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Step-By-Step Guide To Buying A House.

Buying a house can be a very stressful process and it can be hard to know where to even start. According to a poll done by the Daily Mail buying a home is more stressful than bankruptcy, divorce, or even death of a loved one. In a poll done by the National Association of Realtors other than finding the right property, millennials identified “understanding the home buying process and steps” as the…

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from Blog – Savvi Buys Houses® $0 Commission Texas Home Sale https://www.savvibuyshouses.com/blog/step-by-step-guide-to-buying-a-house/ from Sell My Home's Blog https://savvibuyshouses.tumblr.com/post/190500673380

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6 Spring Cleaning Tips.

Spring is just around the corner and so is spring cleaning. Spring cleaning is a tradition that allows us to freshen up our homes at the end of winter and prepare for spring and summer. There is nothing quite as satisfying as deep cleaning your house but it can also be a very overwhelming process but with these simple tips, you can make quick work of it. When you look at your whole house and think…

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from Blog – Savvi Buys Houses® $0 Commission Texas Home Sale https://www.savvibuyshouses.com/blog/spring-cleaning-tips/ from Sell My Home's Blog https://savvibuyshouses.tumblr.com/post/190463021480

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Top 10 Real Estate Appraisers in the DFW.

Real estate appraiser Dallas, TX [phone] http://stevenicholsappraisal.com Real estate appraiser Carrollton, TX [phone] Appraiser Carrollton, TX [phone] https://www.gotomass.com Real estate appraiser Addison, TX [phone] https://ericbiskamp.com Real estate appraiser Dallas, TX [phone] https://www.appraisal-group.com Real estate appraiser Dallas, TX [phone]…

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from Blog – Savvi Buys Houses® $0 Commission Texas Home Sale https://www.savvibuyshouses.com/blog/top-10-real-estate-appraisers-in-the-dfw/ from Sell My Home's Blog https://savvibuyshouses.tumblr.com/post/190424382075

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How To Increase The Value Of Your House.

It’s difficult to know where to spend your budget and where to hold off. So its time to sell your house. For most homeowners getting the most money for their home with the least amount of investment is very important but with all the new features and amenities that newer homes have its difficult to know where to spend your budget and where to hold off. Many times homeowners in an attempt to…

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from Blog – Savvi Buys Houses® $0 Commission Texas Home Sale https://www.savvibuyshouses.com/blog/how-to-increase-the-value-of-your-house/ from Sell My Home's Blog https://savvibuyshouses.tumblr.com/post/190404208125

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5 Signs That Your House Priced Too High.

Pricing your house too high is a very common mistake in real estate but is all to often overlooked or ignored. The average days on market for a house in the US is 40 but if your house is priced over market value it can stay on the market for months or even not sell at all. Don’t ignore the signs that your house is priced too high. This may seem pretty obvious but it’s all too easy to ignore.

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from Blog – Savvi Buys Houses® $0 Commission Texas Home Sale https://www.savvibuyshouses.com/blog/5-signs-that-your-house-priced-too-high/ from Sell My Home's Blog https://savvibuyshouses.tumblr.com/post/190368740830

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How To Get Your House Ready To Sell.

So its time to sell your house, it can be difficult for you to know where to start. For many people, this is a very stressful time. after all, buying or selling a home is one of the biggest financial decisions most people will ever make. According to a survey by the U.S. Census Bureau, the average person will move house just under 12 times in a lifetime so its important to make sure the process…

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from Blog – Savvi Buys Houses® $0 Commission Texas Home Sale https://www.savvibuyshouses.com/blog/how-to-get-your-house-ready-to-sell/ from Sell My Home's Blog https://savvibuyshouses.tumblr.com/post/190278126980

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How to sell your own home paperwork

If you decide to sell your home on your own or with a licensed real estate agent, you’re most likely going to have to use a promulgated TREC (Texas Real Estate Commission) form. There are many different documents used in Texas to sell a home, depending on a lot of variables. Here’s the top paperwork you’ll need.

Paperwork Needed To Sell Your Home

      TREC One to Four Family Residential Contract (Resale)

This contract identifies who the buyer and seller are, property in question, sales price, financing terms, execution date, the issuer of the title policy, survey requirements, the close date, termination/option periods, special provisions, etc. Mainly this contract describes what the duties, performance requirements, and expectations are for each party involved in the deal. To further specify the details of the agreement, some additional Addenda could be added to this contract, depending on the needs and situation of the buyer and seller. REF Paragraph 22 of One to Four Family Residential Contract (Resale).

    TREC SELLER’S DISCLOSURE NOTICE

As stated on the TREC Seller’s Disclosure,” THIS NOTICE IS A DISCLOSURE OF SELLER’S KNOWLEDGE OF THE CONDITION OF THE PROPERTY AS OF THE DATE SIGNED BY SELLER AND IS NOT A SUBSTITUTE FOR ANY INSPECTIONS OR WARRANTIES THE PURCHASER MAY WISH TO OBTAIN. IT IS NOT A WARRANTY OF ANY KIND BY SELLER OR SELLER’S AGENTS.”

 Essentially this is saying that the buyer should conduct their due diligence regarding the condition of the property. The Seller’s Disclosure notice is a generalized measure of the necessary information that the sellers must disclose to the buyer if there is a known issue to be discussed at all. If the seller is unsure about a particular component, typically the seller will mark ‘U’ for unknown. 

The problem with this is that the seller may honestly not know if there is a problem with any particular component, even though something may still be non-functional or defective. That is why proper due diligence is always necessary for the buyer. 

DISCLOSURE: It is always advised to consult your local real estate attorney regarding the legality of any real estate contract.

BUT THAT’S NOT ALL. THERE COULD BE OTHER ADDENDA related to the real estate contract

Some of the more common addenda associated with a real estate contract in Texas include:

TREC Addendum for Seller’s Disclosure of Information on Lead-Based Paint and Lead-based Paint Hazards as Required by Federal Law

All homes built before 1978 require a lead-based paint addendum. The buyer of this home must receive this disclosure along with an EPA-approved pamphlet titled ‘Protect Your Family From Lead In Your Home.’

TREC Seller’s Temporary Residential Leaseback

A seller may need the proceeds from the close of their current home to put down toward their next home. They could also need more time to stay in the property. In this case, a Seller’s Temporary Leaseback will allow the seller to remain in the home. It’s a benefit for the buyer and the seller. The seller has flexibility when transitioning into another living arrangement, and the buyer has the opportunity to purchase the home. The terms of the leaseback are related to the original contract and layout the cost of the leaseback. There could also be stipulations that the seller will endure penalties if they do not vacate on or before the termination of the leaseback. Some repercussions could be the loss of a few thousand dollars from the sale of the home held by the escrow company to ensure the performance of the leaseback, before issuing the money back to the seller. Also, the seller could get charged additional fees for each day they have not vacated the home. All terms of a between the buyer and seller. 

TREC Addendum for Property Subject to Mandatory Membership in a Property Owners Association

If the property in question is in an HOA (Homeowners Association), the details regarding HOA fees and selling restrictions must be given to the buyer. Sometimes, HOA’s have the first right of refusal to purchase the property or can have some say as to who will be buying the property.

TREC Third Party Financing Addendum

This addendum if for a Traditional real estate transaction where the buyer is under contract with the seller to purchase their home subject-to the buyer qualifying for financing to buy the home. If this addendum is in place, and the buyer cannot qualify to buy the house from a conventional lender, then they are no longer obligated to perform on the agreement.

TREC Addendum Concerning Right to Terminate Due to Lender’s Appraisal

 Again, this would most likely factor in during the Traditional sale of your home. This addendum states that the buyer has the right to back out of the contract or renegotiate the sales price if the lender’s appraisal value is less than the agreed sale value of the home.

TREC Addendum for “Back-Up” Contract

  This addendum is in place to ensure that the property in question has the best chance of closing in the case the original buyer was unable to close or completely backed from the purchase of the home. The secondary buyer is also under contract per the original purchase contract with the primary buyer and will be required to purchase the home subject-to the primary buyer being unable to perform to the requirements of the original contract. 

DISCLOSURE: It is always advised to consult your local real estate attorney regarding the legality of any real estate contract.

The post How to sell your own home paperwork appeared first on Savvi Buys Houses® $0 Commission Texas Home Sale.

from Blog – Savvi Buys Houses® $0 Commission Texas Home Sale https://www.savvibuyshouses.com/blog/how-to-sell-your-own-home-paperwork/ from Sell My Home's Blog https://savvibuyshouses.tumblr.com/post/189401701555

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How to identify Foundation issues in my home.

Foundation issues in the home can occur for a variety of reasons such as exposure to the elements, poor plumbing, bad preconstruction, etc. In most cases, foundation issues can be recognized by:

Cracking

Cracking occurs when the home experiences movement in the foundation. In areas with intemperate weather, such as Dallas, this is common.

These cracks will show on the walls, ceiling, floor, and even on the exterior of the home.

It is essential to seek out the advice of a local foundation expert, sub-contractor, or engineer in cases were cracking is getting worse over time.

Doors

If the doors are having trouble opening and closing with ease, this could be a sign that the home is experiencing foundation damage. Properties with foundation types such as slab or pier and beam commonly encounter this issue.

Specifically, if the doors are scrapping the top of the door frame or the bottom of the floor, this could mean the house isn’t level due to foundation issues.

The issue could also be caused by water leakage. In this case, it would be advised to reach out to a licensed plumber to have them perform a hydraulic plumbing test.

Floors

Uneven or dipping floorboards are a good sign that the foundation in the home is not leveled and may require professional attention. It may not only cause a problem when trying to sell the house but could also be a severe safety hazard for the current occupants of the home.

Built-in Addition

When built-in additions to the home such as cabinets, bookshelves, countertops, etc. begin to separate or angle away from the wall, this could be a sign of foundation damage. If the separation gets worse, this could be a sign of the foundation issue worsening, in which it would be advised to reach out to a local specialist immediately.

Do you need to fix your foundation before you sell your home?

The post How to identify Foundation issues in my home. appeared first on Savvi Buys Houses® $0 Commission Texas Home Sale.

from Blog – Savvi Buys Houses® $0 Commission Texas Home Sale https://www.savvibuyshouses.com/blog/how-to-identify-foundation-issues-in-my-home/ from Sell My Home's Blog https://savvibuyshouses.tumblr.com/post/189401701620

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Mortgage Payments

Mortgage Payments

In this section, we’ll cover the main questions we receive about mortgages and payments. Mortgages are a good thing to understand, even if you already own a home, you could be looking for answers to one or more of these questions and topics. Understanding your mortgage will help you understand your options when it comes to refinancing, getting a new loan, or selling a current home to repay a current mortgage.

When is a mortgage payment considered late?

If you become a day late on your mortgage, the lender will be notified and you will be sent a letter, however, there is a grace period typically of 15 days before the mortgage company will add late fees to the payment. Say an additional 15 days pass (30 days in total), at this point, the lender is allowed to officially notify the credit bureaus that you have not paid your mortgage payment. This will show up on your credit report. According to FICO‘s research, it can take up to 3 years to recover from a 30-day late mortgage payment. That number goes up to 7 years when it’s 90 days late. Here are 4 ways from Credit Karma to avoid late payments.

Sign up for autopay

Set up reminders

Make weekly payments

Call your lender (ask for them to waive late penalties in good faith.)

What is the fee for late payment?

A 5 percent late fee is added every 30 days for 6 months adds up to 30 percent of a home’s payment. If you know your payment will be late, include the late fee in your payment for the current month. Pay off late fees as soon as possible. To avoid late fees, consider negotiating a different payment due date with your lender.

Days late

What happens?

1

Your grace period kicks in.

15

You’re charged a late fee.

30

Your servicer reports the late payment to the credit bureaus.

45

Your servicer assigns a representative to work with you on foreclosure prevention.

60

You’re charged a second late fee.

90

Your servicer sends you a demand letter, giving you 30 days to catch up. You’re charged a third late fee.

120

The foreclosure process typically begins, though it could start sooner.

That 90-120 day window is when it’s most serious. This is typically when homeowners start to evaluate liquidating their assets and starting over. Selling a home that is being 90-120 days on the mortgage could be a good option if you don’t have a plan for repayment. The alternative is to lose everything and not get any of your money back from your previous payment history.

Can I refinance a mortgage with bad credit and late payments?

Typically it is not easy to take on a refinance with bad credit and late payments because the lender sees this and the odds of repayment do not look favorable. You could always apply with a co-applicant (even if they do not live there). The downside to this is they would have financial responsibility if you did not successfully make the payments. If you’re looking to do a cash-out refinance you will typically need a credit score of 620+. If you’re able to successfully complete a cash-out refinance you could take some of the funds to pay down existing debts to boost your credit score. 

How to remove late mortgage payments from credit report?

Just ask: The simplest approach is to just ask your lender to take the late payment off your credit report. That should remove the information at the source so that it won’t come back later. You can request the change in two ways: Call your lender on the phone and ask to have the late payment deleted.

Write a letter of explanation for late payments to the mortgage company.

Late payments on mortgages happen and lenders are most willing to work with you when you’re upfront. Letting them know your plan of action for repayment through a letter early on is always the best practice. They will want to work with you, and you have a much better chance of making a successful go-forward plan.

The post Mortgage Payments appeared first on Sell My House Savvi.

from Blog – Sell My House Savvi https://www.savvibuyshouses.com/blog/mortgage-payments/ from Sell My Home's Blog https://savvibuyshouses.tumblr.com/post/189372086880