• Cost Guide

  • One option is to put a contingent offer on a home you want to purchase, meaning the purchase of the new home is contingent upon the sale of your current home. During the competitive spring/ summer market, sellers generally have their pick of offers that don’t contain that contingency, and would prefer not to wait for your home to sell. So a contingent offer may not be your best way to go.

    But you have options: If you have a small balance on your current mortgage, and can qualify for a second mortgage based on debt/income ratio, you could therefore close on a new home, then sell your current home. Bear in mind you may have two mortgage payments until your house sells. But you should be able to take the proceeds from the sale of your current home, and put that amount down on your new home. It’s called a recast or a re-amortization. Be sure your new mortgage company will allow a recast.

    Another option is to borrow money from yourself in the form of a 401(k) or other retirement account. Some acounts allow you to borrow for a primary residence without penalty (but check with your HR dept first!) and then pay yourself back lafter the house sells.

    If you have a great deal of equity in your current home, and are buying a low cost investment home, you could get a home equity loan and use it to purchase a home.

    Although short term rentals are not easy to find, if you have a place you can live temporarily, you can sell your current house, and choose to rent until you can buy another house.

  • Do you have hardwood floors under the carpet? Have them refinished (I can suggest a great company), or have new carpet installed OR have them cleaned. Paint is the least expensive way to update your home. Fresh neutral paint is an instant update. Replace moulding if needed. Update old, dated light fixtures. And most importantly however, clear the clutter! Your home will show it’s best if you box up half of what you own and stack them neatly in the garage or at a family member’s house until the house sells.

  • Currently, the seller’s market we are in is characterized by low inventory. There are so few homes on the market that demand is driving prices up in favor of the sellers. Basically there are more buyers in the market than there are homes on the market.

  • First of all, we are talking two different inspections here. A city inspection is required by some cities, and they perform a very quick inspection (20 min or so) of the property to find any code violations, and send the report to the seller.

    A private inspection is paid for by the buyer and takes sometimes hours to perform, and is used to determine any deficiencies in the house that may not be revealed otherwise. It’s a last effort before purchasing the home to determine if the issues found are part of the normal routine maintenance of the house, or if it’s major or possibly catastrophic deficiencies that can’t be overlooked. If you choose to waive your right to a private inspection, you have no (or very little) recourse if you find something major just prior to closing. By having a qualified home inspector conduct a private home inspection, you can have peace of mind moving forward in the process of purchasing a home.

  • Generally, from the time we accept an offer on your home to closing day, it’s about 30 - 45 days. That includes their inspection period, mortgage application, appraisal, underwriting and title work. If the offer is cash, there is no appraisal, and everything can be done from acceptance to closing in about two weeks.

  • Not with a conventional mortgage, VA or FHA, and only with an FHA 203K loan which has limits, and that’s a whole different conversation.

    An appraiser will only value the home at the sale price, and the bank or mortgage company will only allocate the mortgage based on the sale price, less your downpayment. So unfortunately you cannot borrow more money to pay for a remodel or repair.

  • Jedynak - “Jed-Neck” :) The Y is silent!