Down Payment?! Sellers Concessions!? Closing Costs?! Cash to Close?!

Down Payment?! Sellers Concessions!? Closing Costs?! Cash to Close?!

In the exciting world of real estate there are often many terms both realtors and lenders use frequently, so for us it’s pretty basic lingo. The problem is, for the average buyer/seller understanding the terms used can in itself be a conundrum(aka problem difficult to understand). In my experience, the top misunderstood terms are: closing costs,down payment, cash to close & seller’s concessions. These are the top because many times they are used together or interchangeably throughout a real estate transaction. l am going to attempt to explain these terms a little better and hopefully get rid of some of the confusion surrounding them. Ready, Set, Keep Reading!

A Closer Look at the "L" Word

A Closer Look at the "L" Word

The first question I often get is what the different loan types are and what the difference is. In Morgan County, the most common loan types are :Conventional, FHA, USDA, and VA check with your financial institution about the loan types they offer as not all offer every loan type. Now lets delve into each of these a little deeper. A Conventional Loan with Fairway requires a 620 credit score, 20% down payment and carries no mortgage insurance. An FHA loan requires a 600 credit score, 3.5% down payment, and upfront mortgage insurance of about 1.75% of the purchase price.

What You Need to Know About Home Inspections with David Basil

What You Need to Know About Home Inspections with David Basil

In every real estate transaction one of the most important steps is to get a home inspection. Whether you chose a professional or do it yourself, always get a home inspection. I know I’ve told you this before, but I truly believe it is one of the most important things you can do for yourself and your family. Imagine buying a house and 2 days after closing you discover the pipes leak in the basement every time you flush the toilet; or 2 weeks after closing you have to replace the hot water heater because its 30 years old and was at the end of its life span and stopped working.Both of the examples are items that likely would have been found through a home inspection. Now this is not to say that issues can’t still arise after closing even if you do have an inspection. The hope is that through a home inspection you will be able to have more in depth knowledge of your home and be able to prepare and plan for future maintenance items and potentially get major items repaired before closing.

Home Inspections- When reality hits

Home Inspections- When reality hits

When you first look at a house and decide make an offer you are too busy concentrating on whether or not it checks off all of your must haves to take a thorough look. You fall in love with the size of the living room, kitchen,  & paint colors. You're not thinking with your brain your thinking with your heart. It has everything you could ever dream of its perfect right ?

Now that your offer has been accepted and you are officially UNDER CONTRACT or ESCROW as it's referred to in some states it's time to get back down to reality.  It's time to look at the house with what I call a fine toothed comb. It's time for you to have your home inspection.

Don't Replace Your Agent with the Internet

Don't Replace Your Agent with the Internet

With the influx of new technology and web based solutions, it isn't a surprise that everything is moving fast into the era of the internet. From sites like Uber to Grubhub, we generally can pull up our phones or laptops to order what we want with ease. And with every industry being revolutionized by technology, the same methods are "attempting" to be applied to the real estate industry. 

Top Reasons Your Home Hasn't Sold

Top Reasons Your Home Hasn't Sold

In a fast moving market homes typically go under contract fairly quickly , usually within the first couple of days or the first week on the market. So if your home is on the market you may be asking yourself why hasn't my house sold then. Well, there are a various reasons why your home probably hasn't sold. In my experience there are 6 main reasons a home doesn't sell in a fast moving market; price, staging(aka clutter), availability, flexibility, and odors. Which one is plaguing your property? To get your answer let's get into each of these a little deeper.

No Two Lenders Are Created Equally

You did it you finally succeeded. Your offer was finally accepted after losing out on 3 other multiple offers on 3 other houses. You finally found the one, after 6 months of looking. Your gonna be a home owner soon. No more worrying about the landlord raising the rent or calling them to fix the leak in the bathroom, that will soon be your problem and you can't wait.

Inspection went a little rocky but luckily the sellers were willing to fix most everything and the rest dad and your uncles can help fix. Thankfully no foundation issues which was a big relief considering how old the house is.

Why Real Estate?

I’m a real estate agent for Gateway Realty Colorado in Brush, Colorado. For those of you that don’t know Brush is small town located in Northeastern Colorado about 80 miles north east of Denver. Real real estate wasn’t my first job, or even my dream job. If you had asked me 10 years ago where I would be today real estate probably wouldn’t have been on my top 5. Before real estate I did everything from waitressing, to kitchen staff at a nursing home, school nurse, to retail sales associate just to name a few. Out of all of these careers why pick real estate? Well in all honesty I didn’t pick real estate, real estate picked me. It literally all started with a phone call and a wonderful employing broker that was willing to give me a chance.