Inexpensive Ways to Save on Your Home Heating Bill This Winter

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Have you lost any deals due to a Home Inspection?? — Bill Nickerson’s Blog

A great read!

We hear so many times of home sales falling apart due to home inspections or some minor repair issues. Broken steps, missing railings, chipping or flaking paint and the list goes on. These are typically minor issues and can be fixed quickly and affordably. What if I told you I have the answers to your […]

via Have you lost any deals due to a Home Inspection?? — Bill Nickerson’s Blog

Home Shopping in Spring: 3 Things You Need to Know

Fotolia_91431339_Subscription_Monthly_MSpring represents a lovely time to buy a house. As such, many homebuyers enter the spring real estate market with a common goal – to find the best house at the best price.

What can you do to separate yourself from the homebuying competition? Here are three spring homebuying tips that you need to know:

1. Plan Ahead

The housing market moves quickly, and homebuyers who lack the necessary real estate skills and know-how may fall behind the competition. On the other hand, homebuyers who prepare for the spring real estate market should have no trouble discovering the perfect house.

Evaluate the real estate market closely. Consider your finances and the size of the house that you would like to purchase. Also, examine the prices of houses in your area and how long these homes have been available.

Ultimately, a diligent homebuyer will plan ahead as much as possible. By doing so, this individual will be ready to browse properties and submit offers on residences as soon as springtime arrives.

2. Get Pre-Approved for a Mortgage

Homebuyers who receive pre-approval for a mortgage can set realistic expectations for the spring housing market. These homebuyers will know exactly what they can afford, and as such, can narrow their home search.

Getting pre-approved for a mortgage will require you to meet with a bank or credit union and consider all of the financing options at your disposal. Each lender will be able to explain the differences between adjustable- and fixed-rate mortgages and respond to your mortgage concerns and questions as well.

With pre-approval for a mortgage, a homebuyer may stand out from the competition. This individual will be able to streamline the process of submitting an offer on a home. Plus, this homebuyer may be able to boost his or her chances of receiving a “Yes” from a home seller.

3. Hire an Experienced Real Estate Agent

An experienced real estate agent won’t take shortcuts, and as a result, will go above and beyond the call of duty to help you find the perfect home in spring.

Hiring an experienced real estate agent may seem difficult due to the sheer volume of real estate professionals that are available. However, homebuyers who consider a real estate agent’s reputation and credentials may be able to work with a great real estate professional who can guide them along the homebuying journey.

How do past homebuyers rate a real estate agent? Does a real estate agent possess many years of experience? And how will a real estate agent handle tough negotiations with a home seller? These are just some of the questions for a homebuyer to consider when he or she evaluates a real estate agent.

In addition, homebuyers will want to hire an experienced real estate agent who is available to answer their homebuying queries. This real estate professional will allocate the necessary time and resources to support a homebuyer and ensure that this individual can make informed decisions.

Employ an experienced real estate agent to help you find a home in spring. With this real estate agent at your side, you can move closer to purchasing your dream residence

Gift Funds and Seller Concessions

Great article from Bill Nickerson

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As much as things change in the mortgage industry, many things stay the same.  If you are applying for a Home Loan with less than 20% down, did you know that you can still Free Moneyreceive gift funds from several different sources?  Did you know the seller can give up to 6% of the sales price to the buyer to be applied towards closing costs? It can never hurt to ask your family, the sellers as well as your employer when purchasing a home.

Gift Funds:

As each mortgage program comes with its own set of guidelines, Gift funds to be used towards the purchase of a home are allowed from a family member, domestic partner, borrower’s employer,  a charitable organization, governmental agency, or public entity that has a program to provide home ownership assistance to low and moderate income families or first time homebuyers. In some cases, a close friend with a clearly defined and documented interest in the borrower. A gift letter is required. Transfer of the gift funds must be documented. The file must document that the gift funds were from an acceptable source and were indeed the donor’s own funds.

Seller Contributions:

When you submit an offer to purchase a home, it is common to ask if the seller will give a credit back to be applied to closing costs.  Depending upon the specific type of mortgage product you apply for, the sellers can give up to 6% of the sales price toward actual closing costs, prepaid expenses, discount points and other financing concessions. Also included in seller contributions are interest rate buy downs and payment of Up Front Mortgage Insurance Premium (UFMIP). Each multiple offersdollar exceeding the 6% must be treated as an inducement to purchase.  In other words, if any monies are left over after paying the closing costs and pre-paid items, they must be returned to the seller.  A buyer can not walk away from the Closing table with extra funds.

I have included a printable flyer that shows you the amounts that are allowable as seller concessions to be used for closing costs.

If you have any questions about Gift Funds or Seller Concessions, feel free to call or email me anytime.  I can be reached at 978-273-3227 or email me at bill@billnickerson.com

via Gift Funds and Seller Concessions — Bill Nickerson’s Blog