19
Dec
By support
Real Estate Tips

Don’t Be That Guy or Gal: 3 Easy Ways to Ruin Your Relationship with Your Real Estate Agent

Don't Be That Guy or Gal: 3 Easy Ways to Ruin Your Relationship with Your Real Estate AgentAre you thinking about buying or selling a home? If you don’t know a real estate agent or have a referral to one, you may end up working with someone unfamiliar who you will need to build a relationship with. Of course, as with any relationship there’s always a chance that things can go sour.

In today’s blog post we’ll share three easy ways that you can ruin the trust and rapport that you’ve built with your real estate agent.

#1: Lie or Embellish the Facts

When you ask a real estate agent to represent you in the home buying or selling process they’re going to need accurate information to help you make the best decisions. Lying or embellishing the facts can cause significant issues and should obviously be avoided.

For example, if your agent asks you how much you can afford for your new home, give them an accurate figure based on your mortgage pre-approval, your income and your current financial situation. If you’re selling your home and your real estate agent asks you about the home’s maintenance history, be honest and don’t try to cover anything up.

#2: Cheat on Them with Another Agent

Once you have a real estate agent searching for that perfect new home, they may need to expend quite a bit of effort in order to find exactly what you’re looking for. Imagine how hard they would work if they discovered that you’re having another real estate agent perform the same job, but only one of them will be paid for their work?

Don’t cheat on your real estate agent. If you feel that your agent is doing a poor job or you could find someone better, let them know. It’s better to move on than to have professionals working behind each other’s backs.

#3: Fail to Be Trusting or Respectful

If you fail to show trust and respect for your real estate agent you can rest assured they’re not going to bend over backwards to help you squeeze out that extra discount or get your home sale closed as quickly as possible. Treat your real estate agent as you wish to be treated and they’ll be more than willing to do their job.

Whether buying or selling, an experienced real estate agent is the best way to ensure that your transaction goes according to plan and that you accomplish your goals. When you’re ready to discuss buying a new home or selling your current one, contact your real estate agent and they’ll be happy to assist, or contact us for a referral if you don’t already have an agent you trust. Don’t forget to keep the above points in mind!

08
Aug
By support
Home Buyer Tips

Five Absolute Truths About the Home Buying Process That You Will Need to Come to Terms With

Five Absolute Truths About the Home Buying Process That You Will Need to Come to Terms WithBuying a home is one of the most exciting times that an individual will undertake in life. However, a property purchase is not without its challenges, and these can cause frustration. In this article we’ll share five potential setbacks that home buyers will need to understand and come to terms with to make a successful purchase.

Homeowner’s Insurance is Necessary

Most lenders will require insurance before financing is approved. To fulfill these requirements, the policy should be for at least one year and proof that the policy has been paid for must be presented. Purchasing the policy is something that must be done before closing can take place, so if you’re sure that this is the home for you, don’t delay.

Some Sellers Are Firm, No Matter What

In an ideal situation, the buyer and the seller come to a mutual agreement very easily. However, in most cases negotiation of some type is likely to be a part of the process. As with most negotiations, to reach success both sides will need to compromise.

Probate Properties Have Special Terms

When the original homeowner has died, there are certain considerations to keep in mind that do not typically apply to other types of property. One is the fact that there is a special process that must be completed before the property can be sold, even though the heirs may advertise the property as being for sale ahead of time. Another factor to keep in mind is that a recently probated property may have been uninhabited for some time and will be sold ‘as is’.

Loan Offers May Not Be Set in Stone

A common pitfall for many buyers is the assumption that home financing will be approved without issue. Unexpected circumstances may arise that cause a mortgage loan to be denied, which can cause an unprepared buyer numerous issues. Many sellers, in anticipation of such problems, have a contingency requirement.

Expect Caution from Sellers

If a seller treats your offer with caution or trepidation, don’t take it personally. Many homeowners have been burned during previous sales, and you have no idea what the seller has been through with potential buyers this time around. If someone is exercising caution, there’s likely a good reason for it.

01
Aug
By support
Real Estate

The 5-Minute Guide To Flood Insurance: What It Is, How It Works, And Whether You Need It

The 5-Minute Guide to Flood Insurance: What It Is, How It Works, and Whether You Need ItYou’ve got house insurance, and assume your property is covered for any type of detrimental occurrence that can possibly take place.

However, not all homeowners are aware that home insurance policies don’t necessarily cover damage related to a flood, as the risks are too great. As a result, homeowners must purchase flood insurance through a private company.

Floods are one of the most common hazards in the US, costing billions of dollars in damage to properties every year.

What Is Flood Insurance?

Flood insurance policies are typically made available to homeowners in flood-prone areas. The majority of insurance policies cover some form of water damage, from things like leaking faucets to bursting plumbing pipes.

However, such policies don’t cover water damage as a result of flooding of rivers or sewers that cause water to ruin a home.

Specific flood protection is provided by the National Flood Insurance Program (NFIP), which is run by the Federal Emergency Management Agency (FEMA). Standard flood insurance policies cover “direct physical damage” to a property resulting from floods.

A separate policy must be purchased to protect the belongings inside the home or building. Homeowners can buy up to $250,000 in coverage for the home, and up to $100,000 in coverage for possessions. Even renters are permitted to purchase flood insurance to cover their possessions.

How Does Flood Insurance Work?

Flood insurance isn’t sold by FEMA directly, but rather is sold to customers through private insurance agencies. Premium rates are determined by the government, and they remain consistent from one insurer to the next.

How much a homeowner pays for their own specific flood insurance depends on a number of factors, including how prone the neighborhood is to floods and how much coverage a homeowner wants. The average annual premium is approximately $520 for $100,000 worth of coverage for a property with no basement, and approximately $615 annually for a property with a basement.

Filing A Flood Insurance Claim

The claims process is like any other insurance claim. Once the claim is filed, the damage will be analyzed by an adjustor assigned by the insurance company. A “proof of loss” form will need to filled out and submitted to the insurer within 60 days of the flood occurrence.

Do You Need Flood Insurance?

It’s necessary to find out if you are eligible for flood insurance before buying it. For residents of a community to be eligible, the community needs to enforce floodplain statutes to lessen the chances of flood damage, after which FEMA ensures that such regulations are followed.

Only those who reside in a community that participates in NFIP can buy insurance – today, about 20,000 communities across the country participate in this program.

FEMA offers maps that outline what areas are at high risk for floods, and those that are at moderate-to-low risk. The law requires homeowners to have flood insurance if the properties are located in a high-risk zone and have a federally-backed mortgage. This is because properties located in these high-risk areas have a 26 percent chance of suffering flood damage during the 30 years that it would take to pay off a mortgage.

Homeowners are not required to buy flood insurance if they reside in a moderate-to-low-risk zone, though it may be a good idea to purchase it anyway. Properties outside the high-risk areas make up over 20 percent of NFIP claims. Homeowners in these areas can purchase up to $200,000 in flood insurance.

The bottom line is, even if you don’t necessarily live in a high-risk zone, this doesn’t mean your home won’t ever get flooded. Many conditions can result in flood damage, including clogged drain systems, flash rainstorms, and damaged levees.