Auburn-Opelika Property Buying and Selling Articles
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Researching the Perfect Neighborhood
Posted November 21, 2011
There’s an episode of the hit TV series “How I Met Your Mother” where the characters of Marshall and Lily decide to buy a home in a neighborhood they are unfamiliar with, only to learn later that it sits downwind from a sewer plant. The message is obvious: A buyer must do his or her due diligence on prospective neighborhoods to make the best real estate decisions. For starters, investigate the local school district as good schools boost your property value...
Tags: Buying, Neighborhood
The Importance of Assets
Posted October 11, 2011
Mortgage lenders dissect the entire credit history of a potential client with strict attention to income, credit, collateral and assets. Of the four, assets are perhaps the least discussed yet may be the most important in securing credit and buying a home. Simply put, assets include the amount of money needed for the down payment, in addition to closing costs, pre-paid costs such as insurance and taxes, escrow fees and funds that would be available in case of an emergency...
Weighing 30- and 15-year Fixed-Rate Mortgages
Posted October 6, 2011
One important decision homebuyers face is whether to secure a 30-year, fixed-rate mortgage or go for a 15-year one, which carries a lower interest rate. “All things equal, a 15-year mortgage allows you to pay off your mortgage twice as fast while saving a significant chunk of money on interest,” explains Mark Crosby, a mortgage expert in Wilmington, Del. Still, “I think the 30-year mortgage is a logical choice for most people because it has more advantages...
The 203k Mortgage
Posted September 19, 2011
Real estate consumers today can find ample value in distressed homes – properties that are under a foreclosure order or up for short sale. In many cases, however, “distressed” speaks more for the condition of the homes than their recent financial histories, as they’ve sat empty for extended periods and have been subject to vandalism and theft. Those considering homes in need of repair and renovation should consider a 203k mortgage, which enables homebuyers to finance both the acquisition and rehabilitation of the property with just one loan...
Smaller Spaces in Demand
Posted August 27, 2011
Good things come in smaller packages. At least that’s the feeling today among many homebuyers, who are increasingly interested in smaller spaces instead of the gaudy, sprawling homes that were popular in the ’80s and ’90s. Many agents believe that smaller homes are more in demand because the Baby Boomer generation is starting to downsize. Boomers no longer need four or five bedrooms and are looking for spaces that are more in tune to their lifestyles as empty nesters...
Costs for First Time Buyers
Posted August 5, 2011
Buying a new home can be a huge, complex undertaking, especially when it’s your first time. That’s why it’s important to have an experienced real estate agent guiding you along the way. In a survey conducted earlier this year by Prudential Real Estate and Relocation Services (PRERS), a Prudential Financial, Inc. [NYSE:PRU] company, 75% of respondents highlighted the importance of real estate agents in the process of buying or selling their home, with only 24% saying agents are helpful but not imperative...
Tags: Buying, Relocation
Smaller Spaces in Demand
Posted August 1, 2011
Good things come in smaller packages. At least that’s the feeling today among many homebuyers, who are increasingly interested in smaller spaces instead of the gaudy, sprawling homes that were popular in the ’80s and ’90s. Many agents believe that smaller homes are more in demand because the Baby Boomer generation is starting to down. Boomers no longer need four or five bedrooms and are looking for spaces that are more in tune to their lifestyles as empty nesters...
203K Mortgage
Posted July 16, 2011
Real estate consumers today can find ample value in distressed homes – properties that are under a foreclosure order or up for short sale. In many cases, however, “distressed” speaks more for the condition of the homes than their recent financial histories, as they’ve sat empty for extended periods and have been subject to vandalism and theft. Those considering homes in need of repair and renovation should consider a 203k mortgage, which enables homebuyers to finance both the acquisition and rehabilitation of the property with just one loan...
Credit Score Requirements Ease For Some
Posted June 7, 2011
Tight lending guidelines have weighed on the U.S. housing market during its ongoing recovery. Most lending institutions during the past two years raised their credit score requirements to as high as 650, making it nearly impossible for many people to obtain a loan. Wells Fargo made it a little easier for homebuyers this past year, when the lender lowered its credit score requirements on FHA mortgages...
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