5 Questions to Ask Your Home Inspector
1. What is the condition of the roof?
Before purchasing a home, it is smart to ask the inspector about the condition and age of the roof. The seller of the home may know the roof’s age, but it is still important to understand the life expectancy of the roof. The life span of a roof can range from 15-30 years, depending on the type of shingle used. Often the life useful life of a roof is shorter than the expected number of years. This is due to weather, accidents, etc. harming the shingles. The inspector will be able to estimate the actual remaining life...
A real estate appraisal is the process through which an appraiser determines the current fair market value of the subject property. The Uniform Standards of Professional Appraisal Practice (USPAP) sets forth the procedures and ethical standards to be followed by appraisers. “The appraiser investigates the characteristics of the subject property that might impact the property’s value. The appraiser also investigates the nature of the market for that property, competitive properties, and the buyers and sellers who constitute the market for that property type. The principles of supply and demand, substitution, balance and externalities help explain shifts in value.” (appraisalinstitute.org)
I am buying a home. When do I order an appraisal? Once most or all of the contract contingencies (like the inspection period) are dropped, the lender will order an appraisal of the property. This will be at the cost of the buyer and is around...
Home Trend Predictions
1. Goodbye gray, Hello earth-tones!
35 Home Design Trends on the Rise in 2023- Homework Remodels- Steve Shinn
“The big news is that beige is back,” says interior designer and color expert Jennifer Ott. “But it has different undertones than those from ’90s beige. It’s less yellow and instead has pink or green undertones.” At the end of 2022, we started noticing a lot of grey paint being replaced by white or green. We are going to see even more deep earth tone colors, mixed with...
Why would I work with a buyer's agent?
Buying a home is likely the biggest purchase you will make in your lifetime (except for the people lining up for a spot aboard Space X), so you should treat it that way. You need someone who experiences the industry daily to represent your interests in such a large transaction. Regardless of how many times you have bought and sold a home, the real estate market is changing every day. Time and time again there will be hiccups. When these hiccups arise, you will want someone in your corner and only your corner. Time, money & stress can all be saved by using a Realtor when you buy a home!
Did you know that using a Buyer’s Agent when buying your home will not cost you a commission? 9 times out of 10, when the...
Inexpensive Ways to Stage Your Home Like a Pro
Whether the home you are selling in Louisville, KY is worth $100,000 or $1,000,000, if the property does not make a good first impression it will probably sit on the market for months while hordes of would-be buyers parade through. That is why home staging is such a big deal - and such a big business among real estate professionals.
If you are getting ready to put your home on the market, you could call a professional home stager to boost its value and help you sell it more quickly. But what if you do not have the money to hire a professional?
The good news is there are plenty of inexpensive DIY ways to stage your home like a pro. These...
CAN I GET A MORTGAGE AFTER BANKRUPTCY?
Looking to buy a house in Louisville, KY, but worried about finding a mortgage because of a bankruptcy? Bankruptcy is more common now and banks will consider making loans within two or three years after the bankruptcy is discharged - as long as your credit history has been pristine since the bankruptcy.
Expect to be charged higher interest rates or be required to come up with a bigger down payment, though. Even if you have excellent credit history, a larger down payment usually means the best interest rates, and if you have a bankruptcy on your credit report it becomes especially important to put down as much money as possible.
Your past credit report is an important factor, but keep in mind there are several other financial indicators that are also considered.
Your employment history and income. If you've had steady employment for a long period (more than two...
The Greater Louisville Association of Realtors® (GLAR) reported that in March 2016 sales were up 14% with 1,346 homes and condos sold versus 1,180 last March. "The sellers' market is continuing in Louisville with inventory down in some areas over 20% compared to last year. This has also led to some fluctuations in the month to month statistics, , but in general our members are seeing steady single digit appreciation gains versus last year" said Greg Taylor GLAR President.
Home sales are up this year 15.1% from January - March compared to the same time in 2015. Median prices for Louisville during the same time are up 4.3% and the average price is up 1.1%.
There are just not as many houses on the market for the demand in Louisville. In some cases, homes are selling in a matter of hours. In Jefferson County, there are 24.7% less inventory of homes an condos for sale this March than in March of 2015.
We expect this trend to continue the next...
CAN I GET A MORTGAGE WITH BAD CREDIT?
If you have bad credit and want to obtain a mortgage to buy a new home, you may feel as though it's impossible since lenders tightened their eligibility rules. There are plenty of so-called “options” available on the Internet for bad credit loans, but you must be very careful to watch out for scams.
Mortgage laws have changed in recent years but, the following general guidelines apply:
• Your credit report must have fewer than two 30-day-late payments in the past two years.
• Bankruptcies must be at least two years ago, with excellent credit history since then.
• Foreclosures must be at least three years ago, with excellent credit history since then.
If you have a few minor negative marks on your credit, you might be better off simply waiting a few months for those to clear (while continuing to make all your payments on time, of course). Alternatively, you may ask a creditor...
HOW LONG DOES IT TAKE TO GET A MORTGAGE?
As you begin shopping for a new home, one question will weigh heavily on your mind: “How long will it take to get a mortgage?” For an extremely tiny minority of home buyers, it will take a few days to apply for a mortgage, get approved, and finalize the contract on a new home.
For the vast majority of home buyers getting a mortgage may take four to six weeks or even longer, if there are negative marks on your credit report or small debts you'd like to pay off before applying for a home loan. It can be very hard to be patient with the process.
Applying for a mortgage may seem mysterious (and even dangerous!), but the process is usually straightforward. Here's what generally happens, in the simplest terms possible.
First Step: Apply for a New Home Loan
First, you'll talk to a mortgage loan officer who...
THINGS NOT TO DO DURING THE LOAN PROCESS
1. Don’t Do Anything That Will Cause A Red Flag To Be Raised By The Scoring System. This may include adding new accounts, co-signing on a loan, changing your name or address with the bureaus. Generally, the less new activity on your reports during the loan process, the better.
2. Don’t Apply For New Credit Of Any Kind. Including those “You have been pre-approved “credit card invitations that you receive in the mail or online. Every time that you have your credit pulled by a potential creditor you could lose points from your credit score. Depending on the elements in your current credit report, you could lose anywhere from one to twenty points for one hard inquiry. For lender inquiries as of Jan. 2007, any indicial inquiries count as one incident through a duration of 45 days....
