Great Investment Potential – 63rd and South Benton

May 9, 2012 1 comment

Here is a flyer for a property we are selling. We are selling it ‘As is’ and would be a great investment property. Call me if you have any questions! Click this for more pictures of the property.

Is it easier to use a REALTOR to buy a home?

May 4, 2012 3 comments

Of course! It’s a much quicker and fluid process when using a buyer agent. The best of all, most buyer agents are free! I am completely free for buyers unless you are looking for houses under $50,000 in which a minimum commission may be the case. Other than that, my commission comes out of the price of the house and not out of your pocket. Here is how I help my buyer clients purchase a house: 

  •  First, select your home criteria. This sifts through the thousands of houses currently active in the area and narrows them down. Helpful tips for narrowing your search will be covered in the next post!
  • After you look through the houses that fit your criteria, select houses of interest, schedule them and start looking!
  • Once you find the house you want, we write up the contract and send it to the sellers’ agent. After negotiating on terms and price, I will guide you through the inspection and closing process until the day you move in!

(I obviously simplified the process for the purposes of not boring you to death.) There are lots of details to cover when buying a home, but everyone’s situation is different, so I cover them on a case to case basis. Other things buyer agents help with include:

  • We know the real estate market, so when you ask “Is this house worth the money”, we can answer you with a market analysis of similar properties in the area.
  • We can help you with any house even if it is listed elsewhere, or is being sold by the owner directly.
  • We can guide you through the pre-approval process for a mortgage; and discuss down payments, closing costs, and monthly payment options.
  • We are an excellent source for general information about the community, schools, transportation, plus tips on house inspections and pricing.
  • We are experienced at presenting your offer to the homeowner and can help you through the process of negotiating the best deal, and can point out advantages and disadvantages of a particular property.

If you’re looking to purchase a house soon, then contact a REALTOR with an ABR designation, like me!

Categories: Real Estate

Can I get a loan to renovate and update my house?

April 19, 2012 2 comments

Yes, there called 203(k) renovation loans, and a qualified lender can lend you extra money to fix up your house. The renovation loan is great for buyers who want to buy a house or owns a house that needs work but don’t want to use their savings and credit cards to fix it up. Consider some of these items around your house that needs work that would qualify for a 203(k) loan:

  • Replace carpet, floor tile, or  renovate hardwood floors
  • Remodel bathrooms or kitchens and update appliances
  • Upgrade roof and gutters to prevent water damage inside your house
  • Update plumbing and electrical systems
  • Update to efficient water heater or furnace to save money
  • New paint inside and outside
  • Update to double pane thermal windows to save energy
  • Finish basement for extra living space

Renovated Kitchen

            

If you’re curious about getting a 203(k) renovation loan to fix or improve your house, contact your local lender!

Fully renovated 3 bedroom house in Blue Springs, Missouri!

March 2, 2012 166 comments

Here is a ‘before and after’ video I made so you can see how much work we did on this house. Enjoy!

http://youtu.be/-ChsqgFc8xU

As you can see, renovations included but not limited to:
Interior and exterior paint
New double pane thermal windows
New lighting fixtures
Kitchen has new granite countertops, custom backsplash and floor tile mosaic
New kitchen appliances
and much more!

Categories: Real Estate

Do I need to wait 15 days to purchase an investment property?

January 19, 2012 1 comment

Yes and No. First let me explain what an investment property is:

What is the definition of ‘investment property’?

An investment property is a home you buy that is not your primary residence, that you don’t intend of living in within 60 days or purchase and live in for at least 1 year. Some investors get around that by living in the property while they fix it up, then sell it a year later, but most investors choose not to do this, because they would rather flip multiple homes within a year instead of holding a single one.

So what type of properties have a day restriction for investors?

It depends on who is selling the property. If you are looking at a Freddie Mac / Fannie Mae property, they have an initiative called the ‘First look initiative’ which prohibits investors buying within the first 15 days. Whether or not you think this is ‘fair’, it allows actually home owners the first chance to purchase a home instead of investors buying them and charging a premium later. It usually doesn’t interfere with investor houses, because the houses that stay on the market longer than 15 days are houses that need extensive repairs, upwards of $20,000-60,000.

Some banks allow a ‘grace period’ for home owners to buy first, but each bank is different. Consult your real estate agent whether the house is under any constraints for investors or not.

What about HUD houses?

HUD houses (housing of urban development) are houses that used FHA loans that were foreclosed on. Once HUD puts them up for sale, investors can’t make an offer until the 11th day, but the initial owner occupant period can be shorter or longer, depending on what the asset manager (listing agent) chooses to do.

HUD offers great incentives to buy their houses, from $100 down payments to 50% off the price! I will discuss those incentives in the next blog post!

First Time Home Buyer? Read This!

September 28, 2011 Leave a comment

Hi everyone!

I’ve recently noticed that a lot of my buyer clients are first time home buyers. Every time I help them, I show them this great website called KC Home Programs, and I figured I should tell everyone about it!

If it’s your first time buying a home, you are at a great advantage, because there are lenders, grants, and other programs that offer to help you.

KC home programs, in my opinion, it is the most complete and coherent website that gives you information and links guiding you through the entire process of buying a home, from getting prequalified to closing. They offer articles about finding a home, getting prequalified, the closing process, types of mortgages, and other helpful steps and education to learn before jumping into purchasing your new home.

Here are a few examples of what the programs help with:

Closing cost assistance (typically 1-3% of the sales price)

–Down payment assistance (depending on your mortgage, down payment ranges from 3.5-20%)

–Additional loans for houses that need improvements.

–Special discounts if you are a teacher, firefighter, police officer, or EMT.

If you are thinking about purchasing a home soon, and are a first time home buyer, I encourage you to look at this website. Even if you are well versed in real estate, I guarantee you will learn something new!

http://kchomeprograms.com/program/index.php

What is Earnest Money and Escrow?

September 13, 2011 Leave a comment

I’ll be honest, I had no clue what earnest money or escrow meant until I started my career in real estate. When buying a home, most people don’t realize they need to submit earnest money, how much, and where it goes. I will help answer those questions today.

Earnest money is  simply an initial down payment that isn’t cashed until closing, letting the bank and seller know that you are truly interested in buying their house. It demonstrates that you have sincere interest about buying the house, and is usually about $1,000, but when dealing with larger priced homes, can be as much as 1% of the price of the home. Earnest money is submitted with the offer to buy someone’s house, and once that offer is accepted, the earnest money check is sent to a title company, which puts the money into an escrow account.

The escrow account is where the money sits until further notice. Just think of it as a savings account that a third-party holds until you close the contract. The third-party is usually a title company, since they are responsible for handling the money and transfering the deed of the house.

Some buyers worry that they will never see their earnest money check if they decide to cancel the contract and find another house. You can get your earnest money back if you cancel the contract for a legitimate reason, like an unacceptable condition found during inspections. If inspection comes back with extensive mold damage that you didn’t notice when you made your offer, then you have about 5 days to decide whether you want to renegotiate the price or back out of the contract. In that case, that is a legal cancellation, and you will get your money back.

I hope that helps clear things up. Let me know if you have any questions!