Robin V. Wish - Real Living Suburban Lifestyle Real Estate



Posted by Robin V. Wish on 1/25/2021

Photo by SHOP SLOģ on Unsplash

Selling a home requires a lot of decision-making. One of those decisions concerns financing, and there are numerous options available to both sellers and buyers. Real estate negotiations can be confusing, but there are some unconventional ways to finance a deal, and owner financing, for some buyers and sellers, can be the answer.

In today's world, it can be an option for buyers who are short on cash for a down payment, or for those who would like to trade some "sweat equity" for a reduced price on a home.

For sellers, taking back a note on their property provides guaranteed income for the duration of the note. In case of default on the part of the buyer, the property reverts to the owner.

Owner financing is not without risk, to either seller or buyer. Although the concept sounds simple, it can actually be complicated. But being open to carrying a note personally can speed a sale in difficult times. In a down market, it might be the only way to promote a sale. Typically, a commercial lender would not want to be a party to a transaction partially funded by the owner, but there are private lenders who routinely consider financing property on which the current owner takes back a second mortgage. In such transactions, however, owner financing is more risky.

Seller Reasons to Consider Owner Financing

In slow or deflated markets, owner financing represents a way to sell property at market value, or even at a higher than normal price. Buyers who cannot qualify for a traditional loan are sometimes willing to pay a premium in order to buy with a lower down payment. 

Property owners who don't need cash proceeds to buy another home, view the potential of stable monthly income for the term of the loan as a distinct advantage. It eliminates most worries about ongoing maintenance and repairs. In practical terms, the seller no longer "owns" the property, but retains the right to reclaim it in case of default. Money earned is retained, and the property could be resold, theoretically at a higher price.

If a home needs repairs that the seller is unwilling or unable to complete, some buyers would be willing to exchange needed work for a discounted sales price, resulting in real value for both parties.

Buyer Incentives

For a buyer short on cash, starting a new job, or moving to a new area, securing a traditional mortgage can be difficult. A lease-purchase option, possibly in tandem with a commitment for owner financing can be a viable path to a secure financial future. 

Frequently, the option for owner financing is more available for a lot or for undeveloped land. If you're interested in buying land on which to build a home, look for owner-financed deals offering a short-term loan with a balloon payment for the balance at some time in the future.

Owner financing can be beneficial to both parties, but it is important that understand legal requirements and ramifications.




Categories: Uncategorized  


Posted by Robin V. Wish on 1/18/2021

If you want to accomplish your desired results during the home selling journey, you should strive to host lots of showings. Fortunately, we're here to help you prepare for home showings and ensure you are ready to host showings at any time.

Now, let's take a look at three tips to help you prepare for a home showing.

1. Keep Your Home Neat and Tidy

Let's face it Ė maintaining a pristine home can be difficult. But if you allocate time and energy to perform various home maintenance tasks daily, you can keep your home show-ready.

Cleaning up after yourself can make a world of difference. For instance, wiping down kitchen countertops after cooking a meal enables you to avoid a long, arduous kitchen clean-up at a later time.

You also may want to create a home cleaning schedule. By planning daily or weekly chores like vacuuming the rugs or cleaning the bathroom, you can ensure your house will look great at all times.

2. Be Flexible

If a homebuyer submits a last-minute request for a home showing, it generally is a good idea to try to accommodate the buyer's request. By doing so, you can show your home to many prospective buyers and increase the likelihood of receiving an offer to purchase.

A flexible home seller usually is a successful home seller. Therefore, if a buyer wants to view your home, it is important to remember that each showing brings you one step closer to selling your residence.

Ultimately, if you maintain flexibility, you can make it easy for dozens of potential buyers to view your residence. And as a result, you may be able to accelerate the home selling process.

3. Eliminate Clutter

Clutter is something that all home sellers can live without. Because if a home is filled with clutter, it may be tough for prospective buyers to appreciate the full size and beauty of a residence.

For home sellers, it is important to remove clutter immediately. A home seller can rent a storage unit to hold excess items until his or her residence sells. Or, it may be beneficial to host a yard sale or list excess items online to cut down on clutter.

As you prepare to sell your home, you may want to hire a real estate agent as well. In fact, a real estate agent will do everything possible to help you achieve the optimal results during any home showing.

Typically, a real estate agent will offer recommendations and tips to help you prepare your residence for the housing market. If you receive a request to view your home, a real estate agent will notify you accordingly. And after a home showing is complete, a real estate agent will provide you with unbiased feedback to ensure you can update your property selling strategy as needed.

Ready to host a home showing? Use the aforementioned tips, and you can get ready to showcase your residence to potential buyers and bolster your chances of enjoying a fast, profitable house selling experience.




Categories: Uncategorized  


Posted by Robin V. Wish on 1/11/2021

Many homeowners have a difficult relationship with their homeowners association. On the one hand, the HOA helps your community stay safe, clean, and makes it a desirable place to live which improves the property value of your home. But, on the other hand, homeowners associations can be a problem if you want to make a change to your property that they disagree with.

 In this article, weíll talk about some common issues that homeowners face in their dealings with homeowners associations and give you tips on how to handle them so that youíll have the best possible outcome.

 Study the rules carefully

It may seem like a nuisance, but your best defense when dealing with the homeowners association is to understand whatís expected of you. Not only will it help you stay on good terms with the HOA, but it will also make it easier to understand what your options are.

Itís a good idea to understand these rules and bylaws before you ever move into the neighborhood, but itís never too late to learn them. It might help you later on down the road should you want to paint your house or build a new structure in your yard.

Introduce yourself to the members

Itís best to get off on the right foot with the other members of your homeowners association. You donít want your first meeting to be a complaint against you, nor do you want to introduce yourself to someone only to make a complaint against someone else.

It will also give you a chance to ask questions about the community and to get an understanding of how easy or difficult it is to deal with the regulations of the homeowners association.

Donít assume ill-will

If you find that a complaint has been raised against you, donít act immediately. Take some time to compose your response and be sure to acknowledge the complaint. Odds are that the other members of the HOA arenít there just to give you a hard time.

Choose your battles

There are some things worth fighting for when it comes to your home. However, you donít want to be repeatedly challenging the HOA on small issues. Stick to the rules on the things that arenít hugely important, that way other members wonít come to expect issues from you.

Follow protocol

When youíre required to get permission from the board before making a change to your property, be sure you follow the steps laid out in your agreement. Doing so will avoid any unnecessary conflict.

Pay all dues and fines on time

Even if you are in the middle of a disagreement with the HOA, itís better to continue paying your dues and fines that to leave them outstanding. If you donít pay, you risk further penalty, including fees.

Plan ahead if you want to change the rules

If youíre dissatisfied with some or man of the rules of the homeowners association, odds are youíre not alone. First, start by talking with other neighborhood members. If they have similar views on the rules in question, you can bring them up collectively at the next meeting.

Your second option would be to run for the board and try to enact the changes yourself. However, you should never seek a position out of spite or anger. Only volunteer your time and effort if you want to lend a hand in your community and make life better for all of the inhabitants.

 




Categories: Uncategorized  


Posted by Robin V. Wish on 1/4/2021

Photo by Free-Photos via Pixabay

When youíre self-employed, itís difficult to decide whether you are ready to buy a house. After all, your income might come in spurts instead of having a regular check every week or two. Being prepared for the mortgage process increases the chance that your application will be approved. Self-employed people have more hurdles to jump because of the nature of their income, even those that make six or more figures.>

Difficulties in Qualifying for a Mortgage

Since youíve probably done a ton of research on mortgages and finding your dream home, you already know the basicsómake sure your credit is good, how much down payment youíll need and what you are able to afford. You may have a pretty good idea of what documents you need to provide and already have them ready. However, those pesky tax returns might come back to bite you.

Tax Returns

The biggest problem in qualifying for a mortgage when youíre self-employed is your tax returns. Most business people take every deduction allowed. However, while thatís great for your pocket since you pay less tax, itís bad for applying for a mortgage.

Part of your self-employment tax returns is your expenses. You probably claim things like utilities, cell phones, business meals and travel and have a ton of depreciation. When a lender looks at the tax returns, it doesnít add those things back inóexcept for depreciation. While you might make $300,000, your adjusted gross income on your tax return is going to be the number the lender looks at. If itís $10,000, youíre not going to qualify for that loan.

Alternative Methods

You could amend your taxes or you could wait for two years and not claim anything on your taxes. However, that means you will be paying heavily to the IRS. Or, you could find a lender who does non-conforming loans. Some lenders are sympathetic to self-employed people and will use other methods of verifying income. Some banks may look at your deposits for a year instead. Theyíll still ask for your tax returns, but will not use them to qualify your income.

Debt-to-Income Ratio

Your tax returns help lenders figure your debt-to-income ratio. While lenders are supposed to use your gross income, that does not hold true with self-employed borrowers. Lenders look at the adjusted gross income on your tax returns. That number is often lower than net income because of the expenses you deduct.

A lender adds up your debts and divides that number by your adjusted gross income. If you have a proposed mortgage payment of $1,200, a car payment of $650 and other credit lines, including credit cards of $500, you have $2,350 in debt. If your self-employed monthly income is $8,000, your debt-to-income ratio should be about 29 percent. But wait a second. Thatís not the number on your tax returns.

If the adjusted gross income on the last two years of tax returns is $4,000 and $2,500 respectively, then your average monthly income is going to be $3,250 (add the two together, then divide by 2). That means your debt-to-income is actually 72 percent. The highest a lender will ďgiveĒ you is 43 percent, though most will only consider your application if your debt-to-income is 39 percent not including your new mortgage and 33 percent including your new mortgage. In this example, a lender who uses deposits instead of tax returns will show a debt-to-income ratio of 29 percent.

If you are ready to purchase a house and want to learn more about qualifying for a loan, feel free to reach out. Together, we'll be able to get you into the home of your dreams, despite the hurdles.





Posted by Robin V. Wish on 12/28/2020

As anyone up-to-speed on technology knows, social media is everywhere. And itís a powerful toolóif used properly. You can share information in real-time and receive real-time responses and reactions. Therefore, you should be using social media to your advantage when selling your home. Youíre probably wondering what social media has to do with selling a home, right? Well, letís take a look at a couple ways where social media will not only come in handy, but might just help sell your home in real-time.

1. Post your listing

Itís very likely that your listing will be posted on many real-estate sites and even on social media. This is your opportunity to capitalize on that posting and post on your own social media channels.  Consider posting to Facebook, Twitter and even Instagram. By doing this you are increasing the views that your listing will receive and increasing the likelihood that the right buyer will see your home. And all it takes is one person to love your home for it to sell.

2. Ask your friends to share

Word of mouth goes a long way. Technologyís way of word of mouth is through sharing on social media. And if you want to maximize the amount of people who will see your listing, ask your friends to share the postingóthey may even add a little note to their share, which (if positive, hopefully) will only help.

3. Give them a reason to love your home

Add a personal message when sharing your listing. Tell the story of how your daughter took her first steps in the family room or how you felt the first time you walked through the front door. Giving that personal touch will bring positive feelings of your home. It will give the potential home buyer the thoughts of all the firsts that they could experience in that home.

Of course, social media will not sell your home. You should be taking the proper steps suggested by your realtor to get it in optimal shape for selling such as making small updates, decluttering, and removing overly personal items. You should also have great photos of your home for the listing. The photos will make a world of a difference when buyers are looking online. It could make or break whether they even consider your home or attend a showing.

If selling your home is timely then social media should bean important component to your selling strategy. Itís the age of technology and every generation is on social media in some respect, especially the millennial generation. And itís important to pay attention to the millennials as more and more will begin the home buying process. Itís essential to be where they are and for most, theyíre on social media.







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