" to shine through); and b) Continuing to build equal or greater value homes in the same and surrounding neighborhoods. Builders who avoid doing this create a "vacuum" in home prices and the result is instantaneous devaluation in area new home prices.
Choose Your Appraiser - Even if you are paying cash for your new home, ordering an appraisal is a wise investment. Include in your contract the stipulation that the sale is contingent upon the property appraising for at least the purchase price on your contract. An appraisal will give you an in-depth knowledge of the market area and how your particular home stands in the present evaluation of that market. A lender will usually require a professional appraisal of the property before they will loan the money to you. Plus, most appraisers charge about the same of money for the service - so why not choose your own? Ask around until you are confident with your choice of appraiser and tell your lender whose services you wish to pay for.
Research City Plans - New neighborhoods are typically on the outskirts of town - the land is readily available and less expensive, which means that you can buy a bigger house for the same amount of money. In these outskirt communities, it's very important to know what the city has in store in the way of roads, zoning, public transportation, parks, and schools. These factors will dictate whether your new neighborhood will become the next "big thing."
There are many benefits to purchasing a new home - that's why they're so popular! Just as in making any large investment, it is important to use qualified professionals to protect your interests. This will ensure that you'll not only love your new home, but you'll feel comfortable knowing that you're a winner in the transaction, as well.
If you have questions about moving, building, selecting your first home or moving up to your next home, contact DAVID BRENTON’S TEAM.
When you are serious about moving… put our TEAM to work for you!
Sunday, September 9, 2007
Common Defects Found in Home Inspections
The home buying process is a lengthy one, and ordering a professional home inspection can save you valuable time and money. For buyers, it can prove to be an inexpensive way to determine if your intended purchase is indeed the right home for you. For sellers, getting an inspection BEFORE your home is marketed will provide an opportunity to discover and repair major items now, avoiding a buyer's impression that your home is really not well maintained. It will also give you an advantage at the negotiating table. In case you’re not convinced, I’ve compiled a quick list of some serious home defects that can be found during a home inspection:
Worn Roof - Sometimes an additional layer of shingles will work nicely, and sometimes the roof needs to be stripped to the decking. A licensed roofing contractor should provide guidance and estimates to sellers and buyers when negotiating repairs.
Termite Infestation - If extensive, a buyer will probably ask for a structural report, which usually costs from $150 - 250. Cost of treatment varies, depending on size and type of structure. Sellers should disclose home has been treated for termites and what repairs were done on the seller’s residential disclosure if this is the case. Termites aren't the only culprits that can destroy wood - there are powder post beetles and other insects, not to mention mold & lichen that can seriously damage a home's structural integrity.
Outdated Wiring - In Indiana, your home is “up to code” as long as it meets the code that was in force at the time the home was originally built. If you have paid to have the electricity updated, keep those receipts handy. Representation is the key. For instance, if a home’s outlets have three prong plugs everywhere, the buyer has the right to expect those outlets to be grounded. If those outlets are not grounded but the seller put three prong plugs on them to accommodate today’s appliances, the buyer has the right to ask for them to all be grounded. Usually, these items are negotiated between buyer and seller after getting an estimate from a licensed electrician.
Water Damage - Buyers are afraid of water leaks and the structural damage they can cause. Sellers should have a professional evaluation of the cause and estimate (or invoice, if repairs have already been made) for the correction of the problem available for the buyer to consider, preferably by a licensed contractor.
Protecting your investment, especially one as special as a new home, is crucial. An expert home inspection is often the most important step in securing that protection. More tips on home buying are available on my website. If you’d like to talk more about home inspections or any of your real estate questions, please call.
If you have questions about moving, building, selecting your first home or moving up to your next home, contact DAVID BRENTON’S TEAM.
When you are serious about moving… put our TEAM to work for you!
Worn Roof - Sometimes an additional layer of shingles will work nicely, and sometimes the roof needs to be stripped to the decking. A licensed roofing contractor should provide guidance and estimates to sellers and buyers when negotiating repairs.
Termite Infestation - If extensive, a buyer will probably ask for a structural report, which usually costs from $150 - 250. Cost of treatment varies, depending on size and type of structure. Sellers should disclose home has been treated for termites and what repairs were done on the seller’s residential disclosure if this is the case. Termites aren't the only culprits that can destroy wood - there are powder post beetles and other insects, not to mention mold & lichen that can seriously damage a home's structural integrity.
Outdated Wiring - In Indiana, your home is “up to code” as long as it meets the code that was in force at the time the home was originally built. If you have paid to have the electricity updated, keep those receipts handy. Representation is the key. For instance, if a home’s outlets have three prong plugs everywhere, the buyer has the right to expect those outlets to be grounded. If those outlets are not grounded but the seller put three prong plugs on them to accommodate today’s appliances, the buyer has the right to ask for them to all be grounded. Usually, these items are negotiated between buyer and seller after getting an estimate from a licensed electrician.
Water Damage - Buyers are afraid of water leaks and the structural damage they can cause. Sellers should have a professional evaluation of the cause and estimate (or invoice, if repairs have already been made) for the correction of the problem available for the buyer to consider, preferably by a licensed contractor.
Protecting your investment, especially one as special as a new home, is crucial. An expert home inspection is often the most important step in securing that protection. More tips on home buying are available on my website. If you’d like to talk more about home inspections or any of your real estate questions, please call.
If you have questions about moving, building, selecting your first home or moving up to your next home, contact DAVID BRENTON’S TEAM.
When you are serious about moving… put our TEAM to work for you!
Saturday, September 8, 2007
Right Tools for the Right Job
Would you ask a fourth grader to interpret the New York Stock Exchange and guide you in your next investment? In most cases, the answer would be No. You would want an expert to guide you.
In much the same way, DAVID BRENTON'S TEAM specializes in the numerous aspects of real estate - evaluation, marketing, negotiation, listing and selling. Our professionals have been carefully chosen because they have a proven success rate in these areas. Listing Specialists are available to answer your listing-related questions and work with you to get your home sold. Buyers work directly with Buyer Specialists who have years of experience successfully pairing buyers with homes.
Choosing a representative who suits your needs is key in finding the right home. After the contract is written, you'll also want someone experienced to negotiate the possible hurdles in the lending, inspection and closing process.
If you have questions about moving, building, selecting your first home or moving up to your next home, contact DAVID BRENTON'S TEAM.
When you are serious about moving... put our TEAM to work for you!
In much the same way, DAVID BRENTON'S TEAM specializes in the numerous aspects of real estate - evaluation, marketing, negotiation, listing and selling. Our professionals have been carefully chosen because they have a proven success rate in these areas. Listing Specialists are available to answer your listing-related questions and work with you to get your home sold. Buyers work directly with Buyer Specialists who have years of experience successfully pairing buyers with homes.
Choosing a representative who suits your needs is key in finding the right home. After the contract is written, you'll also want someone experienced to negotiate the possible hurdles in the lending, inspection and closing process.
If you have questions about moving, building, selecting your first home or moving up to your next home, contact DAVID BRENTON'S TEAM.
When you are serious about moving... put our TEAM to work for you!
Saturday, September 1, 2007
Fire Safety in Your Home
Each year, fire kills more Americans than any other natural disaster. According to the U.S. Fire Administration, 80% of fire deaths occur in residences. While no home can ever be completely fireproof, there are many steps you can take to reduce the risk of fire for your family and home:
Smoke Detectors - Are the simplest and easiest way to enhance fire safety in your home. These simple devices are easy to install. Make sure your home has smoke detectors in every bedroom at a minimum, and test them frequently.
Use Appliances Wisely - Overheating, unusual smells, shorts and sparks are all warning signs that an appliance needs to be shut off and either repaired or replaced. Unplug appliances when not in use.
Never Overload Circuits or Extension Cords - Don’t place cords or wires under rugs, over nails, or in high traffic areas.
Portable Heaters - Need at least three feet of space from any combustible materials.
Fireplaces - Should be used with fire screens, and chimneys should be cleaned each year.
Fire Extinguishers – Each home should have at least two fire extinguishers, with one in a designated place in the kitchen. Cooking fires are the leading cause of both home fires and home fire injuries in the U.S.
Extinguish Candles - Before going to bed or when leaving a room.
Smoking Indoors - Always use an ashtray and exercise caution. Careless smoking is the leading cause of fire deaths in the U.S. As a rule of thumb, do not empty your ashtray into a wastebasket immediately prior to retiring for the night. Allow it to sit overnight. This allows any slow burning embers to fully extinguish in the ashtray, which contains limited fuel for a fire.
Heating System – Your home’s heating system should be properly inspected and maintained. Poorly maintained furnaces cause many fires. There is also the possibility of carbon monoxide poisoning with a malfunctioning gas furnace.
These are just a few ways that you can protect your home from fire. More information can be found on the U.S. Fire Administration’s website, or by contacting your local fire department. If you want more tips for homeowners, visit my blog or my website.
If you have questions about moving, building, selecting your first home or moving up to your next home, contact DAVID BRENTON’S TEAM.
When you are serious about moving… put our TEAM to work for you!
Smoke Detectors - Are the simplest and easiest way to enhance fire safety in your home. These simple devices are easy to install. Make sure your home has smoke detectors in every bedroom at a minimum, and test them frequently.
Use Appliances Wisely - Overheating, unusual smells, shorts and sparks are all warning signs that an appliance needs to be shut off and either repaired or replaced. Unplug appliances when not in use.
Never Overload Circuits or Extension Cords - Don’t place cords or wires under rugs, over nails, or in high traffic areas.
Portable Heaters - Need at least three feet of space from any combustible materials.
Fireplaces - Should be used with fire screens, and chimneys should be cleaned each year.
Fire Extinguishers – Each home should have at least two fire extinguishers, with one in a designated place in the kitchen. Cooking fires are the leading cause of both home fires and home fire injuries in the U.S.
Extinguish Candles - Before going to bed or when leaving a room.
Smoking Indoors - Always use an ashtray and exercise caution. Careless smoking is the leading cause of fire deaths in the U.S. As a rule of thumb, do not empty your ashtray into a wastebasket immediately prior to retiring for the night. Allow it to sit overnight. This allows any slow burning embers to fully extinguish in the ashtray, which contains limited fuel for a fire.
Heating System – Your home’s heating system should be properly inspected and maintained. Poorly maintained furnaces cause many fires. There is also the possibility of carbon monoxide poisoning with a malfunctioning gas furnace.
These are just a few ways that you can protect your home from fire. More information can be found on the U.S. Fire Administration’s website, or by contacting your local fire department. If you want more tips for homeowners, visit my blog or my website.
If you have questions about moving, building, selecting your first home or moving up to your next home, contact DAVID BRENTON’S TEAM.
When you are serious about moving… put our TEAM to work for you!
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