The No Money Down Misconception!

  

                  Many times we think we have come across a great deal as soon as we see that (no money down!) flashing across the screen. Wow, this is to good to be true!"  So you wait on pins and needles the entire week to run down to the store and get whatever has caught your eye for that week just to be deflated at the register. You saw the flashing lights but failed to see the fine print at the bottom of the screen. I have been that girl more than once because I'm a dreamer by nature and my practical side always seems to be delayed or better yet suppressed.
               
                When it comes to purchasing a home a lot of first time buyers are told they qualify for down payment assistance and there will be no money down. So imagine their sticker shock when they find out that no money down doesn't mean no money out of pocket. So lets make sure when your ready to purchase you have a good understanding of what you can expect.

                   When you begin the process with a lender you may be told that you qualify for down payment assistance. Down payment assistance are funds that a buyer may qualify for to use toward the purchase of a new home. It helps alleviate some of the monetary burdens associated with the home purchase. For instance an FHA home loan normally requires a 3.5% down payment. As an example if you were buying a 100k home your down payment would be $3500.00. The down payment program could be used to cover some or all of that cost. That's normally what your lender is referring to when they says no down payment.

           On the flip side there are always other cost associated with a home purchase. Earnest money is one that comes up in almost every transaction. The amount of earnest money varies with each transaction and what has been agreed on. A seller may require $1500.00 to take the home off market while your under contract, as a show of good faith. A builder can typically ask for once percent of the purchase price of the home. It's negotiable but whatever the cost it's not apart of the no money down payment category.

          The appraisal is another cost that a home financed through a lending institution will be subject to. Your appraisal could be $650.00 and if the appraiser has to go back out to the property they may charge an additional fee. Lets talk about the home inspection depending on the company you use, the homes sqft and the services they offer the home inspection could start at $350.00. There may also be additional closing cost, last minute charges that have crept up on your credit report and a few other fees that could arise.

            I know this has all of a sudden seemed quite daunting. It's not meant to scare you just to make you aware that no money down is different than no money out of pocket. Your lender and realtor will work as a team and help you through the process. You will more than likely have a good understanding of what to expect with the right team in place before you truly begin the process. A good first step is to always set up an initial consultation with your realtor. This way your able to get the facts without the fluff.

           If you have questions or are thinking about buying or selling a home and would like to know your options give me a call. As always I appreciate the time you take out of your day to read my blog. If you find this blog helpful please pass it on.

          Morrishia Dooley-The Dwelling Specialist

      A.S.R, REALTOR- Associate Broker, Certified New Home Selling Expert

Licensed Life, Health & Sickness Insurance Agent 

       Solid Source Realty

          O-770-475-1130 ext-3815

        Direct-678-886-8353

         email-morrishia@galleryofdwellings.com

     website -www.galleryofdwellings.com

         Blog-therealestateavenue.blogspot.com

Thank you for choosing me to be your preferred Realtor for you & your loved ones

If your in the market to sell, buy or lease purchase a home give me a call

    

Tips to help avoid septic tank disasters

                Now of course there is not a 100% fail proof way to keep your septic tank from ever backing up. However, you can help ensure the longevity of your septic tank by doing a few things to enhance its performance and keep it working more efficiently.

 First what is a septic tank really? 
                    The typical septic tank is a large buried container made of fiberglass, concrete or even polyethylene. Used water from your home to include your bath, laundry, sinks or toilets drain inside of the tank. Some of the lighter solids such as grease rise to the top. Heavier solids settle to the bottom where bacteria inside the tank can partially decompose them leaving sludge. Think of it as an onsite sewage area or system. Just like anything else in your home it must be maintained and cared for. Neglecting a system and allowing small problems to become bigger over time will results in a higher cost to repair or replace. 
                  A good start to take care of your system is to find out when the system was last inspected or pumped. If it has been over 3-4 years make an appointment with a qualified professional to have this done. The cost to pump the septic tank is usually under 400.00. Once you have done your initial inspection of the tank and cleaning, plan to do it every 3-5 years depending on the size of your family to help maintain working efficiency.  

Shrubbery & trees near your tank can puncture or crack the septic tank walls resulting in leakage. Make sure to clear out any trees or shrubs to close to the septic tank and be mindful of certain trees that have especially deep roots.  




 
        Just like the old saying you are what you eat, the same goes for your septic tank in a sense. If your pouring harmful chemicals down your drain it will upset the balance of good bacteria in your system. This good bacteria breaks down the solids in your septic system. Diapers, feminine products, harsh detergents & coffee grounds are just a few things that should not be flushed down your system. 

            Install low flow faucets, toilets and shower heads to help reduce the amount of wastewater. Excess wastewater is one of the main causes of septic system failure. Also talk to your tax representative to see what tax breaks or credits can be given for installing low-flow systems in your home.

If you have a septic tank do not install a garbage disposal because of the solid waste build-up it can add to your septic. This can lead to extra septic tank pumpings and throw off the balanced bacteria used to breakdown the waste emptied into the system.

To get more information about how to treat and care for your septic tank contact a professional to guide you on the do's & do nots for your system.
                 

As always I appreciate the time you take out of your day to read my blog. If you find this blog helpful please share it'

                            Morrishia Dooley-The Dwelling Specialist

      A.S.R, REALTOR- Associate Broker, Certified New Home Selling Expert

Licensed Life, Health & Sickness Insurance Agent 

       Solid Source Realty

          O-770-475-1130 ext-3815

        Direct-678-886-8353

         email-morrishia@galleryofdwellings.com

     website -www.galleryofdwellings.com

         Blog-therealestateavenue.blogspot.com

Thank you for choosing me to be your preferred Realtor for you & your loved ones

If your in the market to sell, buy or lease purchase a home give me a call

    

To sell or not to sell that is the question?!

            Over and over for the past few months I have heard many conversations by sellers debating on selling there home. Even though the market has changed for the better many are not sure if they should wait it out for a while longer. The truth is there is no easy answer to this question. The reason for this is everyone's motivation for selling may be different. Some may want to downsize, others may need to relocate to be closer to family, for some it may be a rental property they want to get rid of. The list of reasons can go on and on.  A few things you can do to help make the decision for you and your family are below. 

* Have a family meeting this will give you insight and valuable input from those it will affect directly.

* Narrow down your reason for selling. This will help you gain clarity on what your goal is. It will also help you think through your decision and stop any impulsive acts that may in the long run not be beneficial.

Have a plan in place. If you were to sell this home where would you move to if it is your primary residence? How long would you need to find another residence. Are you planning on renting or buying after the sell? 

Repair cost may be a factor. Many seller may choose to sell the home in as-is condition excluding the required lender repairs that may be needed to pass the appraisal. However as you may know the more appealing the home is the more it could sell for. Are you prepared to crack open that piggy bank & put in a little elbow grease to get the wow effect?

Can you afford to move? Although home values have improved has your market area improved enough for you to sell your home? At the end of the day there is always cost with selling a home. Having to clear the existing mortgage on the home is one of the biggest. Contributing toward closing cost for the buyers. Professional fees such as taxes, Agent fees, lawyer fees, transfer fees to name a few.

Start with a cma. In order to know what your home may be able to sell for you must know what your current market is doing. Have an agent familiar with your area and the home values in that area perform a competitive market analysis. By comparing similar homes in the area that have sold within the last 6 months or less you can have an idea of what your home may sell for.

If you have questions or are thinking about selling your home and would like to know your options give me a call. As always I appreciate the time you take out of your day to read my blog. If you find this blog helpful please pass it on.

                            Morrishia Dooley-The Dwelling Specialist

      A.S.R, REALTOR- Associate Broker, Certified New Home Selling Expert
Licensed Life, Health & Sickness Insurance Agent 

       Solid Source Realty

          O-770-475-1130 ext-3815

        Direct-678-886-8353

         email-morrishia@galleryofdwellings.com

     website -www.galleryofdwellings.com

         Blog-therealestateavenue.blogspot.com
Thank you for choosing me to be your preferred Realtor for you & your loved ones

If your in the market to sell, buy or lease purchase a home give me a call