Albert Rodriguez

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Let’s Talk Buyer Qualification: How to Ensure You Sell Your Home to the Right Buyer

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Let's Talk Buyer Qualification: How to Ensure You Sell Your Home to the Right BuyerAre you listing your home for sale? If so, it is time to get ready to meet with buyers and their real estate agents. And while you surely want to sell your home as quickly as possible, you will also want to do your homework to make sure you’re selling to the right person. Let’s explore the process of buyer qualification and why it’s important to do a little digging into potential buyers of your home.

Is Your Buyer Pre-Approved For Mortgage Financing?

First, you’ll want to check with your buyer to see if they are approved for mortgage financing. The last thing you want is to agree to an offer only to have the buyer rescind it because they can’t afford your home. If the buyer is not already approved, suggest that they take that additional step before submitting their offer. Otherwise, you may end up experiencing significant delays in the closing process.

Ensure Your Buyer Has Their Earnest Money Ready

Next, you’ll want to check with your buyer to make sure that they have their earnest money ready. These funds are a deposit, typically one or two percent of the purchase price, which is held in escrow once you accept the buyer’s offer. Earnest money is a way for the buyer to prove to you that they are serious about purchasing your home. Once they have placed the deposit down, you can be confident that the buyer intends to close.

Note that the terms of your agreement should ensure that if the buyer backs out of the deal, you get to keep some or all of their earnest money. This is especially important if you’re fielding multiple offers for your home as you may lose the chance to sell if the buyer backs out.

Be Wary Of Offers That Seem Too Good To Be True

If an offer seems too good to be true, that may just be the case. Be wary of any offers that are significantly more than your asking price, or if the buyer is willing to buy your home without so much as an inspection. Rest assured that any serious buyer is going to do their due diligence to ensure they’re getting a good deal.

Buyer qualification is a bit of a process, but it’s an important step that ensures your home sale goes smoothly. When you’re ready to list your home for sale, contact your local real estate professional. We will be happy to assist you with finding the right buyer.

The Quick and Easy Guide to Finding the Best Real Estate Agent to Sell Your Home

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The Quick and Easy Guide to Finding the Best Real Estate Agent to Sell Your HomeIs it time to move on from your house, townhouse or condo? If a sale is in your near future, you will want to start looking for a professional selling agent or broker to help manage the process. Let’s take a look at our quick and easy guide to finding the best real estate agent to handle your home sale.

Check Your Social Network

The easiest place to start is your social network, as almost everyone knows a great real estate agent. Get a post up on Facebook sharing that you are about to sell your home and you’re looking for the very best agent to help you sell it. Maybe an old high school acquaintance or college friend is now in the real estate business and can help.

Ask Your Friends And Family For Referrals

If you aren’t close with a trustworthy real estate agent, the next best people to ask are your local friends and family. It is unlikely that you’re going to get a bad referral from your best friend, brother or aunt. Send out a few text messages and make a few calls to let the family know that you’re hunting for a great real estate agent. Soon enough, you’ll have some recommendations.

Check Their Designations And Specialties

You might not know this, but real estate agents have specialties and designations available to certify in. Aside from becoming a REALTOR®, your agent may be a Certified Residential Specialist, an Accredited Buyer’s Representative, a Seniors Real Estate Specialist and more.

Be Sure To Read Reviews And Talk To Past Clients

When you’ve made a short list of your final choices for a selling agent, it’s time to check on their recent work. Ask the agent for a list of houses or other properties that they’ve sold recently. If possible, you’ll also want to socialize with some of their past clients to see what the agent is like. You’ll be working closely together for at least a couple of weeks, so it’s important that you choose a real estate professional that you’re comfortable with.

Selling your home is not a painful process, but it’s one where you’ll want to have the best agent working to protect your interests. If you’re thinking about making a move, contact your local real estate professional.

Getting Tired of Renting? Here Are the Top 5 Reasons Why Young People Prefer Owning a Home

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Getting Tired of Renting? Here Are the Top 5 Reasons Why Young People Prefer Owning a HomeAt some point in their lives, every renter thinks about home ownership and whether or not it’s worth it. Let’s explore the top 5 reasons why young individuals prefer the idea of owning a home over renting.

It’s All About Control

It’s unlikely to come as a surprise that having control over their living space is the number one reason that younger buyers prefer owning over renting. Living in a home owned by someone else limits your ability to customize your home. Want to expand a room or rip out the kitchen cabinets? Good luck with getting your landlord to pay for that!

Privacy And Security Are Key

More than 90 percent of millennials reported that having a sense of privacy is an important factor when choosing between buying and renting. And this makes a lot of sense, especially in areas where a landlord has the right to enter the premises on short notice. It’s tough to imagine feeling secure when a landlord can demand access to their home for whatever reason they so choose.

Your Own Space Is Just Nicer

Take a look around your home. Is it as luxurious as you’d like it to be? While you can furnish a rented apartment or house however you want, in many cases, renters just don’t put the same amount of effort into it. 81% of young renters shared that one reason they want to buy is so that they can live in a nicer place.

You’ll Be More Engaged In The Community

If you want to feel more engaged in your local community, buying a home is an excellent idea. More than 75 percent of young and first-time buyers reported that community engagement is a key reason that they want to be a home owner. Not only are you more likely to care about the area around your home if you’re responsible for its upkeep. But as the value of your home is influenced by the surrounding area, you also have a financial incentive to staying engaged in the health of your community.

Owning Gives You Flexibility

Finally, consider that owning your own home will offer flexibility that you can’t get from renting. Not only will you be able to customize your home the way you want, but you’ll also have a productive financial asset. And that can be a huge help in securing additional credit if you want to make significant investments or other financial moves.

When you’re ready to expand your freedom by purchasing your own home, contact your trusted mortgage professional. We’re happy to help.

What To Know About Renting Out Your Home

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What To Know About Renting Out Your HomeIf you are looking for a way to diversify your investments, you may have thought about renting out your house. On the other hand, renting your home does have a few challenges. It could be a way for you to make some extra money, but you need to prepare accordingly. How can you get the most out of your rental investment?

A Fresh Coat of Paint

You need to attract as many potential renters as possible. The more demand you have for your home, the easier it will be for you to rent it out. Neutral colors like gray, white, and cream tend to be the most popular. Even though you may like something a bit different, remember that you need to paint your house a color that a potential renter will like. 

Handle Repairs

You should also try to make a few repairs before you start to rent out your home. Just like buying a house, there is never a second chance to make a first impression on a potential renter. If you have broken windows, a hole in the wall, or other maintenance issues, someone may not be willing to rent your house. You don’t want to leave money on the table, so make sure you handle repairs before you start renting out your home. 

Have Policies And Procedures In Place

Even though you may trust the person renting your home, it is always helpful to have policies and procedures in place. No matter how well you know the person, you need to have a lease written up. You may want to work with a professional who can help you construct a solid lease that will protect you and the renter. You should also have rules related to guests, late fees, and a security deposit. That way, your renter is not confused, and you do not have to worry about missing or late payments.

Prepare To Rent Out Your Home

You probably have a lot of memories tied up in your home, but you need to take emotion out of the equation when you start renting out your house. If you are ready to rent out your home, start by marketing it online. Then, vet the people who express an interest in your house. Renting out your home can help you make extra money. 

Mortgage Shopping And Your Credit Score

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Mortgage Shopping And Your Credit ScoreThe vast majority of people have to take out a home loan to purchase a house. This means applying for a mortgage. Unfortunately, shopping for a mortgage can actually hurt your credit score. Any potential lender will probably have to do a hard pull on your credit. This could temporarily reduce your credit score by a few points. Those few points could make the difference between qualifying for a mortgage and getting denied one. Fortunately, there are ways for you to shop for a mortgage without hurting your credit.

Check Your Credit Score First

First, you need to check your credit report before you start shopping for a mortgage. By law, the major credit bureaus are required to give you at least one free credit report every year. This is your opportunity to take a look at your credit report and correct any inaccuracies that might be present. That way, you can correct these issues before you apply for a mortgage instead of after. This can save you a significant amount of time during the shopping process. 

Get Pre-Qualified For A Home Loan

You should also get pre-qualified for a home loan before you start shopping in earnest. When you get pre-qualified for a mortgage, you receive an estimate of how much money you can borrow to purchase your home. This means that the lender will run a soft inquiry on your credit report, which will not impact your credit score. Pre-qualification is not as strenuous as the full approval process, and you will eventually have to go through the full application process to get your mortgage; however, getting prequalified is a great starting point.

Submit All Applications Rapidly When You Find The Right Home

After you apply for your first mortgage, you will have 45 days to talk to other lenders. As long as all of your other hard credit pulls take place in about six weeks, subsequent applications should not have an impact on your credit score. This means that you need to have all of your documents together, which will allow you to expedite the process. That way, you can find the best deal you can on a mortgage without unnecessarily impacting your credit score. 

The Top Home Maintenance Mistake’s You Must Avoid

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The Top Home Maintenance Mistake's You Must AvoidIf you own a home, you understand just how important it is to take care of it. Even though a lot of people think that if it isn’t broken you should not fix it, that doesn’t mean you should not take care of it. Take a look at a few of the top home maintenance mistakes you need to avoid, and do not let your home fall into a state of disrepair.

Allowing The Dyer Lint To Build Up

Do not allow the dryer lint to build up. Allowing the dryer lint to build up can dramatically increase your chances of dealing with a house fire. Therefore, make sure you remove the dryer lint from the dryer after every load. Furthermore, make sure you clean the ductwork of your dryer annually. If you do not know how to do so, reach out to a professional who can do it for you.

Forgetting To Clean The Gutters

You might not be able to see the gutters from the ground level, but debris can build up in them from time to time. If you do not clean your gutters, they can get clogged. Then, water will have a difficult time draining, which means it will sit on your roof. This could increase your chances of dealing with a roof leak. Make sure you clean your gutters every few months. You may even want to install a device that can prevent leaves and branches from infiltrating your gutters.

Not Handling Winter Maintenance

No matter where you live, you must be on top of your winter maintenance. Make sure that your attic is properly insulated, and check your windows for any signs of leaks. You should drain your garden hoses as well, and don’t forget to make sure that your interior pipes are insulated. All of this is important because it can help you save money on your utility bills while also reducing your chances of dealing with a leak.

Invest In Routine Maintenance

These are a few of the most common mistakes that homeowners make. Your home is an investment, and you need to take care of it. Make a list of all the maintenance tasks you should perform, and stay on top of your maintenance schedule.