Frequently Asked Real Estate Questions-Ep. 30

Are mortgage interest rates going to drop even lower?

This is one question I don’t know the answer to. It is possible, but why wait for them to drop when they are already CRAZY low! I am shocked they keep going down and at some point they have to start going back up. Who knows how fast that will happen! My advice is to take advantage of them NOW! Don’t wait! If you are a first time home buyer or ready for a bigger house, this is the time!

Let’s compare quick the monthly principal and interest payment for a 30 year, $200,000 loan at different rates.

3.25% $870.41

4.25% $983.88

5.25% $1,104.41

6.25% $1,231.43

7.25% $1,364.35 (BTW, this was the rate I got on the first house I purchased in 2001)

As you can see 1% can make a BIG difference and give you a lot more buyer power! Give me a call if you, or someone you know, is interested in learning more about the process. 402-305-4335.

Frequently Asked Real Estate Questions-Ep. 29

Are there any costs to get pre-approved for a home mortgage loan?

In most cases there is no cost to you to get pre-approved for a mortgage loan. Some mortgage lenders may ask that you cover the cost of the credit report, but most do not. I know several great mortgage lenders I can refer you to that will not charge you anything to get pre-approved.

You will not need to pay anything out of pocket until you find your new home and have an accepted contract on it. Then you will meet with your lender and get all the paperwork going to get the full approval on your loan. At that time you may be asked for a deposit check to cover the cost of the appraisal that will be required from your lender to approve the loan.

If you are considering purchasing a new home, but don’t know where to start, call me! I will give you a quick over view of the process and help you get started with your pre-approval.

Frequently Asked Real Estate Questions-Ep. 28

What are the Top 7 steps to manage my move?

1. Hire a moving company. Get a referral from a friend or family member of who to hire. Be sure to call them to set up the move day and time as soon as you know the day.

2. Take inventory. Make a list of all your belongings you plan to move. Use your phone and make a quick video.

3. Cut back. The less you own the less you have to move. Take this time to get rid of the possessions you have that you no longer need.

4. Get supplies. You need boxes, packing tape, bubble wrap or newspaper, markers and labels.

5. Stop services. Call utilities, cable, magazine subscriptions, etc…

6. Start services. Make preparations so that needed services, phone, cable, mail service are up and running when you move into your new home.

7. Notify. Tell family, friends, school, employer, your bank, your credit card companies etc…about your change of address.

Other quick tips:

Moving with kids is not easy. Make them a part of the moving plan. Let them plan out their new bedroom and let them help pack up their stuff.

Make color coded labels for each room in your new home. Pack and label your boxes in the rooms they are going to at your new house, not where they are coming from.

Pack an essentials box of items you will need when you first move in. Toilet paper, scissors, hand soap, dish soap, cleaning supplies, garbage bags, flashlight, band aids, snacks, cups and plates.

Use your suit cases to pack clothes you will need to wear immediately after your move.
Moving is stressful time, but the more you prepare, the less stress you will have!

Please keep me in mind if you or someone you know is planning a move soon. I would love to help!

Frequently Asked Real Estate Questions-Ep. 27

What are the top 5 things you should NOT do when selling your home?

1. Clean your home by cramming junk into closets and cabinets. Potential buyers are going to look in there! If your storage areas are full you are sending the message to the buyer that their stuff won’t fit either.

2. Assume buyers are going to take on your deferred maintenance. Fix the small things! Door bells, loose handrails, running toilets etc… Buyers want a move in ready, turn-key home! Give it to them.

3. Fill your house with air freshers. It does not work!! Buyers will think you are trying to hide something. Clean is the only smell everyone loves!

4. Assume buyers are pet lovers. Many people are not and some are allergic! Do not have your pets in the house for showings and remove all traces of them. I understand this is a pain, but it is a must to get your house sold quickly!

5. Neglect curb appeal. It is the first impression of your home and most likely the first picture buyers will see. It needs to be landscaped and clean. This will give buyers the welcoming feeling they are looking for.

Pass this on if you know someone trying to sell their house right now or thinking about it in the future. Let me know what other questions you have. I am working hard to be YOUR resource in real estate.

Frequently Asked Real Estate Questions-Ep. 26

What is the best Real Estate website for you?

The best Real Estate website depends on what you are looking for. Are you searching for a house you saw while driving around? Are you creating a search for all homes in an area or school district? Are you looking for out of state or out of your general area properties? Are you looking for your real estate questions to be answered? Listed below are the ones I think are the best for each situation.

While out driving around, let's say you see a house listed that you did not notice online before and you want to know the price. I use my Deeb Realty APP. If you have a smartphone, go to your APP store and type in Deeb Realty and upload. It is free! You can look up the property by its address. It will show you lots of details about the house, including price and pictures. Very user friendly!

You want to find a list of homes only in a particular school district? I suggest www.godeeb.com. There you will find a great way to search this. Click on the Properties tab, select Advanced Search (You can also search by school district on the Deeb Realty APP). You can fine tune your search in other ways at www.godeeb.com as well. You can search by subdivision, price, new construction, etc… Best thing is you can save your search!

Looking for properties out of state or out of the Omaha Metro area? www.trulia.com. The home page has the search box right on it. Trulia is ranked in the Top 3 of all real estate websites and is extremely user friendly!

Looking for Frequently Asked Real Estate Questions? Go to www.gosusanclark.com. Every two weeks I post about a new real estate question, and answer it on my website. If you have other questions that are not answered on my website, just email, text or call me and I will answer your question prompty and also feature your question on my website for others! I am working hard to be YOUR resource in real estate.

Frequently Asked Real Estate Questions-Ep. 25

Should I get an appraisal if I am paying cash for a home?

You are not required to have an appraisal completed if you are paying cash for your new home. When you get a mortgage it is required by the lender to ensure the house is worth as much as or more then you are getting a loan for.

However, I would still recommend that you get a 3rd party appraisal completed on the house prior to purchasing and make the contract contingent on the house appraising at or above the agreed on purchase price to ensure you do not pay more for the house then it is worth.

So my answer is YES, you should still get an appraisal.

Frequently Asked Real Estate Questions-Ep. 24

What are the top 5 things I can do to get prepared for purchasing a new home?

Navigating the housing market can be more complex than ever before. Most potential buyers are overwhelmed and don’t know where to begin. Here are the top 5 tips I recommend.

1. Understand and know what your FICO score is. Your score plays a major role in what type of mortgage you can get, how much you have to put down and what your interest rate will be. Meet with a mortgage professional to get pre-approved and find out what your score is and get it updated if need be.

2. Know what you can afford. Again, meet with that mortgage professional and find out what amount you are able to get preapproved for and more importantly what you can afford.

3. Start saving. You will need to save up for your down payment, closing costs and moving expenses. It is also best to have around six months worth of mortgage payments in a savings account for emergencies or unexpected expenses.

4. Understand the real estate market. You can save yourself money by watching the seasonal trends and being financially prepared to make an offer when the time is right.

5. Consult a Real Estate Professional. Get a referral from a friend, co-worker or neighbor for a real estate agent they had success working with. Take the time to meet with that agent to ensure they are the right agent for you. (Refer to my blog post from May 23, 2012 'How do I find an agent to help me buy or sell?' For more ideas on finding an agent). Or, of course contact me, I would be happy to discuss all of this and more, and any other questions you may have about the homebuying process!