Gregory Murphy - WEICHERT, REALTORS® - Briarwood Real Estate



Posted by Gregory Murphy on 8/29/2019

If you plan to buy a house, you'll want to apply for a mortgage before you launch your house search. That way, you'll have your finances in order and can narrow your home search accordingly.

Ultimately, there are several steps that you should take prior to applying for a mortgage, and these are:

1. Check Your Credit Score

A bank or credit union likely will analyze your credit score as it reviews your mortgage application. However, you can find out your credit score free of charge before you kick off the mortgage application process.

You are eligible to receive a free copy of your credit report annually from each of the three credit reporting bureaus (Equifax, Experian and TransUnion). Submit a request for your credit report today, and you can receive comprehensive insights into your credit history.

2. Examine Your Earnings and Debt

How much you currently earn and your outstanding debt could play pivotal roles in your ability to acquire a favorable mortgage. Thus, you'll want to examine these factors closely so that you can better understand how lenders will view your mortgage application.

Also, if you have lots of outstanding debt, there is no need to worry. If you allocate the necessary time and resources to learn about your debt and pay it off, you can increase the likelihood of obtaining a favorable mortgage.

3. Establish a Budget

Although a mortgage may prove to be essential to buy a house, it is important to consider various homebuying expenses as well.

For example, you may need to pay closing costs, home inspection fees and other expenses throughout the homebuying process. If you're worried about having the necessary finances to cover these costs, you may want to start saving money for them as soon as possible.

It often helps to account for the costs associated with cable, electricity, internet and other home must-haves too. The aforementioned homeownership expenses can add up quickly, but those who plan ahead can ensure they have sufficient funds available to cover these costs.

As you prepare to search for a house, it usually is a great idea to hire a real estate agent. This housing market can help you prepare for each stage of the homebuying cycle and ensure you can achieve your homebuying goals.

Typically, a real estate agent will meet with you and find out what you want in a dream house. This housing market professional then can keep you up to date about residences that match or exceed your expectations.

Perhaps best of all, a real estate agent understands that no one should be forced to overspend to acquire their ideal residence. As such, this housing market professional will make it simple for you to discover a terrific house at a budget-friendly price.

Lastly, don't hesitate to reach out to a real estate agent for guidance before you apply for a mortgage. With a real estate agent at your side, you can learn about lenders in your area and find one that can provide you with the financing that you need to purchase your dream house.




Tags: Buying a home   mortgage  
Categories: Uncategorized  


Posted by Gregory Murphy on 8/1/2019

A home inspection can make or break a property sale. If all goes well during a home inspection, a buyer and seller can proceed with a transaction. Conversely, if a home inspector discovers major problems with a house, a property sale may be in jeopardy.

As a homebuyer, you'll want to do everything possible to ensure a home inspection delivers valuable insights. With in-depth home insights at your disposal, you can determine whether to continue with a home purchase or reenter the housing market.

To ensure a successful home inspection, let's take a look at three common home inspection mistakes, and how a homebuyer can avoid these problems.

1. A homebuyer hires an inexperienced home inspector.

When it comes to hiring a home inspector, it is always better to err on the side of caution. With an experienced home inspector at your side, you can boost the likelihood of a successful home inspection.

Evaluate a variety of local home inspectors. Then, take a look at each home inspector's background and expertise to narrow your search.

In addition, if you feel comfortable with a home inspector, reach out to this professional directly before you make your final hiring decision. That way, you can request client referrals and gain additional insights to help you make an informed selection.

2. A homebuyer does not attend a home inspection.

A homebuyer is not required to attend a home inspection. However, attendance usually is a good idea, regardless of your homebuying expertise.

Remember, a home purchase is one of the biggest transactions that you likely will complete in your lifetime. If you want to ensure a home is a viable long-term investment, it certainly pays to walk around a property with a home inspector and conduct an in-depth evaluation.

In many instances, attending a home inspection may enable a homebuyer to gain home insights that might not be included in a home inspection report as well.

For example, a home inspector who identifies issues with a property may be able to give a homebuyer an estimate about how much it will cost to complete myriad property repairs. These insights are exceedingly valuable and can help a homebuyer determine whether a house is a worthwhile purchase.

3. A homebuyer ignores a home inspection report.

After a home inspector completes a property evaluation, this professional will provide the homebuyer with a home inspection report. Then, a homebuyer will have a set amount of time to review the report to determine whether to proceed with a home purchase.

A home inspection report contains plenty of valuable insights, and as such, should not be ignored. Instead, a homebuyer should spend time evaluating the report and learning from it. And if a homebuyer has any questions, he or she can reach out to the home inspector who provided the report for answers.

Lastly, if you need help planning a home inspection, you should employ a real estate agent. By hiring a real estate agent, you'll have no trouble getting in touch with the best home inspectors in your area.





Posted by Gregory Murphy on 7/18/2019

Although being a first-time buyer can seem overwhelming, there was one advantage to the entire process: You didn’t need to sell another property. If you would like to move out of the home that you’re currently living in and are in the process of buying a new place, your life is about the get complicated! Hold tight to your realtor and get ready for quite the ride. 


Since it’s often unrealistic to pay two mortgages at once, there’s a certain way that you must complete the transactions so as not to cause a huge financial headache when moving from one place to another. Unfortunately, you’re going to have to deal with buying a new home and selling your current one simultaneously in most cases.    


The good news is that it can be done! Read on for tips to find out how you can make the process go as smoothly as possible. 


First, you’ll want to understand the housing market that you’re in. You’ll know what strategies you need to employ if you understand the type of market that you’re dealing with. If the two homes are in completely different areas, this research will be even more important to you. 


Buying


While you’re searching for a new home and selling your current one, you’ll want to leave your options open. That means not locking yourself down to just one home. Of course, you’ll only put in one offer at a time, but knowing what’s out there for you to buy is important in case the purchase falls through on the first prospective home. This way you won’t have much chance of being “stranded” once your old home sells. 


Selling


You want your home to be sold in a timely manner. This means that your old home should be well-priced and ready to sell. Work with your realtor on staging, pricing, and holding open houses. The more effort that is put into marketing your home, the better chance you’ll have of selling it. Extra time on the market means that you’ll have a bigger headache when it comes to buying your new home. Selling quickly is not a bad thing so long as you have some other place to live. You can also put a contingency in the sale stating that you need to find suitable housing before you can move. Realtors can do a lot when their sellers are cooperative and proactive.           


Should You Buy First?


If you sell your home first, you’ll have an easier time getting a mortgage on a new home. The problem here is that you’ll need to find some sort of temporary housing before you even head out on the house hunt.


If you buy a home fist, your buying power may be less than if you sold your current home. Your debt-to-income ratio will be higher, giving you less money to spend on a new home.


While buying and selling a home simultaneously can be complicated, if you strategize correctly, you’ll be able to go through the entire process with ease.   

 





Tags: Buying a home  
Categories: Uncategorized  


Posted by Gregory Murphy on 5/23/2019

Buying a new home can be an exciting but anxiety-inducing experience. With so many things to consider, it can be difficult to keep track of the things that matter most to you.

This process is complicated further when you discover a second or third home that you like as much as the first and you’re trying to decide which one to make an offer on.

In today’s post, we’re going to talk about how you can effectively compare houses to ensure that you’re making the most sensible, long-term decision for you and your family.

It’s all about the spreadsheet

Today, our method isn’t going to rely on any fancy new apps or paid tools. Everything you need to accomplish your spreadsheet is a tool like Google Sheets (it’s like a free version of Excel) or a simple pencil and notebook.

The columns of your spreadsheet will be made up of the factors that will influence your decision. This will include the obvious details like the cost and square footage of the home, but also finer details like its proximity to key places in your life.

The rows of your spreadsheet will be the properties you’re comparing. Now, it may be tempting to start listing every house on your radar in the columns of your spreadsheet. However, I think it’s more time-effective to only include the homes that you’re likely to make an offer on. This means doing some hard thinking and having a conversation with your family about your realistic goals for buying a home.

What is most important to you in a home and neighborhood?

Let’s turn our attention back to the top row of your spreadsheet. We want to fill that section with around 10 factors that are most important to you in a home and the location the home will be in.

In this section, you can include the estimated cost of the home and the estimated monthly expenses for owning that home (utilities, taxes, etc.).

Here’s the secret weapon of our spreadsheet, however. Rather than listing the actual cost of the home in this row, we’re going to give it a rank of 1 to 5. A score of 1 means the house is a lot more expensive than you want. A score of 5 means the house is the ideal cost. A 3 would be somewhere in the middle.

We’re going to use this 1 to 5 ranking system for all other factors on our spreadsheet as well.

Next to these costs, you’ll want to add other important factors to your home buying decision. Does it have the number of rooms you’re looking for? If a backyard is important to you, does it provide for that need?

In terms of upgrades, how much work will you have to do on the home to make it something you’re satisfied with? For DIY-minded people with time to spare, home improvement might be a welcome concept. For others, it simply would take too much time to accomplish everything you want. So, when you fill out the “Upgrades” column of your spreadsheet, make sure you determine a system for ranking the homes that suits your needs.

House location shouldn’t be overlooked

It’s a sad truth, but in today’s busy world, the average homeowner spends most of their time away from home, whether they’re at work, commuting, or bring their kids to and from after school activities.

You’ll want at least one column on your spreadsheet to be devoted to location. When ranking the location of a home, consider things like commuting time, distance to schools, hospitals, parks, and grocery stores. All of these things will have a larger impact on your day-to-day life than small details of the house itself.

Ranking the homes

Now that you have the first row and column of your spreadsheet built, it’s time to fill in the details and tally up the totals. These numbers will help inform your decision as to which house is really right for you.




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Posted by Gregory Murphy on 4/4/2019

One of the most famous books around, with over 18 million copies in print, and that holds the title as the longest running "New York Times" bestseller ever, is What to Expect When You’re Expecting. Now in its fifth edition, this pregnancy bible walks parents through what to expect during the nine months leading up to and including delivery.

Buying a home is nearly as momentous as having a baby, and yet, most potential buyers don’t really know what to expect when closing on their home purchase. In fact, knowing what to expect is even more urgent because closing happens in a much shorter time-frame, in as little as 12 days in some cases.

So, what should you expect?

The one part those home-buying reality shows leave out is the closing. So, to many buyers, it remains a mystery until they're in the middle of it. Even real estate professionals get nervous about closing. It's the moment where anything can go wrong, and everything can go right! It begins with mountains of papers to sign and ends with a handful of keys in exchange for a lot of money. So just what is closing and what should you expect?

“Closing” is short for closing the deal or completing the transaction. During closing several significant things happen: Title of your home transfers from the seller to the buyer; the proceeds of the sale (everything remaining after any seller’s fees are paid) distribute to the seller; and if financing the home, the buyer signs the mortgage note, pays fees, insurances, taxes, and real estate commissions. A lot of things happen at closing, so give yourself plenty of time to understand each aspect of the process if it’s your first time around.

At the time of closing, your agent and your loan officer will inform you about what you need to bring to the meeting. Bring identification, so have your driver’s license or passport on hand. You’ll need a cashier’s check for your down payment and the closing costs that appear on your HUD-1 Settlement Statement. This three-page document outlines exactly what your obligations are at closing and in the future. In addition, small items crop up at closing that might need additional funds (furniture you requested the seller leave behind, extra propane or heating oil you're buying directly from the seller) and last-minute requests. 

You'll be signing lots of papers. These legal documents obligate you for many years to come, so make sure you understand them. Also, make certain your name is spelled correctly on every page and every addendum. If you're purchasing with a partner or spouse, make sure the legal designation is as you want it. Changing it later may be difficult.

Recognize that while you may have a close estimate of closing costs, you will not know the exact amount until the day of closing, so round up a bit and have extra funds on hand. Sometimes you can swing a deal for the seller to pay all closing costs, but you’ll still be liable for pro-rated taxes, association dues, insurance, and other buyer obligations.

Don't be surprised by fees. Ask your agent to go over all the charges with you so that you know which ones you pay for and which ones the seller pays for.




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