The Finale: I BOUGHT A HOUSE

It’s a few weeks before closing, I’ve worked out situations with my lender on what I need to do and find out NOT one but TWO of my deals are falling through. In real estate, every deal doesn’t go through. Those aren’t the things I share publicly because that isn’t sexy. How many Realtors out there are really talking about those things? One of the two was deal set to close FOUR days before my home. That WAS my downpayment. I couldn’t sleep at all after finding out. I really was about to watch something I dreamed of walk away so easily. However, when you really work your business, you are never without business. I had another deal come through and close a few weeks prior that secured the extra funds I needed to pay off my car. We even worked everything out to where I brought in $1300 at closing.

I swear every call I received from the lender, my heart would drop. I’m like I have no more money to give without completing falling out of my living comfort zone.

What I learned from the whole process is

1. Never depend on others to do what you REALLY want to do. I know deals may fall through however that one deal set me back because I was dependent on it for my home. Had I not had my house tied to it, I would have been okay.

2. Be resourceful. Just because you have one way or doing things doesn’t make it the only or best way. I was able to use a mortgage credit certificate (which helps me qualify for a tax credit for the life I own the home) to help offset my debt to income ratio. This helped me not really break the bank after paying the car off.

3. Always have MORE money. Down payment assistance route was never my option because I knew the cost of that would have me way out of my comfort zone. I settled for a slightly higher rate than I felt I should have gotten because of the money I wanted to bring to closing. I still feel like my rate should be lower and somewhere between now and April, I hope that can happen.

4. Don’t sweat the small stuff. I tossed and turned every night until I signed the papers. I never got to really enjoy my home when I moved in because I suddenly had to move as my lease ended the day after closing. In my mind, I had to grind for the first mortgage payment. It’s like bills are due and there is no time to slack off. This made me not really sit back and enjoy my hard work. I overworked myself for 2017 because I had grand goals. The first and most important one has been accomplished.

Let’s take a look at the process:

https://youtu.be/_StcYD9o-f0

From “I Do” to Sold

LRE Social Blog

Newlyweds are saying “I do” to each other, and equate to over half of first time home buyers that are also saying “I do” to their dream homes. It makes sense! When you put two hearts together, the time comes to find a home to nourish that love. A home that brings two of your places together, and makes it one. If you and your spouse are ready to fall in love with the perfect house together, here are five tips to make sure the process goes smoothly, and you come prepared.

1. YOUR WEDDING BUDGET: Your wedding is a one-time event that shouldn’t be less than what you’d imagine. It’s a beautiful time to put all of your dream pieces together. However, it’s best to sit down and find out ways you can shift the budget to help with your down payment for a home, if you plan to purchase. The average couple spends a little over $20,000 on their wedding. Even a savings of $5000 from your wedding budget can help with owning the perfect home. 

2. WEDDING GIFTS: Wedding bliss comes with wedding gifts. Let’s admit, one of our favorite times during the wedding season is all of the gifts that come pouring in! Have any friends or family pitching in cash? Save that to put towards your down payment. And depending on the generosity of your gifts, you can even open an account dedicated to your down payment, that friends and family can gift to. 

3. GET PRE-APPROVED: One of the least brought up conversations in relationships is the credit and financial history of your soon-to-be spouse. Get together with a lender to go over both of your histories to know what needs to be done to put you guys in a position to own together. In some cases, only one person can get approved, while the other can’t. If you want to put both of your incomes toward the cost of the house you want, talking to a lender early on can ensure you are prepared to make the right moves.

4. THE RIGHT AGENT: That’s where I come in! For starters, I can connect you with a lender to ensure you guys are being watched over from the best recommendations. And it’s an absolute joy to take the stress out of buying a home for my newly wed couples. We all know how stressful, although joyous, a wedding can be. To then jump into buying a house shortly after, well, it’s certainly a lot to get through. But I can guide you through all of the steps to make sure you end up with a house you love. Just think of me as a wedding planner, but for homes.

5. NOW THERE’S TWO: Although some spouses are a match made in heaven, loving and adoring the same exact things, often times that’s not the case with most couples. You still are your own persons, and have your own tastes. This is where the first step to comprise really begins. Spending a good bit of money on a place you both will love and call home. A happy marriage starts with a happy home, so be sure you both are considerate of each other’s wants and needs in style and location, so you both are happy with the home you end up getting. 

Let’s start the chat to happily ever after. Visit newavenuerealty.com to search for your future marital home.

I BOUGHT A HOUSE: Building the Dream (Part 3)

The ball is now rolling and it’s official, I’m buying a house. Although I was quite excited, deep down I felt like something was going to happen during this time. I kept wondering why the other lender kept saying I wouldn’t qualify but my new one was like Yes! Would I get so far in my process and it not come true? Honestly, it was these thoughts that stopped me from publicly discussing building a home.

So here we are. It’s May 2017 and I’m starting. It’s getting real. I’m nervous and excited at the same time.

After returning from my little sister’s baby shower in Atlanta.
Foam boards going in.
Roughing plumbing

Before foundation is poured.

I LIVED for this moment here. I literally cried at this very moment.
Foundation has been poured.

I went away for the Fourth of July weekend at Essence and came back to this.

It was at this moment who I was emotionally invested. I needed to do whatever it took to keep the no and nay says away. It’s July 2017 and my home is slated to be completed in 2 months. I started to pay off EVERYTHING. When I say EVERYTHING, I did everything. That tax bill that I should have paid off in 2016 was finally paid off. Those credit cards were finally paid off. I did whatever the lender saw fit. However, there was a hold up. The lender I was using had internal issues that affected me. I get a call from a random person saying he’s know my loan officer. I am NOT receptive to it. I’ve been working with this particular lender for the company and I like him. He had a Realtor Day at his lake house and I really enjoyed him. Your personal finance is heavily on display when buying a home so it is important to work with someone you can trust. I trusted this guy not the new guy calling. I let that be known and it was told to me that my regular guy would finish up my loan process. Well, two weeks later, they LOCKED him out of the file.

As a Realtor, I understood the internal issues but as the now consumer, I was hot. The communication now lagged because my second lender guy was ON IT. I had questions and he had answers. This mess from the inside meant a delay on getting an answer. I was in debate with should I pay my car off. Can I do this instead? Can we use this program to help offset my DTI (Debt to income ratio because that was really my main issue anyway. It wasn’t my debt more so the income I claimed. I wanted to pay lower taxes so the income that I actually made was lower)? I remember distinctly waiting a week and a half for my question to be answered when I responded 5 minutes later to an original email. It was at that moment that I said GOODBYE.

I didn’t want to be involved in the tussle anymore and communication is MAJOR for me. Buying a home or better yet financing a home is stressful enough. I didn’t need the extra stress. I went back to my sales rep and said okay, who is next on the list. I told her I’d try one of the preferred lenders again and if it didn’t work, I’d go with one of my own lenders and just pay $20K extra because I’d lose my incentives for working with an outside lender.

She recommends Mortgage Financial Services and Jim Ward. I thoroughly explained to Jim what was happening, what I needed, and to guarantee he could get me to the closing table. If he couldn’t do it, just let me know ahead of time. He mentioned he could but I would have to pay off my car. I was trying to avoid that. I was like Jim, “I don’t owe like $2000 on the car. I owe almost $8000 and now we are interfering with the money I have saved for my downpayment. After counting my resources, I knew I had a closing right before the scheduled date to close on my home. In some way, this could work out OR it could end really bad. Just my luck, it got bad before it got good.

Supposed to be a half wall instead it was a whole one. I paid an additional $100 for a half one.
Me to My Builder: Just as long as they remember. I’d hate for them to continue and have to come take it all off.

I’ve extended this to four parts. I couldn’t add so much for part 3. Thanks for reading and stay tune for the final part next week*

Why You Need An Agent for New Construction

Are you ready to buy a home and considering going in the route of new builds? It may seem like an easy enough process, where you get to call the shots of how you want your dream home to be, but there is a lot of risk when it comes to new construction if you are going in blindly. It’s unfortunately not as trouble free as we’d like to hope, if you don’t have the right representative by your side to help with the things that need to be looked out for from a professional’s eye. Below, we’ll dive into the many reasons you need a professional buyer’s agent representing you in the sale. They are, after all, on your side. And it’s their role to ensure you aren’t taken advantage of by the builders and their representatives in the transaction.
1. HIRING THE RIGHT BUILDER

The most important part of finding an agent is having a professional’s perspective to finding a builder with a great reputation. You get to benefit from your agent’s network of vendors, lenders, and home builders. They have the industry expertise to connect you with a builder that matches your needs, and more than likely, have already had experience with the builder with a past client. Or, if they haven’t worked with a builder you want to use directly, they can gather person-to-person recommendations from other agents to know the expected experience with said builder. They will help you find one, that not only delivers exactly what their clients want, but in a timely fashion.

2. THE RIGHT LOT IN THE RIGHT NEIGHBORHOOD

The lot you choose to go with in a new build can either be a positive to your new home, or detrimental. In the excitement of the process, we tend to overlook important features of a property. It’s important to have a professional to ensure you make a purchase that will best serve you. They’ll be able to find a neighborhood that best fits your lifestyle and a lot that has a location that works for you. Whether you’re single with pets, or a family with children, the lot location can really make a huge impact. Especially when it comes time to selling it in the future. These are important things your agent will be able to help walk you through, so your decisions work in your favor in the long term, as well as now.

3. UPGRADES AND PLAN MODIFICATIONS

Not only will your agent be able to ensure you get the upgrades and modifications that will best suit your lifestyle, but will also help you make decisions that will increase the value of your home in the long term. They are working for your best interest long term, and with an agent’s guidance, you can be sure to make changes that end up benefiting you.

4. HANDLING CONTRACTS AND PAPERWORK

Your agent will handle the contract and all of the paperwork, and they will be sure to review it to ensure that it is in your best interest. They will be able to help you break down the best loan types, purchasing processes, and steps to take that benefit YOU, not the builder. They are, after all, working for you. They’ll make sure there are no overlooked terms in a builder’s contract that could end up hurting you after you move in. Or even during the building process. You want to make sure you have a professional who is experienced with the paperwork and contracts and knows how to make revisions that work in a way that make you happy.

5. NEGOTIATIONS

It is imperative in the purchasing process to have an agent that is able to represent you and negotiate for you. The building process is so much more than having the builder put in your favorite counters and floors. They will be able to get you a price that actually benefits you – not the builder. They will be able to run a comparative market analysis to ensure you are paying a fair price for the property. You don’t want to end up overpaying for the home – it could put you in a tough spot when it comes time to sell. They’ll also be able to negotiate terms around building time frame, closings costs, and so many other aspects of a contract that you may otherwise overlook.

6. BUILDER’S AGENT REPRESENTS THEM, NOT YOU

It may seem easy just to pop into an office of a new build, or a builder’s office, and use the onsite agent. But keep in mind that this agent works FOR the builder, NOT for you. So they will be working to make sure the builder gets the best deal at the end of the day. By having a buyer’s agent of your own, you can ensure there is a professional on your side that can walk you through the process and avoid being taken advantage of during the transaction. They will also have a better handle on things when you hit bumps along the way. If you end up working with a builder who isn’t holding their end of the deal, they will have the power to make connections that ensure the builder holds their end of the contract terms.