Danny's Real Estate Blog | Page #4

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Danny's Real Estate Blog

There's no real estate transaction which goes 100% smoothly. Any number of things can happen during the sale of your home, and a number of things can happen with each number of those other things. Some of them are unavoidable. But there are plenty which can be avoided. When it's time to sell your home, here's some common mistakes sellers make, and some ways to avoid them.

Overpricing

It's no surprise this one is at the top of the list. The easiest, and most common, mistake a seller can make is overpricing the home. Even in a sellers market, homes which are overpriced will sit on the market and become stale. Those listings end up getting a price reduction, and usually sell for less than their real value. This usually happens by the seller having an

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Congratulations!

You've decided to stop paying rent and enter the world of homeownership. For many, this is the single greatest financial investment of your life (except for marriage, but I digress). I'm sure you have friends and family who have told you all about the process, and you already know where you want to live. You've done your homework. But here's 5 things to know you have in addition to a mortgage when saving your pennies for the closing table.

Closing Costs

You know about the down payment, and you know how much the furniture you're going to buy costs. But just to get a mortgage costs money. You'll also have some closing costs, paid to both the lender and title company. These can range from the lenders origination charge to any of the

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Being a Medical Professional certainly has its advantages. For starters, you get to introduce yourself as Doctor. Mothers want their daughters to marry you, and their sons to grow up to be like you. I digress. But another advantage, there's a special mortgage program tailored just at medical professionals which sounds too good to be true. But it's real. And it's incredible. Read on.

For us common folk, any mortgage over $424,100 would require us to put 20% down and is called a Jumbo Loan. Not so with the medical professional loan. It has some extra benefits not allowed for everyone else which can come in handy.

For all practicing Doctors and Dentists, and basically anyone who can prescribe medicine (sorry, not Chiropractors):

- 100% financing up

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If you subscribe to my YouTube channel, you'll notice there's a series of videos on there detailing the home buying process. The very first video mentions the first step in the home buying process is to speak to a mortgage lender. You'll need to do it anyways, but it's best to get it done up front. To summarize, a mortgage pre-approval is a written assurance from a mortgage lender saying you’re able to borrow money to purchase a home up to a certain amount. The approval is based on the income, employment and asset documentation you give the lender at the time of application, along with your credit history. There's several important reasons why we suggest this be done first.

1. To make sure you can purchase a home.

In order to be able to start the

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A study conducted by the National Association of Realtors a few years ago found only 17% of homebuyers got everything they wanted in their home. They didn't have to compromise on the location, updates, etc. An astounding 83% had to make a sacrifice somewhere in order to get into a home. That's incredible. What if it didn't have to be this way?

If you've never heard of a rehab mortgage, you're about to have your mind blown. There's both an FHA version and a conventional mortgage. Let's start with FHA. They have a product called a 203k. To quote HUD, "Section 203(k) insurance enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the

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There so many mortgage regulations on the books in this day in age, it's hard to keep track of all of them. The government is constantly changing what is and isn't allowed by lenders. The most recent set of laws handed down at the end of 2015 were all designed to protect the mortgage borrower, and are very much aimed at cracking down on cronyism.

If you've ever been to an on-site home builder, such as DR Horton, Lennar, Drees, etc., you'll notice they have an in-house lender, or affiliated company, they will usually try and mention as much as possible. While it's not a bad thing for them to do so, it does come with its own set of rules the on-site rep (who works for the builder, and not the consumer) may not be aware of. For example, it's illegal to

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If you're new to the home buying game, you may have started to read about the process in a number of places online and may be confused about what's right. NEVER FEAR! I specialize in helping first time buyers understand the process and guide them along the right path to home ownership. It's a huge chunk of my business. There are mortgage programs out there tailored specifically to help people buy their first home, and as explained by The Mortgage Nerd, you DO NOT NEED 20% down in order to buy! In fact, they come with better conditions, in most cases, than if you were not a first time buyer.

There are a couple different First Time Buyer Programs out there, and i'll break them down into what each includes.

0% Down 3% Down
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It can just take a few years to make a huge return on your investment if it's done correctly. The buyers market of 2012 provided potential home owners the chance to get a great home for not a huge price tag. There was a surplus of inventory, contrary to today. Sellers hold a lot of power in todays market. How much equity do you have, and how much would it change your financial future?

I listed four homes in 2015 for people who bought their homes in 2012. Every single one of them received multiple offers without making any drastic updates, and all were SOLD within three weeks. All my sellers were able to put a good chunk of money into lowering overall monthly debt, and were able to buy a new home. Every single one of them.

To see how your city fared

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As 2015 turns the page to 2016, many of you will be celebrating something. New job, new baby, why not a new home? A new job or new baby may spark the need for a new home as it is. So here's 6 Great Reasons to Buy a Home in 2016, according to several links (credited at bottom) and my own advice and experience.

1: Interest rates are still at record lows, but for how long?

There's always the chance they could go up with economic factors, it’s nonetheless a fact that interest rates on home loans are at historic lows compared to where they were a generation ago, with a 30-year fixed-rate home loan still hovering around 4%.

Historically low interest rates can’t last forever. The Federal Reserve is expected to start bumping up interest rates soon, so

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I hear from a lot of potential sellers 'We want to wait to list until after the holidays'. Conventionally speaking, real estate agents used to counsel their clients to take their homes off the market between Thanksgiving and New Year’s! Luckily, we know better now. It's one of the best times to sell!

There are some major upsides to selling during the winter holiday season. 

- You’re not the only one selling, but there’s less company. Fewer people have their homes on the market this time of year, so your competition has decreased. By taking away the competition, more buyers are focused on the homes available and not saying 'Let's just see what comes on the market next week' during the summer months.

- You’ve got a captive audience. People who are

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