Real Estate News - Real Estate Learning Center

Buying your first home – while you still have college debt

You’re young, possibly in love, settling down and looking forward to the Great American Dream of owning your own home. But then reality hits: As a millennial, you face some bigger challenges than your parents did.

Home prices in the New York metropolitan area are high – and keep increasing. Salaries for younger employees often remain stagnant. And perhaps the biggest downer is that damn student loan which takes big bucks out of your monthly paycheck.

Let’s say you are working with a real estate agent and find the perfect starter home. Your agent can help you find a mortgage broker, or you can search on your own through banks and mortgage agencies. Your financial qualifications will be examined, including:

1.    Do you pre-qualify for a mortgage?
…

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A Seller’s Guide to Home Inspections

 Selling your home is an intricate and multifaceted process.

One of the main components that a sale is contingent on is a home inspection. You and your buyer can reach an agreement on an accepted offer but if the inspection goes south, the deal can fall through. Prepare your home for inspection by following these tips:

1. Check all of your appliances. Make sure that these appliances are in good and working order. 

2. Leave your utilities connected. This is a vital part of the inspection because the utilities are needed to assess the working condition of your home. It is important to leave pilot lights lit for your utilities. Any misstep in preparation can delay the inspection process which will in turn delay closing. Even if the…

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Benefits of Marketing

The benefits of marketing your home for sale are endless. Marketing is an essential part of every business in every industry. Market awareness of your home is the most pivotal part of the sale of the property. Without marketing, there may be no sale! Marketing consists of pricing, the actual presentation of your property, and the methods, platforms, and mediums used to make the market aware of your listing. When it comes to selling your home, working with an agent to properly market your home will maximize your property’s exposure to different markets of consumers. Increasing the number of eyes on your property will benefit the sales process, and eventually your wallet! Here are the key benefits of marketing your home:

Create competition.

When…

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Boost Your Home’s Selling Price

Real estate is a balancing act, if you put too much money into your home when you are getting ready to sell you may not recoup the costs, but do too little and you may have to settle for a lower price. Here are some upgrades that will get you the most bang for your buck. 

Class up the Kitchen 

The kitchen is the most important room in the house, but don't spend thousands redoing it. You want to update, not renovate. Repair leaky faucets, light fixtures, anything with a knob or handle, and cosmetics things like a burn mark on the counter. You will spend less and reap the benefits of a polished well cared for kitchen. 

Beautify the Bathroom

The bathroom is another high focus area for potential buyers. Just like in the kitchen, update…

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Avoiding Pitfalls in Real Estate

Well, let's name some pitfalls that can occur in the home-buying process. 

 Waiting for a better deal.

There is an emphasis on getting a good deal when it comes to buying real estate, or anything for that matter! But, what is a good deal? You should aim to pay within a ballpark of prices based on comparable listings in the market. If you are anywhere within that ballpark, then consider yourself successful. To wait until you can find a steal may be unrealistic and leave you waiting for a long time. If you love a home enough, it’s not about getting the best deal. Rather, it’s about paying a price that you’re comfortable with for a place that you love! When you win the bid, you won’t even remember those extra thousands that you may have paid when…

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What is Escrow and How Does the Process Work?

What does it mean to “be in escrow?” 

We hear buyer and sellers often use this phrase and in context, we know that this means the process of buying/selling a home is almost done, but what does it really mean?

In real estate, escrow companies are non-interested third parties that hold funds from both parties until all agreements of a contract have been fully executed. Ever wonder how a seller actually gets paid when selling their real property? Escrow! Financers of the purchase of real estate, whether it’s a lender or cash purchaser, deposit that money into an escrow account where the money is securely held from both parties until the transaction is complete. So, the buyer hands the money to Escrow, who keeps it safe, until both parties have…

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What are my closing costs going to be?

Closing costs consist of costs that have been incurred throughout the home buying process. These fees vary from inspection fees, to loan origination fees. Depending on where you live, the type of home loan you have, and your lender, these fees vary greatly. Per Zillow, here are some fees that you will see associated with the purchase of your home. 

Application Fee: Cost to apply for a loan. In some cases, this includes costs associated with a credit check and verification. 

Appraisal: Cost to get home appraised to confirm the fair market value and is close to the listing price.

Attorney Fee: All associated attorney’s fees to review legal documents and agreements in the transaction.

Closing Fee or Escrow Fee: Cost associated with the use of an…

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How to Prepare Your Home for Sale

Spruce it up!  

When gearing up to put your place on the market, it is important that you spruce the place up a bit. Touch up your landscaping, clean up the exterior of your home, make repairs, and clean out/organize your closets. These few improvements will enhance your home’s curb appeal and boost potential buyer’s first impressions of your home. Messy closets give off the impression that there isn't enough storage in your home. Even if that is the case, you don’t want to give off that impression! A clean fresh exterior and landscaping makes it easier for a potential buyer to see themselves in your home. 

Depersonalize!  

When approaching listing, you should start to separate yourself from your home. Very soon (hopefully) the home will…

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What is an Agency Agreement?

Agency disclosure defines the relationship between client and agent in all transactions of residential real property.

Agent’s provide this disclosure to make it clear to whom they owe ‘fiduciary' responsibility. With this disclosure in place, all parties involved in a transaction are aware of who is in charge of representing each client’s interest, and to what capacity they represent those interests. Whether you’re looking for an agent to help you acquire a property or sell, you’ll come across this disclosure form when you are signing all of your documents with your potential agent. As given away in the title, this law just mandates the disclosure of whatever agency agreement is in place and an acknowledgment by the client that they understand that…

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What is an Offer?

Offers are simply proposals for the exchange of real estate. 

They are like the buyer and seller’s questions to one another in a legal conversation where the ultimate goal is to get the other person to give you a plain and definitive “yes!” The first offer begins this legal conversation of how the real estate transaction is going to play out. Once an offer is accepted, it becomes a legally binding contract. The process starts with a buyer extending an offer to a buyer. When the seller gets that offer, they have three options: make an offer back (counteroffer), reject the offer (end the conversation altogether), or accept the offer (making it a legally binding agreement). In order for a seller to accept an offer, they must do so unconditionally,…

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