Buying Real Estate in Lake Tahoe

Of all the decisions you'll face when buying real estate in Lake Tahoe, there's none more important than the person you choose to represent you.

The job of your Sales Associate is to support you in finding the right home with the best possible terms, and to aid you through the entire process. Your Sales Associate will explain the process of buying a home, and familiarize you with the various activities, documents and procedures that you will experience throughout the transaction.

 

Your Real Estate Professional should be:

 

* Knowledgeable about the communities of interest to you.
* Aware of the complicated local and state requirements affecting your transaction.
* Effective in multi-party, face-to-face negotiations.
* Highly-trained, with access to programs for continued learning and additional certifications.
* Technology-focused.
* Supported by professional legal counsel.

 

The Loan Process

Your Sales Associate will help you to select a mortgage lender. Once you have made your decision..

 *Loan Submission - Once all the necessary documentation is in, your completed file is submitted to a lender for approval.

*Loan Approval (Underwriting) - Loan approval, or underwriting, generally takes 24 to 72 hours. All parties are notified of the approval and any loan conditions that must be received before the loan can close.

*Closing - Once all parties have signed the loan documents, they are returned to the lender. If all the forms have been properly executed, the lender sends the loan funds by wire transfer. At this point, the borrower finishes the loan process and actually buys the house.

Finding and Choosing the Right Home

Based on criteria that you and your Sales Associate establish together, your Associate will help you find the perfect home. There are many factors to consider in selecting a property, including location, bedroom and bath count, schools and amenities.

Your Sales Associate will apply their extensive community knowledge and professional resources to research available properties, and show you the homes that best meet your needs. If you find a property that interests you through the Internet or your own research, let your Sales Associate know so that a showing can be arranged.

As you view different properties, your criteria may change. Open and direct communication with your Sales Associate is a key element of a successful property search.

Making an Offer

Once you have found the home that you wish to purchase, your Sales Associate will apply their professional training and do all the necessary research to help you structure an effective offer.

This is where your Sales Associate's negotiation skills come into play. When an offer is made, the seller will have the option of accepting, rejecting or counter-offering. Your Sales Associate will negotiate the best possible terms for you.

Your Sales Associate will draft the purchase agreement, advising you of protective contingencies, customary practices, and local regulations. Home warranty, title and escrow arrangements will be detailed in the offer. Although your Sales Associate will give you advice and information, it is your decision as to the exact price and terms that you wish to offer.

Managing the Escrow

When the purchase agreement is accepted and signed by all parties, your Sales Associate will open escrow for you and your earnest money will be deposited. The escrow is a neutral third party that will receive, hold, and distribute all funds associated with your transaction.

Removing Contingencies

Prior to closing escrow, all of the contingencies of the Purchase Agreement must be met. Your Sales Associate will coordinate this process. Typical contingencies include:

* Approval of the Seller's Property Disclosure Statement.
* Approval of the preliminary title report.
* Loan approval, including an appraisal of the property.
* Physical inspections of the property.
* Pest inspection and certification.
* Acquisition of homeowner's insurance.
Closing Escrow and Moving In!

When all of the conditions of the purchase agreement have been met, you will sign your loan documents and closing papers. You will deposit the balance of your down payment and closing costs to escrow, and your lender will deposit the balance of the purchase price. The deed will then be recorded at the County Recorder's office and you will take ownership of your home.

Your Sales Associate is a valuable source of helpful tips for planning and coordinating your move.

 

Written by Unknown

 

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com

Homebuyers Locking In Affordability

Fully aware both home prices and mortgage interest rates are on the rise, home buyers are hedging their bets with fixed rate mortgages (FRMs) and sizable down payments to lock in affordable housing. A LendingTree survey revealed that 64 percent of prospective homebuyers expect mortgage rates to rise and 68 percent expect home prices to rise over the next 12 months. Those expectations of rising costs prompted 57 percent of respondents to say they plan to put 15 percent or more down toward the purchase of the home compared to only 44 percent opting for a down payment that's less than 15 percent. Home buyers also plan to finance their home purchase with FRMs to keep housing affordable - 45 percent of home seekers expect to apply for a 30-year FRM, 36 percent a 15-year FRM and only 7 percent an adjustable rate mortgage (ARM). The remaining 12 percent weren't sure how'd they finance their home. Conducted online by Research Data Technology from May 21 to May 23, 2013, LendingTree's survey queried 600 people in the market to buy a home within the next 12 months. "The housing market is stabilizing and financing is becoming more available for potential homebuyers," said Doug Lebda, founder and CEO of LendingTree.com.
"Increasing home prices are providing would-be sellers with the confidence needed to take action, while rising interest rates are placing a sense of urgency on potential home buyers. Together this creates a unique window of opportunity for buyers and sellers to take advantage of the market while home prices and rates are still reasonably affordable," Lebda added. Higher interest rates have already forced some existing homeowners out of the refinance market. Refinancing fell 15.6 percent in a single week in late June, after interest rates peaked for the year at 4.46 percent, according to the Mortgage Bankers Association (MBA). Refinancing is down 29.5 percent in June, compared to a year ago. Fortunately, home buying wasn't hampered as much by higher mortgage rates. Home buying mortgage applications crept up by 0.1 percent in June compared to May and remain 12.3 percent higher than a year ago. Capital Economics surmised the rise in rates is prompting more fence-sitters to leave the perch and buy before rates and home prices knock them out of contention for a home buy. LendingTree also found financial and habitat circumstances are motivating home shoppers to become homebuyers. Approximately 42 percent of potential homebuyers cited the financial benefits of owning versus renting as a main driver for their decision to buy while 32 percent said they needed more space to accommodate growing families. Other reasons for seeking a home include upgrading to better neighborhoods (32 percent), relocating (24 percent), downsizing for affordability (10 percent) or downsizing because of empty-nester status (9 percent).  

Greater urgency to buy in some regions - 72 percent of home buyers residing in the western United States anticipate higher residential prices compared to 59 percent of those in the northeastern United States.

Most potential home buyers are also aware of the benefits of shopping around for a mortgage - 66 percent believe there is a 25 to 75 basis points difference in interest rates to be had by shopping around. Also, 49 percent of respondents said they would apply the money saved on their interest rate towards debt reduction.

Those polled cited mortgage brokers as the most influential source for mortgage-related information, followed by the Internet and then real estate brokers, the LendingTree survey found.

Active home seekers (80 percent) are more optimistic about their households' financial condition 12 months from now, compared to casual home seekers (70 percent). Less active home seekers cited they require more confidence in their household financial situations before home ownership moves into sharper focus.

Time consuming paperwork is considered the most annoying aspect of the home buying process for 31 percent of respondents.

Uncertainty about the fairness of their mortgage rate (30 percent) is tied with complexity of terms (30 percent) for the top causes of frustration in shopping for a mortgage.

Written by Broderick Perkins

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com

Time To Buy Real Estate? Potential Buyers Think So

It seems many buyers who've been sitting on the sidelines may finally get in the game, according to Fannie Mae's June 2013 National Housing Survey. The reason? The fear and expectation of both mortgage interest rates and housing prices going up. The agency posted this on its website. "The spike in mortgage rate expectations this month seems to have had an impact on a number of the survey's indicators and may increase housing activity in the near term by driving urgency to buy," said Doug Duncan, senior vice president and chief economist at Fannie Mae. "Consumers may recognize that today's still favorable mortgage rates and homeownership affordability levels will recede over time. Given rising home and rental price expectations and improving personal financial attitudes, more prospective homebuyers may be deciding that now is the time to get off the fence." If you're shopping for a home here are a few things to help you decide if now is the right time to buy. A home is likely the largest purchase you'll ever make so understanding what's involved is vital. Low interest rates, markets filled with short sales, foreclosures, and high inventory could make this the optimal time to buy. However, it's important to know exactly what you'll need when closing escrow. Sometimes buyers don't consider all the fees and are shocked when it's time to pay. Here are some of the costs involved with buying a home. You'll want to hire a qualified real estate agent. Some states may require real estate attorneys to help with the transaction. An agent and/or a lawyer provide excellent expertise and knowledge, so it's wise to enlist the help of these professionals as they know the ins and outs of the business and will help you avoid what could be very costly mistakes. A home inspection is another fee that you'll pay once you have decided on a home you want to buy. Sometimes a homeowner has already had a home inspection completed, but you'll want to bring in your own home inspector to compare reports. This could cost several hundred dollars. If there are negative items found about the home and you can't arrive at an agreement for either a credit or having the sellers fix the problems, then you may consider not buying the home. Other fees that will come up include title search and insurance, recording fee, and transfer tax. Some of these fees can be negotiated and, perhaps, paid for by the seller. Talk it over with your agent. How much a seller is willing to pay for will depend on many factors including how quickly the home must be sold and how close your offer is to the listing price. Make sure you have a reserve so that you can pay for any unexpected changes in your income or any maintenance issues that come up later with your home. A lot of times things come due all at once, so be sure to calculate a good amount of money to keep in an account that you will save for your home. When the time comes and the money is needed, you'll give a huge sigh of relief and be glad you have this safety account.

Written by Phoebe Chongchua

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com

How To Get The Most When Buying Real Estate

There never existed a better time in our economy to buy real estate. This is a profitable market with low rates and it needs a minimal initial investment. The advice in the following article will give you some helpful tips on finding an affordable investment opportunity that has a good chance of becoming profitable.
Put extra money aside before buying a house in case there are any closing costs you didn’t consider when making the deal. Buyers usually consider the down payment, pro-rated property taxes and points when calculating closing costs. You have to keep in mind that the closing costs might include other items like school taxes or improvement bonds.
If you’re getting an appraiser, be sure they have 5 years experience. Don’t ask a real estate agent to refer an appraiser to you or accept a recommendation from your real estate agent. Often times there will be conflicting interests. You should also make sure that any appraiser you hire has either a state license or is state certified.
When looking at a potential home, have a professional inspection done. Even though you will have to spend some extra money to do this, if you use a friend or relative for help, there will be little you can do if something is missed during their inspection.
Avoid paying extra for a home simply because it has a beautiful view. Even though you value the view highly, when it comes time for you to resell the house, your buyer might not think so. As you can see, paying for a view is not wise if you end up paying too much.
Make sure that your home has enough room for you to park your car if you own one. If there is no driveway, you will have to look for a parking spot on a daily basis. If there are not a lot of spaces to park near the home, you might have to walk far after parking.
A good tip to use when shopping for a home is to request an itemized checklist from your Realtor. A sound Realtor will already know everything that needs to happen for your home purchase to go smoothly and should have a checklist for you to know every step to be taken. This helps you set up a timeline for buying that house so that everything is squared away when it is time to close the sale.
Never close a deal on a house before you have it inspected by an inspection professional. If you purchase without an expert’s evaluation of the house, you could be facing the cost for major repairs. This can be a serious problem if there are structural issues after you buy the home that you will be responsible for and you may have to leave your home while it is repaired.
If sellers know you are already approved for a loan, they may be more willing to sell to you. Having to wait to be approved will also stretch out the buying process, which could end up costing you more.
You probably will not be able to find the exact property you want so learn to be flexible. You might not have the ability to afford the optimal property in the right location. You may not be able to find your dream home in your dream neighborhood. However, you may be able to find your dream home elsewhere, or another home in your dream community.
It really is a buyer’s market when it comes to real estate. Property values are lower than ever, meaning some great deals can be found. This is a perfect time for first-time home buyers to get into a home, or for current home owners to invest in a larger property. Don’t wait too long because before you know it, the market will quickly rise, and you’ll want to have a nice piece of real estate in your back pocket to be able to reap the benefits.
It is a good idea to prioritize your expectations before you start haggling for a good deal on a property. Make sure you include every issue under negotiation, including whatever expectations you hold for each. Let the strength of your greatest expectations help you set your priorities. You cannot get everything that you want when you negotiate. Flexibility is key to getting the things you really do want.
Before moving and settling into your new home, the first thing you should do is purchase insurance. If you don’t do this right away, you could lose everything, especially if you live in a hurricane or earthquake zone.
Do your homework before buying a property. When looking to purchase rental properties, there are very definite things to look for. The first is sustainability. The property should be in good condition. You should look at the bare bones of a house: the roof should be in good repair, the floors should be level, the plumbing and electrical should be in good working order. Also, when you make an offer on a house it should be contingent upon approval of a home inspection. The next one is location. As realtors say, location, location, location. It’s very important for good rental properties. A good investment should be in a safe neighborhood with access to different stores, schools and job opportunities. The next one is the area’s average income. You will have to weigh the pros and cons of a high-rent area versus a low-rent area based on the income levels. Location doesn’t always matter as much in areas where the rent is higher then average. It can be much more of an issue when options are limited in areas with lower rents.

Written by Harry Blogger

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com

Advice To Buy Your Ideal Real Estate

The market has never been better for buying a home or other real estate. Right now, the market is very lucrative; there are low rates, so the starting investment does not need to be very high. The advice you will read here will guide you to find an affordable property, and make money on your investment.
You need a business partner you can trust, when purchasing an expensive parcel of commercial property. With a partner, loan qualification will be easier. This partner can also help out with the needed down payment and even a higher credit score in order to qualify for the loan.
Try not to be too aggressive when you negotiate the purchase of a property. Lots of people try to be overly aggressive only to lose out in the end. Stand firm in the things you desire, but also allow your lawyer and Realtor to do most of the negotiating, as that is what they are trained to do.
Individuals with families, either existing or planned for the future, should shop for homes with enough square footage to handle an entire family. Think about the safety of a home and look out for potential hazards to young children like pools or long stairways. You will be sure that your house is safe if there were children brought up in it.
If you want to increase the value of real estate that you own, do some remodeling or repairs to the property. As you finish the work, you will be rewarded with an immediate increase in the value of your home. Sometimes your property value will increase more than the money you put in.
If the home needs a few fixes, it may sell for a much lower price. This saves you money on your purchase, allowing you to invest extra capital into fixing your home at your own pace. You will have the ability to renovate the house to your exact tastes while you accumulate equity along the way. So try to focus on what the house could be, or its potential, as opposed to looking at the negatives involved with its current state. It’s quite possible that behind that ugly, outdated paneling, your dream home is hiding

Closing Costs

Deciding what to offer when preparing to buy a home is important. With help from the seller, you should be able to settle on a final selling price you are both happy with.
Make sure that you have a little bit of extra money put away in case any unexpected costs pop up when you’re buying a home. Buyers usually consider the down payment, pro-rated property taxes and points when calculating closing costs. In most cases though, the closing costs include additional items, such as school taxes, improvement bonds and other items specific to the area.
Plan out your questions before you have a chat with an agent in real estate. The content of your questions should cover every aspect you can think of. Things you want to include are asking the number of homes they sold over a specific time period and of those home, the number that were within the geographic location you are concerned about. A reputable agent will definitely be able to answer all questions you have.
If you have found a home that you are considering buying, be sure to get online and research the registry for local sex offenders. While sex offender data is, by law, publicly available, do not think for a moment that home sellers or their real estate agents will feel any obligation to pass it along to a potential buyer. Make sure you learn as much as you can.

Written by Harry Blogger

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com

Knowing Your Soil: The Foundation of a Great Home

Anyone who has ever bought or built a home knows the importance of choosing materials that not only look great but that also work with the climate and other conditions of the location. After all, you wouldn't live in a tent in the freezing Antarctic any more than you would an igloo in the sweltering desert. The same holds true with foundations. The proper type depends on where you live. Different regions of the country have different types of soil:

• Sandy soil does not absorb water. It is known for being a stable soil, but is also uncommon.
• Loamy soils are also stable and do not typically respond to changes in moisture. However, they are prone to erosion problems.
• Soil with a higher clay content, also known as expansive soil, can absorb water more easily than other types of soil, causing it to expand and contract.

Several areas throughout the country, such as Colorado, North Dakota, South Dakota, Montana, and Texas, have expansive soil. Building A Home Because different types of soil require different types of foundations, it is important to know the type of soil you are working with if you are building a home. Are you looking to live in an a desirable north Texas community like Southlake, Frisco, Las Colinas, Carrolton, Cedar Hill, or Grand Prairie? What these areas have in common, other than being among the most in-demand places to live in DFW, is expansive soil. Special techniques like pier and beam and soil injections can be used to treat soil and build strong foundations to offset the shrink-swell properties of the soil. A qualified professional skilled in soil engineering will know the best methods for working with your type of soil. Resale Homes If you are buying a resale home, start with the soil maps on the United States Department of Agriculture website to figure out the type of soil under your home. You will definitely also want to pay extra consideration to your home inspection in case there are any telltale signs of foundation issues, like cracks in walls, floors, or ceilings. Unfortunately, it may not be possible to determine if the soil was treated properly and the best foundation built for a resale home until you have already discovered cracks. Since you may never know how the existing home was engineered and built, the safest bet may be to have your new home built, so you know that it was done correctly. After Purchase Just as important as working with a qualified company to construct the right type of foundation for your home is knowing how to properly treat it once it is built. The combination of Texas soil and weather conditions means the proper irrigation and drainage design is critical. Your slab needs to stay moist without water accumulation. Drip irrigation is an often-recommended tool, but other tips for ongoing care will help keep your foundation sound.  

Written by Realty Times Staff

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The Things Every Home Buyer Needs To Know!!

You need to understand how go about buying real estate in an informed manner. Read the tips in this article if you want to make the process of buying real estate, an easy one.
If you have or are planning on having kids, you should look at homes that will have enough room for your family. Your new home should be equipped for safety; consider this wisely if your home has a swimming pool or steep stairs. You are more likely to buy a safer home if you
Real estate agents who make an effort to remember clients will be rewarded when those clients need to remember a real estate agent. This will remind people of how helpful you have been to them during their real estate experience. At the close of your greeting, remind them that you work on a referral basis and would consider it a compliment if they would recommend you to their friends.
Individuals with families, either existing or planned for the future, should shop for homes with enough square footage to handle an entire family. Look into the home’s safety as well. This is particularly true if the home that you’re considering has steep stairs or a large swimming pool. Purchasing a home from someone who raised their own children in it can give you some peace of mind about its safety for your own kids.
Be sure to find a partner you can trust to work together with, when buying expensive and large commercial property. With a partner, loan qualification will be easier. Investing with a partner helps to reduce the cost you will have to pay for a down payment, and it can increase your chances of being approved when applying for a large commercial loan.
If you have your eye on expensive piece of commercial property, get a reputable partner in on the investment. This makes the loan qualification process much easier when you go to purchase the property. A partner can assist you with a down payment, and help qualify for a good commercial loan that you might not be able to get on your own.
When you buy a home, think about what your life will be like in five or ten years. At the moment you might not have kids, but if this is a place where you plan on living for awhile then you might want to check out the local school situation to ensure it is suitable for your kids.
When in the market to purchase a new home, always consider your long-term situation. If you are planning to stay in the house you are purchasing for several years, you should consider the location of the house in relation to your preferred school district in case you decide to have children.
Be open to different possibilities. Sometimes you must choose between two major features if the price of having both falls outside of your price range. If you can’t find the house you want in the location you desire, look for that type of layout in an alternate location or vice versa.
Your Realtor may be able to provide you with a checklist. It is common for Realtors to have a compiled list of every consideration, including how to locate your dream home, financing based on your ability to pay and closing the deal. Having a list like this can be invaluable in coordinating everything to coincide with closing day.
When you are buying a new property, you need to have some liquid funds available for unexpected expenses. Buyers usually calculate the closing costs by adding the down payment, the points to the bank and the pro-rated real estate taxes. However, additional expenses are frequently added to the closing costs, including improvement bonds, school taxes, and other location-specific items.

Written by Harry Blogger

Thinking about Buying or Selling?
Call Alvin's Team Today! 877-651-7810
Or visit our website: www.LivingLakeTahoe.com