10 Greatest Fears of First Time Home Buyers: Part 6

6.     What if I put down a deposit on a house and then change my mind after signing a contract?

Don’t sign an offer until you feel certain that you want the house, for exactly what you have written in the offer! Remember that if the seller signs the last page under, "Accepted as Written" it means that you’ve got a deal! That should be a very happy moment, not a time to think about looking at other houses! If there are some major concerns you have about the property at the time you write an offer, you can have your agent put language into the contract that specifies certain contingencies which must be met in order to complete the deal. Home inspections are also an excellent resource for more in-depth information about a home, and even though you will still have to pay your inspector for his work, if something major comes up and the seller’s won’t work with you to overcome it, you can halt the deal at that time! Inspections must be requested at the time you write an offer, so if you and your agent don’t put them in there, don’t expect the seller to do anything in addition to that which is specified in the offer you have written.

10 Greatest Fears of First Time Home Buyers: Part 5

5.     What if I start house-hunting and then learn I’m a few thousand dollars short of a down payment? Are all down payment requirements alike?

Once again, there are still many mortgage programs out there. All of them are different. Many low down-payment mortgage programs request the seller pay your closing and pre-paid costs. Some even have the seller "gift" your down payment back to you at close. Lenders are now required to provide a "good faith estimate" which will show all the costs for your specific loan. A good lender will make sure that you fully understand it.  You should fully understand your expenses before you make an offer on a house. There are also additional expenses which you will incur from the day you write an offer to the time you close.  Expenses such as the earnest deposit check, your home inspections, your appraisal, and your homeowners’ insurance are items to discuss in addition to your good faith estimate. A good Realtor will explain all of these anticipated expenses early on in the process. Some of these up-front expenses can be deferred or even reimbursed at close.

10 Greatest Fears of First Time Home Buyers: Part 4

4.    Financing has me totally confused. I don’t know where to begin figuring out how mortgages work.

Mortgages can be confusing, but ... again, having the right Realtor who directs you towards reputable lenders, and having a very knowledgeable loan officer can really make or break your whole purchasing project! I recommend lenders that have YEARS of experience in their field, and also have a vast array of lending programs. A really good loan officer can listen to your specific situation and your unique goals, and match you up with a loan program that is optimal for you. Unskilled loan officers can end up putting you into all sorts of strange lender programs that make them a lot of money, but cost you much more than you needed to spend. This is a serious issue in the entire house-hunting project, and I strongly suggest you call me personally to discuss some options. Jeanine: 616-498-3679.

10 Greatest Fears of First Time Home Buyers: Part 3

3.    I’m afraid I won’t qualify for a mortgage, so I’m afraid to apply for one.

Getting a home loan is still possible. However, it takes the right lender to get the job done well! DO NOT pay up-front for an initial pre-qualification consultation with a lender. You simply don’t have to these days. Once again, find a Realtor you feel has a good handle on the business of buying and selling houses (find my number and email address at end of this report). I can suggest good lenders to talk to about your specific situation. If one lender can’t get you qualified, perhaps another can. And lastly, if a lender can’t get you qualified today, they can tell you what you need to do to correct the situation. That way you will have a "to do" list and when you’ve completed it, you will be prepared to qualify for a mortgage.  Or maybe we should talk about rent-to-own options.

Welcome to Knockadoon!

Monday, May 20th, 2:00pm Welcome to Knockadoon!  You are invited to attend the Ribbon Cutting event.  Invited guests include Senator Mark Jansen, Rep. Pete MacGregor, Elected Officials and Staff of the Cannon Township, Press, Brokers and their agents, and the public! Meet and greet with the Nugent Builders Team and walk the property.  Light refreshments will be served. 

Come and tour the breathtaking site views of this exceptional development, located in prestigious Cannon township of Eastern Rockford, well known for its beautiful rolling topography full of wildlife, and upscale homes. Knockadoon consists of 23 one to two acre units +/- within a community setting designed with walking trails, rolling hills, and natural wooded and wetland areas. “Green” certified Nugent Builders has created this rare opportunity to build with an emphasis on land-and-construction working in harmony with the beauty of nature. This community of future Statement Homes will offer quality from luxury options for a home that says, “you've arrived'', to a well-appointed, smart design for retirement living. Varied lot shapes, sizes, and elevations make each building site unique.

This quality home development will bring many jobs and strong economic stimulation to the area.

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For more information about this event, or to schedule an interview during or after the event, please contact Jeanine Herlacher, Listing agent for Knockadoon of Nugent Builders,
616-498-3679.

10 Greatest Fears of First Time Home Buyers: Part 2

2.   I’m confused about what to buy. There seem to be so many different houses around these days.
Whether you are interested in a house or condo, it is a buyer’s market! Having choices is a good thing, however trying to wade through all the inventory on your own can be daunting. Remember that when you are a buyer, you can hire a Realtor to work for you for free! Years down the road when it is your turn to sell your house, you’ll pay both the selling broker as well as the buyer’s broker. That’s why it’s free for you as the buyer! You never have to sign a buyer’s agency agreement with an agent, however it is to your greatest advantage to have a professional working for you with your best interests as their contractual duty!

Please tell your stories of how a Realtor was able to help you find the perfect home!

10 Greatest Fears of First Time Home Buyers: Part 1

I want to start a thread series to discuss some questions that seem to paralyze so many First Time Home Buyers from making the move into their first home.

1.    Is a home really a good investment? What if I buy and the economy collapses?

Unlike the volatility of the stock market, real estate is typically much slower to react to a current economic situation, and does not react as radically overall. Also, housing is primarily purchased for shelter. Many people hold their homes during a bad economic period, and then sell when the market improves. Unlike other investments, there is not typically "panic selling" of family residences. Lastly, real estate in the US has traditionally trended upward. Real estate held over time generally produces equity.

Please share your experience on this matter, whether you have only purchased one home, or are a seasoned real estate investor.