When shopping for a new home how do you know how much home you can afford? You will need to get pre-approved first and then you can begin to shop for a home that you can afford. Another benefit to pre-approval is that it will give you leverage and let both real estate agents and sellers know you are a serious buyer. With a pre-approval letter, the seller will be much more apt to take an offer from a buyer that has been pre-approved.
When you arrange for a mortgage pre-approval, the lender should tell you which financial documents you need to bring. Today, in the wake of our economic recession, lenders are asking for even more documents than they've required in the past. Here's a list of the most common items typically needed during the mortgage pre-approval process:
W2 statements (or 1099 income statements) for the last two years
Federal tax returns for the last two years
Bank statements for the last few months
Recent pay stubs and proof of other income (if applicable)
Proof of investment income you are currently receiving (if applicable)
This is just a standard list of documents needed for pre-approval. Your lender may not require as many of these items, or they might ask for additional items not listed above. So be sure to ask for a complete list before you go to your appointment.
Keep in mind that pre-approval does not mean the bank guarantees you the loan, it just means you are approved. In order for the lender to commit to the loan the home you are wanting to purchase will need to be appraised. Lenders will do this to protect their investment in case you default on the loan. Your lender will also need to check to make sure the home has a clear title and that you've insured it for replacement value.
One of the common questions I often from potential buyers is about the home mortgage process. It can be confusing and overwhelming, but getting a home loan doesn't have to be an ordeal if you do your homework first. A qualified real estate agent can assist with a list of local lenders and information resources to make your life easier. So just ask!
I recommend that you do two things right away, even before you start house hunting:
* Get your credit reports from the "Big Three" credit reporting agencies. Lenders will review these reports, and you need to know what they contain--and where you stand. If you see any errors, take action beforehand to correct or explain the negatives.
Under Federal law, you're entitled to one free report from Experian, Equifax and TransUnion each year. Visit http://www.annualcreditreport.com to learn more.
* Get pre-qualification from one or more lenders on a possible loan amount. That way you'll have a good "guesstimate" of the loan amount you would qualify for--and how much house you can afford. Once you've chosen a lender, you can even get pre-approved for a loan. Knowing your mortgage limit up front will be a tremendous help in your search for the right home.
So how do you find out about mortgage loan basics and the best way to work with lenders? One resource I like is Looking for the Best Mortgage, a free, easy-to-understand booklet you can download from the U.S. Department of Housing and Urban Development. You'll get a "shop, compare, negotiate" strategy:
* How to get loan information from more than one lender
* How to get rate and fee information that you can compare
* How to get your "best deal"
The best advice I can give is to do your homework. Learn what you need to know about your home mortgage options up front--and get approved quickly for your new home when you're ready to buy.
Selling your home can be a challenge in this market and sellers are looking for any resource that can help to sell a home quicker. Staging a home for sale is one of the hottest marketing strategies in residential real estate. It can not only help to sell a home quicker but also for top dollar!
So what is staging? Basically it is showcasing your home in its absolute best light. You draw buyers’ attention to your home’s most appealing features--and skillfully divert their attention from those that are less-than-stellar.
By staging your home you can emphasizes your home’s positives. It’s part art, part science--and all marketing. It can involve everything from fresh paint to clever carpentry, new lighting to new window treatments. And don’t forget the borrowed (or rented) furniture to define and enhance each room!
To see staging in action, watch an episode or two of HGTV’s Designed To Sell, The Unsellables, and The Stagers for some simple staging techniques presented with tongue-in-check humor. Also see Top 10 Home-Staging Dos and Top 10 Home-Staging Don’ts by Designed To Sell’s Donna and Shannon Freeman.
A question I hear alot is whether or not you should you try to stage your own home--or hire a professional? My real estate experience has taught me there are two essential staging tricks that every home seller can do:
* Clear it out. You have stuff--lots of stuff. And your house is overloaded with all that stuff. Go through each room and get rid of the clutter everywhere you see it. Your rooms will look bigger, more restful, and more inviting. And all you did was pick up!
* Clean it up. Make sure everything shines inside and out, from windows, floors and countertops inside to the deck, garage and yard outside. Pay particular attention to the kitchen and bath. A little well-applied elbow grease will go a long way in selling your home. And it’s free!
Do these two simple things, and you’re already ahead in the staging game.
But should you keep going and stage other aspects of your own home? That depends on whether you have the eye, the skill--and the objectivity. Can you put yourself in the buyer’s shoes and see your home as the buyer will see it--positive points and negative points? Are you prepared to tackle those negatives? Do you have the “designer’s eye” for color and other design elements? Do you have the technical skills to complete improvements?
Staging can definitely help sell your house for more if it’s done right, whether you do it on your own or you hire a professional stager.
Thanksgiving time is upon us and this time of year means more than Turkey and sales at the mall. Food banks and pantries are in urgent need of donations, especially this time of the year. We are proud to be a part of local food drives to help those in need in our community.
Scouting For Food
On November 14th, Cub Scout Pack 1127 and Boy Scout Troop1130 of McLean, VA, sponsored by Charles Wesley United Methodist Church, collected 3,200 pounds of food that was delivered to the SHARE food bank at McLean Baptist Church.
Temple Rodef Shalom
The wonderful voluneeers at the Temple Rodef Shalomin McLean, VA collected over 10,000 pounds of food on Yom Kippur. The food was collected and delivered to the SHARE food bank at McLean Baptist Church!
Kent Gardens Elementary School in McLean, VA 8th Annual “Stuff A Truck” Food Drive
Kent Gardens Elementary School in McLean, VA 8th Annual “Stuff A Truck” Food Drive, sponsored by the Student Council Association of 900+ students is Thursday November 19th. This school has collected between 2,000 and 4,000 pounds each of the last eight years. This year’s food drive includes non perishable food items and has expanded to include personal care items, such as tooth paste, tooth brushes, soap, diapers, laundry detergent, feminine products, and the like. This has been a wonderful opportunity for children to learn to:
-Work as a team to create a big impact on peoples’ lives
-The joy of giving a helping hand to those in need
-Gratitude
-Communication
-Budgeting
These benefits have been far reaching and the kids have a BLAST!
Share, Inc. was established in 1969 by a coalition of religious and civic institutions to meet the emergency needs of the less fortunate in McLean, Great Falls, Pimmit Hills, and surrounding areas. Share is sustained by donations of food, clothing, furniture and funds, and is administered by volunteers.
Share aids lower income families in Northern Virginia to meet their emergency needs through a number of active programs and special events. If you haven't volunteered, won't you do so now?
If you are wanting to sell your home you may be concerned as to if it is actually the right time. The truth is life doesn't always wait for the "right" market conditions. You have to evaluate the pros and cons of selling in today's market in light of your own financial and personal goals.
But yes, you can sell your home in a buyer's market!
"Hire an aggressive, well-connected real estate agent." Of course I love this one--and it's great advice. A qualified real estate professional is your MVP in the selling game. I've spent years building a base of satisfied clients and responsive contacts. I know my market, and I know how to sell your house in my market area.
One of the best things you can do to sell your home is to have a focused selling plan right from the start. You want to aim, then shoot--and not the other way around. Today's market is tough. Your tactics should be, too--and they need to be part of an organized game plan that gets the job done. The right real estate agent can set up a marketing plan that gets your home sold.
Get your home in shape. If you know you need to make repairs, don't wait: Get them done before your home goes on the market. The competition is tough so you need to do all you can to make sure your home stands out.
Consider staging your home and doing some remodeling. If your home could use some updating with amenities that buyers really want--and are willing to pay for--take the plunge. For some great ideas, check out FrontDoor.com's 10 Things that Make Buyers Bite
Entice buyers with incentives. If you can afford to offer potential buyers some things to make them interested do it! Buyers look for help with closing costs or flexibility with the closing date. In a buyer's market incentives will help you to stand out.
So should you sell your home now? In the end, only you can answer that question. Take some time to explore the possibilities. Contact me with any questions you may have and I can help you with some targeted information!
Many times when a potential buyer finds a home they absolutely love they overlook many issues with the home that can be very costly. Unfortunately, some homesellers will not always disclose the whole truth to potential homebuyers. Of course you cannot have every home you look at inspected by a professional to locate problems but you can look for certain issues yourself to spot potential problems.
Wiring Warning Signs
While only a professional can diagnose problems with wiring, you can look for potential problems. Make sure all the switches and outlets in the house function properly. If you notice flickering lights, or lights that don't work or warm or hot outlets or faceplates these are all symptoms of serious wiring problems.
Insects and Rodents
Keep a close eye out for signs of rodents and bugs. Be on the lookout for hidden mouse traps, rodent droppings, roach motels or other signs that there may be a problem. If you do locate a home that you are ready to purchase, absolutely get a termite inspection as they can only be detected by a professional inspection. Termites can be a finanical nightmare if not treated.
Tour The Neighborhood It is always a good idea to tour the neighborhood and get a feel for any potential issues. Are their several other homes for sale? Is the neighborhood growing or are businesses closed and boarded up? Pay close attention to how other homeowners maintain their property, if it looks neglected that is a big red flag. This can cause problems for resale values down the road.
Slow Flushing Toilets and Sluggish Drains It is a good idea to inspect how toilets flush and how the drains works because toilets dump a lot of water down waste lines quickly, they are usually the first to exhibit signs that there is a clog or trouble with a septic system. Be sure to test all the drains, if they all are slow that could be a serious sign that the whole system has issues, which can result in a major and an expensive repair.
If you do find a home that you have looked thru and found no red flags and you are ready to take the next step it is vital that you hire a professional home inspector to ensure that everything is good to go. It will be the best money you will spend, it will save you thousands of dollars and headaches down the road
As part of the government's efforts to encourage people to spend money to help revive the economy, the House voted 403-12 Thursday, November 5th to expand a popular tax credit for homebuyers. Buy a home before May 1 and collect up to $6,500 from the government. If you're a first-time homebuyer, get up to $8,000.
In January first time homebuyers were eligable for a tax credit of up to $8,000 as part of the economic stimulus package. That tax break is scheduled to expire at the end of November, the House voted to extend it into the spring — and to expand it to many people who already own homes.
The new tax credit would be for homebuyers who have owned their current homes at least five years. They would be subject to income limits, for tax credits of up to $6,500. For those first-time homebuyers, they are eligible for credits up to $8,000. To qualify, buyers have to sign purchase agreements before May 1 and close before July 1.
These tax credits are available for the purchase of principal homes costing $800,000 or less.
With the slumping economy and real estate industry; Realtors, home builders and mortgage bankers, have lobbied hard for the expanded tax credit. However, lawmakers said the program will not be extended again.
Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.
TeamWorks Real Estate is a contributing corporate sponsor for the RACE TO END WOMEN'S CANCER
Please help us get this message out. It would be great if folks would contribute to this worthy cause. Most of us have at least one friend or family member taken from us by this disease group.
Brian Schantz
TeamWorks Real Estate 131 E. Broad Street
Falls Church, VA 22046
Office: (703) 532-3033
Cell: (703) 850-7868
Fax: (703) 532-7683
Email: Brian@TeamWorksRE.com
When shopping for a 
One of the common questions I often from potential buyers is about the home mortgage process. It can be confusing and overwhelming, but getting a home loan doesn't have to be an ordeal if you do your homework first. A 
Selling your home
Thanksgiving time is upon us and this time of year means more than Turkey and sales at the mall. Food banks and pantries are in urgent need of donations, especially this time of the year. We are proud to be a part of local food drives to help those in need in our community. 
If you are wanting to sell your home you may be concerned as to if it is actually the right time. The truth is life doesn't always wait for the "right" market conditions. You have to evaluate the pros and cons of selling in today's market in light of your own financial and personal goals.
Many times when a 
As part of the government's efforts to encourage people to spend money to help revive the economy, the House voted 403-12 Thursday, November 5th to expand a popular tax credit for