You’ve been searching and searching for the perfect home for your family. You’ve scoured listings and gone on tours and open houses.  And finally you’ve found “the one.”!

Now it’s time to make an offer on the house that will get accepted.  And that is what this guide will help you do.

Below you’ll learn how to make an offer on a house that gets accepted.  We cover when to go under market value and when to go higher even at the risk of no other offers.  You’ll also find some tips on how to make your offer stand out if multiple people sent similar ones.

To ensure you’re taken seriously as a buyer, start with the following: [Read more…]

Yes, you can use your 401k to buy a house. But should you? This is your guide to understanding how it works and deciding if it’s a smart move for you.

Yes, you can use your 401k to buy a house so long as the holder of your account allows you to withdraw or take a loan from said account. However, if it were the ideal option, everyone would be doing it.

There are some major risks tied to the benefits of being able to tap into your 401k accounts now. That said, we want to help you understand exactly what’s in store if you decide to take this route in your home buying process.

Is it a good idea to use 401k to buy a house?

Yes, in some instances using your 401k is a perfectly viable option to purchase a home. However, if you have any other form of savings set aside, you really should consider using those funds before you go with this option.

The simple fact is that you’re borrowing or taking money from your future self when you tap into a retirement account. That means that you’re shorting yourself tomorrow to make ends meet today. Even if you only borrow money from the account, it will only accrue interest based on its current value. This is known as an opportunity cost. [Read more…]

The home buying process can be as frustrating as it is exciting. Having to pass up on two or even three dream houses because the time just isn’t right can be highly discouraging. After all, you and your partner have been putting in the hours and making cuts—all to ensure that your savings account is nice and healthy for that moment.

You can’t help but ask, when is the right time to buy a home? Will it ever come? Or will you have to settle for rent year after year until retirement, when you can live the snowbird lifestyle?

The answer is that it will come. You just need to be patient and know what to look for. But what are the signs the time is right?  Below you’ll find what we consider to be the top 7 signs it is the right time to buy a house.

When is the right time to buy a house?

The best time to buy a house is when the market has more homes for sale, the same houses are sitting on the market longer, and the asking prices begin dropping. This means there is more inventory, and the market you live in is shifting from a seller’s market to a buyer’s market.

That doesn’t mean we’ll leave you to figure things out from there.  The trick is to develop a sound understanding of the home-selling market in your area. That does sound intimidating but easing into it helps you to understand the more complex elements.

And while it certainly helps to work with a trained agent, you can give yourself a good head start by looking for a few key details that tell you when it’s an excellent time to hire an agent in the first place.

7 Signs That It’s Time to Buy a House

So, what should you be looking for? Below you will find seven signs that tell you it’s the right time to buy a home. Keep in mind that each market is different and can work in various stages.

In other words, just because things are perfect for a buyer in one neighborhood doesn’t mean it’s true in the other. To ensure you land the home you want for a fair price, you need to be patient and wait till the time is just right for the home you want. [Read more…]

When a house is under contract, it simply means that the seller has accepted the buyer’s offer, and both parties are holding up their responsibilities before closing. While it does mean everyone is contractually obligated to hold up their end of the deal, being under contract does not mean the sale is final.

An offer on a home is more than a dollar amount. First, the buyer and seller negotiate a contract in which they work out what they’re willing to cover, what contingencies they want in place, and what they expect of one another before closing. If both agree to the terms and a selling price, they sign their names, and the property is then under contract.

During this period, the buyer will need to produce the earnest money deposit along with a preapproval letter for their loan or mortgage. After this, they enter what is known as the due-diligence period.

This period includes an inspection of the property, an appraisal, and a title search. These stages are in place to ensure that all potential issues have been worked through before reaching the closing table.

How being under contract protects realtors.

Naturally, you’ll ask why a contract is necessary if the sale isn’t final. The reason this contract is in place is to protect the parties involved in the transaction from others wrongfully backing out of the deal.

Say a seller gets a better offer on the home. If it’s under contract, they cannot back out of the current deal. Alternatively, a buyer can’t rightfully back out if they find another home they deem more desirable. The only way anyone can back out is if a contingency allows for it.

You need to remember that the buyer and seller aren’t the only individuals involved, though. In other words, they aren’t the only people protected by the contract. So, if anyone were to wrongfully back out of the contract, it can directly impact the real estate agents, title companies, etc. [Read more…]

When you’re ready to buy a home in a city or urban area, you’re going to come across two acronyms: PUD and HOA.  Although they seem similar, they serve different purposes and that is what we’re here to help you learn about.

Below you will find everything you want to know about PUDs (Planned Urban Developments) and if buying a home that is part of one is the right decision for you.

What is a PUD in real estate?

A PUD or Planned Urban Development means that the home you are buying is part of a planned community and once you buy that property you will become a part of the HOA and part owner of common areas and amenities.  PUDs can include a variety of housing types like condos, townhomes, and single family homes.  They can also include commercial real estate uses, but that is for a different post.

You’ll typically see that PUD properties come with access to local amenities such as lakes, parks, swimming pools, and so on. Sometimes that property might be a part of a community that features its own grocery stores, gyms, restaurants, and security detail.

It’s important to remember that the extent of the rights that come with a PUD vary—not all are the same and this could also apply to specific amenities within the community and local area.

PUD vs. HOA, What is the Difference?

The difference between a PUD and an HOA is that PUD is a property descriptor, while the HOA is a sanctioning body that you pay dues to as the homeowner.

The HOA essentially is responsible for the upkeep of the community that the PUD is linked to. That means PUD owners have to pay dues to the HOA to keep up with the amenities that homeowners have rights to. [Read more…]