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Morristown, TN Real Estate News

By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Getting the Highest Price in the Shortest TimeIn order to get the highest price in the shortest time, you need to know how to market your home. The better you market your home, the more offers you will get. And the more offers you get, the more choices you have to get the price and terms you want.The most important factor of marketing your home is pricing it right. Your price should be adjusted to reflect the market and your property’s worth. The key is to get as many people as possible checking out your fairly priced property. If your property is not priced fairly, there will be no buyers because your price is set too high.Another important factor is the condition of your home. Make sure that your home looks ready to be sold. Fix any defects (peeling or faded paint, cracks, stains, etc...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Getting a Legitimate Lender and Getting Pre-ApprovedIt used to be that buyers could go house shopping and when they have found their dream home, then they go to get pre-approved. However, in today’s market, that has proven to be one of the least effective methods in landing the dream home.Most lenders can pre-qualify you for a mortgage over the phone. Based on general questions about your income, debt, assets, and credit history, lenders can estimate how much mortgage you qualify for. However, being pre-qualified and pre-approved are different things. Pre-approval means that you have applied for a mortgage; you have filled out the mortgage application, received your credit report, and verified your employment, assets, etc. When you are pre-approved, you know exactly what the maximum loa...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Closing Costs When Buying or Refinancing a HomeThis is a detailed summary of costs you may have to pay when you buy or refinance your home. They are listed in the order that they should appear on a Good Faith Estimate you obtain from a mortgage lender. There are two broad categories of closing costs. Non-recurring closing costs are items that are paid once and you never pay again. Recurring closing costs are items you pay time and again over the course of home ownership, such as property taxes and homeowner’s insurance. Some of the items that appear here do not traditionally appear on a lender’s Good Faith Estimate and lenders are not required to show all of these items.Non-Recurring Closing Costs Associated with the Lender.Loan Origination Fee - The loan origination fee is often referr...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Required Reporting to the I.R.S.Sellers of real property will have certain information regarding the sale reported to the Internal Revenue Service.This required reporting is a consequence of the Tax Reform Act of 1986; it is intended to encourage taxpayer compliance and aid in audit and enforcement efforts by the I.R.S.To help you better understand this subject, the Land Title Association has answered some of the questions most commonly asked about Required Reporting to the I.R.S.Who is required to report to the I.R.S.?Sellers of real property, under guidelines established by the I.R.S., are required to have their gross proceeds from the sale reported on a Form 1099S. When a settlement agent is used, the I.R.S. makes this agent responsible for the delivery of the information on the Form...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
For Sale By Owner - A Good Idea?FSBO (pronounced fizz-bo), or For Sale By Owner, is a way of selling your home without the use of a professional real estate agent or broker. The idea behind FSBO is that by selling your home yourself, you save the approximate 6% that would be the agents’ commission.6% may not sound like a lot, but it can add up, especially on more expensive homes. But before you run off and decide to sell your home FSBO, you must remember that to get a savings like that, there must be a cost. So what’s the catch? Selling FSBO is hard. A lot harder.Only about 10% of sellers that decide to do FSBO are successful at it. And not all of them end up saving themselves money. FSBO sellers often end up accepting a lower price for their home than they would with an agent.There are...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Finding the Right SellerThe best seller is one who is highly motivated. A highly motivated seller is more likely to sell at a price that is less than his or her house is actually worth. And it matters that you find out why. Learning the reason why can help you get the price you want and help the seller get what they want: a timely sale.When given the opportunity to meet with sellers, ask them why they are selling. The reason could be anything, such as a job change to a new location or financial problems. If you can solve their problem, whether it is cash related or time related, do so. For example, if the sellers are highly motivated because they need to move quickly, give them a fast sale - and a lower price. If you can make an offer, even a low one, that gives them cash in a short tim...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Adjustable Rate Mortgages - The BasicsAn adjustable rate mortgage (ARM) has an interest rate that fluctuates periodically. This is in contrast to a fixed rate mortgage, which always has the same interest rate.Every ARM has basic components: An index A margin Adjustment Period An interest rate cap An initial interest rate The IndexAn ARM’s interest rate is tied to one of many economic indices, some examples of which are the 1-year constant maturity Treasury security, the Cost of Funds Index, or the London Interbank Offered Rate. Different indices move at different rates so know the characteristics of the index used for your ARM.The MarginThe interest rate for your ARM will be calculated by adding a margin to the interest rate from the index. The margin is basically the markup charged by ...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Creative FinancingCreative financing: You’ve heard of it, and, as a seller, the idea sounds pretty attractive. But, do you know everything you need to know about carrying back a second; essentially, about becoming a lender? You better know the same things that financial institutions know - you better know about lender’s title insurance.It’s time to sell your $150,000 home, a home that you have owned for fifteen years, a home in which you have substantial equity. The loan terms call for a $20,000 down payment from your buyer, a new $100,000 loan from a local savings and loan, and for you, the seller, to carry back a note for the remaining $30,000.Will you, the seller, need title insurance?Yes, you will. Everyone who retains an interest in the property needs title insurance. When you took...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Finding the Right AgentNot all agents work the same way. The most important attribute of an agent is that he/she is well connected to the real estate industry. He/she should know the market and provide information on past sales, current listings, his or her marketing plan, and at least 4 solid references. In addition, you also want to look for an agent that is honest, assertive, and one that best understands your needs.Try to go with a local agent. They can better serve your needs because they should be more familiar with the local market conditions, local prices, and what’s hot or not in your community.The Elkins Home Selling Team with Elite Realty Group provides services with Morristown TN Real Estate For Sale and Morristown TN Homes For Sale to home buyers and home sellers in Morrist...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Build a Plan of Action and Get ReadyBuying a home will probably rank as one of the biggest personal investments one can make. Being organized and in control will contribute significantly to getting the best home deal possible with the least amount of stress. It’s important to anticipate the steps required to successfully achieve your housing goal and to build a plan of action that gets you there.Before you can build a plan of action, take the time to lay the groundwork for your decision-making process.First, ask yourself how much you can afford to pay for a home. If you’re not sure on the price range, find a lender and get pre-approved. Pre-approval will let you know how much you can afford, allowing you to look for homes in your price range. Getting pre-approved also helps you to allev...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Adjustable Rate Mortgages - The PROS & CONSNow that you know what an ARM is and how it works, you may be wondering what the advantages and disadvantages are. So let’s explore that issue.Offering adjustable rates allows lenders to transfer part of the interest rate risk from themselves to the borrower. If you get a fixed rate mortgage and the interest rate then goes up, it costs the lender money. However, if you have an adjustable rate mortgage, as the interest rate goes up, so does your payment, thus compensating the lender. Adjustable rate mortgages are particularly useful when unpredictable interest rates make fixed rate loans hard to get.One of the main advantages of an adjustable rate mortgage is that the initial interest rate is lower than that of a fixed rate mortgage. A lower rat...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Closing and Title CostsIt’s the big day.The day you go to the title or escrow company, sign your name on the dotted line, hand over a check and prepare to take ownership of your new home.It’s also the day that you and the seller will pay “closing” or settlement costs, an accumulation of separate charges paid to different entities for the professional services associated with the buying and selling of real property.It’s too often a day filled with uncertainty and stress.To help you better understand this confusing subject, the Land Title Association has answered some of the questions most commonly asked about title, closing and closing costs.What services will I be paying for when I pay closing costs?You will usually be paying for such things as real estate commissions, appraisal fees, l...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Considering OffersWhen reading an offer, keep in mind that you are out to get the best price AND the best terms for you. If you focus solely on the price, you may overlook terms that could be favorable to you as a buyer.Some terms that may work in your favor: higher-than-market-interest in a second mortgage for your home the buyer will pay for most or all of the closing costs the buyer will take care of any repairs quick close - the buyer is pre-approved and ready to close in a timeframe that best suits you all-cash deal When reading through offers, remember to look at the whole package. Take the time that you need to assess what is being offered and if it meets your needs.The Elkins Home Selling Team with Elite Realty Group provides services with Morristown TN Real Estate For Sale and ...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Avoiding Financial StressBy asking the right questions, and knowing exactly what your needs are, you can find the right loan for you. There are certain approaches that you can take while mortgage shopping that can cost or save you money.It is still true that the better qualifications you have, the lower your interest rate will be. However, there are mortgages available for almost everyone; it's the interest rates or the down payments that vary.Before speaking with a lender, know what monthly dollar amount you feel comfortable committing to. Then when you discuss mortgage pre-approval with your lender, it is easier for you to determine the monthly amount and what value of home the monthly amount translates into. Do not put yourself in the position where you will be paying more each month...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Your Savings and Down PaymentYour First Step Toward Buying a HomeWhen preparing to buy a home, the first thing many homebuyers do is look at the real estate ads in newspapers, magazines and listings on the Internet. Some potential buyers read how-to articles like this one. The next thing you should do - before you call on an ad, before you talk to a REALTOR®, before you shop for interest rates - is look at your savings.Why?Because determining how much money you have available for down payment and closing costs affects almost every aspect of buying a home - including how you write your purchase offer, the loan programs you qualify for, and shopping for interest rates.Mortgage ProgramsIf you only have enough available for a minimum down payment, your choices of loan program will be limite...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Which ARM is the Best Alternative?How would you like a mortgage loan where you did not have to make the whole payment if you did not want to? Or would you like a loan with an interest rate about 1% below a thirty-year fixed rate mortgage and pay zero points? Or a loan where you did not have to document your income, savings history, or source of down payment? How would you like a mortgage payment of only 1.95%? You can have all that with the 11th District Cost of Funds (COFI) Adjustable Rate Mortgage.Sound too good to be true? Sound like a bunch of hype?Each statement above is true. However, it is also only part of the story and loan officers do not always tell you the whole story when promoting this loan. Other loan officers may try to scare you away from adjustable rate mortgages. Howe...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Where Does the Money Come From for Mortgage Loans?In the olden days, when someone wanted a home loan they walked downtown to the neighborhood bank or savings & loan. If the bank had extra funds lying around and considered you a good credit risk, they would lend you the money from their own funds.It doesn’t generally work like that anymore. Most of the money for home loans comes from three major institutions: Fannie Mae (FNMA - Federal National Mortgage Association) Freddie Mac (FHLMC - Federal Home Loan Mortgage Corporation) Ginnie Mae (GNMA - Government National Mortgage Association) This is how it works:You talk to practically any lender and apply for a loan. They do all the processing and verifications and finally, you own the house with a home loan and regular mortgage payments. You...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
 WHAT’S A FICO®?What is a FICO® Score?FICO® stands for Fair Isaac & Company and is the name for the most well known credit scoring system, used by Experian. The credit bureau’s computer evaluates a complete credit profile and assigns a score, which is used to estimate credit worthiness. Each of the three bureaus (Experian, Trans Union, Equifax) employs its own scoring system, so a given person will usually have 3 separate scores. Someone with a higher score will be viewed as a better risk than someone with a lower score. Typically, scores will range from about 600 to 700 or above, although some cases will be outside this range.What Kind of Score Do I Need for a Home Loan?There are as many answers to this question as there are loan programs available. Most lenders will take the average o...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Types of Mortgage LendersMortgage BankersMortgage Bankers are lenders that are large enough to originate loans and create pools of loans, which are then sold directly to Fannie Mae, Freddie Mac, Ginnie Mae, jumbo loan investors, and others. Any company that does this is considered to be a mortgage banker.Some companies don’t sell directly to those major investors, but sell their loans to the mortgage bankers. They often refer to themselves as mortgage bankers as well. Since they are actually engaging in the selling of loans, there is some justification for using this label. The point is that you cannot reliably determine the size or strength of a particular lender based on whether or not they identify themselves as a mortgage banker.Portfolio LendersAn institution that lends their own m...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
The No-Cost Thirty Year Fixed Rate MortgageThere really is no such thing as a no-cost mortgage loan. There are always costs, such as appraisal fees, escrow fees, title insurance fees, document fees, processing fees, flood certification fees, recording fees, notary fees, tax service fees, wire fees, and so on, depending on whether the loan is a purchase or a refinance. The term “no-cost” actually means that your lender is paying the costs of the loan. All a no-cost loan means is that there is no cost to you, the borrower.Except that you pay a higher interest rate.Understand How Loans Are PricedA variation of the no-cost loan is the “no points” loan, or even the “no points, no lender fees” loan. On these loans you pay all the costs associated with buying a house or refinancing, but you do...
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Morristown, TN Real Estate Professionals