Discover Top Posts Tagged with #elainesessions

ABCs of Home Loans

Buying a house is an exciting time in a person’s life! The search for the right city to live in and the perfect house to fit your style and needs is truly a fun process. Whether you are purchasing your first home or moving to your fifth, there is something about that new home feeling that fills you will joy! What better than a fresh start filled with nothing but potential?

As with anything, there are challenges you may be presented with. Finding the perfect home is a much easier process when you have the right real estate team that has your back. However, knowing the basics of the mortgage process is still important! Not only are there a lot of documents that are required, the lending process now has its own set of ABCs filled with acronyms! A few of the most common terms you may hear during your home buying process are below.

ARM While buying a house might seem to cost an arm (and maybe a leg), ARM refers to “adjustable mortgage rate.” This indicates a loan that you pay a fixed interest rate for over a certain period of time then it adjusts based on the economy. This means your interest could increase or decrease. ARM mortgages are typically adjusted once or twice a year.

PITI PITI is a term that stands for “Principal, Interest, Taxes and Insurance.” In simple terms, it is an easy way of saying everything you will owe in order to own your house. PITI is important to consider when you are comparing your options for financing. Be sure that each of your options includes all four of PITI elements.

DTI Debt-to-Income ratio is what the banks use in order to determine how much money you are eligible to borrow and how much money you can afford to pay each month. This helps people from getting a mortgage they can’t afford. Many times the DTI is determined on your gross income.

PMI Private Mortgage Insurance is a policy that is paid for by the borrower in the instance that they put less than 20 percent down on their home. PMI helps to protect lenders in the case that it defaults.

If you are confused, don’t worry! Elaine Sessions of Roberts Brothers Realty and The Sessions Team are here to help with your real estate needs. Find us on Facebook, give her a call today at (251) 450-8890, or visit www.sessionsteam.robertsbrothers.com!

#fridayreads #elainesessions #homeloans

First Time Home Buyer? Here’s What You Need to Know

Buying your first home is an exciting and overwhelming time. You may think that you pick a house, get a loan, sign some papers, and that’s it, but there is so much more to buying a home. Here’s what you need to know:

Get professional help

At the very minimum, you will need an agent and a loan officer. If you do not know anyone ask your friends and family for references. If they don’t know anyone be sure to ask the agents you contact for past client references. An agent can usually then provide you with reputable loan officers whom they have worked with in the past.

Find a loan and then a house

You need to know your financial limit before you start looking at homes. If you start looking at homes before you know how much of a loan you can get you may be disappointed when you fall in love with a house that you cannot buy. Knowing your limit will help you to make a financial decision and not an emotional one.

More than just your mortgage

Homeowner’s insurance is required and some properties also have required HOAs. Save for maintenance expenses and plan for higher electric and water bills. All of these expenses must be planned for in your monthly budget on top of your mortgage payment.

Buy for your future needs

Most people only buy a home once or twice in their lives. You should think about your family’s future needs and try to accommodate them with this purchase. For example, if you have a young and expanding family, think about the number of bedrooms and the school district your children will attend.

Don’t spend all of your savings on a down payment

Putting 20% down on a home saves you from the added mortgage insurance payments each month, but if it means using your entire savings it probably isn’t a good idea. You will need savings for a rainy day as well as those extra expenses that come with buying a home like new furniture or appliances and fresh paint in the bedrooms. There are first-time homebuyer programs that will allow you to put down as little as 3%.

Do not open another loan before closing

You may be thinking about purchasing a new car to go with your new house - don’t. Opening new lines of credit can jeopardize your closing. The same goes for switching jobs because the variance in income can change up your loan.

Be prepared to compromise

It is highly unlikely that you will find a perfect house. One might have your ideal layout but is further from work than you’d like while another is in the ideal location but needs a bit of TLC. Know what you are willing to compromise on by prioritizing your needs and desires. Don’t be afraid of little cosmetic fixes and if you are willing to negotiate repairs with the seller you may find that you can save yourself time and money.

Let Elaine help you find and finance your home today! Elaine Sessions of Roberts Brothers Realty and her team are here to help with your real estate needs. Find her on Facebook, give her a call today at (251) 450-8890, or visit www.sessionsteam.robertsbrothers.com!

#fridayreads #elainesessions #firsttimehomebuyer

Why You Should Hire a Realtor Instead of Doing For Sale By Owner

In the long list of things that you can do yourself when selling your house, for sale by owner (FSBO) is not usually your best option. Hiring a realtor can help you gain more profit for less hassle.

More Profit

Selling your home yourself sounds like a pretty good option when you think about the cash you save by not paying commission, however, statistics show that you earn a higher profit when using a realtor. That difference is enough to cover commission and put more money back in your pocket.

There are many reasons for this difference in profit. For starters, realtors have access to better marketing tools than the every-day person. A realtor can list your home on a multitude of well-known realtor sites making it easy for potential buyers to see your listing. FSBO sites do not attract the same amount of traffic as sites like Trulia and Zillow. Realtors also have access to clients searching for a home as well as other realtors. These connections can prove very valuable in getting the right offer (or offers) on your home.

Receiving a higher profit starts with an accurate pricing of your home. A realtor knows the market well and can give you a price point that is on par with what you should expect to obtain. Online assessment tools and numbers from what the house down the street sold for may have you asking too low (less profit) or high a price. Too high a price can cause your house to sit on the market longer resulting in you lowering the price and lookers becoming skeptical because your house has been on the market so long.

Realtors understand that your time and money are important so they know what projects to encourage you to take on and what projects to leave be. They will give you honest, budget-friendly feedback on how to enhance curb-appeal and how to update your home fixtures. They even know how to stage your home to bring out its best features.

Less Hassle

A realtor deals with all of the people interested in your house - the real potential buyers, the “looky-loos” who have no intentions of buying, and the investment sharks who want to buy for less so they can rent it out or sell for greater profit. A realtor qualifies potential buyers and knows how to ensure their own safety when inviting strangers into your house. All you have to do is tidy up and leave. Many potential buyers are uncomfortable with the seller around, but realtors can gain honest feedback from lookers while also being a third party in the emotional process that is selling a home.

Realtors also handle all of the paperwork in a house sale. Chances are you aren’t familiar with every local law and required paperwork which opens you up to potential lawsuits in an FSBO. They also know reputable inspectors and attorneys which saves you time in phone calls and research when it comes time to sell.

Elaine Sessions of Roberts Brothers Realty and The Sessions Team are here to help with your real estate needs. If you are thinking about selling your home contact them on Facebook, or give them a call today at (251) 450-8890, or visit www.sessionsteam.robertsbrothers.com!

#Real Estate #elainesessions #the sessions team #roberts brother realty #realty #Realtor

Did you know that there are many things negotiable when buying a home? Take a look!

#somobile #realestate #elainesessions

What’s Negotiable When Buying a Home

You finally did it. You search and searched, you got approved for a loan, and you finally found the perfect house. Now the negotiations start. How much should you offer? What can you ask for in return? Here is a list of the things that are negotiable when buying a house:

Closing Costs

On average, a buyer’s closing costs are 2-5% of the purchase price of the home. These costs cover loan origination fees, recording fees, lender title insurance, inspection and appraisal fees, and more. The seller’s closing costs typically include tans for taxes, owner title insurance, home warranty premiums, etc. You have the right to negotiate paying anywhere from zero to all closing costs. If you want to move fast on a home, it may be advantageous for you to offer to pay the seller’s closing costs. Similarly, you may not have the cash on hand to pay your costs and can instead offer a larger purchase price if the seller will pay your closing costs.

Fixtures & Appliances

Common items for buyers and sellers to negotiate over include refrigerators, televisions, window treatments, and lighting fixtures. Typically, appliances and fixtures are included in the sale of a home. A good rule of thumb is: if it’s not bolted down the seller can take it with them. This means that appliances like the oven and dishwasher are usually left, but the refrigerator, washer, and dryer are not always included in the sale. Light fixtures like chandeliers may or may not be included as well. A buyer has the right to ask for any appliance or light fixture to be included in the sale. Similarly, if a buyer has no interest in certain appliances, they can ask that the seller does not include them, therefore removing them from the home once the sale is complete. If you ever question whether a fixture or appliance is included, there is no harm in adding a clause to your offer specifying your desires regarding said items.

Furniture

Furniture is expected to leave the property with the seller. However, you may ask for specific furniture to be included. A seller who is downsizing or moving far away may be interested in selling large items like couches and bed sets. Most states require that these personal property purchases are done with separate contracts from the real estate deal.

Move Date

Being flexible in negotiating your move-in date can be advantageous as a buyer. The seller may want to push back moving out if they are still needing to find a new home, or they may be motivated to move out quickly.

Repairs & Warranty

A list of repairs may be noted during a walkthrough of the house as well as during the inspection. You may ask that all repairs be taken care of or that only certain ones be fixed. The seller then has the opportunity to agree to your request or negotiate back the amount of repairs they are willing to cover.

Not all necessary repairs may be found during an inspection. Depending on the time of year or even the age and use of specific appliances, some problems may not surface until weeks or months after a sale. You may negotiate a warranty on the home to cover the appliances and systems up to a certain dollar amount for a specified amount of time after the closing of the sale.

#somobile #elainesessions #negotiate

#somobile #tips #elainesessions

Space Saving Hacks for Small Kitchens

Have you ever loved a house, but the kitchen wasn’t big enough? Perhaps you just need a little extra room? Try these space saving hacks to give you a little extra room in your kitchen!

Frying Pans

⦁ Use a retractable rack to hang your pots and frying pans. Use an “S” hook to hang them each from a rack that slides in and out of your cabinet for great accessibility.

⦁ Store the lids on a rack or basket connected to the inside of your cabinet door.

⦁ Pan organizer racks can be mounted horizontally or vertically, depending on space. No more lifting heavy pans off of each other to get to the one you need.

⦁ Mount a floating shelf to the wall and hang pots and pans from the bottom. Screw hooks into the bottom of the shelf and hang up your pots and pans to get them out of your cabinets for easy access and more space.

Spices

⦁ Make use of open space by building a spice rack on the inside of your pantry door.

⦁ Place a step rack inside your cabinet to easily see your different spices. No more pulling all of the spices in the front out to see what’s in the back as the back spices will be elevated for easier viewing and accessibility.

⦁ Build a narrow pull-out rack into unused spaces (like next to your refrigerator) or in spaces where you need them the most (like next to your stove top and oven). These make great storage spaces for your most-used items like spices and cooking oils.

⦁ Store your spices in containers with magnetic lids. Install a sheet magnet inside a pantry or cabinet door or on an open wall. Attach your spices to the sheet to save counter and cabinet space.

Plates & Cutting Boards

⦁ Use a rack to store your plates and cutting boards upright to save cabinet space.

⦁ Install a pegboard into the bottom of a drawer. Lay out your various plates and bowls and then insert pegs to help hold them into place. This will open up valuable cabinet space, and the pegs will keep your plates and bowls from crashing into each other while you open and close the drawers.

⦁ Have a pull-out cutting board installed directly over your trash can. Carve a hole into the cutting board to easily dispose of food waste while cutting.

Miscellaneous

⦁ Pull-out drawers inside cabinets save space and time. More items can be stacked behind one-another without losing access to them. Great for food cabinets as well as under the sink for cleaning supplies.

⦁ Tilt-down drawers under the sink hold sponges and other small items that would otherwise clutter up your counter space.

⦁ Install rods with “S” hooks under your cabinets or on empty wall space. Hang mugs, cooking utensils, or other miscellaneous items.

⦁ Use chalkboard paint inside your pantry door for a conveniently placed grocery list.

⦁ Create more counter space by building a tray that fits over your stove. When not using the stove the tray creates more usable counter space, but it can also be removed and used as a serving tray by adding handles to the sides.

Elaine Sessions of Roberts Brothers Realty and The Sessions Team are here to help with your real estate needs. Find us on Facebook, give her a call today at (251) 450-8890, or visit www.sellyourhomeinmobile.com! © Southern View Media 2018: Reproduction without explicit permission is prohibited. All Rights Reserved. “We Put You Online So You Don’t Get Left Behind.”

#elainesessions #thesessionsteam #smallkitchens #fridayreads #somobile

#elainesessions #thesessionteam #realestate #robertsbrothers #somobile