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Finding a home is easy. Finding a home that fits your needs takes experience. Lots of websites display all local listings and tax assessor information, maybe a sold price. But is that all the information you really look for? For example, a major real estate search engine shows a property on an outdated map that looks like it backs up to a field. It could really be just a field, or it could be an already developed area of land, maybe a new subdivision. If you were looking for something offering privacy, would that matter to you?
Maybe you are looking for a campus investment property to buy while some of your family attends Indiana University. You may get information about the rental occupancy online, but there are more steps to it than that. There are city jurisdictions and permits reflecting expiration dates that are important to know about. When a permit for a campus investment property is up for renewal, it has to be inspected by the Housing and Neighborhood Development Department. Certain items of safety including window size for fire escape and handrails have to be corrected before a permit is even issued.
If you are looking at a condo in Bloomington, many HOA fees vary around town. And how the money is spent/budgeted can vary as well. It is also important to think about the cost of the fees when thinking about resale and how it would compete with others on the market. Also, you want to make sure that you are getting your money’s worth, knowing the siding will be powerwashed, roof replacement is on order/in the budget, etc.
Let the experience of The Graves Team work for you to save you from major home buying headaches!
Buying A Home
Susan's home buying experience is well rounded in many property types. Whether you are purchasing your first home, upsizing, downsizing, selecting an investment property, buying a vacation home or choosing land and building from the ground up, Susan's detailed buyer services will allow you to select the home that's right for you. With her constant involvement in real estate, you will be able to get information about properties as soon, if not before they hit the public marketplace.Working With a Lender
Working with a lender beforehand gives you insight as to what your buying range is, what you can expect your monthly payments to be, financing types available to you and more. It also helps sellers see you are serious about their home when you can provide them with a pre-approval letter.What to Offer and Writing an Offer
You've been searching for a home and have found one you're ready to make an offer on. Congratulations! You're on your way to becoming a homeowner. Whether you are a first time home buyer or this is your fourth or fifth house, nothing is more exciting than to negotiate your dream home. Susan will walk you through every page of the offer which consists of these main parts: offering price, earnest money, physical address of the property and included/excluded items, types of financing, types of inspections, closing date/possession, deed and title company selection, settlement fees and a section called further conditions to specify certain conditions you feel are necessary in order to purchase the home. Susan will also provide you with a price range of comparable homes, discuss market activity and more to help assist you in determining an offering price on your newly found home.Keeping You Informed Throughout the Buying Process
Deadlines, contractors and title companies, oh my! Susan will keep you on track with any deadlines you may have including financing approval, responding to inspections and closing date. She can also assist you by providing you with resources for mortgage lenders, home inspectors, repair contractors, title companies and more. Susan's commitment to service will provide you a great buying experience.
Buying While Selling
Do you have a home to sell and want to know how much it's worth? Fill out Susan's Free Home
Market Analysis to get an idea of your home's market value.
Resources Especially For You
With over 20 years experience, we have worked with top notch lenders, home inspectors, new home builders,
specialty home improvement companies and more to offer you referrals for any part of your transaction.
When you make your housing budget, think in terms of monthly bills. A rule of thumb is to keep your housing budget somewhere 1/2 or 2/3 of your monthly gross income.
What Can I Afford to Spend on Housing Each Month?
As a homebuyer, you need to keep in mind all expenses with a home or condo. You have not only a mortgage to pay, but real estate taxes, home insurance and PMI (Private Mortgage Insurance) unless you have 20% or more equity in your home. Also, if your home or condo has a homeowners association, that will need to be figured in as well.
A home will never be as cheap as when you first buy it. Over time, tax bills and insuance costs will increase. So when you set your monthly budget, be sure to give yourself breathing room as it may increase from five years of first purchase.
If you have money saved for a big down payment, that's great. But keep in mind, that "life happens" and there's no substitute for cash on hand when it comes to a dishwasher on the fritz, an air conditioner needing replaced, or your bath has a plumbing issue. There are several loan products you can consider to help keep some reserve money, and still offer a low interest rate.
Visit Our Home Mortgage Loan Officer Page
Picking The Proper Mortgage Product To Fit Your Needs
Mortgage rates are a major influence on your monthly housing budget, but, they're outside of your control. Mortgage rates are based on the price of mortage backed securities; bonds bought and sold on Wall Street.
You can, however, control with which mortgage product you finance your home with. By making better mortgage choices, you can avoid "over-paying" on your home loan, like using a 30-year fixed rate mortage when a lower rate adjustible mortgage (ARM) is more suitable.
Homeowners planning to sell within 7 years, for example, don't need a 30 year fixed rate loan. Yet most will opt for it because its "peace of mind." It's an expensive insurance policy that can hit you hard in the wallet.
Example: In mid 2011, mortgage rates for the 30 year fixed rate mortage were 130 basis points higher than for an otherwise identical five year ARM, equal to 12 percent increase to your monthly mortgage payment.
ARMs are most suitable for people for people who are planning to relocate.
What Makes Up A Credit Score? The Five Essentials
1. Payment History: Payment history measures how you've paid on your febts and is the largest part of your score because it reflects missed payments, history of missed payments and the severity of missed payments, i.e. collections. An item in collection is worse than an item paid 30 days late.
2. Amounts Owed: Amounts owed means how much money you have to pay off from credit cards, student loans, etc. Amounts owed is not about the dollar amount you are barrowing, it's about the dollar amount you're borrowing relative to the amount available to you. This is known as credit to debt ratio. The higher the debt, the more you are considered at risk for certain loans.
3. Credit History Length: This is a report card if you will of how long you've been barrowing and paying off debts. Obviously the more history the better, but this isn't one of the top factors for lenders.
4. New Credit: This category accounts for your recent attempts to secure new credit. In general, the more credit for which you've applied, the more damage it will do to your credit score. So before getting that 10% off purchase with a new store credit card, you may want to pass to keep your credit score on the good list.
5. Types of Credit: Types of credit you carry matters and not all credit types are the same. Installment loans such as mortgage and student loans for example are considered "better" than credit cards and charge cards. This is because installment loans eventually pay down to zero. Consumer cards by contrast, can only go up.
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Are you relocating from another area? We handle relocation referral requests for clients moving to Bloomington regularly! Contact us with your relo needs.  |
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Susan Graves' Team
Susan Graves - CRS,GRI, e-Pro
Kathy Stallsmith - CRS, GRI, e-Pro
RE/MAX Realty Professionals
328 S. Walnut Street
Bloomington, IN 47401
Phone: 812-334-3563
Toll Free: 877-334-3563
homes@sgraves.com