Danny's Real Estate Blog | Page #4

Danny's Real Estate Blog | Page #4 Close
Page Summary

Danny's Real Estate Blog

Some people may think it's all smooth sailing one your offer is accepted to buy a home, or once you accept one as the seller. It's not. There are plenty of ways a contract can fall apart, and for many different reasons. Now every contract is different than the next, so each experience will vary. But here's a list of ways there will still be negotiations after a house is put under contract.

Repairs/Treatments

As mentioned on my YouTube Channel (you really should subscribe to it), the buyer has the right to get an inspection done during the option period. Think of it as an MRI for the home. Once the inspection report comes back to the buyer, they will usually (not always) file an amendment to either have repairs made, sales price lowered as

636 Views, 0 Comments.

When you're buying a home, especially a preowned home, there's bound to be some issues which come up on the inspection report. Some are minor, some are major, but an amendment is filed by the buyer to request the seller(s) fix some things from the report. They can also request compensation in lieu of repairs, or a reduction in sales price. The important part to know is Paragraph 7, Part F of the One-Four Contracts.

It reads in full:

So what does that mean in non-lawyer terms? It means several things, and i'll itemize them below.

- Unless the amendment filed gives the sellers the ability to make repairs themselves, the repairs must be completed by a person who works in such a trade and is licensed by the State of Texas to engage in such

470 Views, 1 Comments.

The Declaration of Independence states 'all men are created equal', but not all Realtors are right for helping every person buy or sell a home. It's a lesson you may not want to learn the hard way, and doing a simple vetting of a Realtor before engaging in a contract with them can save you a lot of time, and a future headache along the way. It's kind of like a first date in a lot of ways. Here's some simple, yet effective, questions to ask while interviewing candidates.

What is your Real Estate experience?

Why? - You'll notice I didn't say 'How long have you been in the business'. That's because there are plenty of Realtors out there who have simply had their license for many years, doing it part-time, and only doing a few transactions a year. So

746 Views, 0 Comments.

There are several different types of mortgage loans for which one can apply. Four of the loan types are far more common than others: FHA, VA, Conventional, and USDA. There's also a Jumbo loan if you're financing more than $424,100.

While all mortgage lenders may be different, the different kinds of mortgages they offer are virtually all the same. You’ll find more about this in my Home Buyers Handbook.

FHA:

-       Down payment of 3.5%
-       580 credit score required (varies by lender)
-       Mortgage Insurance required 
-       Loan limit changes per year and varies by county 

VA: (Active service members, veterans, eligible surviving spouses, and some reservists)

-       No down payment required
-       600 credit score required (varies by

748 Views, 4 Comments.

The VA Loan is an incredible program for our country's veterans and active duty military members. There's no question the VA loan is one of the best out there right now for eligible buyers. With the ability to have no down payment and some closing costs paid for, it's an incredible time for those who qualify to be able to get into their first home.

With a father who served in the Gulf War, and a grandfather who served in Korea, I know all about military life. Having the Military Relocation Professional certification is a tremendous honor in the real estate community, and I am very proud to serve military members with their real estate needs. From the bottom of my heart, thank you for your incredible sacrifice and dedication to this country.

Who can

667 Views, 1 Comments.

No, they are not the same thing. But if you thought they were, you're not alone. Too many people have no idea of what the distinctions are between the two, and it can make a major difference when making an offer on a home. So if you're looking to buy a home, pay attention to the following:

Pre-qualification

Getting pre-qualified is the first step in the starting the mortgage process, and it's usually pretty easy. You give the mortgage lender a brief summation of your overall financial condition, including your debt, income and assets. After taking this information into consideration, a lender can give you a general idea of the mortgage amount for which you qualify. This process can be done over the phone or online, and it usually doesn't cost

1,001 Views, 2 Comments.

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

556 Views, 0 Comments.

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

4,432 Views, 3 Comments.

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

1,118 Views, 2 Comments.

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

2,842 Views, 7 Comments.