Real Estate Information Archive

Whether you’re buying or selling a house, getting a home inspection can be nerve-wracking. 

If you’re selling, you’ll want to make sure there aren’t any hidden issues in the home. And if you’re buying, you’ll want everything to be in great shape so you can move in quickly.  

But how much do you really know about the home inspection process? You can start by asking yourself four questions:

Is a home inspection always necessary?

A home inspection isn’t required — but it’s highly recommended. A house could look perfect on the outside but have underlying issues on the inside — like water damage or a faulty foundation. A home inspection is crucial because it can bring problems to light that otherwise would have worsened over time.

What does an inspector do?

An inspector thoroughly checks the safety and proper function of the property. This includes the heating and cooling systems, gas and water, electrical system, foundation, roof and other features both inside and outside of the home.

Who pays for a home inspection?

Typically, the buyer pays for the inspection because it’s for their benefit. If you’re a seller who would like to do a pre-listing home inspection, you would pay for it. The cost depends on the home’s value and size.

Do I have to be there?

It’s recommended if you’re a homebuyer. But as a safety precaution, you may be asked to step outside or follow social distancing guidelines during the inspection. You can also tour the home virtually or talk over the phone with the inspector to discuss any questions you may have. 

The homebuying market continues to heat up — and that means there could be some fierce competition out there. While that may seem intimidating, it doesn’t mean your dream home is out of reach.

There are quite a few things you can do to stand out if you find yourself up against other buyers.

Want to make sure a property doesn’t slip through your fingers? Put these five tips into action to make a winning offer:

Write a personal letter. Tell the seller what you love about the home and what it means to you and your family. Include the letter with your offer to set yourself apart from other interested buyers.

Add an escalation clause. With an escalation clause, you agree to increase your bid (up to a certain point) if another buyer outbids you. It’s a great way to ensure you stay at the top in a bidding war.

Stay flexible and open-minded. Be mindful of the seller’s timeline. If they need to spend a few extra weeks in the home before you can move in, discuss potential ways to make it work for both of you.

Increase your earnest money deposit. Upping your deposit can give a seller more confidence in your offer. Just remember that sellers could end up keeping the earnest money if you pull out of the deal. 

Get preapproved for your loan. Another way to inspire confidence? Come in with a preapproval letter from a lender. 

Ready to start your home search? Get in touch for help finding the perfect home and making a winning offer.

Do you want more space when you retire?

When you think of the home you’ll retire in, a new house may come to mind. Or maybe you’re contemplating moving to your favorite vacation spot or somewhere closer to friends and family. 

With so many choices, how will you know what’s best for your lifestyle? 

Here are three questions to consider before making a move for retirement:

1. Will you relocate? Maybe you have a favorite beach town in mind for your retirement, where you can relax year-round. If so, be sure to account for the price of moving and the costs of your new community. If the cost of living is higher, make sure you have enough money saved to live comfortably.

2. Should you downsize or upgrade? The kids have likely moved out, so you could opt for a smaller house or condo. But a more substantial property may offer additional space for visitors and hobbies. Think about what’s best for your family, then consider sitting down with a financial planner to evaluate your assets to be sure you can afford your options.

3. Is the timing right? If you’re not quite ready to retire but thinking about moving, it may be better to buy property while you still have a steady income. On the other hand, you can take your time looking if you start after you’ve left your job. Either way, explore your options to ensure you’re making the most of your investment and your retirement.

Is retirement in your near future? Are you ready to start looking for a new home? Reach out today to discuss your next steps.

Buying a home is a big undertaking. From finding the right property and negotiating to sorting out the legal details and moving in, there are dozens of important steps along the way. And for many first-time buyers, it can seem overwhelming. 

Fortunately, there are a few things you can do to make the process easier, even if you’re still in the planning phase. If you know buying a home is on the horizon, you’ll want to tackle these tasks before you get too far into your search:

1. Get preapproved for your mortgage. 
Research lenders, choose your mortgage company and apply for preapproval. This will give you an idea of what you can afford so we can point you toward homes in the right price range. 

2. Give your budget a test run. 
Once you have a rough estimate of what your monthly payment will be, give that budget a trial run. Are you still able to afford all your monthly bills and expenses? If not, let’s have a chat with your lender to see what the monthly payment could look like if we target a lower price point.  

3. Start saving. 
It’s never too early to start saving up for your down payment and closing costs. Cutting out unnecessary spending and setting up automatic deductions from your paychecks are two easy ways to give your savings a boost.

4. Create a wish list. 
What do you want in your future home? Jot down your must-haves concerning size, location and features. You can also include some deal breakers to help guide you in your search.

Are you looking to buy your first home soon? With the right help, the process will be less overwhelming. Reach out today for step-by-step guidance or a referral to a trusted lender in our area.

Roll the Repairs into the Mortgage

It's been said that if you can find a home that has most of what you want, you should go ahead and purchase it.  Many first-time buyers are using everything they have for a down payment and closing costs and would have to "live" with the less than perfect home until they can save the money to make the changes.

The FHA 203(k) mortgage allows a borrower to purchase a home and provides additional funds for improvements to be made.  These types of renovations can include kitchen and bathroom remodels, flooring, plumbing, heating and air conditioning systems, additions and other things.

The benefit to the buyer is that they have the opportunity to consider a home that needs repairs and might have been unacceptable without a program like this.  Being a FHA loan, a minimal down payment is required, fair interest rates and generous qualifying requirements.

The 203(k) Streamline can be used for cosmetic improvements, appliances and minor remodeling up to $35,000 in cost.

As you can imagine, this is a specialized program and not all lenders choose to make 203(k) loans.  They usually take longer to process and getting firm bids on the work to be done will be required.  It is important to find out how much experience a lender has with this particular type of loan.    

It will also be required that you work with a 203(k) consultant in addition to the mortgage officer.

For more information, go to Hud.gov.  FNMA has a similar conventional loan program called HomeStyle Mortgage.  Your real estate professional will be able to help with recommendations.  Call me at (907) 261-7632.

Did you know you can buy your dream home while paying off student loan debt? 

It’s true and even quite common. While student loans are factored into your debt-to-income ratio, they shouldn’t prevent you from becoming a homeowner. 

And fortunately, there are many programs and options available to prospective buyers, some you may not be familiar with. Here are four ways people with student loans achieve their homeownership goals: 

1. Co-buying With Friends or Family
Purchasing a home with a roommate, significant other or sibling allows you to combine multiple incomes to qualify for a better mortgage rate. This can help lower your monthly payment and make home maintenance more affordable.

2. Receiving Financial Gifts From Family 
You can also accept gift money from your parents, grandparents or other family members to put toward your home purchase. Some loan programs have a cap on how much gift money can be used, so make sure you know the limits first. 

3. Choosing Low (or No) Down Payment Loans 
There are many low down payment options, including FHA, HomeReady and Home Possible loans. For loans with no down payment, VA loans may be available to veterans and military members as well as USDA loans for those purchasing in rural areas. 

4. Using Assistance Programs 
Down payment assistance programs can cover some or all of your down payment costs if you qualify. These programs vary by location, so talk with a lender to learn about potential options. 

Working on your credit can also help you buy a home. Pay your credit card bills on time every month, aim to pay down your debts and never let an account go into collections. It also helps to get preapproved for a mortgage so you know how much you qualify for. 

If you’re ready to make homeownership a reality or would like a referral to a trusted lender, get in touch today.

Whether you buy a house for the first time or want to upgrade your space, the process of qualifying for a mortgage, finding the right home, and closing with the seller can be complicated. Mehner Weiser Real Estate in Anchorage, AK, wants to help you avoid feeling stressed and confused. To make home buying smoother, here they share critical mistakes many potential homeowners make. 

Top 3 Missteps When You Buy a House 

1. Forgetting the Mortgage 

While shopping for a house is the most exciting part of the experience, you should qualify for a mortgage first. You may become disappointed if you discover the ideal home, only to find out you are in the wrong price range or can’t make a serious offer. Once you know how much you can borrow, you can bid on a beautiful home that fits your budget. 

2. Skipping the Inspection 

Since home inspections take time and carry a fee, some buyers bypass them. Foregoing a professional review of a property you like is a costly mistake. Expensive, hidden damage could reveal itself after you close on the house. Avoid surprises about major repairs by getting an inspection first. 

3. Overlooking a Real Estate Agent 

Some home buyers choose not to hire their own real estate agent. Instead, they work with the seller’s Realtor®. These agents want to secure the best price and terms for the seller. If you don’t have an advocate, you could be outbid or pay too much. 

We all have some level of attachment to our things. However, many of us feel as though we're drowning in stuff. Fortunately, there's been a growing movement toward minimalism, and there are numerous methods that can help. Below are three decluttering philosophies to help you clear out and clean up your home and life.

1. Feng Shui -- The driving principle behind this Eastern philosophy is to create harmony and balance between an individual and his or her environment. Good feng shui invites prosperity and brings an overall sense of well-being into your space. From the front door to the bathroom, small changes to color, decor and furniture arrangement are believed to promote health, wealth, happiness and good energy.


2. The KonMari Method -- Famed Japanese organizer Marie Kondo promises that you can drastically improve your life by tidying up. In her book, "The Life-Changing Magic of Tidying Up: The Japanese Art of Decluttering and Organizing," she explains a two-step approach. First, you take all of your possessions and lay them out categorically (clothes first and sentimental pieces last). Then, you hold each item in your hand and decide whether or not it brings you joy. If it doesn't, you let it go.


3. The 90/90 Rule (Minimalism) -- This home organization concept also relies on a two-part process. When implementing the 90/90 rule, assess each belonging based on two simple questions: Have I used it within the last 90 days, and will I use it in the next 90 days? If not, it's time to say goodbye.

Ultimately, there's no shortage of ways to declutter and simplify your life. The important thing is to be willing to let go of the items that no longer serve you and make way for new experiences.