CENTURY 21 CUDDY



Posted by CENTURY 21 CUDDY on 7/5/2020

A home inspection is a vital part of every real estate transaction. Its importance is usually solidified in a purchase contract in the form of a contingency clause.

Whenever you buy or sell a home, the transaction is typically contingent upon a few things being fulfilled. Inspections help protect the buyer from purchasing a home that they believed didnít have any major issues.

For buyers, an inspection can save you thousands in the long run. For sellers, getting a preemptive inspection done (on your own dime) can be useful since it will help you avoid any surprises that could arise when a potential buyer has your home inspected.

Hiring a home inspector

Regardless of whether youíre the buyer or the seller in this instance, hiring a home inspector isnít something you should take lightly. Youíll want to confer with your agent before you pick an inspector.

Itís also a good idea to check out some online reviews and visit the inspectorís website for pricing. Typically, inspectors charge between $200 and $400 for an inspection, so feel free to shop around.

Inspectors are certified, so make sure whoever you choose has the proper licensure. You can search for inspectors in your area with this search function.

Ultimately, youíll want to choose an inspector that can give you the most unbiased assessment of the home, so that you can be assured that you know what youíre getting into when you buy or sell a home.

Preparing for an inspection

Many buyers arenít sure what to expect on inspection day. However, the process is relatively simple.

Youíll want to make sure the inspector can easily access workspaces (like around the furnace, circuit breakers, etc.). This will make the inspectorís job easier and allow them to focus on the service theyíre providing you.

If possible, itís also a good idea to provide them with records of important home maintenance and repairs. Inspectors know what red flags to look for with the home, both physically and on paper.

Finally, make sure pets, kids, and any other distractions are away from home or with someone who can attend to them.

Post inspection

After the inspection is complete, the inspector will hand you a report and be able to answer any questions you have about their findings. They will give recommendations about the timeline for repairs that need to be made soon or even years into the future.

With this report in hand, you can determine if there are repairs you want to negotiate with the seller if youíre buying a home. As a seller, this report will tip you off to issues that potential buyers will likely have and give you a chance to address them in advance.





Posted by CENTURY 21 CUDDY on 5/31/2020

If you plan to attend an open house, it usually pays to be prepared. That way, you'll know exactly which questions to ask during an open house and can ensure that you can gain the insights that you need to determine whether a residence is right for you.

Now, let's take a look at three key questions to ask a listing agent during an open house.

1. Why is this home for sale?

Although a home listing provides plenty of information about a residence, it is unlikely to explain why a homeowner is selling his or her house. Thus, you should use an open house to find out exactly why a home is for sale.

In many instances, a listing agent will be honest and forthright about why a homeowner has decided to add his or her residence to the real estate market. Once you receive an answer to your query, you can better understand whether a house matches your expectations.

On the other hand, if a listing agent hesitates or shies away from your question, you should be skeptical. At this point, you should continue to dig for more information about a residence to learn about any potential flaws.

2. Are there any home problems that I need to know about?

An open house enables you to get an up-close look at a residence. Furthermore, the event allows you to find out about a residence's pros and cons from a listing agent.

Ask a listing agent about any home problems Ė you'll be glad you did. The listing agent should be able to provide you with plenty of insights into a home's condition, ensuring you can make an informed decision about whether to submit an offer.

A listing agent is likely to be honest with you about any problems with a house. By doing so, this agent will reduce the risk of a homebuyer later rescinding an offer after a home inspection.

3. Have there been any offers on the house?

It is important to find out if there is any competition for a house, especially if you discover your dream residence. Thus, during an open house, you should ask a listing agent if any offers have been submitted on a residence.

If a listing agent responds "Yes" to your query, you may want to act fast to submit a competitive offer on a house. Because if you wait too long to make an offer on your dream residence, you risk losing this house to a rival homebuyer.

Lastly, if you need help getting ready for an open house, you should collaborate with a real estate agent. This housing market professional can provide deep insights into a residence before you attend an open house. Therefore, a real estate agent will help you take the guesswork out of getting the most out of any open house, at any time.

Want to optimize the value of an open house? Ask the aforementioned questions, and you can get the information that you need to fully evaluate a residence.




Categories: Open House   Buying a Home  


Posted by CENTURY 21 CUDDY on 4/19/2020

Buying is home is a lengthy and, at times, stressful process. So, it can be discouraging when your offer is rejected.

If youíve recently had a purchase offer rejected by the homeowner, donít worry--you have options.

In this post, weíre going to cover some of those options so you can start focusing on your next move and potentially even make a second offer that gets accepted.

1.  Reassess your offer, not the seller

You could spend days guessing the reasons the seller might not have accepted your offer if they didnít give you a straightforward answer.


However, your time is better spent addressing your own offer. Double check the following things:

  • Is your offer significantly lower than the asking price?

  • If so, is it lower than comparable sale prices for homes in the neighborhood?

  • Does your offer contain more than the usual contingencies?

Once youíve reassessed, you can determine if a second offer is appropriate for your situation, or if youíre ready to move onto other prospects with the knowledge youíve gained from this experience in hand.

2. Formulate your second offer

So, youíve decided to make another attempt at the house. Now is the time to discuss details with your spouse and real estate agent.

Out of respect for the sellerís time and their timeline for selling the home, you should treat your second offer as your last.

So, make sure youíre putting your best offer forward. This can mean removing those contingencies mentioned earlier or increasing the amount. However, be realistic about your budget and donít waive contingencies that are necessary (commonly appraisals, inspection, and financing contingencies).

3. Consider including a personal offer letter

In todayís competitive market, many sellers are fielding multiple offers on their home. To set yourself apart from the competitors and to help the seller get to know your goals and reasoning better, a personal letter is often a great tool.

Donít be afraid to give details in your offer letter. Explain what excites you about the house, why it is ideal for your family, and what your plans are for living there.

What shouldnít you include in your offer letter? Avoid statements that try to evoke pity or guilt from the seller. This seldom works and will put-off most buyers to your offer.

4. Moving on is good time management

If you arenít comfortable increasing your offer or if you receive a second rejection, itís typically a good idea to move onto other prospects. It may seem like wasted time--however, just like a job interview that didnít go as planned, itís an excellent learning experience.

Youíll walk away knowing more about the negotiation process, dealing with sellers and agents, and you might even find a home thatís better than the first one in the process!





Posted by CENTURY 21 CUDDY on 4/5/2020

A home showing may prove to be a life-changing event, and for good reason. If a homebuyer attends a showing and likes what he or she sees, it may be only a matter of time before this individual submits an offer to acquire a residence. As such, it is important to prepare for a home showing to ensure a buyer can fully evaluate a house and determine whether it is the ideal choice.

Ultimately, there are many reasons why homebuyers should put together a list of questions prior to a home showing, and these reasons include:

1. You can attend a home showing with a strategy in place.

A home listing usually includes information about a house's age and condition. However, few homebuyers are willing to submit an offer on a house based on a listing alone. But if you use a home listing to prepare questions before a showing, you can attend a showing with a plan in place to pursue your dream residence.

Oftentimes, it helps to prepare a list of general questions about a home. You then can review this list in conjunction with a home listing and determine which questions are answered in the listing itself. If you find assorted questions are still unanswered in the listing, you should not hesitate to find answers to these questions when you attend a showing.

2. You can gain deep insights into a house's condition.

Preparing a list of questions prior to a home showing may enable you to gain the insights that you need to make the best-possible decision about a house. And in most instances, you can never prepare too many questions to ensure that you can make an informed decision about a house.

Remember, buying a house is a major decision. If you put together a list of questions before a home showing, you can help take the guesswork out of deciding whether to submit an offer on a home.

3. You may be able to speed up the homebuying process.

The homebuying cycle may prove to be long and complicated, particularly for a homebuyer who is uncertain about how to proceed. With a list of questions in hand, you can attend a home showing and gain expert insights right away. Meanwhile, these insights can help you decide whether a house is right for you.

As you get ready for a home showing, you may want to consult with a real estate agent as well. A real estate agent is happy to help you craft a list of questions prior to a home showing. Also, this housing market professional can keep you up to date about houses that match your homebuying criteria, help you submit offers on homes and much more.

When it comes to home showings, it helps to plan ahead as much as possible. If you prepare a list of questions prior to your next showing, you should have no trouble evaluating a house.




Tags: Buying a home   showing  
Categories: Buying a Home   showing  


Posted by CENTURY 21 CUDDY on 3/15/2020

The US government has been helping Americans achieve their goal of homeownership for decades. Through programs offered by the Federal Housing Authority, the USDA, and the Department of Veterans Affairs, millions of Americans have been able to afford a home who would have otherwise struggled.

The focus of todayís post is one such service: loans offered through the USDA Rural Development program.

If youíre hoping to buy a home in the near future but are worried about being able to save up enough for a down payment or build your credit score in time, USDA loans could be a viable option.

Letís take a look at some of the common questions people have about USDA loans:

Do I have to live in the middle of nowhere to get a USDA loan?

The short answer is ďno.Ē rural development loan eligibility for your area is laid out on a map provided by the USDA. Most of the suburbs outside of major cities, as well as nearly all rural areas, are covered by the rural development program.

Can I qualify for a USDA loan if Iíve previously owned a home?

Yes. You may be eligible for a loan as long as youíre not the current owner of a home that was purchased through the rural development program. So, for example, if you own a home financed through the USDA and wanted to buy a second home and rent out the first one, you wouldnít be able to finance your second home through the USDA.

How does the USDA loan guarantee work?

When you buy a home, a lender asks you to make a down payment. If you donít have a down payment, the government (USDA, VA, or FHA) insures the down payment on your home rather than you paying it up front.

Will I have to pay mortgage insurance?

Unlike other subsidized loans, rural development loans require a ďguarantee feeĒ rather than PMI (private mortgage insurance). The guarantee fee is 1% the total mortgage amount and this can typically be financed into the loan (so you donít have to pay up front). In addition to the guarantee fee, USDA loans also charge an annual premium for the lifetime of a loan.

What are the qualifications for a USDA loan?

To find full eligibility information, complete the survey on the USDAís eligibility website to find out if you qualify. However, the general qualifications are:

  • U.S. citizenship

  • Buying a home in a qualifying area

  • 24 months of income history

  • A credit score of 640 or higher for streamlined processing

  • Income high enough so that your monthly payments do not exceed 29% of your monthly earnings

What is the direct loan program?

The USDA really offers multiple urban development loans. The guarantee program, for which most single families utilize, and the direct loan program. Direct loans are designed for families who have the greatest need. You can also find out if youíre eligible for a direct loan by filling out the questionnaire on their website.









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