Knowing which financial weaknesses raise red flags for lenders, and avoiding them, can strengthen your chances of loan approval. Lenders are trained to spot financial mismanagement so they are careful to review your finances before they take you on as a mortgage client. A bad risk isn’t good for their business.
Whether looking for a home in one of our great towns like Fergus Falls, or finding your dream lakefront cabin, we are here to help you buy your next home. We understand this is one of the biggest decisions you will face, at any point in your life. Not only are we committed to finding you the right property at the best price, we will walk you through the transaction, address all of your concerns and assist you with all paperwork and negotiations. Your complete satisfaction is our highest priority.
When It’s Time to Move, We Can Help
Homesandlakeshore.com provides a FREE moving trailer to clients on a first come, first served basis. Save time and money, and start enjoying your new home sooner. This service is available to buying and/or selling clients throughout Otter Tail County, including Ashby, Battle Lake, Clitherall, Dalton, Erhard, Fergus Falls, Henning, New York Mills, Ottertail, Perham, Underwood, Vining, and all of the beautiful lake areas, town neighborhoods and rural properties with acreage.
We would be honored to assist you in buying your next home, and help you move too. Contact us and ask any questions via our custom contact form. We would love to hear from you!
When looking for a new home, be sure to tally all the costs of buying and the ongoing costs associated with home ownership. This will help you make a realistic budget for the purchase and related costs to make the place your own. And, it’s best to have an idea of the costs before you even start looking for a new home.
Record prices in the housing market are easing up, but bidding wars continue in competitive areas. Silly misunderstandings or misinterpretations of real estate language can cost you the house of your dreams and you could find yourself back at square one in your search. Take time to learn key terminology and you may be well on your way to moving into your new home.
There is a distinction between the terms “highest and best” and “best and final,” used to describe the kinds of offers a buyer should know when purchasing a home. Knowing the differences and some tips to help you get the best deal will help you navigate the home buying process. Read on for the definitions — and for insight on the subtleties of each so you won’t lose out on your new home.
Your house has sold, and you have a new home to move into. Check that off your list. But that’s only part of the moving process. You can save money on the move and have extra cash for new accessories to make this home your own. Plan ahead and take advantages of freebies offered when moving to a new home.
Homebuyers looking for a bargain will have better luck finding deals on home décor at the dollar store than in housing this year. In some cases, even if a home needs major repairs, seller’s have the upper hand and can ask what they want. That’s because available houses are lagging far behind the demand. If you are looking to buy, make sure and leverage all of the advantages available to you.
Members of the real estate industry are vigorous advocates for creating and maintaining the tax benefits of homeownership.When the Tax Cuts and Jobs Act doubled the standard deduction for taxpayers a few years ago, far fewer people itemized their expenses, missing out on deductions. However, even if you don’t itemize, there are tax benefits you’re entitled to as a homeowner.
Real estate trends have been a bit unexpected, starting with the pandemic, and continuing through 2021. While there was early caution over COVID-19 slowing real estate activity, demand in many communities has risen. At the same time, economic uncertainty kept many homeowners in place, especially those that refinanced with historically low interest rates, creating a shortage in inventory. Supply chain woes slowed new construction. Yet, people continue to look for new homes, with high demand expected to continue, even as interest rates rise. Lets take a look at state and local data over the past year.
When the home buying process gets to the point of a serious offer, it is kind of an exciting thrill ride of ups and downs until closing. One of the big variables that can throw a monkey wrench in the works is when the appraisal comes in lower than the accepted offer. This can leave a seller feeling like they paid more for a home than it’s worth, or they must scramble to make up the difference with extra funds or the deal may fall through.
Right now, appraisals are based on comparable sales that closed when prices were lower. In a rising market, comps can’t keep up with home sale prices in a competitive market, so values may be lower than expected. If you have a gap between your loan amount, you may be asked to come up with a larger downpayment.
But don’t despair, you have several options: