If you want to become a homeowner, odds are you’re going to have to take out
a home mortgage to do so. Few people can afford to pay for a
house out of pocket, after all. In order to be approved for a loan, lenders
will often check your credit. This is because your credit gives them an idea of
how financially stable and how financially responsible you are. It can be
difficult to secure a loan if you have poor credit. Fortunately, there are a
few ways that you can buy a home despite having bad credit.
Look for Low Credit
Some personal lenders may be willing to overlook your poor credit,
especially if you have a standing relationship with them. However, you can
expect to pay much higher interest rates as a result. In fact, you may even be
required to make a larger down payment, which isn’t always possible. If your
credit is well below what a traditional lender can approve, then there are a
few loan programs that you might want to look into with low credit
requirements. The most popular is the FHA loan.
The FHA loan only requires a credit score of 580 and a down payment of 3.5
percent. If your score is less than 580, you can still qualify, but you’ll have
to pay a 10 percent down payment. You may also want to look into VA loans (if
you’re a veteran) and USDA loans, both of which have minimum credit score
requirements of 620 along with good terms.
Poor credit is not always your fault. Fortunately, there are some mortgage
options that have low credit score requirements. For more information on what
you need to secure a mortgage or to buy a house, contact us at Randy Lindsay today.
Before you decide to officially put your house up on the market, you’ll want
to do everything you can to try and raise the value. Investing in home improvements can be a
way to do this; however, larger home improvements are often time-consuming and
costly, even if they can result in a bump in value. Fortunately, there are
still a few minor updates that you can make that could add value as well. The
following are three easy updates that will add value to your property:
- Add a fresh coat of
A fresh coat of paint can help make a space look brighter and newer. This
can be very helpful if you have an older home and your exterior paint job
is beginning to fade. You can also add a new coat to your interior walls
and even to your kitchen and bathroom cabinets.
- Replace old fixtures and
– Fixtures, like your bathroom and kitchen faucets, can have a big impact
on the visual look of a space despite their small size. Upgrade to nicer
fixtures and consider updating the hardware (doorknobs and drawer handles)
throughout your home as well.
- Improve your landscape – Your exterior plays a
big part in convincing homebuyers to come take a look inside. Make sure
that at the very least you hire a landscaper to trim your bushes, cut your
grass, and clear your yard. Consider adding flowers to add a punch of
color to your landscape that will make it stand out.
These are three easy updates that will improve your home’s value without
taking too long or costing an arm and a leg.
There are few things as exciting in life as finally finding the perfect home for you and your family. However,
the sticker price on the house you’re looking to buy isn’t set in stone.
Immediately submitting an offer that matches the sticker price is usually not a
good idea, especially if there aren’t any other interested buyers. You’ll want
to submit a bid that the seller hopefully deems appropriate.
Getting Your Bid
Figuring out the right amount to bid is very important. You won’t want to
overbid since you’ll want to save as much as you can on the house. Some
properties may be overvalued by their owners, which means that even a bid
that’s below sticker price may be too high. However, you won’t want to underbid
either — if you bid too low, the seller won’t take you seriously and may even
be insulted. The following are a few tips for determining how much you should
- Figure out the market – You’ll have more room
to negotiate if it’s a buyer’s market than if it’s a seller’s market.
- Look at comparable homes
Find out how much similar homes in the same area have sold for in the past
- Look at sales trends – Find out if real
estate in the area has been sold under, at, or above the list price in the
past six months.
- Look into the seller’s
– How long has the house been on the market? Does the seller need to move
immediately? These impact their willingness to go below sticker price.
Additionally, if they’re still paying off a mortgage, then they won’t go
below a certain price.
Use these tips to calculate your offer price. To make sure you get your
offer price right, work with a real estate agent by contacting us at Randy Lindsay today.
Selling a home from out of state can be a challenge; unfortunately, it’s not always a choice. For example, maybe you had to relocate right away for work and haven’t been able to sell your house yet–or maybe you were bequeathed the property of a deceased relative. Whatever the reason might be, the following are four tips to help you sell your home from another state:
- Prepare the house – If you were left the property by a relative, then you’ll want to visit the home in person in order to organize and remove belongings, especially those that might have some value. You’ll want to make sure the house isn’t cluttered as well. If you have to, you might want to consider renting a storage unit. If the house was always yours, then you’ll want to make sure it’s staged. Empty houses make a poor impression on sellers.
- Price the house properly – If you want to sell your house quickly, make sure it’s priced properly. Overpricing it will make it difficult to sell.
- Have a point of contact – Have someone that can check in on your house regularly and that can provide access to the house to potential buyers or to your real estate agent. They can also help prepare the house for sale.
- Use a local real estate agent – You’ll want to work with a real estate agent local to the area that can help you price the home properly, prepare it for sale, and attract motivated buyers as well as show the house on your behalf.
These four tips will help make it easier to sell a home out of state. If you’re selling a house from out of state in the Charlotte area, then be sure to contact us at Randy Lindsay for professional real estate advice.
If you’re buying an existing home that wasn’t recently built, then you might want to consider looking for a seller that offers a home warranty (or requesting that the seller offer a home warranty). Buying a house is a huge investment. A home warranty can not only help protect your investment, but it can also provide you with peace of mind.
What does a home warranty cover?
A home warranty doesn’t cover damage done to the house itself. Homeowner’s insurance will cover that. Instead, a home warranty will cover the home’s major components, such as plumbing systems, HVAC equipment, electrical systems, and major appliances (such as refrigerators and washers and dryers). A home warranty will usually cover the cost of replacement or repairs to one of these components should anything go wrong with them.
While not usually necessary for new homes that have brand new systems and appliances installed, a home warranty is a good idea for older homes that have older and potentially outdated appliances and equipment. Repairing or replacing such equipment can end up being quite expensive without a warranty, and it’s not something that most homeowners want to pay for having just spent a significant amount of money on their down payment and closing costs.
A home warranty is purchased by the owner (seller) of the house and is an agreement between the owner and the warranty provider. The warranty provider will generally have an agreement with an approved service provider. This means that if something breaks down, you would call your warranty provider and they would send one of its service providers to inspect the issue.
If you’re buying an older home, a home warranty can be very beneficial. For more professional home buying advice, be sure to reach out to us at Randy Lindsay today.