Showing posts with label Commercial. Show all posts
Showing posts with label Commercial. Show all posts

Wednesday, March 13, 2024

OK — Can I Celebrate Now? In Closing (Conclusion)

 


If you’ve made it through close — YES! Once you’ve climbed that mountain of paperwork and have those keys in your hands, you now officially, finally own a home.

Congratulations! You put in a lot of hard work, including building relationships with your agent, your lender, and other experts along the way.

Now it’s time to start investing in other relationships. Like with your new neighbors 🙂

CHECK BACK DAILY AS THERE ARE 9 PARTS TO THIS SERIES. CLICK LINKS AT BOTTOM OF PAGE TO VIEW PREVIOUS POSTS.

This is the end of this series. Thank you all for following along. Please contact me for further assistance.

PATTI LEE PROPERTIES

Tuesday, March 12, 2024

What If There are Last-Minute Issues? Should I Panic? In Closing (Part 8)


For your loan to be approved, it has to go through underwriting. The underwriter’s job is to validate all of your financials — confirming that your income, credit, and debt haven’t changed since you were pre-approved for the loan. The underwriter will also review the property’s characteristics and appraisal. If everything checks out, your mortgage will be approved.

If something goes wrong during underwriting though, you’ll have to address the problem before you can close on the home. Let’s say your credit score dropped because you recently purchased a car with an auto loan, or maxed out your credit cards.This isn’t necessarily dire, but you may need to delay closing as you work with your lender to take steps to raise your score. (Also, for that reason, it’s a good idea to hold off on big purchases, avoid overusing a credit line, and doing really anything that could result in a credit inquiry until after the closing.)

CHECK BACK DAILY AS THERE ARE 9 PARTS TO THIS SERIES. CLICK LINKS AT BOTTOM OF PAGE TO VIEW PREVIOUS POSTS

PATTI LEE PROPERTIES

Monday, March 11, 2024

What Is Title Insurance, and Why Do I Need It? In Closing (Part 7)

Every lender requires borrowers to purchase title insurance — a policy that protects you and the lender from outside claims of ownership of the property. Wait, you may be asking, some random person could show up and claim they own the house? Sounds crazy, but it happens.

Let’s say a previous owner didn’t pay all of their property taxes. Because those taxes remain against the property, the taxing entity could potentially take your home if you don’t have a “clean” title. Title insurance also protects you from ownership claims over liens, fraudulent claims from previous owners, clerical problems in courthouse documents, or forged signatures.

The title company will perform a comprehensive search of deeds, wills, trusts, and public records to trace the property’s history and verify that you’re becoming the rightful sole owner of the property. 

Typically, lenders have a preferred title company they work with, but ultimately the buyer decides which title company to use. Your agent could offer a few referrals.

Title insurance comes in two forms:

  1. Lender’s title insurance, which (no surprise) protects the lender. It’s required.
  2. Owner’s title insurance, which protects you. It’s optional but recommended because it covers your interest in the property. If the insurance company loses a battle over the title in the future but you purchased owner’s title insurance, you’re fully protected. Owner’s title insurance will also cover your legal fees if you have to defend your ownership rights in court.

Unlike most insurance policies, such as homeowners insurance, car insurance, and life insurance, title insurance is paid as a one-time fee at closing. Expect to pay about $1,000 for the lender and homeowner policies combined. However, costs can vary significantly, up or down, depending on the home you’re buying, its location, and the amount of legwork the title company has to perform.

CHECK BACK DAILY AS THERE ARE 9 PARTS TO THIS SERIES. CLICK LINKS AT BOTTOM OF PAGE TO VIEW PREVIOUS POSTS

PATTI LEE PROPERTIES

Sunday, March 10, 2024

What Should I Bring? (Other than Champagne?) In Closing (Part 6)



At the closing you should have:

  • A government-issued photo ID
  • A copy of the ratified sales contract
  • A homeowners insurance certificate
  • Proof of flood insurance if you’re buying a home in a flood zone
  • A cashier’s check or proof of wire transfer, to cover the remainder of the down payment and your closing costs

Also, talk to your attorney about anything else you might need to bring depending on your state or personal circumstances (such as a separation or divorce decree, should your relationship status affect the closing).

CHECK BACK DAILY AS THERE ARE 9 PARTS TO THIS SERIES. CLICK LINKS AT BOTTOM OF PAGE TO VIEW PREVIOUS POSTS

PATTI LEE PROPERTIES

Saturday, March 9, 2024

How Much Will I Pay for Closing Costs? In Closing (Part 5)


If you’ve heard people vent frustration with the process of buying a home, you’ve likely heard complaints about unexpected costs at closing. Let’s unpack what you should expect so you’re not surprised, too.

Closing costs can vary widely by location and your home’s purchase price. Costs are split between the buyer and the seller, but the buyer cover the lion’s share. Buyers can generally expect closing costs to be 3% to 4% of the home’s sales price. So, on a $300,000 home, a buyer can pay anywhere from $9,000 to $12,000 in closing costs. (Meanwhile, the seller typically pays closing costs of 1% to 3% of the sales price.)

You can try to predict closing costs with calculators like Nerdwallet’s, which lets you plug in your mortgage details to get a rough estimate of what your costs will be. 

Closing fees often include (but are not limited to):

  • Commission for the buyer’s agent and seller’s agent
  • A loan application fee
  • An origination fee, which lenders charge for processing your loan
  • The appraisal fee
  • A fee for pulling your credit report
  • An underwriting fee, which covers the lender’s costs of researching whether to approve you for the loan
  • A title search fee
  • Property taxes, which are due within 60 days of the purchase
  • A recording fee for filing a public land record with the courthouse

These fees are a bummer. The bright side: Almost all of them are one-time deals.

CHECK BACK DAILY AS THERE ARE 9 PARTS TO THIS SERIES. CLICK LINKS AT BOTTOM OF PAGE TO VIEW PREVIOUS POSTS

PATTI LEE PROPERTIES

Friday, March 8, 2024

Who’s Invited to the Closing? In Closing (Part 4)

Certain people will be there. Who, exactly, depends on your state. Typically, you’ll be joined by:



  • Your agent
  • The seller
  • The seller’s agent
  • A title company representative
  • Your loan officer
  • Any real estate attorneys involved in the transaction

The closing usually takes place at the title company, attorney’s office, or the buyer’s or seller’s agent’s real estate office. FYI: Some states, like California, don’t require an in-person, sit-down closing, because they’ve enacted legislation that allows for electronic closings with remote notaries.

Nonetheless, as the home buyer, you’ll have to sign what might seem like a mountain of paperwork — including the deed of trust, promissory note (promising the lender you’ll pay back the loan), and other documents. That cramp in your wrist will be worth it once everything is done.

CHECK BACK DAILY AS THERE ARE 9 PARTS TO THIS SERIES. CLICK LINKS AT BOTTOM OF PAGE TO VIEW PREVIOUS POSTS

PATTI LEE PROPERTIES

Wednesday, March 6, 2024

What’s a Closing Disclosure? In Closing (Part 2)

Lenders must provide borrowers with a closing disclosure, or CD, at least three days before settlement. This form is a statement of your final loan terms and closing costs.

You have three days to review the CD. compare it to the loan estimate you received shortly after you applied for the loan. If you need a refresher on loan estimates, you can view a sample version here.

The point of this formal review process is to ensure there are no surprises at the closing table. If there’s a significant discrepancy between the loan estimate and the CD, notify your lender and title company immediately. Depending on what the underlying issue is, the closing has to stop and a new closing disclosure must be sent out with a new three-day review period.

The LE includes a couple of items that can’t change by the time you get the CD — namely interest rate and lender fees. Some items can change by only 10% (fees paid to local government to record the mortgage might be one). Others can change without limit, like prepaid interest, because it can’t be predicted at the start of the loan process.

CHECK BACK DAILY AS THERE ARE 9 PARTS TO THIS SERIES. CLICK LINKS AT BOTTOM OF PAGE TO VIEW PREVIOUS POSTS

PATTI LEE PROPERTIES

Tuesday, March 5, 2024

In Closing: How to Seal the Home Buying Deal (Part 1)

 By: HouseLogic

Sign that paperwork. Write those checks. Get those keys! 

The closing. It all comes down to this. The grand finale. Once you have the keys, the house is yours. (Cue: Air horn sound!)

Nice work getting this far. You’re almost a homeowner! Let’s run through some questions you may have as you cross the finish line.

What Does “Closing” Mean?

The close or settlement is when you sign the final ownership and insurance paperwork and get the keys to your new home.

The closing process technically begins when you’ve signed a purchase and sale agreement. That agreement should specify a closing date. From the signing date to the closing date typically takes four to six weeks. During this time, purchasing funds are held in escrow, where your money is safe until the deal is officially done.

PATTI LEE PROPERTIES

Sunday, March 3, 2024

 

Think You Should FSBO? 5 Reasons to Think Again!


Patt Lee Properties - Results that Move You!


In today’s market, with home prices rising and a lack of inventory, some homeowners may consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons why this might not be a good idea for the vast majority of sellers.
Here are the top five reasons:

1. Exposure to Prospective Buyers

Recent studies have shown that 88% of buyers search online for a home. That is in comparison to only 21% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you? 

2. Results Come from the Internet

Where did buyers find the home they actually purchased?
  • 44% on the internet
  • 33% from a Real Estate Agent
  • 9% from a yard sign
  • 1% from newspapers
The days of selling your house by just putting up a sign and putting it in the paper are long gone. Having a strong internet strategy is crucial. 

3. There Are Too Many People to Negotiate With

Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:
  • The buyer who wants the best deal possible
  • The buyer’s agent who solely represents the best interest of the buyer
  • The buyer’s attorney (in some parts of the country)
  • The home inspection companies, which work for the buyer and will almost always find some problems with the house
  • The appraiser if there is a question of value

4. FSBOing Has Become More And More Difficult

The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 8% over the last 20+ years.

The 8% share represents the lowest recorded figure since NAR began collecting data in 1981.

5. You Net More Money When Using an Agent

Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission.
Studies have shown that the typical house sold by the homeowner sells for $210,000, while the typical house sold by an agent sells for $249,000. This doesn’t mean that an agent can get $39,000 more for your home, as studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense.

Bottom Line

Before you decide to take on the challenges of selling your house on your own, sit with a real estate professional in your marketplace and see what they have to offer.

Saturday, March 2, 2024

Understanding Your Credit Score

Because of its prominent role in the home buying process,

it’s important for buyers to understand what a credit score is,

how it’s compiled and how to obtain their credit report.


  • How interest rates affect your purchasing power
  • Mortgage loan types
  • Tips for first-time buyers
  • How to save for a down payment
  • Breaking down the mortgage application process






Tuesday, February 27, 2024

PUT YOUR TAX REFUND TO USE!


Put your tax refund to good use by starting to save for a down payment on a new home! It’s a great way to make your money work for your future and get closer to owning your dream home

Friday, February 2, 2024

GETTING YOUR HOME READY TO SELL

GETTING YOUR HOME READY TO SELL

 real estate posts for social media

I’m here to guide you through the process. Just give me a call!

 #sellingyourhome #PattiLeeProperties #realestatehelp #sellyourhome #realestatetips #homesellertips #homebuying101 #mortgage #homeforsale #letmehelp

Sunday, November 29, 2020

Why We all Need a Phil Dunphy on Our Side

 

Why We All Need a

‘Phil Dunphy’ on Our Side




www.PattiLee.Properties   Patti Lee, Realtor ... Results that Move You!
Whether or not you’ve ever seen an episode of Modern Family, or know who Phil Dunphy’s character is, the concept of knowing that you have someone in your corner who is looking out for your best interests is something we all want.
When it comes to buying a home, whether you are a rookie homebuyer or have gone through the process many times, having a local real estate expert who is well versed in the neighborhood you are looking to move into, and the trends of the area, should be your goal.
For those who aren’t familiar, the character Phil Dunphy is a Realtor with a huge heart who always strives to do the best for his family and his clients.
In one recent episode, Phil even shared the oath that he created and holds himself to:
"On my honor, I promise to aid in man's quest for shelter, to recognize I'm not just in the business of houses -- I'm in the business of dreams in the shape of houses. To disclose all illegal additions, shoddy construction, murders, and ghosts. And to put my clients' needs before my own." 
While this might seem silly, and it was definitely written with humor in mind, the themes of helping someone achieve the American Dream and putting a client's needs above your own are not to be taken lightly.

Bottom Line

When you make the decision to enter the housing market, as either a buyer or a seller, make sure you look for an agent who exemplifies these values and will help you through every step of the process.

Friday, November 27, 2020

How to Winterize in Texas

Winterizing:

How to Prepare your Property for Texas Winters


What do you do when winter hits in Texas? You probably dig out your coats, gloves, and thick socks and bundle up like you’re climbing Mt. Everest! But your fingers and toes aren’t the only things at risk of freezing during the chillier portions of Texas’ winters; your property and vehicles can suffer, too. Unless you know how to protect them from the coldest Texas has to offer, you might find yourself with frozen faucets or a block of ice for an engine block. Follow this winterizing checklist and learn how to prepare your property for Texas winters.

Winterizing Your Home

Cover Outdoor Pipes – Outdoor hoses, pipes, and faucets are the most obvious things at risk of freezing. If they are filled with water when the cold hits, it could freeze, expand, and rupture. If temperatures aren’t too low for too long, a styrofoam faucet cover can be a cheap solution. These simply latch on to the spigot and seal it off from the outside air. However, if you’re expecting intense cold for a sustained period of time, it might be necessary to cut off the water supply to the outside faucets and drain them. This is the only sure way to prevent them from freezing and breaking.
Check the Chimney – If you use a fireplace to keep your house nice and toasty, make sure your chimney flue isn’t filled with squirrel or bird nests before lighting that first fire. It’s also a good idea to build a smaller preliminary fire to allow the hot air to rise all the way up through the column before opening the flue. Otherwise, the dense, cold air could flood in and push the smoke out before it’s had a chance to warm the pathway up and out.
Check the Windows and Doors – Heaters and fires won’t do much good if the warm air is escaping! Inspect your windows to make sure they are properly sealed and cover any holes with a durable caulk. It’s also important to check the weatherstripping around your door frame and replace it if it’s worn or damaged. Not only does this keep the cold air out, but it also ensures little critters don’t invite themselves in and take a seat next to you at the fire!
Inspect the Roof – Hot air rises, so it’s important that your roof is nicely covered. If you’re confident with a ladder, inspect the shingles and make sure there are no obvious holes. While you’re up there, you might as well clean all of the leaves and sticks out of the gutters and downspouts. Clogged gutters can accumulate extra water, which can be a big problem, especially when frozen.
Shut Off Sprinkler Systems – Most sprinkler systems are made out of plastic piping, which can easily burst if frozen. While the ground can be sufficient insulation from a more mild freeze, it’s better to er on the side of caution. Your system should have a valve that cuts off water to it as well as a way to drain the remaining water. If you’re unsure of how to go about doing this, consult the owner’s manual if you have one, or consider calling the landscaping company that installed it for further advice.
Cover Plants and Landscaping – Plumbing isn’t the only thing that hates freezing weather! Your plants need to stay warm, too. If you have potted plants, find a place in a shed or garage that can offer some protection from the frigid elements. If they are planted in the ground, try and cover them with bedsheets and quilts. This won’t always save them, but short of digging them up and bringing them inside, it’s the only real option you have.

Winterizing Vacant Property

Preparing a vacant property, such as a vacation home, for winter is fairly similar to preparing your regular house.  However, because it won’t’ be heated on the inside while you’re gone, there are a few steps you should take in addition to the ones mentioned in the section above.
Shut off the Water Main – Before you completely drain the water in your house, you’ll need to cut off the water main. If you don’t know where this is, you will, unfortunately, have to do a bit of searching. It might be easier to simply shut it off at the water meter if you have access to it.
Drain it All – With the house shut off from the source, you can now empty your pipes. Open all of your faucets to make sure every point of the plumbing system is drained. Flush your toilets to empty the tank and bowl and use a small cup to scoop out the rest if needed. Finally, turn off your water heater and carefully drain it. Usually, you’ll have to connect a garden hose to it so that you can direct the water outside. Check the owner’s manual for specific details.
Use Antifreeze Liquid – Even if you’ve flushed the toilets and cut off the water supply, there should still be water in the traps beneath your toilets and sinks. This is important as it prevents gases from the sewer lines from rising up into your house. To maintain that barrier, simply pour antifreeze in your sinks, toilet bowls, and the toilet’s tank (if it still has a little water in it). You should not use the same antifreeze that, say, you use in your car, however. There are safe, non-toxic varieties of antifreeze specially designed for winterizing pipes.

Winterizing Your Apartment

Usually, there isn’t much you need to do to prepare for freezing temperatures in an apartment. Many of the previously mentioned tips, such as checking windows and doors, apply here as well. However, it’s important to contact your front office or rental agency to check if they have any specific instructions. They may want you to let your faucets drip or ask that you keep your heater set to a certain temperature when you’re gone.

Winterizing Your Car

Cars have a lot of moving parts and require regular maintenance to keep them road-worthy. This is especially true during the cold of a Texas winter as freezing temperatures can cause unique problems and hazardous driving conditions.
Use Antifreeze – Your engine coolant can’t do its job if it’s frozen like a popsicle. Check with your mechanic or consult your owner’s manual to find out what type of antifreeze your car needs and how much you should add.
Check the Battery – Cold weather can diminish the power of your battery, so it’s important that you make sure it has enough of a charge to handle that. If you don’t have your own multimeter to test the voltage, most auto parts stores will do so for free.
Check the Hoses – Check under the hood and inspect any rubber or plastic belts and hoses for cracks and signs of brittleness or wear. This is important to do regardless of the temperature, but a running engine is especially important during the winter.
Install Winter Wipers – Visibility is incredibly important, especially during the winter months. Freezing precipitation can cause serious issues, so it’s important to have wiper blades that can handle more difficult tasks.
Install Winter Tires – If you live in a part of Texas that receives a significant amount of snow or freezing rain during the winter, you might consider outfitting your car with winter tires. These typically have special treads that provide better traction in such an environment.
Test Defrosters – Defrosters can make life much easier, but only if they work! Whether you have heating elements on your windows or simply rely on the AC system, make sure they work as intended before you go out into the cold.

Winterizing Your RV

Winterizing a Recreational Vehicle can be tricky. Because plumbing layouts vary, the process can be unique. Your owner’s manual should have detailed instructions and sometimes there are checklists posted on the insides of cabinets or under sinks.
Disconnect Water Lines – In general, the first step is always disconnecting any outside water source from your RV. Turn off the valve at the source and disconnect any hoses before draining the plumbing inside.
Drain the Plumbing – This is where the process can greatly vary based on your model. Typically, there are valves beneath the sink that allow you to drain the water lines within the RV. You’ll also want to locate the drain for the water heater and water reservoir, which are usually behind an exterior panel. Finally, if you have a grey or black water tank, you’ll need to hook your RV up to a sewer line and drain those as well. Again, consult your owner’s manual or talk to the dealership where you purchased your home-on-wheels for specific instructions or advice.
Use Antifreeze – Like a house, RVs typically have gas traps beneath sinks and possibly toilets. Using specialized RV antifreeze, fill the traps as needed to maintain the barrier and prevent freezing.

by Geoff Ullrich

About the Author - Geoff Ullrich is a writer and Content Marketing Specialist at Germania Insurance.



or