Houses for Sale – Bailey’s Crossroads Virginia: When you have chosen your home and the deal is about to be closed, you’ll need to know what you must bring to the final, or closing, meeting. This is where the signing of the papers occurs, making you the owner and allowing you access to your new home.

The cost of the loan and your down payment aren’t the only things you’ll be expected to pay. You may have other fees to pay and you must know what those are before you go to the closing. Fees to look for might include surveyor’s fees if one was done on the property, the title company’s charges for their services, the recording fees charged by the county who will register the transfer of property and the deed, and fees charged by your lender for their handling of the paperwork.

This information can be gathered by asking your lender for a ‘good faith estimate.’ If they don’t give you one, you should definitely ask for one. If the costs are prohibitive for you ask the lender about rolling the closing costs into the cost of the mortgage. If the closing costs come to $3k or $4k, which can happen, you would easily be able to make this up by spreading it out over 30 years in the mortgage. If your loan is $145k, for example, your new loan amount would become $148k if you added in the $3k closing costs.

Since this is a buyer’s market for real estate transactions, the seller may offer to pay the closing costs. Many sellers are offering this as an incentive to prompt buyers to buy their property rather than another house down the street. With so many houses to choose from, sellers may agree to pay your closing costs for you. When you make your offer on the house, include the closing costs in the terms you’d like to have. You may be surprised to learn that your seller will indeed take care of that for you. You won’t know, however, unless you ask.

In some cases, lenders pay the closing costs for you.

Some lenders will pay the closing costs, especially if rolling them into your mortgage loan will put you over their loan to value criteria amount. You may have to pay a slightly higher interest rate in return, but at least you’ll be relieved of the large lump sum closing costs. Another perhaps less attractive solution is to ask a family member to help you with the costs.

Houses for Sale – Annandale Virginia: The idea of buying a new house built recently used to be something that was reserved for buyers in a higher income bracket. Newer construction was considered the cat’s meow as new features and construction practices improved over older ideas. Not many older homes, for example, featured sliding glass patio doors, whereas newer ones made it almost a standard feature.

What has happened, however, is that in many areas the newer construction began to bow to budget and labor cost constraints, thereby causing the use of inferior and cheaper materials, the absence of some of the features that made older homes charming, and more. It will depend what is important to you when you consider the purchase of a home whether you go with newer or older.

The older homes have been constructed at a time when oak and cedar were standard building materials for the framing work. Those woods are sturdier than today’s standard pine and are more resistant to insect damage. They also frequently feature the desirable oak hardwood floors that people pay a pretty penny for today if they install it after market. In fact, in many older homes that have tile or carpet one only has to begin peeling back the flooring layers to expose a most beautiful original wood plank floor.

Depending on where you live the price difference will be dependent on the market.

Newer construction cuts out many of the charming features that were standard in old home construction. Windowsills are a perfect example of this. Large, trimmed windows with ample sills were in every home, as were dramatic wooden door casings around every door in the house. Those have been replaced with steel or 2×4 frames with very little or no trim, covered over with drywall. The stairways speak for themselves in older houses with individually turned rails and banisters and large landings.

The yard is another place to find a big difference between old and new. Older houses tend to have much larger yards than newer ones, built more for maximum profit and convenience than for lifestyle. The trees in an older home are usually mature, which provides shade.

Newer construction homes are, of course, less likely to contain lead paint or asbestos and are usually less drafty. They are built for comfort and efficiency where older homes are often harder to heat and cool. The difference is purely up to you and your personal tastes. Check the prices of each where you want to live and go from there.

Reston Virginia - Lee Allen Team: A real estate contract is the end product of your efforts to buy or sell a piece of real estate. If you are selling your house, that final contract is your proof that the buyer is buying what you have to sell and under the terms and conditions that you have both agreed to and signed for. It is the legal paperwork that will allow you to transfer the property to their name or names within your county tax rolls.

There are other documents that will be needed to complete the sale and transfer the property owner from one to another, but when you have the contract, you know you are in the final stretch. Selling a home today is difficult. If you can manage to make the sale, it will be a happy day, especially if you are in great need financially or have other pressing issues that cause you to leave your current home. The sale contract is the end of your troubles if done right. When the sale is final, a deed will be issued to transfer the property ownership.

Deeds or Home Property Ownership Papers

Most deeds, or home property ownership papers, are similar to each other. The difference may be in the fine details. A warranty deed is used most often. The seller claims that he has the right to sell this particular piece of property to another. This allows for the sale of the property and transfer to another.

Grant Deed vs. Warranty Deed

A grant deed is similar to a warranty deed, except that it might not need notarization in some states, making it a bit less secure than an ordinary warranty deed. Grant deeds can be notarized if you have one just to make it more legitimate. Notarization is inexpensive and easy to do, so if you have a grant deed go to the courthouse or another notary and go the extra step to protect yourself.

A quit claim deed is another form of deed that simply gives up ownership of a property, allowing it to be ‘owned’ by another. This can be they type that is appropriate in the case of dual ownership of a home, as in two people that may not be married. If one wishes to leave the arrangement, he or she can sign a quit claim deed that relinquishes the rights and responsibilities of the property, making the other the sole owner. There are other types of deed available as well. Know which you should use in your area for the best protection of your investment.

One of the biggest detractors from the reverse mortgage program is that it often blocks your ability to collect Medicaid.

Homes for Sale in Reston Virginia: A reverse mortgage is a relatively new solution for those who are in their older years and want to see a little more cash flow for retirement. They have only been around since about 2005 so the theory has yet to be tested through to the end. What they do for seniors is loan money to you based on the equity in your house. You would essentially be borrowing against your own equity. In other words, you pay off your house throughout your younger years, and then sell it back to the bank who gives you monthly payments or a lump sum equity payment.

The bank is paid back when the house is sold. It is designed for those over 62 years of age, so essentially you could take a reverse mortgage, accept monthly payments on the equity amount to supplement your social security or retirement, and continue to live in the house until you depart. The house is sold and the money borrowed is returned to the bank. That might sound like a good idea at first, but many people are questioning the practice as they are finding certain truths to be in place that are definitely disadvantages.

“If you would like to tap into the cash equity in your home or just sell it because it’s paid off you could sell it to an investor instead of taking out a reverse mortgage.”

One of the biggest detractors from the reverse mortgage program is that it often blocks your ability to collect Medicaid. The reverse mortgage total amount is counted by Medicaid as proceeds of a loan, fully countable as income. That could exclude you as you might then be seen as an applicant in a higher income bracket.

Another potential downside is that there are stipulations for absences of the owner. In other words, if you were to go to nursing home care temporarily for an illness and you were gone beyond the allowable absence time, the bank sells your house. Where would you go after the nursing home stay was over and you were well once again? You would lose your home while you were recovering. That doesn’t sound like a good incentive for a speedy recovery.

If you would like to tap into the cash equity in your home or just sell it because it’s paid off you could sell it to an investor instead of taking out a reverse mortgage. An investor would buy your home from you at a small discount and you could be walking away with the cash in a week. If you just want the cash and don’t need to stay in the house, an investor might be an alternative.

“Do not hesitate to make sure that everything is in place and there are no loose ends to be scrutinized by discriminating buyers.”

Homes for Sale in Reston Virginia:  An attic’s condition tells a buyer a lot about the general condition of the house. They will, or will have an inspector, check it out, so be sure you don’t overlook the attic when preparing your home for sale. Insulation should be in place where it belongs. Many older houses have the pink fluffy type insulation that was simply laid between the joists or rafters.  [..read more..]

 Neighborhood means alot when family is concerned. Check the prices in your area now to see what you can find.

Homes for Sale in Reston Virginia: If you are not particularly happy with the neighborhoods you have been able to afford to live in, now might be the perfect time for you to upgrade your situation. With the cost of houses coming down to an incredibly low point, it might be time for you to see what you can get at a price you can afford.

Ten years ago when the children were toddlers, you were able to buy a small house in a decent neighborhood, but there were many things you haven’t been thrilled about now that the kids are in school. You’d love to live in an area where the kids can walk to the park, ride the bus or their bikes to school, and go over and play with their neighborhood friends. In your current situation, you must keep them at home or escort them everywhere because it’s just not comfortable to let them out on their own. You know that there are great neighborhoods in other areas where kids can be kids and are freer to move around independently.

“Where you have been frugal and stayed in a home you could afford, this might be a great time for you to find something that’s for sale in a much better neighborhood.”

The neighborhoods you know would be desirable to you have been out of reach financially as the homes are more expensive than yours. Look again. It could just be that you can now buy in a place that was out of reach for you ten years ago. For example, a house in a great neighborhood that was going for $250k just a decade ago can be bought for $150k today. It could be a foreclosure or a home that’s being turned over by a real estate investor, which might be even cheaper. The fact is, many sellers are over their heads with their current mortgages and can no longer afford to keep the nicer houses. This is where you might be able to take advantage of the situation and upgrade your home situation.

Where you have been frugal and stayed in a home you could afford, this might be a great time for you to find something that’s for sale in a much better neighborhood. Paying your mortgage on time and building good credit will be helpful, too. A nice house in a better neighborhood might need some TLC or sweat equity, but it would greatly improve your comfort factor and allow you to raise your kids the way you’d always imagined. Neighborhood means alot when family is concerned. Check the prices in your area now to see what you can find.

“When you start to look for your new home, research the areas that will have what you need.”

Homes for Sale in Reston Virginia: One of the first things to consider when you are ready to buy a home is the location. It won’t really matter whether the house you choose is perfect for you in every other way if it’s not in a good location. If your interests and needs revolve around your tax preparation business, you’ll want to live in a place that is good for business and is convenient to all of the things you’ll need including a good client base. [..read more..]

Homes for Sale in Reston Virginia: One of the first questions you should ask yourself before you even start looking at houses is how much house you can buy. There’s no point in even looking at those that are beyond what will fit into your income bracket.

You’ll need to look at your income, and then create a list of all your expenses for the month. Don’t forget to include annual items like property taxes or any maintenance items you must pay for. Have an emergency fund to set aside if you don’t already have one. It should cover 3 to 6 months of house payments and living expenses just in case your income stops unexpectedly.

Your monthly debt payments, your savings and anything else you need for the month plus your mortgage payment will give you a guide for what you can afford. The general rule is that you should buy a house no more than three times your annual income if your debt load isn’t too bad. Where you have paid your debt down to almost nil, you might be able to afford something that costs you about 4 times your income.

Let’s say you make $60k per year. If you have 20% to put down on the house, and you have about 10% in debt payments the ideal price range for you might be about $180k. The amount you’ll be able to afford if you have virtually no debt to pay off and have 20% to put down is more like $240k. These amounts are to be used as simply a guide.

Going to a lender to pre-qualify for a loan will give you a much better idea of the amount you can afford. They are now much more conservative in what they will lend you and how steady your income must be. Pre-qualifying will be a great move to make, as with a letter from the lender you’ll be in good position to make an offer when you do find something you like.

Once you’ve found your target price, you can start looking for your dream home. Looking for a house in a price range that you can afford will be much more practical. You won’t be disappointed when you’ve been looking for two months online and find the perfect home, but it’s too expensive for your budget. These days the lender would let you know that you don’t qualify for the higher amount, and both you and the seller could be disappointed.

Areas that are well known for their good school districts are highly desired by buyers.

Homes for Sale in Reston Virginia: Real estate is always a good investment no matter what the market is doing. If you have a desire to own a home, now is a great time to buy as it is definitely a buyer’s market. You’re likely to get a very good deal if you are ready to make the commitment. When you buy, if you are flexible about your chosen target neighborhood, you can research the best places to buy, and then make those places your most desired areas. Looking ahead to the possible resale of your house someday and at least considering how well the house you choose will retain its value, some places are better than others.

Areas that are well known for their good school districts are highly desired by buyers. You’ll be getting a double positive on this one. Your kids will get an excellent education, while you will be protecting your investment. The job market in the area is another factor that determines the value of a home. If there is good job potential there, you’ll be in a desirable location. The growth of population is indicative of the general fiscal health of a neighborhood. Good growth in population means that people want to live there and raise their families. Growth is very good where real estate is concerned.

“Today there are few buyers, and even fewer that qualify for loans, leaving a huge open market for those who can buy.”

It shows that an area is increasing in its values, instead of losing value and population like many areas of the country today. The great thing about buying today is that you will have more choice about where you want to live and what kind of house you’d like to live in. In the past, the sellers were in charge of the market, since there were fewer sellers than buyers. Today there are few buyers, and even fewer that qualify for loans, leaving a huge open market for those who can buy.

You will be able to buy where you want to, and won’t face tough competition for homes in the best school districts, for example, as there are homes for sale everywhere, including upscale neighborhoods, desirable school districts, and popular urban population centers. That makes today’s real estate market a perfect time to invest if you have thought about owning your own home. Leave your rental behind and stop paying the landlord’s mortgage for him. Buy a house of your own where you choose to live. There’s no better time than today.

“The truth is that almost any attempt at energy efficiency will save you money on your utility bills.”

Homes for Sale in Reston Virginia: Energy efficiency as advertised in homes for sale comes in varying degrees. Decide what you are looking for to meet your needs and consider putting in the systems yourself to collect the tax credits available. The fact is that a home can be advertised as energy efficient if it has any number of upgraded systems or appliances.  [..read more..]