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Published On: May 22, 2010
Things to Consider When Searching for a Home
Before deciding which house to buy, think about your lifestyle, your current and anticipated housing needs, and your budget. It’s a good idea to create a prioritized list of features you want in your next home – you'll soon discover finding the right house involves striking a balance between your "must-haves" and your "nice-to-haves." To start, consider your lifestyle. If you love to cook, you'll want a well-equipped kitchen. If you're into gardening, you'll want a yard. If you're planning your office at home, you may want a room for a separate library or work space. If you have several cars, you may require a larger garage. Use this list as your search guide. Next, think about what you might need in the future. As you consider your housing needs, it's important to consider how long you may live in your home. If you're newly married, you might not be concerned with a school district right now, but you could be in a few years. If you have aging parents, you may want to look at homes that offer living arrangements for them as well as you. It’s important to think about your new home’s location just as carefully as you do about a house’s features. Location is a huge part of any move. In addition to considering the distance to work, you need to evaluate the availability of shopping, police and fire protection, medical facilities, school and day-care, traffic and parking, trash and garbage collection, even recreational facilities. Perhaps the most important decision is deciding on the type of home you want. Do you want a condominium or a co-op? A town house or a detached single-family home? Do you want brick, stone, stucco, wood, vinyl siding, or something else? Do you prefer a new home or an older one? Through all of this, make sure to talk to your real estate professional about where you want to live.
While more buyers now use the Internet to gain access to listings, or available properties for sale, it is still a good idea in a Buyer's Market to use your own Accredited Buyer's Representative, to represent your best interests throughout the process. Of course, I always volunteer! I am available to analyze data, answer questions, share myr professional expertise, and handle all the paperwork and legwork that is involved in the real estate transaction. As a CENTURY 21 professional I have the expertise to help my clients narrow down their choices by sharing market trends and local information.
If you have any questions at all regarding the search for your new home, you can always contact me on my cell 401-225-8600 or on the web at www.WendysWonderfulHomes.com
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Published On: August 2, 2009
My broker tells me...
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Dear All:
There are substantial federal regulation changes - some effective as of
7/30 and others as of 10/1/09. These changes can and will impact loan
closings - in many cases you will see a delay in the closing. These
changes are mandated by federal law and leave no wiggle room. I
believe it is a necessity for all realtors to understand and plan for
these changes within their transactions. Here are some highlights of
the changes occuring 7/30/09 - if the APR results in an increase of
.125% greater than what was disclosed at application - very small
window, we must adhere to the following:
Any changes to the loan will require new disclosures. The closing
CANNOT take place for 8 business days after the mailing
of these disclosures regardless of the sales agreement dates, time is of the essence clauses etc.
If the customer does not lock in at application time, the loan cannot
close for 8 business days after that lock in. If the borrower changes
an existing rate lock to a different option, t
he loan cannot close for 8 business days after that change.
Once the attorney sends in the HUD1 for approval (sometimes the day of
closing) if the costs exceed what was originally disclosed (greater
than the .125% in APR) the bank will have to cancel the closing and
disclose and then wait 8 days to reclose.
Concerning a new loan application, the loan cannot close until 8 days
AT THE EARLIEST assuming there are no changes. One week closings are
few and far between but I have had requests for them, they can no
longer be done.
Foreclosures and short sales may be impacted because typically the
final answer doesn't come in until the end of the transaction and many
banks want the loans closed immediately - that cannot happen if the APR
changes more than .125% which is often the case.
With increased legislation all buyers and sellers should plan accordingly. Put yourself with a realtor who searches this out for you.
Published On: June 26, 2009
Now is the time to take advantage of the never before offered First Time Home Buyer Tax Credit of $8000.
If you are a
1. First Time Home Buyer or have not owned real estate in the last 3 years and you
2. close on the purchase of your primary residence before December 1, 2009, by filing an amended tax return (1040X) and the application for the First Time Home Buyer Tax Credit,
3 if you owe nothing to the IRS within 8 -12 weeks you will receive a REFUND OF $8000.
4. This REFUND has no restrictions and can be used for whatever you like, fixing up your new home, going on vacation, or saving to ensure that you have a much needed buffer should something break on your new home.
What an excellent opportunity!
If you have any quesitons regarding the First Time Home Buyer Tax Credit, just give me a call (401-225-8600). I'm always more than happy to provide the information you need.
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