Homes of Distinction Realty



Posted by Homes of Distinction Realty on 5/21/2020

Want to sell your home? Like many home sellers, you're probably on the lookout for a real estate agent who can help you get the best price for your house.

Choosing the right real estate agent usually will require you to perform comprehensive research. You'll need to examine the credentials and skills of many real estate agents in your area. Plus, you may want to sit down and chat with various real estate agents to find one who can simplify the home selling process.

Ultimately, there are several questions you should ask a real estate agent before you hire him or her to sell your house, including:

1. What is your home selling experience?

No two homes are identical, and much in the same way, no two real estate agents are exactly alike. As such, you should learn about a real estate agent's experience to ensure he or she possesses the expertise necessary to sell your house.

For example, if you're selling a condo, you may want to hire a real estate professional with condo experience. Or, if you're looking to sell your home as quickly as possible, you should find a real estate agent who knows how to promote a home across social media and other platforms.

2. How will you keep in touch?

What good is a real estate agent if this professional fails to keep you informed throughout the home selling journey?

With the right real estate agent at your side, you'll be able to stay up to date along each stage of the home selling process. In fact, this professional will provide you with updates about offers on your home, requests to view your residence and much more.

Furthermore, your real estate agent should be easily accessible via phone and email. This means if you need support at any point during the home selling journey, your real estate agent will be able to assist you.

3. Can you provide references?

An expert real estate agent should have no trouble connecting you with past clients. That way, you can find out how this real estate professional has helped previous home sellers accomplish their goals.

If you connect with a real estate agent's past clients, you can get a better idea about how this real estate professional responds to various home selling challenges. As a result, you'll be better equipped to determine if this real estate agent is the right person to help you sell your house.

4. How will you market my house?

A real estate agent should go above and beyond the call of duty to market your house to the right groups of homebuyers. This professional typically will allocate extensive time and resources to learn about you and your home selling needs and help you plan accordingly.

Finding out how a real estate agent will promote your home is essential. With this information, you can understand whether a real estate agent will do everything possible to showcase your residence to potential homebuyers.

Use the aforementioned questions, and you can select the right real estate agent to help you sell your home.




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Posted by Homes of Distinction Realty on 5/14/2020

Photo by Vincent Rivaud from Pexels

When you buy a luxury home, you have several options when it comes to paying for the home. While some luxury buyers invest fully in the home and purchase outright, most find that opting for a mortgage of some type keeps options open and reserves capital for other things. Mortgages can be used for high end homes, but not all products are available -- or useful -- for this luxury space. Whether you are buying or selling, knowing what to expect when it comes to financing can help you strike the perfect deal. 

 Conventional Mortgages

Depending on where you live and the cost of the high end home, a conventional mortgage could be all you need. In parts of the country where a huge home in pristine condition still falls within the guidelines of a complying mortgage, this may be your best option. While it may not always work for you, exploring the conventional financing options is an ideal first step. 

Conventional loans are conforming loans – that fall within a specific set of guidelines. You can use a conventional loan for your own residence or for a vacation or investment home. Opting for this type of mortgage could result in lower costs to you (if you have at least 20% equity, you can avoid PMI). If the mortgage for your prospective home is under the limit of $453,100, then you can choose a conventional loan for your home.

That $453,100 limit is for mortgages in most areas, but a few select zip codes in the US allow for an even larger limit. In these high end locations, the limit for a conventional loan is much higher: $679,650. These limits are not the cost of the home itself, but the amount that you can borrow and still qualify for the conventional, conforming loan.

Jumbo Loans

When a conventional loan isn't quite right, or the loan amount for the home in question is over the stated conventional limits of $453 or $679K, then a jumbo loan will work best. These loans are designed for expensive, high end homes and properties and may have more stringent requirements when it comes to down payment amounts and the assets that need to remain on hand after the home purchase.

Aside from the differences in the amount of the loan, a jumbo loan works in a way that is very similar to a conventional loan. Expect to go through an underwriting process, to supply proof of income and to shop around for the best possible rates when you choose this option. 

No matter what product you choose, expect a luxury home mortgage to follow similar steps to a conventional one. Depending on the amount borrowed and the buyer's financial health, the process could take less time than a conventional one. 




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Posted by Homes of Distinction Realty on 5/7/2020

Image by Gerd Altmann from Pixabay

When you're considering buying real estate as an investment, it's a good idea to weigh the pros and cons. That's especially important with "subject-to" real estate, because there can be risks and rewards with this type of property that are different from traditional purchases. Here's what you should be considering, before you decide on this investment strategy.

The Pros of "Subject-To" Real Estate  

On the "pro" side of buying "subject-to" real estate is the way you can acquire multiple properties for your portfolio. Additional benefits include:

  • There's no need to get a mortgage in your name, so you won't be overextending your credit or finances.
  • You avoid a lot of the transaction fees that come with getting a mortgage and buying a property.
  • You can close on the property quickly, and you'll pay fewer title company fees in the process.
  • You can buy as many properties as you want, as fast as you want, and all you have to do is make the mortgage payments.
  • You'll be helping sellers who are facing foreclosure or otherwise need to get out from under their house payments.
  • The Cons of "Subject-To" Real Estate  

    With any real estate transaction or investment of any kind, there are cons that come along with the pros. When you weigh them carefully, here's what you should be thinking about:

  • If the seller files bankruptcy, the original lender could foreclose on the property and you may lose your investment.
  • The lender could exercise their "due on sale clause," and require that the current mortgage balance be paid in full.
  • The deed could be tainted in some way, and without title insurance in your name you might not be protected.
  • You may end up spending money on an attorney if something goes wrong during the process.
  • Technically, the bank still owns the home because there's a mortgage on it.
  • Why Choose This Type of Real Estate Investment?

    If you don't have the money or credit to buy investment properties, buying "subject-to" can be a good choice if you understand and mitigate the risks. You may also want to choose this option if you're trying to acquire a lot of properties quickly, and you want to save money over traditional purchasing options. For people who buy "subject-to", there can be big opportunities to buy quality properties they might not be able to afford under typical circumstances.

    But it's very important that you're aware of the risks and legalities. Getting an attorney to help you with the first few properties, and to collect and make the mortgage payments on all the properties you buy, can be one of the ways you can make this type of transaction safer and better for you and the seller.




    Tags: mortgage   Investment   home loan  
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    Posted by Homes of Distinction Realty on 4/30/2020

    If you've been pre-approved for a mortgage, you can enter the housing market with a budget in hand. In fact, this mortgage will enable you to spend up to a certain amount on a house. But in many instances, it pays to buy less house than what you can actually afford.

    Ultimately, there are many reasons to consider purchasing a house below your means, such as:

    1. You might not have to worry about significant home maintenance.

    A small house likely means less home maintenance than would be required in a large house. Therefore, you may be able to spend less time worrying about keeping your residence looking great if you acquire less home that what you can afford.

    Of course, let's not forget about the money that you might save by purchasing an affordable residence. If you buy an inexpensive home, you may be able to use the money that you save to hire professional home cleaners, landscapers and others to help you enhance your residence's appearance.

    2. You'll be better prepared than ever before for unexpected expenses.

    There is no telling when a family emergency, natural disaster or other dangerous situations may arise. Fortunately, if you spend less on a house now, you may be better equipped than ever before to handle the expenses commonly associated with these unforeseen events.

    Purchasing a cheap house may prove to be valuable if you encounter costly, time-intensive home repairs down the line too.

    For example, your home's roof won't last forever, and you likely will need to fix or replace it at some point. But if you purchase a budget-friendly home, you may be able to save extra money that you can use to cover the costs associated with various home repairs.

    3. You'll have more money that you can use to personalize your house.

    The money that you save on a house today may be used to upgrade your home both now and in the future.

    For instance, if you want to install a deluxe swimming pool or fire pit in your backyard, spending less on a house now may provide you with the financial resources that you need to fund these projects. And if you complete a broad range of home renovations, you may be able to increase your house's value as well.

    Deciding how much to spend on a house can be a tough decision for any homebuyer, at any time. If you collaborate with a real estate agent, you can explore a vast array of residences that fall within your price range.

    A real estate agent will learn about your homebuying goals and tailor your home search accordingly. He or she also will set up home showings, keep you informed about new residences that become available and ensure that you can discover a home that matches or exceeds your expectations.

    Consider your budget closely as you prepare to kick off a home search. By doing so, you should have no trouble finding a terrific house at an affordable price.





    Posted by Homes of Distinction Realty on 4/23/2020

    Regardless of when or where you search for a house, a home buying checklist is essential. With this checklist in hand, you can quickly and effortlessly discover a residence that suits you perfectly.

    Now, let's take a look at three factors to incorporate into your home buying checklist.

    1. Your Home Buying Timeline

    Account for how much time is available to find and purchase a house. That way, you can boost the likelihood of getting the most out of the time and resources at your disposal.

    As you create a home buying checklist, consider how much time you have before you need to relocate from your current address. Then, you can see how much time you have to pursue your dream home and evaluate the steps you will need to take to make that process run smoothly.

    2. Your Home Must-Haves and Wants

    Consider what you absolutely require from your new home. For instance, if you need a house that is close to your office in the city, you should check out homes in or near the city itself. Or, if you require a home that offers ample space for you and your children, you should hone your search to residences that have two or more bedrooms.

    Of course, it helps to create a list of home wants and needs when you develop a house buying checklist. With the ability to evaluate your home needs at any time, you will be better equipped when deciding if a particular house is right for you.

    3. Your Home Buying Budget

    You know you want to purchase a house, but your current financial situation may be limited. Fortunately, if you prepare a home buying budget, you will know how much you can spend on a residence and map out your search accordingly.

    Oftentimes, it helps to meet with credit unions or banks before you begin a home search. Credit unions and banks can teach you about different types of mortgages and how they work. Plus, these financial institutions can help you get pre-approved for a mortgage.

    For those who want to streamline the home buying journey, it's a good idea to hire a real estate agent, too. A real estate agent can help you craft a home buying checklist, as well as provide tips and guidance as you search for your ideal house.

    A real estate agent understands what it takes to find a terrific house at a budget-friendly price. First, a real estate agent will help a buyer evaluate the local real estate sector and narrow their home search. A real estate agent will also help a buyer discover a home that matches their expectations. Finally, a real estate agent will work with a buyer to put together a competitive offer to purchase this residence.

    Craft a home buying checklist today you will be happy you did. Once you have a home buying checklist, you can more seamlessly navigate the house buying journey.




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