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Tips for Buying a Home in a Hurry!

Wednesday, December 4, 2019
by Tucker Robbins


Sometimes your circumstances change, and you find yourself needing to buy a home ASAP!  In the past, you’ve looked at houses for a month online before you start actively looking, taking your time to find an agent.  Now, however, your new job needs you as soon as you can get there, but how quickly can you buy a new house?  Faster than you think if you follow these tips! 

 

  • - Find a buyers agent that has a reputation for handling sales efficiently.  You want someone who understands your need to buy quickly, but who will also make sure you’re not making huge mistakes in the process. 
     

  • - Make sure your credit score is in good standing, and gather all paperwork necessary for the lender:  tax returns from past years, current pay stubs, bank statements, documentation for rent payments if you’re a renter, gift letter if someone is gifting part of the down payment, and proof of any assets you may have. 
     

  • - Don’t just get pre-qualified for a mortgage--get pre-approved.  This way, you’ll know exactly what you can afford, and when you make an offer, the seller will be certain you are serious about buying the house. 
     

  • - You might have to forgo the perfect house dreams, but don’t sacrifice your must-haves.  That said, not being extremely picky with what you want in a house will see your success a few steps closer.   
     

  • - When you talk to your agent, ask them to look for homes that have been on the market for a while.  This may give you some leeway in the offer process because the seller is likely somewhat anxious to sell. 
     

  • - If you have any equity in the home you will be moving from, and you don’t want to lease or rent it, selling as quickly as you are able will give you a head start on the purchase of a new home. 
          

  • - Be prepared to put your belongings in storage if you do sell before you buy, and talk to friends or relatives about staying with them temporarily. 
     

  • - You’ll want a transaction without a lot of contingencies so there isn’t a lot of time-consuming negotiating, but be careful about what you are willing to let go to buy the property.   
     

  • - Don’t go AWOL during the process--sure you’ll be busy getting packed up and prepping for a move, but you need to be available to your agent so no time is wasted.   

 

The best tip is to get started as soon as you know you have to move--the more time you have to take care of buying a new home, the better the outcome will be, saving you time, money, and future headaches.   

 

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.  

 

Photo credit: moneyunder30.com

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Home-Buying After Foreclosure or Bankruptcy

Wednesday, August 22, 2018
by Tucker Robbins

If foreclosure or bankruptcy has been part of your past, and you’re ready to jump back into buying a new home, welcome to the “boomerang buyer” club!  There are several factors to buying a home after these losses, so before you start house-hunting, make sure you’re not only emotionally ready, but financially ready! 

 

  • - Be absolute certain your credit has been rebuilt by paying all your bills on time and in full. Check your credit score, and keep an eye on it.  Aiming for a minimum score of 580 improves your chances of qualifying for a home loan. 

  • - Get every penny you can into savings! 

  • - Consider taking a course in financial management.  Not only does this help you become more financially stable, it shows a lender that you’re serious about it. 

  • - If your last home went into foreclosure, there are waiting periods for applying for a mortgage: three years for FHA loans, seven years for Fannie Mae/Freddie Mac loans, two years for Veterans Affairs loans, three years for USDA loans, and other lenders have different waiting periods. 

  • - Buying a home after bankruptcy depends on what type of bankruptcy was filed, so there are different factors when it comes to each situation. 

  • - If you have experienced a short sale with your last home, depending on the lender, the waiting period to apply for a mortgage is two-seven years. 

  • - Some lenders may ask you to write a letter explaining the circumstances for the foreclosure or short sale, as well as what you learned during the process.   

  • - Extenuating circumstances that caused a foreclosure or bankruptcy, such as a major illness or job loss can make a difference in how long you must wait to apply for a mortgage, depending on the lender.  Be prepared with any paperwork that shows your loss of income or increase of debt. 

 

Before you begin this second chance on homeownership, talk to a RealtorⓇ who is experienced with assisting those who have experienced financial hardship and lost a home in the past.  They have a wealth of knowledge to help you every step of the way on the path to a fresh start! 

 

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

 

Photo credit: homes.com

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Buying New Construction in New Castle County, DE

Wednesday, April 18, 2018
by Tucker Robbins

The thought of a brand-new, up-to-date home appeals to many, and if you’re considering buying a new construction, there are few things you should know.


Following these guidelines can make your venture a little easier. 

 

 - Before you make that first visit to the model home, find a real estate agent to accompany you, and keep them involved in every aspect.  If you wait until after you’ve talked to the builder’s agent, you lose the benefit of having buyer’s representation. 

 - Hiring your own real estate professional is wise, because you’ll have someone with your interests at heart. 

 - Shop around for the best loan in advance.  If the builder’s lender has incentives and discounts, consider this if it will benefit you in the end. 

 

Some questions to ask the builder’s agent on that first meeting: 

 - Ask for info about how many lots and homes have been sold. 

 - You need to know about each home site’s size, and how close each house is to each other. 

 - What is the investors ratio allowed in the community? This will tell you the rental the number of homes that are possibly rentals.  

 - What is the projected completion date for the new construction site? 

 - If the completion date isn’t met after we have signed a contract, is there a deposit refund or a cancellation clause? 

 - How long is the home’s warranty, and what does it cover? 

 - Is a garage or deck standard or an extra cost? 

 - Is smart technology wiring included in the basic home package, and is wiring to all bedrooms an extra expense? 

 - How much input do I have on paint colors, flooring, kitchen cabinets and bathroom finishes? 

 - What appliances are included? 

 - Is there a builder’s upgrade credit? 

 - Find out the what the builder’s policy is if they run short of materials. Most builders have the right to substitute, and you don’t want to be surprised to see mosaic tile where you thought subway tile would be in your finished home. 

  - Keep in mind that the model home you are shown has all the upgrades. Don’t assume you’re getting everything in your home that the model has. For instance, shelves and the latest organizational features are in the walk-in at the model home, but all of those could be upgrades.  - -Ask about these features and write everything down as you get answers. 

 - Talk to residents who are already living in the community, and ask them about any concerns they have, and what they love about their new home. 

 - Don’t skip getting a home inspection just because it’s new construction. Humans make mistakes, and it’s better to pay extra for a home inspection to find out everything is fine than deal with something that will cost a lot in the long run. Be sure your purchase contract allows you to hire an inspector outside the building company. 

 - If the model home is one of the last homes left in the neighborhood, ask about buying it! You may not get every finish just as you’d like, but you can paint a room or change the flooring if the cost of the house with all the bells and whistles is comparable to one that’s just been finished. 

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Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins. 

 

Photo credit: realestate.usnews.com

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Reasons Why Buying an Older Home May Be a Good Idea

Wednesday, June 28, 2017
by Tucker Robbins

Perhaps you are currently on the market for a new home.  You may have grand plans to buy the biggest and newest one you can find.  Have you ever given any thought to perhaps buying an older home instead?  Below you will find a list of reasons why you may want to do just that.   

 

  1. 1. If price is an issue for you when looking for a new place to live, going for one with some age on it instead of a new one may be something to consider.   If you can find one that was built in or around the 1970’s you may find a diamond in the rough.  Keep an open mind when looking for a house to purchase and you may just find the place of your dreams.   

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  1. 2. They just don’t build em’  like they use to.  Likely you have heard this statement before.  You may have wondered whether or not it is true and in fact it is.  Houses built in years past typically were built with old hard wood trees.  These trees were usually allowed to grow to an old age without being disturbed unlike trees today.  These old hardwoods are much less likely to have any warping issues and resist rot.   Instead of dry wood for walls, many older homes have been built with plaster and lathe.  These materials are superior to dry wall because they provide better insulation as well as sound proofing.   

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  1. 3. Many times new houses are built in newly established neighborhoods.  While this is not a bad thing in itself, it leaves unknown factors like crime rates, school districts and the general population of a certain area.  Older homes tend to be in areas that are well established so you won’t have any questions left unanswered.   

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  1. 4. If character in a house is important to you then buying a home with some age on it is a great way to get what you are looking for.   Crown moldings (which add a lot of character) are many times found in older homes.   

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  1. 5. If having a bit of a yard is something you wish to have then you may want to choose a place with some age on it. Newer homes come with less acreage.  

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These are just a few reasons why buying an older home might be appealing to you.  Now that you have some facts on the subject you may find that you have changed your mind and your direction in your search for a “new” home.   

 

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

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Now is the Time to Buy a Piece of Real Estate

Wednesday, May 10, 2017
by Tucker Robbins

So your life circumstances indicate that now is the time for you to buy real estate. Perhaps this will be your first home or you need a larger space to accommodate a growing family. You may be in search of a better school district or be forced to move because of your job. Whatever the reason for your housing search, there are four basic areas you need to investigate and specific questions you should ask before making a final decision on any house.

WISH LIST:
Before you actually tour any homes, you should determine exactly what you are looking for by asking yourself (and your family members) questions such as “What type of house do I want”? How much space will I need? What type of community and amenities are important to me? How much can I realistically afford to pay?

LOCATION:
Once you have narrowed down your neighborhood choices, do further exploration of these locations by asking about zoning, since apartments and commercial/industrial buildings lower the real estate value of homes. Is the appearance of the community appealing? Does the school district have a good reputation/rating? What about noise? Consider nuisance factors such as traffic sounds, barking dogs, railroad tracks, etc.--anything that will disturb or annoy you on a recurring basis. Ask, too, about property easements, commuting time to and from work, and demographics. Will you be the only family with young children or the sole 50+ resident in the neighborhood?

CONDITION OF Home:
In order to determine any structural or maintenance issues, ask about the age of the house, roof, and appliances. What kind of foundation and insulation does the home have? If you’re looking at an older property, ask if the plumbing and electrical systems have been updated. Has the house been inspected or appraised recently, and, if so, were any problems documented? Will the exterior of the residence require annual maintenance?

COST:
Asking the right questions in this area is extremely helpful in determining your offer on the Wilmington DE real estate. Inquiring about neighboring comps, what the seller paid, and how much he owes will give you an idea of the rise/fall of nearby prices and alert you to possible short sale or foreclosure status. Ask how long the house has been on the market and if there have been any offers; perhaps the seller will be willing to negotiate price or offer incentives. Additional inquiries should be made re: the cost of insurance and property taxes on the property and the amount of any homeowners’ association fees.

Arming yourself with answers to questions such as these should help you make an educated decision as to whether or not a particular piece of real estate is for you.

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

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Home Buying Made Easy

Wednesday, April 5, 2017
by Tucker Robbins

If you are currently in the market for buying a house, then you are likely already aware of just how difficult it can sometimes be.  There are many stressors throughout the process that can make the home buying process seem anything but easy.  Below are a few ways that home buying can be made a bit easier if you do your part to put them into action.  

 

  1.  The first and most important thing you need to do before looking for a home to buy is to find an agent.  The reason this part is the most important is because buying a home is a huge financial obligation and you want to choose the right person to help you with such a big decision in your life.  A good way to find an excellent Realtor is to talk with your friends and family members that you trust to see whom they have used in the past.  Once they give you a few suggestions, you can meet each one and see which one best matches your personality wishes.  You will be spending quite a bit of time with this person so you want to make sure that you get along beautifully with them.   

  1. The next step in home buying made easy  is to find a lender.  Many times you can find out from your Realtor about what lenders they tend to use or who they think can be the best match for you and your particular situation.  If your Realtor doesn’t lead you to the best match, again you can talk to your friends and family for suggestions.   

  1. You then need to make sure your credit is as clean as it can possibly be.  Lenders can many times give you a bit of guidance in this area so that you can get approved for a loan.   

  1. It is important that you get pre approved for a loan before you go out searching for the home of your dreams.  The lender that you choose will help you to know exactly how much of a house you can comfortably afford before you get your heart set on one.  

  1. Lastly, figure out exactly what you are looking for in a house.  Make a list of your wants and desires in order of their importance.  This will help to guide you in your home buying  adventure and will help avoid wasting precious time.  
     

These are just a few ideas on how to make the home buying process a bit easier.  Once you do your part to put all of these in motion you will be well on your way to finding the home of your dreams. 

 

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

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Questions Real Estate Agents Don’t Like To Answer

Wednesday, March 29, 2017
by Tucker Robbins

You may think that you can ask your real estate agent anything at all that you want to ask them and you may be right.  What you may not be right about however is that you may not get an answer.  There are some questions that real estate agents might know the answer to but they are not able to give you the answer based on the Fair Housing Act.  Real estate agents are not allowed to discriminate based on race, religion, sex or economic status.  If you ask any of the following questions you may not get a straight answer from your real estate agent. 

  1. Asking your real estate agent if a particular area is a good place to raise a family may or may not get you a straight answer.  In fact, you may find that your agent just gives you a blank stare when asked this type of question.  They may know good and well that they wouldn’t want to raise their own family in a particular area of town but by staying loyal to the Fair Housing Act, they won’t be able to clearly answer that question for you. 
  2. Another question you may not get answered from your real estate agent is what the particular neighborhood you are interested in is like.  If you really mean to ask if the neighborhood has a high ratio of minorities by asking if the neighborhood is safe, your real estate agent will not be able to clearly answer that question for you.  If you wonder if a certain area is safe, do your homework and figure it out for yourself, don’t make your real estate agent uncomfortable by asking questions like that. 
  3. Asking what the area schools are like is another similar question that will likely get you a blank stare from your real estate agent.  If you want to know what the schools are like in a particular area you can search online for such answers. 

Basically, if you don’t want your real estate agent to break their ethical code, steer clear of these types of questions and do your own work to find out the answers.  You will likely be able to find out all that you need to know about what it is you are asking without a lot of trouble and without having to ask your real estate agent.  

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

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Tips To Avoid A Reverse Mortgage Nightmare

Wednesday, January 4, 2017
by Tucker Robbins

 

 

 

 

 

 

 

 

 

Many times folks hear about a reverse mortgage on the television and they think it sounds like the best thing since sliced bread.  There are a few things you need to know about reverse mortgages before you decide to move forward with one and below we have listed a few tips on how to avoid a reverse mortgage nightmare.  

  1. One way to avoid even thinking about doing a  reverse mortgage  is to not wait until you simply don’t have any other option.  Do not go into something like a reverse mortgage without counseling with a HUD-certified housing counselor.  If you make huge decisions such as getting involved with a reverse mortgage during a time of financial stress, you will likely end up worse off than you started. 
  2. Another tip for avoiding a reverse mortgage nightmare is to search around for all that is offered.  You don’t have to settle for a reverse mortgage just because you think it’s the only thing you can do.  Talk to a financial counselor and find out what all of your options might be and then make an informed decision based off of the facts and not just what you think the facts might be. 
  3. If the lender you have chosen to move forward with suddenly starts telling you that your home needs a ton of repairs, be sure to find a new lender as quickly as possible.  HUD insures over 95% of reverse mortgages and they only require that the home be safe and functional.  Any small issues that your home might have shouldn’t even come into play during a reverse mortgage consultation. 
  4. If you feel pressured at all to sign on the dotted line to receive a reverse mortgage, do your part and do not sign the papers.  You don’t want to end up in a reverse mortgage nightmare just because you felt like you were being pressured into signing the papers.  Again, get up and leave the room if you feel any kind of pressure to sign on the dotted line for a reverse mortgage.
  5. Be sure to show up for the closing if you do decide to do a reverse mortgage.  If you are not present things may go astray and you might end up with a raw deal in the end. 

These are just a few tips to avoiding a reverse mortgage nightmare.  Do your part to pay close attention to detail so that you don’t end up living in the middle of a real nightmare.  

Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.   

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Tucker Robbins
Berkshire Hathaway HomeServices
3838 Kennett Pike
Wilmington DE 19807
(302) 777-7744 (direct)
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