Using Your Tax Refund as Part of Your House Down Payment

From Catherine Mitchell, The Intentional Realtor®™

Saving up for the down payment for a house is one of the most challenging aspects of buying a home, even if it’s not your first home. But there’s good news during tax season! You can get a little boost by using your tax refund. While doing taxes is not a task most people enjoy, if you are shopping for a house, it’s time to get started.

Down Payment Amounts

So how much do you need to put down? Most lenders require a down payment of at least 3 percent of the purchase price. If you qualify for a Federal Housing Administration loan, you must put down 3.5 percent. You will want to consult a lender to learn about the various loan programs available, and discern which one is right for your situation. Lenders I can recommend are: Sandy Dickinson (sdickinson@summitfunding.net) with Summit Funding and Leslie Church (leslie.church@phmc.com) with Platinum Home Mortgage. Let them know I gave you their name to receive a $10 Amazon Gift Card!

Should You Use a Tax Refund?

According to IRS information, the average tax return is around $3,000, so those funds will be a big help towards reaching your down payment goal. Definitely include your refund in any plans you are making regarding saving for a down payment. You might save your refunds for a few years and end up with a nice sum to apply towards the purchase of your new home.

Down Payment Assistance

Need an extra boost to get to your goal? North Carolina has down payment assistance programs that can help buyers, including up to $15,000 in assistance if you’re buying in Mecklenburg County. You can check with the North Carolina Housing Finance Agency to learn more and find out if you qualify. Get in touch with Sandy or Leslie (contact info above) or contact me if you have questions about the down payment for your future home.

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Connect with Catherine:

As The Intentional Realtor, my goal is to help you achieve the reality of homeownership. I’ll do my best to make sure that you receive the best representation possible when it comes to buying a home and that you understand all the duties of your fiduciary, which is why securing a good Realtor is in your best interest to help you find the home of your dreams.

For this and more real estate needs by The Intentional Realtor, connect with me, Catherine Mitchell, at (704) 898-0605 http://www.catherinemitchellrealty.com/

7 Fixes to Prepare Your House for the Spring Sales Boom

From Catherine Mitchell, The Intentional Realtor®™

Spring is one of the best times to sell a house. However, selling your house is not as simple as calling your Charlotte real estate agent and saying, “Put a sign out front; we’re ready!”

How to Prepare Your Home to Sell

The home you want to sell is one you may have lived in for a while. Selling can be hard, especially when you learn you need to make changes to the house before you can sell it. Making those changes can feel insulting, as though your house isn’t good enough to please people just the way it is. The truth is that buyers have a critical eye, and during the spring sales boom, more houses are on the market.

7 Fixes to Help Sell Your Home

1. Big repairs. If the roof is full of holes or the heating system is kaput, fix the problem. Few buyers are looking for a major home project before moving in. Some savvy buyers will accept a deal, but only after heavily negotiating the price. 
2. Kitchen. The kitchen sells the house. Charlotte real estate agents will tell you a kitchen remodel will fetch between 85 and 100 percent return on that investment. If you want to sell your house this year, get going on that kitchen renovation. If you can’t afford an entire remodel, consider changing the cabinets, countertops, or floors, or some combination. 
3. Bathrooms. Bathrooms are a big item on any homebuyer’s shopping list. If yours still has linoleum floors, it’s time to consider a makeover. 
4. Paint. A fresh coat of paint will brighten the space. Bold colors can be toned down to help buyers see the house in a more neutral way. 
5. Lighting. Homes with a good amount of light sell better. Change your lightbulbs, wash the curtains, and clean the windows. 
6. Floors. Whether you have hardwoods or carpets, it’s time for an early spring cleaning. But some floors need a little more help. 
7. Curb appeal. Plant a few flowers in the spring and make sure the lawn looks good. Repaint the fence and if the driveway is cracked, recoat the asphalt. If your trim needs a fresh coat of paint, especially white, that’s a good fix, too. 

Fast Fixes and Skips

While spending money on some things will help sell your home, you might be able to stage your way around some problems. Here are some fast fixes to get your home ready:
● Deep cleaning. You may be able to avoid replacing shower or bathroom tile if you hire a crew to do a deep clean and brighten that white.
● Skip big changes to the basement, garage, attic, and laundry room unless something is leaking or in need of serious repair.

Read more on our website: http://catherinemitchellrealty.com/blog/ 

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Connect with Catherine:

As The Intentional Realtor, my goal is to help you achieve the reality of home ownership.  I’ll do my best to make sure that you receive the best representation possible when it comes to buying a home and that you receive a quality home inspection from certified home inspector for what could be your future home, which is why securing a good Realtor is in your best interest to help you find the home of your dreams.

For this and more real estate needs by the The Intentional Realtor, connect with me, Catherine Mitchell, at (704) 898-0605 http://www.catherinemitchellrealty.com/ 

Realtors act as your Fiduciary Agent

From Catherine Mitchell, The Intentional Realtor®™

Realtors have to abide by certain fiduciary laws, designed to protect the interest of the client which involves the trust and confidence of the fiduciary to represent the said client’s best interest. 

Real Estate Agent

A real estate agent owes the highest duty of good faith, honesty, and fair dealing to their client. A real estate broker who becomes an agent of a seller or buyer is deemed to be fiduciary. As a fiduciary, a real estate agent is held by law to owe specific duties to their client as well as to obligations set forth in a listing agreement, buyer representation agreement, or other contractual agreements made with their client. 

O.L.D. C.A.R.

O.L.D. C.A.R. is an acronym for the fiduciary duties required of a real estate agent.  O for obedience, L for loyalty, D for disclosure, C for confidentiality, A for accounting, and R for reasonable care. These fiduciary obligations are an agent’s specific duties to their client.


Read more on our website: http://catherinemitchellrealty.com/blog/ 

Connect with Catherine:

As The Intentional Realtor, my goal is to help you achieve the reality of home ownership. I’ll do my best to make sure that you receive the best representation possible when it comes to buying a home and that you receive a quality home inspection from certified home inspector for what could be your future home, which is why securing a good Realtor is in your best interest to help you find the home of your dreams. 

For this and more real estate needs by the The Intentional Realtor, connect with me, Catherine Mitchell, at (704) 898-0605 http://www.catherinemitchellrealty.com/ 

Home Inspections Can Teach You About the Components of a Home

From Catherine Mitchell, The Intentional Realtor®™

Before you buy a home, it’s important that you have it inspected by a certified home inspector.  A home inspector who knows what they're doing will check more thoroughly in areas that you may have overlooked during your walkthrough. 

Home inspections

A home inspection is designed to inform you of the condition of the property, life expectancy of its major components, along with the maintenance and repairs that may be needed (or can be expected) now or later. 

Four main components

Home inspectors will thoroughly inspect the four main components of the home: the roof, electric, plumbing, and heating/air conditioning.  A home inspection will also include the grounds, the foundation, the attic, walls, floors, doors, windows, and the exterior structure of the home.  

The benefits 

A home inspector will document any potential defects of the home with well-crafted notes and photographs of the condition of the property that you’re thinking about buying.  

Read more on our website: http://catherinemitchellrealty.com/blog/ 

Connect with Catherine:

As The Intentional Realtor, my goal is to help you achieve the reality of home ownership. I’ll do my best to make sure that you receive the best representation possible when it comes to buying a home and that you receive a quality home inspection from certified home inspector for what could be your future home, which is why securing a good Realtor is in your best interest to help you find the home of your dreams. 

For this and more real estate needs by the The Intentional Realtor, connect with me, Catherine Mitchell, at (704) 898-0605 http://www.catherinemitchellrealty.com/ 
 

Homebuyer Tip: Spending Your First Night In Your New Home

Homebuyer Tips

From Catherine Mitchell, The Intentional Realtor®™,

There is nothing like the feeling of spending your first night in your first home

The lifelong dream for many Americans is the dream of homeownership.  Not just any home, but preferably their dream home.  When that dream becomes reality, it can be an exhilarating feeling of accomplishment.  One that is celebrated with the thrill of spending the first night in their very first home. 

Your first home

Imagine the feeling of turning the key and opening the door to your very own home for the very first time.  The nervous energy from the thought of knowing that this property with all its intricate beauty is yours to decorate however you please.  The thought of cooking in your very own kitchen or the thought of sleeping in your very own master bedroom with the peace of mind of knowing that you are no longer paying rent, but instead building equity.  The feeling of “I made it, life is good.”  That’s the feeling that millions of Americans have experienced thought out the years.  It’s that feeling of homeownership, that feeling of pride.

Your first night 

All though the thought of owning your own home is virtually every American’s dream, that first night in your home has the possibility of being filled with chaos and confusion.  After a day of moving in, it’s very unlikely that you’ll get everything unpacked in a single day.  You’ll probably be so exhausted from the move that for the first couple of nights your belongings may still be in boxes.  You may want to think about eating out or ordering a pizza on your first night because your kitchen may not be fully set up to your liking, or you’re just too tired from the move to cook.  Then there’s the reality that your bed may not be set up, so you may have to improvise when it comes to your sleeping arrangements like sleeping on mattress as it lies on the floor or maybe even sleeping in a sleeping bag as if you’re having a sleepover.  Yes moving in your own home for the very first time can be filled with excitement and joy, but it can also be chaotic and exhausting. 

Homeowner

As you try and sleep in your home on that very first night, the thought of “I’m a homeowner” will eventually sink in.  You may lay there for a while, and you may think about what it took for you to get to this moment.  You may think about your old apartment or better yet your favorite apartment.  Then you may think about the steps that it took for you to get your credit up to par or better yet to maintain your credit.  Finally you may think about the job that affords you the opportunity to live in a place that you can now call home, as the phrase, “I’m a homeowner” finally sinks in with pride. 

Connect with Catherine:

As the The Intentional Realtor®™, my goal is to help you achieve the reality of homeownership.  I’ll do my best to make sure that you receive the best representation possible when it comes to buying a home and that your experience of homeownership is joyous one, which is why securing a good Realtor® is in your best interest to help you find the home of your dreams.   

For this and more real estate needs by the The Intentional Realtor®™, connect with me, Catherine Mitchell, at (704) 898-0605 http://www.catherinemitchellrealty.com/ 

#connectwithcatherine 

HomeBuyer Tips: Appraisals

Homebuyer Tips

From Catherine Mitchell, The Intentional Realtor®™,

Appraisals give an objective view of the home’s value in the marketplace

Having an appraisal is an important part of the home buying process.  It brings tremendous leverage when it comes to price negotiations.  A real estate appraisal establishes a property’s market value which is the likely sales price it would bring if offered in competitive real estate market. 

Appraisals

Appraisals are detailed reports based on an appraiser’s on site evaluation of a property as well an evaluation of sales data.  Appraisals include details about the property along with side by side comparisons of similar properties.  It also includes an evaluation of the real estate market in the area, statements about issues the appraiser feels are harmful to the property’s value, notes about flawed characteristics pertaining to the property, an estimate of the average sales time for the property, and the type of area in which the home is located.

Two types of appraisals

A Sales Comparison Approach and a Cost Approach are two common appraisal methods.  A Sales Comparison Approach is an estimate of the property’s market value by comparing it to similar properties that have recently been sold in the area.  The Cost Approach is most useful for new properties where the cost to build the property is known.  With the Cost Approach the appraiser estimates how much it would cost to replace the property if it were destroyed.

The lender

A homebuyer’s initial mortgage approval is accomplished early on, but final approval of the loan depends on a satisfactory appraisal.  An appraisal is the only evaluation report a lender considers when deciding whether to lend money.  Lenders study appraisals very carefully before determining whether a property qualifies as a security for a loan.  An appraisal provides the lender with assurance that the property will sell for at least the amount of money that it is lending.   If the property’s appraisals is lower than the sales price the loan may not be approved.  The lender wants to be sure that its investment is covered in case the buyer should happen to default on the loan.  In some cases the buyer pays for the appraisal fee at the time of the loan in other cases the fee is added to the settlement and paid at the closing. 

Connect with Catherine:

As the The Intentional Realtor®™, my goal is to help you achieve the reality of homeownership.  I’ll do my best to make sure that you receive the best representation possible when it comes to buying a home and that you receive an appraisal well worth the fair market value, which is why securing a good Realtor® is in your best interest to help you find the home of your dreams.   

For this and more real estate needs by the The Intentional Realtor®™, connect with me, Catherine Mitchell, at (704) 898-0605 http://www.catherinemitchellrealty.com/ 

#connectwithcatherine