Dorothea Feffer - Coldwell Banker Residential Brokerage



Posted by Dorothea Feffer on 1/8/2018

A home showing represents an important opportunity for a homebuyer. And if you know the right questions to ask during a home showing, you can obtain the insights you need to determine whether a residence is right for you.

Ultimately, there are several crucial questions to ask during a home showing, and these include:

1. Why did the seller list this home?

There are many reasons why an individual may choose to sell his or her house. Yet this information rarely, if ever, is included in a home listing. Fortunately, a home showing gives you the opportunity to analyze a seller's perspective as you weigh the pros and cons of submitting an offer to acquire a residence.

If a seller listed a house due to severe home maintenance issues that have escalated over time, this is a red flag for any buyer. On the other hand, if a home seller simply is looking to upgrade or downgrade or prefers to live elsewhere, you may want to further pursue his or her residence.

2. Is there any flexibility on the home price?

The initial asking price of a home usually is flexible, but only to a certain extent. Determining the level of flexibility on an initial asking price is paramount, as this may dictate the offer that you make on a house.

However, it is important to submit a competitive home offer, regardless of whether a seller is flexible about the price of a residence. Because if you submit a competitive homebuying proposal, you can reduce the risk of missing out on an opportunity to purchase your ideal residence.

3. Is there anything else I need to know about this home?

Following an in-depth home showing, you likely will have lots of information about a house and its condition. To conclude the showing, you should ask if there is anything else you need to know about a residence. This will enable you to receive the final pieces of information you need to decide how to proceed with a home.

Remember, it is your duty as a homebuyer to make an informed decision. If you understand exactly what to ask during a home showing, you can obtain the insights you need to determine the best course of action.

When it comes to preparing for a home showing, it helps to get assistance from a real estate agent too. In fact, hiring a real estate agent will make it simple for you to navigate the ups and downs of the homebuying journey.

A real estate agent is happy to set up home showings and attend these events with you. He or she can provide comprehensive home insights throughout a home showing. Plus, after a home showing, a real estate agent will help you decide whether to submit an offer on a house or continue your pursuit of your dream residence.

Get ready for a home showing Ė collaborate with a real estate agent, and you can receive the help you need to fully analyze a house.




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Posted by Dorothea Feffer on 1/1/2018

If youíre thinking about buying a home, youíve probably heard a lot about closing costs. Closing costs can come at a hefty price- up to 5% of your homeís purchase price. When that amount must be paid up front, you need to make sure you have a sizable amount of cash on hand.  


Thereís many different kinds of fees included in the closing costs. Your lender will give you an estimate of what your closing costs will be, but you may not know what any of the terms that are included actually mean.  


The Loan Origination Fee


This is the fee charged by your lender that covers the administrative costs that are associated with creating and processing a mortgage. This could also be called an underwriting fee.   


Title Search Fee


This is how much the title insurance company charges to perform research on the title of the home. In some cases, the title may have some issues associated with it, so this research is to protect you. Thereís also title fees known as lenderís title insurance and ownerís title insurance. You need to have lenderís title insurance, but ownerís title insurance is completely optional.


Credit Report Fee


This covers the obtaining and review of your credit report. 


Application Fee


Thereís also a fee when it comes to reviewing your mortgage loan application. 


Home Appraisal


This fee covers the appraiser who is chosen by your mortgage company in order to assess an accurate value of the home.  


Tax Monitoring Fee


This fee supports tax research on the home to determine if property taxes have been paid. 


Survey


The property survey covers all aspects of the property bounds including gas lines, roads, walls, easements, property improvements, and encroachments. 


Attorney Fees


The attorney fees will cover all of the document reviews, the agreements, and the escrow fees.


Insurance Payments


When you close on a home, your entire first year of home insurance payments must be made at the time of closing. If you have bought your home with an FHA loan, youíll need to pay mortgage insurance premiums at closing as well. Youíll also need mortgage insurance payments if you put less than a 20% down payment on the home.  


Escrow Property Taxes


The lender requires that you pay your property taxes up front. This money will be held in escrow and the taxes paid from there.  


As you can see, thereís a lot that goes on during the closing of a home. Make sure you have some water handy, itís going to be a long process! Understanding what will happen at closing when you buy a home can help you to avoid any surprise fees or financial burdens.





Posted by Dorothea Feffer on 11/13/2017

Are you in a hurry to acquire a deluxe residence as soon as possible? Ultimately, you'll need to prepare accordingly to ensure you can beat dozens of homebuying rivals as you search for the perfect house.

Now, let's take a look at three tips to help homebuyers accelerate the property buying journey.

1. Track the Housing Market Closely

A diligent homebuyer will monitor the housing market and keep track of new houses as they become available. By doing so, this property buyer will be better equipped than others to pounce on an opportunity to purchase a top-notch house at a budget-friendly price.

Also, a homebuyer should consider getting pre-approved for a mortgage. With a mortgage in hand, a homebuyer can enter the real estate market with a clear understanding of how much he or she can spend on a house. Then, this homebuyer can map out his or her house search.

2. Don't Hesitate to Submit a Competitive Offer

If you walk through a home and feel comfortable with the residence, don't wait to submit a competitive offer on it.

Remember, the early bird catches the worm. And a homebuyer who waits too long to submit a competitive offer on a residence risks losing it to a rival.

To define a competitive offer, consider the current asking price for a residence as well as the prices of comparable houses in the same city or town. This housing market information will help you understand how one house stacks up against another and ensure you can submit a data-based homebuying proposal.

Furthermore, look at how long a home has been available. If a house has been on the market for several months, a property seller may be more likely to accept an offer that falls under his or her initial asking price.

3. Work with a Real Estate Agent

For those who want to relocate to their dream home in the near future, hiring a real estate agent is a must.

A real estate agent understands what it takes to discover a terrific house that won't force you to break your budget. As such, he or she will work with you throughout the homebuying process and ensure you can get the best results possible.

Typically, a real estate agent will set up home showings, negotiate with home sellers on your behalf and much more. This housing market professional will even allocate the necessary time and resources to learn about your homebuying goals and help you achieve these aspirations in any way possible.

Let's not forget about a real estate agent's active listening skills, either. A real estate agent will listen to your homebuying concerns and questions and is happy to respond to them at any time. That way, you can receive expert guidance as you navigate the homebuying process.

Ready to speed up the homebuying journey? Use these tips, and you can boost your chances of acquiring a wonderful residence at a price that matches or exceeds your expectations.




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Posted by Dorothea Feffer on 8/28/2017

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Ready to buy a house? It pays to be proactive, especially if you hope to streamline the process of acquiring a terrific residence at a budget-friendly price.

A superb house is likely to stir up interest from large groups of homebuyers. Fortunately, with a proactive approach, you can stay ahead of the homebuying competition and boost your chances of securing a wonderful house.

Ultimately, there are several best practices for proactive homebuyers, and these practices include:

1. Search for Homes Early and Often

The early bird catches the wom. Much in the same vein, a proactive homebuyer is better equipped than others to achieve his or her desired results.

Keep a close eye on the housing market Ė you'll be glad you did. If you monitor home listings in your city or town, you can quickly identify potential properties that you may want to buy.

In addition, evaluate housing market trends and patterns. With this housing market data in hand, you can differentiate between a buyer's and seller's market.

2. Get Pre-Approved for a Mortgage

Meet with several banks and lenders in your area. By doing so, you can explore a variety of mortgage options and select one that complements your finances.

There is no shortage of mortgage options at your disposal. For example, many homebuyers prefer a 30-year fixed-rate mortgage, which guarantees they will pay the same amount each month for the life of a mortgage. On the other hand, some homebuyers choose a 15-year adjustable-rate mortgage, which features lower upfront payments that gradually increase over time.

If you're uncertain about which mortgage option to select, there is no need to worry. Banks and credit unions employ friendly, knowledgeable mortgage professionals who can help you make an informed decision.

Perhaps best of all, meeting with mortgage professionals guarantees you can receive expert responses to your concerns and questions. These mortgage professionals will devote the necessary time and resources to assist you and make it simple for you to select a great mortgage.

3. Collaborate with a Real Estate Agent

If you want to enter the housing market, there is no reason to wait. In fact, if you contact a real estate agent today, you can immediately launch a successful homebuying journey.

A real estate agent is dedicated to your homebuying success. He or she first will learn about your homebuying goals, ensuring you can start the homebuying journey on the right foot. Then, this housing market professional can help you narrow your search for your dream residence.

In most instances, a real estate agent will set up home showings, keep you up to date about new residences as they become available and help you submit home offers. This housing market professional also provides a one-of-a-kind homebuying resource. And if you ever have homebuying concerns or questions, a real estate agent is ready to respond to them.

Don't wait to kick off a homebuying journey. Instead, use the aforementioned tips, and you can become a proactive homebuyer.




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Posted by Dorothea Feffer on 7/17/2017

Buying a house is arguably the most expensive purchase most people will make in their lives. With real estate prices steadily rising year after year, many Americans are finding ways to save on housing.

At the same time, rent prices too are increasing, especially around metro areas where many young Americans are entering the workforce. With costs rising and wages stagnating, it can be hard to find an affordable place to live while still building equity that can be used later on down the road.

One option that many Americans are considering is the fixer-upper route. However, it takes know-how and a lot of hard work to make this method a good choice to save you money. In this article, weíll tell you how to make certain buying a fixer upper is a good idea and what costs you can expect along the way.

Adding up the costs

Buying a house that needs work means youíll need to spend a good amount of time calculating costs and getting quotes from professionals. Even if youíre familiar with several home maintenance tasks, there are some jobs that are safer if left to the pros. This isnít only a matter of physical safety, however. If you start a job that you arenít qualified to finish you could end up paying much more than if you had just hired a licensed professional to do the job in the first place.

When estimating costs for reparations and renovations, aim high. Itís better to plan for it to be more expensive and have more left over than to underestimate your projects and go over budget.

Get an inspection report

If you arenít sure whether or not you want to go through with a deal, make sure you have an inspection contingency clause in your contract. This will enable you to back out if the home inspector makes you aware of any costs that you werenít told about by the seller.

Donít forget added costs

There are several closing costs youíll be responsible for as a buyer. Make sure you keep tabs on how much you can expect to spend closing on the home. If youíre going through a mortgage lender, they are required to give you an estimate of closing costs.

Once you know the purchase price of the home and the closing costs, make sure you account for other aspects of your renovations, such as getting required permits.

Borrow wisely

If you do plan on taking out a loan to cover the cost of renovations, be smart with how you get and pay back that money. One option is the FHA 203(k) loan or renovation loan.

Renovation loans help you save on closing costs and simplify the lending process by giving you one loan that accounts for the cost of the renovations and of the home itself.







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