The Compound Property Group

09/14/2022

❤️

09/12/2022

What NOT TO DO before buying a home:

🔸 Don’t leave or change your job
🔸 Do not make any large purchases
🔸 Don’t open or close any lines of credit

09/05/2022

WHAT AFFECTS YOUR CREDIT SCORE?

35% payment history
30% Amounts owed
15% Length of Credit History
10% Credit mix
10% New credit

09/03/2022

Set high asking price

Time to bust another home-selling myth!

Let’s talk pricing! You may have read or heard somewhere that setting a high asking price is a good thing, as it allows more room for negotiation.

The truth is, pricing your home too high can actually end up driving buyers away because they won’t bother even looking — especially if they’re also looking at comparable homes that are priced right. If the demand is there, the price will naturally work its way up. Work with your agent to set a reasonable listing price to ensure you attract the right kinds of buyers and offers.

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08/29/2022

How Long Does It Take to Close on a Home?

Buying a house is exciting and overwhelming all at the same time. Not only must you find your dream home, but you must secure financing too unless you’re paying cash.

The financing part causes a lot of stress for most people because they don’t know what to expect. One of the largest concerns I hear about is how long does it take to close on a home?

How Fast can you Close?

When you sign a purchase contract, it’s natural to want to close right away. But it takes time. While it varies by lender, the national average is 48 days. With higher interest rates and a slow in the industry overall, you might see faster turnaround times, though.


The Loan Closing Process

You might wonder what takes so long to close on a home. It helps to understand the steps lenders go through.

You get pre-approved before you look at homes. This allows the lender to review your credit score, income, assets, and liabilities. They use this information to make sure you qualify for any of their loan programs.
You work with a reputable real estate agent to find your dream home and sign a purchase contract. Once signed, you give the lender the contract along with any other conditions you can satisfy according to your pre-approval letter.
You open escrow. This is where you put money down in ‘good faith.’ This tells sellers you’re a serious and qualified buyer and are willing to risk your funds. A neutral third-party escrow company holds the funds until you close.
The lender orders an appraisal and title work on the property. This information tells the lender if the home is a good risk. Is it worth at least as much as you’re paying? Is the title clear? In other words, is the chain of ownership legal and are there any outstanding liens aside from the seller’s current mortgage? This process could take a couple of weeks.
Clear any outstanding conditions. At this point, to get to a clear to close, you must provide any straggling documentation the lender needs. Sometimes other issues come up when they review your paystubs, verify your employment, or look at your asset statements. Stay in touch with your loan officer and provide documentation as quickly as possible.
Close on your loan. Once you have the ‘clear to close,’ you’re free to close on the loan and take ownership of the home.

08/27/2022

Home Buying Secrets

If you’re serious about putting in an offer on that house, then be sure to arrange numerous viewings at different times of the day. 🌤️ 🌙
As a rule of thumb, you should aim to take a look at the house three times, making sure you see it at night, in order to get an idea of what the place and the neighborhood are really like. 🏫 🏠 🏢

Viewing at night will also ensure you’re not purchasing a house where noise disturbances or crime might cause unforeseen issues. 🙉 🙈

08/16/2022

Myth or Fact | the larger the down payment you offer…

Fact 👆 A larger down payment will give you a lower loan-to-value ratio, or LTV. This key measure makes you less risky to lenders, may qualify you for lower interest rates, and may help you avoid fees, such as private mortgage insurance — which means your monthly payment will be lower and you’ll end up paying less overall in the long run.

Drop a ✋ below if you knew the answer!

08/13/2022

Account for closing costs

Don’t make the assumption that the down payment is the only upfront cost in buying a home. Be sure to account for closing costs that typically run 2-5% of your total loan amount.

Closing Costs….“What are they?” “How much do I have to pay?” 🤷



🔸Closing costs are processing fees you pay to your lender. Closing costs cover things like your home appraisal and searches on your home’s title.
🔸Closing costs can make up about 3% – 6% of the price of the home. This doesn’t include your downpayment. 💰💰

As you start saving up for a down payment, set aside enough money for closing costs as well.

07/18/2022

3 Quick Bathroom Updates on a budget:

✔️Add a fresh coat of paint

✔️Replace showerhead & faucet

✔️Change light fixtures

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07/10/2022

07/08/2022

3 Factors driving real estate demand:

✔️ Supply chain interruptions delaying new home construction

✔️ Move-up buyers are seeking more space due to lifestyle shifts

✔️ Interest rates are rising, but they’re still lower enough to encourage buyers

07/07/2022

3 Things to consider when purchasing a vacation home

Having a second home away from home is pretty appealing. Spend time in it whenever you want a little getaway, then rent it out the remainder of the time — makes sense, right?

Before you jump in head first, ask yourself whether you’ve done all your research on what it takes to purchase a vacation home or if you’re simply looking at the opportunity through rose-tinted glasses.

To start, here are three things to ask yourself to help you decide if it’s a good idea:

Q: Can I afford a second home?

→ Two homes means two mortgage payments and two sets of property taxes, so keep in mind your current savings, mortgage, income, and any debts.

Q: Will I be able to rent the home out?

→ Renting out your second home when you’re not using it can help bring in additional income and pay off your mortgage, so if you plan to do this, make sure that the location where you purchase your home allows for short-term rentals. You’ll also want to consider both the time and cost that goes into maintaining the property.

Q: What are the property taxes in my desired location?

→ Tax rates vary considerably based on location, so it’s a good idea to look at taxes before you decide on an area.