Monthly Archives: January 2013

Choosing The Right Closing Date & Why It’s Important!

Closing Date

If you are buying a home, it is important for you to have a say in choosing your closing date. Selecting the right day can help you avoid spending unnecessary cash and reduce the odds that a deal-delaying mistake is made.

“For most buyers, a home is the most important purchase they’ll make, and the closing is the beginning of it,” says Scott Penner, a real-estate attorney in Milford, Conn.

Mortgage lenders will generally need up to 45 days to approve financing, Penner says. But beyond that, buyers should work with their lenders and agents to find a date that works for all parties. Here are three tips that experts say homebuyers should review before selecting a closing date. (Bing: What are the average closing costs in your state?)

1. Consider month’s end if cash is low
If you’re buying a home and cash flow is an issue, choosing a closing date near the end of the month will reduce the amount of prepaid interest you have to pay, says Shandra Sullivan, a real-estate agent with Solid Source Realty in Atlanta.

Typically, borrowers prepay interest to cover the period from the closing date until month’s end, and then they skip another month before their mortgage payment is due, she says.

MSN Money: 13 tips for better credit in 2013
A closing on Jan. 1 requires more prepaid interest than a closing on Jan. 31, so scheduling a later date could help if closing funds are a concern, Sullivan says. However, this is more of a cash-flow strategy rather than a money-saving tactic, she says. “If you’re tight on cash and need to minimize the amount you bring to the closing table, there’s an argument that can be made to wait to close until later in the month,” Penner says.

There is a potential drawback, however. Other buyers will likely schedule their closings at the end of the month for the same cash-flow reasons, causing a rush for lenders, says John Walsh, president of Total Mortgage Services in Milford, Conn.

Article continues below

2-Minute House Hunter: Closing Costs
Real-estate expert Brandi Vanderbeek sheds light on closing costs and how to prepare for them.

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If the mortgage broker is backlogged or there’s a glitch somewhere along the way, the closing could be delayed into the next month. Walsh suggests a compromise: Schedule your closing sometime during the last two weeks of the month. This would cut down on the amount of prepaid interest and still give you enough wiggle room if your closing date is pushed back.

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2. Know when you’re ready to move
Schedule the closing date around the time you are ready to take possession of your new home, Sullivan says.

On our blog, ‘Listed’: View of homeownership shifting
For some people, taking possession means moving in. For others, it is when they start renovations on the property, Sullivan says. Either way, she says many buyers make the mistake of scheduling the closing at the end of one month to save on prepaid interest, but then don’t take possession until the middle of the next month.

“There’s no need to pay for a property you’re not utilizing,” Sullivan says. Instead, ensure the closing date is scheduled for when you are physically ready for your home, she says.

Another tip is to coordinate the move-in date with the move-out date of the property you’re leaving. “You won’t have to pay for temporary housing before the move,” Sullivan says.

Renting? Find a great place here
3. Beat the holiday rush
Many owners want to schedule a closing right before a holiday so they can use the down time to move, Walsh says. A better choice is to schedule the closing within a few days of the holiday, not the last business day before, he says.

“I wouldn’t schedule the Wednesday before Thanksgiving. If [because of a delay] you don’t end up closing on that day, you’re not going to close until the following week,” Walsh says.

Read: 6 tips for a painless closing

The same rule applies for Friday deals. “You get this mad rush to close right before those weekends, and many things are done last-minute,” Penner says. More mistakes can occur if people are rushing through their paperwork to beat the Friday deadline, he says.

Instead, Penner suggests setting the closing date for the middle of the week, so that participants aren’t as hurried.

When it comes to selecting the best day to close on a home, it’s important to prioritize time for funding and make moving arrangements. After that, homebuyers should work with their agents and lenders to find a date that’s good for all participants but that allows leeway in case there’s a small delay.
Closing DateClosing Date

Source: Coldwell Banker LLC

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Must See Grapevine, Texas Home For Sale!


Immaculate Grapevine, Texas Home On Cul De Sac For Sale!


Overview
Maps
Photos
Description
Market Stats

$299,900
Single Family Home
Main Features
4 Bedrooms
3 Bathrooms
1 Unit
Interior: 2,639 sqft
Lot: 9,148 sqft
Location
1414 Rio Bend Court
Grapevine, TX 76051
USA
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Jim Striegel

Jim Striegel

(972) 899.0634
JStriegel@Realtor.com
http://www.JimStriegel.com

   

Listed by: Jim Striegel Team, Real Estate Connections

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It’s a Seller’s Market in Texas!

market

Suddenly, it’s a seller’s market in Texas? What happened?

Texas weathered the national recession better than most states. Affordable home prices, continued job growth, and Texans’ can-do attitude have all helped.

But has the pendulum already swung back to a seller’s market in the Lone Star State, with home prices creeping up again and buyers potentially facing bidding wars? We sure think so. No better time to list!

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Got A House Yet?…

time-to-buy

Reuters reported homebuilder confidence in the market for single family homes held steady at near seven year highs in January, suggesting the outlook for the housing market remained upbeat. The NAHB/Wells Fargo Housing Market index was at 47 this month, the highest level since April 2006. Economists polled by Reuters had expected the index to edge up to 48. The National Association of Home Builders said prolonged negotiations over fiscal policy had caused some uncertainty among builders this month. A reading below 50 means more builders view market conditions as poor than favorable. The index has not been above 50 since April 2006.

“Conditions in the housing market look much better now than at the beginning of 2012 and an increasing number of housing markets are showing signs of recovery, which should bode well for future home sales later this year,” said NAHB chairman Barry Rutenberg. “Uncertainties stemming from last month’s fiscal cliff negotiations contributed to the pause in builder confidence and continuing discussions among policymakers related to spending cuts and the future of the mortgage interest deduction could put a damper on housing demand in the coming months.”

A measure of sales expectations in the next six months slipped a point to 49, while a gauge of current sales conditions was unchanged at 51. The prospective buyers index rose a point to 37.

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Great Opportunity for this Flower Mound, Texas Home For Sale!


Great Opportunity for this Flower Mound, Texas Home For Sale!


Overview
Maps
Photos
Description
Neighborhood
Market Stats

$151,900
Single Family Home
Main Features
3 Bedrooms
2 Bathrooms
1 Unit
Interior: 1,400 sqft
Lot: 7,405 sqft
Location
4012 Churchill Drive
Flower Mound, TX 75028
USA
To get updates on open home dates and other property events, please click the “Like” button below:


Jim Striegel

Jim Striegel

(972) 899.0634
JStriegel@Realtor.com
http://www.JimStriegel.com

   

Listed by: JIm Striegel Team, Real Estate Connections

Our recent listings

Subscribe to our listing feed

Nearby properties for sale

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Filed under Dallas Real Estate, Dallas Texas REALTOR, Flower Mound, Grapevine Texas REALTOR, Highland Village, Texas, Texas Real Estate, Uncategorized

What To Do When Your Home Doesn’t Appraise At Its Purchase Price

Real Estate Finance Insights

Experienced home sellers in Seattle know that reaching a sales agreement with a potential buyer can be just the start of the negotiation process. There are often inspection issues to resolve, among other items.

One particular negotiation point which can present difficulties for both buyers and sellers is when a home’s appraised value falls short of its contracted sales price.

Home appraisal remedies for home sellersSometimes, this happens because the home’s price was inflated. Other times, it’s the result of a faulty appraisal.

As a home seller, there are some common appraisal problems of which you should be aware. Here are some of them, and how to seek remedy so that the home sale process remains smooth.

Inaccurate comparisons
An appraiser will assign your home’s value based on comparable properties and recent sale prices. However, some homes — notably those in foreclosure; sold via short sale; or which were abandoned — sell at a discount as compared…

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For homebuyers, bigger is better!

After a five-year hiatus, Americans are buying larger and more expensive homes again, but this time they’re not only being choosy about location, but about function and convenience as well.

Demand for luxury homes is soaring
The number of homes for sale priced at $10 million or higher has more than doubled in some places of the country, according to a study by Coldwell Banker. Predictably, those areas include wealthy enclaves in California such as Beverly Hills, where 19 such homes sold from November 2011 to October 2012. In Santa Barbara, 13 homes priced over $10 million sold during that time period. Other popular spots include Aspen, Colo., and Manhattan.

A separate study by home builder PulteGroup, shows that indeed, people are upsizing again. But aside from location, they are demanding functionality for their money. If they can’t get the access to public transportation, open space, proximity to jobs and recreation they desire, they are planning to add on to their current home.

The study says that 84 percent of homeowners between the ages of 18 and 59 have no plans to downsize their current living arrangements. During the housing boom, buyers sought extravagance, but now they are seeking more practical amenities such as energy efficiency and room to accommodate multiple generations.

Source:

Demand for luxury homes is soaring

Demand for luxury homes is soaring

Keep up with your wealth and mortgages, and follow me on Twitter @JudyMartel.

Read more: http://www.bankrate.com/financing/mortgages/for-homebuyers-bigger-is-better/#ixzz2HL6RISR3
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