Buying a foreclosure can help you save big money on a house, but it’s not always a quick or easy process. There are certain things you should be aware of before you decide whether or not to do it.
Use these tips on purchasing a foreclosure to help you determine if it’s worth the extra effort:
- Don’t expect to do much negotiating to bring down the price. If you buy the home, you’ll be responsible for fixing it up at your own expenditure.
- Get a pre-approval letter for a mortgage from a reputable lender. Don’t assume that the bank that owns the house will handle your financing.
- Do your research and look into what other comparable properties have sold for. This helps you come up with a better offer that’s more likely to be accepted.
- Gather a list of reliable repair companies, since most foreclosures will require some fixing up.
- Bid at the highest price you’re willing to go, then work your way down from there, if possible. You can start out lower if the home has been vacant for awhile.
Ready to begin looking for foreclosed homes for sale? Contact United Real Estate today, and visit our Facebook page.
Offering a down payment is a normal part of the home buying process, but it’s one that many struggle with. Thankfully, you don’t necessarily have to wait several years to set aside enough money for this expense.
Here are a few simple tips on saving for down payment, so you can buy a new home in the near future:
- Check out government programs for home buyers. Your local or state government might offer programs to help residents purchase a home. You might be able to get financial assistance as a first-time buyer or a loan to cover your down payment.
- Cut down on regular expenses. You can save quite a bit of money by shopping around for lower insurance rates or by negotiating lower rates on cable, Internet and phone bills.
- Use IRA money. If you’re buying your first home, you can take $10,000 or less from your IRA to use as part of your down payment. This transaction isn’t subject to early withdrawal fees.
Are you ready to start looking for your next home? Visit United Real Estate to find a local agent, and stop byour Facebook page for home buying tips.
Looking for just the right color or colors to spruce up your home before putting it on the market? There are several great hues to choose from if you’re modernizing your home for sale.
These are some of the hottest colors of 2014 to consider:
- Emerald: This rich shade of green adds a vibrant yet tasteful touch of color to any room. It’s also a calming and elegant color, making it a great one to use on your walls.
- Peacock: This shade of blue is a cheerful color that’s slightly darker than teal. You can use it with neutral shades, like gray or white, to brighten up a room.
- French gray: This warm shade of gray is perfect for giving rooms a cozy feel without having to go too dark. It works well in bedrooms.
- Deep purple: This shade looks good on accent walls, where it adds an eye-catching contrast to lighter colors or neutrals.
- Gold: Soft shades of gold are becoming more popular on the exterior of homes. They make any house look brighter without looking too colorful.
Getting ready to start the selling process? Visit United Real Estate to find an agent, and stop by our Facebook page.
Choosing a reliable mortgage company is a crucial step when you’re buying a home. You need to make sure you’re working with a company that has the right kind of mortgage for your situation. That’s why United Real Estate has partnered with PHH Mortgage.
This mortgage company offers the following benefits for home buyers:
- A team of skilled loan processors, consultants and underwriters, as well as excellent customer service to ensure that the mortgage process goes smoothly for you.
- A variety of mortgage products to choose from, including FHA loans, adjustable rate mortgages, fixed rate mortgages, jumbo loans and VA loans.
- Outstanding guarantees, such as an interest rate reduction if your requested closing date isn’t met and an offer of $250 if your pre-approval decision takes longer than one day to process.
These benefits set PHH Mortgage apart from other mortgage companies, making them an ideal choice for your home buying needs.
Ready to begin looking for a new home and determining which type of mortgage is right for you? Contact United Real Estate today and stop by our Facebook page for more advice on buying a home.
Unless you’re in the rare position of being able to pay cash for a new home, you’re going to need a home loan to cover the cost. Obtaining a mortgage is more difficult now than it was before the 2008 recession hit, so it’s important to boost your chances of securing one.
Use the following tips to help you get the home loan you need:
- Get rid of debt. Pay off credit cards, if possible, to reduce your debt-to-income ratio. Aim to keep this ratio lower than 36 percent.
- Don’t apply for credit cards. Applying for new credit will lower your credit score, which can hurt your chances of getting a mortgage.
- Fix your credit score. Make sure there are no errors on your credit report, and immediately correct any errors that you might find.
- Offer a higher down payment. Make an offer of 20 percent or more, if you can afford to. This is a big help if your credit score isn’t high.
- Take your time. Give yourself at least six months to financially prepare to apply for a mortgage.
Need more professional advice on obtaining a mortgage? Speak to a United Real Estate agent, and check out our Facebook page.
United Real Estate would like to welcome our newest agents to the company. In November we added nearly 50 new agents. Congratulations and welcome to the company! For information on joining our team, contact us today.
URE Kansas City
James W. Brown
Shu Sophie Chan