June 2019 Real Estate Roundup
June 2019 Real Estate Roundup
Half the year is over and many real estate markets are still performing well. With summer time comes a bit of a slowdown in sales as compared to spring. Being prepared to buy or sell a home is critical when the competition is high. Real estate being one of the most expensive things a person will buy, being fully prepared ensures a greater level of success. The articles in this month’s roundup will definitely help the home buyer, seller or real estate investor be better prepared.
Tips For Picking A Mortgage Loan Term
The term of a mortgage loan or the length one will be paying the mortgage for is important to consider when buying a home or investment real estate. The shorter the term usually means lower interest rates and less interest paid over the life of the loan. In this article by Bill Gassett he explores what home buyers and real estate investors should be considering when looking at the length of the mortgage loan. With a few options available in terms or the mortgage length it can save quite a bit of money depending on the loan term chosen.
Questions To Ask Before and After A Home Inspection
Whether you are buying a home to live in or as an investment getting a home inspection is an important step in the process. A home inspection will help insure the home you are hoping to buy is a good investment. To help with the home inspection process Michelle Gibson provides eight smart questions to ask your inspector both before and after the inspection. Buyers are encouraged to attend their home inspection since it is a walking tour of the inner workings of a house that is to be purchased.
203k Mortgage Loan For Buying and Repairing A House
Sometimes home buyers may come across that diamond in the rough house that is in a great location and may have great bones but just needs some work. Buying that type of house may often require a cash only purchase as most mortgages only apply to homes that are move in ready. With the 203K loan as Luke Skar points out home buyers can buy that home in its current condition and finance in the costs of repair as well. The 203k mortgage loan is a great tool for buyers who want to get a home that needs work and can finance in the repairs in to the overall cost of the mortgage loan.
Buying A Home With An Escalation Clause
In the many highly competitive real estate markets around the nation buying a home can be a challenge with so many buyers looking at the same house. Oftentimes home buyers can find themselves losing out on a home since they did not bid high enough. Kevin Vitali points out the useful strategy of making an offer on a home with an escalation clause. An escalation clause allows a home buyer to outbid competitors when making an offer on a home and is expertly described in the article by Kevin.
Reasons A Home Is Back On The Market
One of the reasons a home comes back to market after having accepted an offer is due to the home inspection. With a home inspection an inspector is looking at many aspects of a home in order to determine its condition. A negative inspection report can result in the buyers walking away from the contract to purchase a home as Sharon Paxson points out. Home sellers can help to minimize the chance of a bad inspection report by following the advice in her article and having a properly prepared home.
FHA Closing Costs
Most loans will have some sort of closing costs associated with them. FHA loans which offer low down payment terms are a great way for first time home buyers to get into a home with very little money up front. This article from Eric Jeanette explores what closing costs can be financed into an FHA loan and what costs cannot. Home buyers should be budgeting what they need to save up to bring to closing. Home buyers may also qualify for lender credits and local grants to help out with their down payment and closing costs.
Lead Paint Disclosure
Prior to 1978 many homes had paint in them that also contained lead, as the lead additive at the time was supposed to help with making the paint thicker and more durable. What was not known at the time was the toxic effects of lead in the paint and after 1978 lead paint could not be used in residential homes. In this article by Joe Boylan he explores lead paint issues and discusses how important lead paint disclosure forms are when selling a home.
Loans To Help A Doctor Buy A Home
Some medical practitioners may not know that certain banks offer great loan programs to help them buy a home. Due to high debt associated with getting a medical degree banks offer special mortgage loan programs for doctors since their careers are usually one of the better earning professions. With these loans doctors can qualify for a low down payment mortgage, which sometimes may even exclude their student loans when considering overall debt levels.
Which articles did you find interesting this month whether from this list or from somewhere else? Feel free to share any other articles you found insightful in the comments below!
The Real Estate Roundup For June 2019 was provided by Greater Cincinnati Area Luxury Realtor Paul Sian of United Real Estate Home Connections. Paul is a licensed real estate agent in the states of Ohio and Kentucky and has over 14 years of experience. Feel free to contact Paul for all your Greater Cincinnati and Northern Kentucky real estate needs.