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Morristown, TN Real Estate News

By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
 You are not going to make yourself look better by blowing out someone else's candles. Don't let your ice cream melt while you are counting someone else's sprinkles.  Stay clapping for other's until it is your turn to be clapped for.I am big on treating people with respect.  (That means even the people that you may not be fond of). As the old saying goes ... kill 'em with kindness! Smile at the world and the world and the world just might smile back! Happy Hump Day Everyone! 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 Morristown Tennessee, Whitesburg, Talbott, Russellville, Sevierville, Bean Station, Dandridge, Pigeon Forge and surrounding communities.We...
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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)
Build a Plan of Action and Get Ready Buying 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 a...
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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)
Why Do You Need Title Insurance?Title Insurance.It’s a term we hear and see frequently - we see reference to it in the Sunday real estate section, in advertisements and in conversations with real estate brokers. If you’ve purchased a home before, you’re probably familiar with the benefits and procedures of title insurance. But if this is your first home, you may wonder, “Why do I need another insurance policy? It’s just one more bill to pay.”The answer is simple: The purchase of a home is most likely one of the most expensive and important purchases you will ever make. You, and your mortgage lender, want to make sure that the property is indeed yours - lock, stock and barrel - and that no individual or government entity has any right, lien, claim to your property.Title insurance compani...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Understanding ForeclosuresIt is an unfortunate commentary, but when economic activity declines and housing activity decreases, more real property enters the foreclosure process. High interest rates and creative financing arrangements are also contributing factors.When prices are rapidly accelerating during a real estate “bonanza”, many people go to any lengths available to get into the market through investments in vacation homes, rental housing and trading up to more expensive properties. In some cases, this results in the taking on of high interest rate payments and second, third and even fourth deeds of trust. Many buyers anticipate that interest rates will drop and home prices will continue to escalate. It is possible that neither will occur and borrowers may be faced with large bal...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
What is a Short Sale Anyway?An increase in foreclosure rates will inevitably bring with it an increase in short sales. But what is a short sale?A short sale happens when you sell your house for less than your remaining mortgage balance, the proceeds of which go to the lender and in return the lender forgives the remaining balance. Selling your home as a short sale is one way to avoid foreclosure.As a general rule, lenders lose money when they foreclose on a property. Consequently, they would rather not have to foreclose if it can be avoided. A short sale represents an opportunity to cut their losses because a short sale usually allows them to recoup more of the cost of the loan than a foreclosure process would.However, don’t think that a short sale is an easy thing to accomplish. In ord...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Why You Should Not Make Any Major Credit PurchasesDon’t go on a spending spree using credit if you are thinking about buying a home, or in the process of buying a new home. Your mortgage pre-approval is subject to a final evaluation of your financial situation.Every $100 you pay per month on a credit payment could cost you about $10,000 in home eligibility. For example, a car payment of $300/month could mean that you qualify for $30,000 less in a mortgage.Even if you have accumulated enough savings, you should consider not making any large purchases until after closing. The last thing you want is to know that you could have purchased a new home had you curbed the urge to spend. The Elkins Home Selling Team with Elite Realty Group provides services with Morristown TN Real Estate For Sale...
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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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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Understanding Title InsuranceWhat is title insurance? Newspapers refer to it in the weekly real estate sections and you hear about it in conversations with real estate brokers. If you’ve purchased a home you may be familiar with the benefits of title insurance. However, if this is your first home, you may wonder, “Why do I need yet another insurance policy?” While a number of issues can be raised by that question, we will start with a general answer.The purchase of a home is one of the most expensive and important purchases you will ever make. You and your mortgage lender will want to make sure the property is indeed yours and that no one else has any lien, claim or encumbrance on your property.The Land Title Association, in the following pages, answers some questions frequently asked a...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Setting the PriceThe price is the first thing buyers notice about your property. If you set your price too high, then the chance of alienating buyers is higher. You want your house to be taken seriously, and the asking price reflects how serious you are about selling your home.Several factors will contribute to your final decision. First, you should compare your house to others that are in the market. If you use an agent, he/she will provide you with a CMA (Comparative Market Analysis). The CMA will reflect the following: houses in your price range and area that were sold within the last half-year asking and selling prices of houses current inventory of houses on the market features of each house on the market From the CMA, you will learn the difference between the asking price and sell...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Use a Buyer’s AgentIt’s important that you choose an experienced agent who is there for you. Your agent should be actively finding you potential homes, keeping you informed of the entire process, negotiating furiously on your behalf, and answering all of your questions with competence and speed.First, find an agent who represents you and not the seller. This is beneficial during the negotiation process. If you are working with a buyer’s agent, he or she is required not to tell the seller of your top choice. In addition, he or she is also focused on getting you the lowest asking price.Also, when you use a buyer’s agent, you will see more properties. Not only are they plugged into their Multiple Listing Service, but they are also actively finding homes that are listed as FSBO, or homes th...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Land ContractAn alternative to a non-conforming loan is the use of a land contract, which is allowed in some states. A land contract is an agreement between a buyer and a seller, where the buyer agrees to make periodic payments to the seller. The title to the property only transfers to the land contract buyer on fulfillment of the land contract obligations.A land contract can be helpful for those who need time to establish or improve their credit rating. There are only small closing costs, and payment can help establish a good mortgage payment record. This can help establish an overall good credit rating, and it is possible for the buyer to later refinance the land contract with a conforming loan.On the other hand, there are risks associated with land contracts. Land contract purchases ...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Understanding Preliminary ReportsAfter months of searching, you’ve finally found it -- your perfect dream home. But is it perfect?Will you be purchasing more than just a beautiful home? Will you also be acquiring liens placed on the property by prior owners? Have documents been recorded that will restrict your use of the property?The preliminary report will provide you with the opportunity, prior to purchase, to review matters affecting your property which will be excluded from coverage under your title insurance policy unless removed or eliminated before your purchase.To help you better understand this often bewildering subject, the Land Title Association has answered some of the questions most commonly asked about preliminary reports.What is a Preliminary Report?A preliminary report i...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
   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 Morristown Tennessee, Whitesburg, Talbott, Russellville, Sevierville, Bean Station, Dandridge, Pigeon Forgeand surrounding communities.We specialize in working with Home Sellers in getting their homes listed and sold. We utilize the latest and most up to date marketing materials in assuring the job gets done quickly and with the least amount of hassle. Our homes are listed on over 32 different Real Estate web sites including realtor.com, yahoo.com, trulia.com and many others. Each office independently owned and operated. Elite Realty Group is a full service real estate company serving Morristown TN Real Esta...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Plan of Action Analyze why you are selling - If you understand your motives, you will be able to better negotiate and to get what it is that you want, whether it be a quick sale, high price, or somewhere in the middle.  Prepare your home for the buyer - Maximize the strengths of your property and fix up its weaknesses. You want the buyer to walk away from your home with a lasting good impression.  Find a good real estate agent that understands your needs - Make sure that your agent is loyal to you, and can negotiate to help you achieve your goals. In addition, they should be assertive and honest with both you and the buyer.  Be prepared for negotiation - Learn and understand your buyer’s situation; what are their motives? Can you demand a big deposit from them? Try to lock in the buyer ...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
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 Morristown Tennessee, Whitesburg, Talbott, Russellville, Sevierville, Bean Station, Dandridge, Pigeon Forgeand surrounding communities.We specialize in working with Home Sellers in getting their homes listed and sold. We utilize the latest and most up to date marketing materials in assuring the job gets done quickly and with the least amount of hassle. Our homes are listed on over 32 different Real Estate web sites including realtor.com, yahoo.com, trulia.com and many others. Each office independently owned and operated. Elite Realty Group is a full service real estate company serving Morristown TN Real Estate ...
Comments 0
By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
   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 Morristown Tennessee, Whitesburg, Talbott, Russellville, Sevierville, Bean Station, Dandridge, Pigeon Forgeand surrounding communities.We specialize in working with Home Sellers in getting their homes listed and sold. We utilize the latest and most up to date marketing materials in assuring the job gets done quickly and with the least amount of hassle. Our homes are listed on over 32 different Real Estate web sites including realtor.com, yahoo.com, trulia.com and many others. Each office independently owned and operated. Elite Realty Group is a full service real estate company serving Morristown TN Real Esta...
Comments 1
By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Thinking About Buying a Foreclosure?With the housing bubble burst and the subprime mortgage crisis, millions of homeowners found themselves unable to make their mortgage payments. Many found themselves owing more on the house than the home was worth. Many just walked away from their homes. As a result of these complicated issues, millions of homes were foreclosed.While this isn’t the only reason for which homes are foreclosed, it has been a widespread one. With all the foreclosed properties, there has also been extensive interest in buying these properties at a bargain price.It is true that foreclosed properties can be priced at a significant discount, but they are also a much riskier investment. Before making an offer on a foreclosed property, do your due diligence.Things you must do b...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Items You Need When Applying For a LoanHave These Items Ready When You Apply For a LoanIt used to be that lenders mailed out verifications to employers, banks, mortgage companies, and so on, in order to verify the data supplied by borrowers. Nowadays, the interest is often in speed and getting answers quickly so alternate documentation has become more widely used. Alternate documentation means that underwriting answers can be obtained with information supplied directly from the borrower instead of waiting around for verifications to come back in the mail.The following is required for most standardized loans as part of alternate documentation processing. Items may differ according to whether your loan is a conforming (Fannie Mae or Freddie Mac), non-conforming (jumbo) loan, government lo...
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By Norma J. Elkins, Realtor - Elkins Home Selling Team
( Elite Realty Group)
Title Insurance Requirements for Insuring Trusts In today’s world of busy probate courts and exorbitant death taxes, the living trust has become a common manner of holding title to real property. The following may help you understand a few of the requirements of the title insurance industry if title to property is conveyed to the trustee of a living trust. What is a trust? An agreement between a trustor and trustee for the trustee to hold title to and administer designated assets of the trustor for the use and benefit of one or more beneficiaries. Can a trust itself acquire and convey interests in real property? No. The trust is an arrangement between a trustee and the trustor. Only the trustee, on behalf of the trust, may own and convey any interest in real property. The trustee may on...
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