Real Estate Topics and Tidbits

https://nichole-whitmire.remax.com/ Spring is here, which signals longer days and more sunshine. Warmer weather also means more time enjoying your home's outdoor spaces. Here a few Spring cleaning tips for inside and outside your home that you may find helpful.  1) Evaluate what needs to be done in each room as you decide to clean it. This makes the tasks seem less daunting then writing out an entire house-wide chore list. 2) Ventilate the room by opening windows for fresh air, if feasible. Room purifiers may be another option. 3) Declutter the room by packing away seasonal items and consider donating items to charity that you no longer use. 4) Remember to clean windows, as well as window sills. 5) Sweep floors before dusting furniture, then wipe down surfaces from top to bottom. 6) Consider placing fresh flowers in your room, which can add beauty and pleasant fragrance. 7) Power wash the outside of your home if needed. 8) Trim bushes and freshen any mulching areas. 9) Add color by...

  You may have heard the term contingency  used in regard to real estate, but what does it mean? Contingency is when there's something that is dependent upon other circumstances or conditions being met. Another term for "contingent" on a property listing may be "pending".  Contingencies are usually to protect the potential buyer. A contingency can make a real estate deal go great or stop it completely. Below are three types of contingency clauses that are commonly found in many real estate contracts. Financing contingency - this clause essentially states that the buyer has a certain amount of time to secure financing to complete the purchase of the subject property. This clause may allow the buyer to get their earnest money back since the purchase was not able to move forward due to these specified circumstances. Appraisal contingency - this clause states that if the market value does not appraise to the amount the buyer has agreed to pay the seller, then the b...

  https://nichole-whitmire.remax.com/ What is a brokerage agreement? A brokerage agreement is a contract between a real estate agent and a client. The agreement states the realm of services the agent is to provide to her/his client. One common type of brokerage agreement is the exclusive buyer-broker engagement agreement.  This agreement is between a real estate agent and a client/home buyer. The agreement states that the real estate agent is exclusively acknowledged by the buyer as the only agent to represent the buyer in purchasing a property. The agreement outlines the duties the real estate agent is providing on behalf of the buyer in the home purchasing transaction. The buyer-broker agreement is beneficial to protecting the buyer-client's best interest as well as protect the agent in her/his scope of duties. Another common type of brokerage agreement is the exclusive seller brokerage engagement agreement . This agreement is between the home seller and the real...

  Nichole Whitmire, Cumming, GA Real Estate Associate | RE/MAX Regency (remax.com) The Fair Housing Act was initially enacted in 1968. Its purpose is to prohibit discrimination in the housing market nationwide. The Fair Housing Act specifically prohibits discrimination based on race, color, family status, religion, sex, handicap and national origin. This Act applies to not only the sale of housing but also the businesses of rental, leasing, and financing of the housing market. Though rare, The Fair Housing Act may not be enforceable in some cases. Listed here are a few rare situations that may be exempt;  where the owner also resides in the property, which has four or less units housing owned by religious groups or private clubs that require membership to occupants single family homes sold or rented by the owner without the use of a real estate agent Specific acts that are prohibited (if based on race, color, family status, religion, sex, handicap or national origin) by the en...

                                                            image from realtor.com Nichole Whitmire, Cumming, GA Real Estate Associate | RE/MAX Regency (remax.com) When you decide you're ready to become a homeowner, one of the most important preparation steps is to get pre-approved for your home loan.  Here's a few reasons listed below why pre-approval matters. Let's you know any credit issues that need attention beforehand . Getting pre-approved for your home loan means your lender will evaluate your credit resulting in your awareness of any issues. Potential credit issues could catch you by surprise and cause you to miss out on your dream home if waiting to seek a lender after your home search has begun.  Let's you know your price limits of your potential new home.  Knowing the price range of ...

  Nichole Whitmire, Cumming, GA Real Estate Associate | RE/MAX Regency (remax.com)   If you've decided that you are ready to pursue homeownership but your credit is not quite ready, here are a few tips to get your credit moving in the right direction. Some of the following tips can boost your credit score quickly while others may take time to show improvement but stay focused on your goal of an overall better credit score. Check for any errors - check your credit reports for any information that you feel is incorrect. You can contact the credit reporting agency regarding inaccurate or incorrect information on your credit report. As soon as you realize an error you should begin the process to dispute the error with the credit reporting agency. Check credit card balances  - lower your total credit card utilization ratio (sum of credit card balances divided by the sum of credit card limits) as necessary. Try not to add new large purchases on your credit cards and active...

                      Nichole Whitmire, Cumming, GA Real Estate Associate | RE/MAX Regency (remax.com) Let's continue the discussion of types of mortgage loans. Two other types of mortgages that are commonly available are VA loans and ARM loans.   VA loans are mortgages backed by the US Department of Veterans Affairs. These mortgages are specifically purposed for military veterans, servicepersons and their surviving eligible spouses.  VA loans are considered a very favorable option if available. Some characteristics of VA mortgage loans are low interest rates, no down payment requirement and no PMI requirement. Another positive characteristic of VA home loans is no minimum credit score requirement, though lenders can evaluate the potential borrower's overall creditworthiness. ARM loans (Adjustable Rate Mortgages) are mortgage loans with a low introductory interest rate that generally increases after the ini...

Nichole Whitmire, Cumming, GA Real Estate Associate | RE/MAX Regency (remax.com)   There are many different types of mortgages to choose from in today's home financing markets. Each type has pros and cons, depending on the homebuyer's desires. In this article we will only discuss three common types of home loans, out of the many. FHA loans  are mortgage loans backed by the Federal Housing Administration. This type of mortgage usually is attractive to first time home buyers. The minimum FICO score (used by lenders to determine creditworthiness) is about 580 or higher, which allows the buyer to take advantage of a lower down payment requirement of about 3.5%. The debt-to-income ratio (DTI) can vary around 43% according to lender requirements.  Conventional loans  are mortgage loans backed by private lenders. They are sometimes called conforming loans because they meet (or conform to) the Freddie Mac and Fannie Mae funding standards. These home loans usually have higher...

  Nichole Whitmire, Cumming, GA Real Estate Associate | RE/MAX Regency (remax.com) Here are a few suggestions to keep in mind when you have decided that you are ready to become a home buyer. Check your finances Check your credit score Choose the right Realtor      Checking your financial standing is an important first step to the home buying process.  Pay attention to your debt-to-income ratio (DTI). Basically, you will need to evaluate your total monthly debts divided by your gross monthly income, then multiply that answer by 100. This will be your DTI ratio used by lenders. Checking your credit score prior to beginning your home search helps you know beforehand whether any issues may need to be corrected or resolved. Pay attention to your FICO score because lenders use this to determine your creditworthiness. Choosing the right Realtor can be a key component to your overall satisfaction with the home buying process. A Realtor that is not only knowledgeable,...

 The holiday season is traditionally a time to connect with family and friends over festive meals and warm conversations. We gather with acquaintances to celebrate with love and laughter and gratitude.  The cooler weather and shorter daylight hours usually comes with a slowing of the housing market traffic, resulting in fewer homes being newly listed.  Though there may be limited selections, and less buyers looking to purchase during the holiday season, it can still offer potential to sellers who can capitalize by making their properties stand out.  Listed below are some benefits of listing a property during the holiday season. Home sellers during the holiday season may benefit from the idea that the buyers may be more intent on purchasing, if looking during the slower times of the year.  Though there may be less home showings for your property, those potential buyers may be more ready to commit to a purchase sooner.  Another benefit may be less time constr...

      When you make the decision to market your home, you may not know that some preparation could be useful in achieving your home selling goals. Here are three tips which can be beneficial to any potential seller in today's Real Estate market. 1) Check off some items on that "to-do" list   There may be a few small repairs, (such as a leaky bathroom faucet or bedroom doors that need adjusting) or there may be cosmetic issues, (such as outdated paint color on walls or peeling caulk along the countertops) that you've been putting off fixing. Tackling items that are typically easy fixes can make a major impact on how well your home shows to potential buyers.  2) Find the Right Agent   Look for an agent that makes you feel comfortable and confident in their services. As a Licensed Realtor with RE/MAX Regency, I believe in providing my clients with professionalism, reliability, communication and integrity. My goal is to help my clients, (whether buyers or ...