Purchasing Your Home Archives • Page 4 of 4 • Your Real Estate Whisperer

Buying a Prairieville home from out of state? Here are some tips to help you.

February 1, 2017

Buying a home in Prairieville from across the country has become a much easier task. I would have told you several years back, “Anyone buying a home off the internet is crazy!” Now, I’m eating those words. As scary as it may sound, I’ve had several clients do this recently and it has become more popular with easy access to video, virtual tours and signing documents with electronic signatures. Buying across the world has become much easier, and all of my cross country buyers have been extremely pleased with their new home purchase. Here are some tips that can help you handle the process a little easier.

Investigate your Prairieville neighborhood.

Its important to do your homework when buying in Prairieville or anywhere else for that matter. A Realtor® can help you with this and the Internet is your friend. You can get neighborhood market reports from your Realtor® and look up crime statistics from a quick Google search. Even if you don’t have children it is important to find out what the schools are like in the area so when you go to sell your home it will be appealing for future home buyers.

Budget your travel.

Not only will you need to know your moving expenses but you will need to create a budget to view your future home at least once. I strongly recommend this, even though I have had a few clients that bypassed my advice and went through the process without ever seeing the home in person until after closing. The reason I recommend this is only because you really can’t get a feel of a neighborhood by pictures or video.

Narrow down what you really want.

To make it easier for yourself, it’s best to make a list of absolute “must haves” in your next home. After you have done your homework on location, price and size, you need to narrow down the list to things like, fenced in backyard, 2 car garage or open floor plan. This will make your choices more tailored to your specific needs and not have to sift through dozens of listings. Working with a local Realtor® is essential with this aspect of cross country home buying.

Overcoming Cross Country Home Buying.

For some home buyers the thought of buying across the country can be overwhelming. Even with all the technical advances, it does little to settle their nerves. Some folks have considered renting for a period of time to get a feel for the area, including traffic and convenience. If this approach appeals to you, please consider how much it will cost to store the items that won’t fit in your rental Also, be sure you fully understand the terms of any lease, including any penalties. Any deposits that are required must also be added to your budget.

Clearly, Internet home buying has become a new way of life for many. Even my 84 year old Aunt recently bought a home that she saw solely in videos and pictures, and never saw the actual house until she moved in!

In order to do this effectively, it is imperative to work with a Realtor® who has knowledge of the area, the ability to provide you with various visual displays, legal real estate expertise and one who will take the time to get you all the necessary information.

“Because YOU Matter”

Your Real Estate Whisperer

Kristina Smallhorn

Buying a newly built home in Prairieville? Here are 6 important things to know.

January 30, 2017

In Ascension Parish we sell a lot of new homes, The area has grown by leaps and bounds, especially in the last 10 years. Sometimes I forget how much it has grown until I get in my car to go shopping for groceries. Not too long ago, I would have to drive several miles just to get to a grocery store or a pharmacy. Now, we have much more convenience. It’s really become a convenient little town. No wonder why people are flocking here. We have affordable housing and fantastic public schools in addition to the convenience. As the result, home builders have been busy scooping up large parcels of land and building new homes like little worker bees. I can hardly keep up with all the new neighborhoods that have been popping up throughout the parish.

To give you an example, last year there were 973 homes sold in Prairieville alone! Of those 973 homes, 355 were new construction. These homes vary in price from the $160s to the high $400s.

So what do you need to know before buying a new home in Prairieville?

1. What is the builder offering?

Does the builder offer to pay closing costs? Do you have to use their preferred lender? Do you have to use their preferred title company? If you don’t use the preferred provider will you still get some kind of incentive like fencing, window blinds or upgraded carpeting?

Many larger builders do offer to pay your closing costs, sometimes as much as $5000, but with the caveat that you have to use their preferred lender and title company. I would strongly recommend shopping the lenders so you are getting the best deal in the long run. Sometimes when you see that they are “giving” you $5000 in closing costs, the preferred lender simply puts that money into your loan somewhere else.

2. What are the standard finishes?

We all get impressed when we walk through a model home. Its impeccably decorated and has all the bells and whistles! It’s easy for anyone to envision themselves living there. So its very important to ask what is standard and what is considered an upgrade. Finishes like rubbed oiled bronze, crown molding in all the bedrooms, and tiled showers might all be considered an upgrade, which could add significantly to the price of the house. Flooring is a very popular upgrade, and if you are wondering if this is a good upgrade investment, the market seems to suggest that it is. More and more people are asking for homes without any carpeting.

3. What is the neighborhood going to be like when its complete?

Has the builder bought the whole neighborhood? You need to know this because if the builder owns the entire development, the unsold lots will most likely be filled with similarly designed and priced houses, whereas if the development utilizes various builders, the construction may be significantly different both in architectural design

and cost. You need to be wary of anything that might devalue your home.

Is this a large builder that will be able to finish what they have started? What is the timeline for it to be built out? Not many people like living in a construction zone, as the sounds of noisy trucks, nail guns and other construction equipment can grate on your nerves, especially over long periods of time.

What are the amenities the neighborhood is offering?

When the neighborhood is finished it always nice to be able to be in an neighborhood that offers amenities for its residents like a manicured front entrance, play area for children and a community swimming pool.

4. Is there an HOA?

You’ll need to pay close attention to this, so be sure to get a copy of the rules and regulations PRIOR to your new home purchase. Some HOA’s are extremely strict with many limitations placed on the homeowner.You need to look them over to see if these rules and regulations are reasonable for you and your family.

For more information on HOA’s in Ascension Parish, visit this post;

https://yourrealestatewhisperer.com/2016/10/26/the-hoa-in-ascension-parish/

5. What kind of warranty does my home offer?

In the state of Louisiana your home is covered by The New Home Warranty Act, covering your home for several years on certain aspects like the foundation, plumbing and wiring. The link below will give you access to the details. No builder can opt out of this coverage.

To get a copy of the Louisiana New Home Warranty Act, Follow the link below

http://110title.com/the-louisiana-new-home-warranty-act-nhwa-the-basics/

6. Check References.

Google, and the Internet in general, have made it so easy for the home buyer to get good referral without having to take the builders nicely packaged referrals that are sitting in their lovely glossy new home packet! It’s not unheard of, to drive in a neighborhood and ask people what they think of their home and how the building process went. You can check Facebook to see if the builder has a business page with reviews. Also, ask your Realtor® what their experience with the builder has been in the past.

If you are considering building a new home, I have the name and number of several builders that I have worked with in the past. I know many bigger builders as well, so please, feel free to reach out to me to ask questions and get more information.. Looking forward to your call. 225-246-1812. Why, You ask……..

“Because YOU matter”

Your Real Estate Whisperer

Kristina Smallhorn

There is nothing SHORT about a Short-Sale.

January 2, 2017

The verbiage alone makes it sound simple and easy. I assure you that they are labor intensive transactions. Many people ask, when searching for a home and come across the listing that say’s “Short-Sale” what exactly it is. In the simplest terms in just means the sellers are going to sell the home for less than they owe to the lender. This sounds like a great buy for the presumed buyers of these homes, but here some things you should know about them from my personal experience as well as questions that should be answered before you dive into purchasing a short-sale home.

Has the short-sale been approved?

In our area of Ascension Parish we don’t see too many short-sales any longer since the housing bubble fizzled a bit in 2008-2009. Many agents who are not experienced with a short sale get a surprising education pretty quickly. If your sellers have to “short-sale” their home the sellers agent must fill out the proper paperwork with the sellers approval to speak with the lender about short selling the home. Comparable homes in the area must show the home is worth less than what is owed and the lender must “approve” the asking price for the home in its current condition. This can take weeks, even months.

If you find a “short-sale” make sure to ask if the home was “approved” for the asking price on the MLS.

You got an accepted offer from the sellers? Not a time to relax, not just yet….

Even though you have negotiated a price with the sellers, it still needs to be accepted by the lender. The seller’s agent has to put together a settlement statement to the lender that is then “approved” or “declined” by the bank. (I have even seen a lender turn down a full asking price short-sale). This approval can take weeks even months to come through. The agents working on this call, fax, email, and use sites to upload documents to make the sale go through.

Got acceptance from the sellers and lender, what now?

This is the time you want to do your inspections, and I STRONGLY suggest you hire a professional inspector. You are going to want to keep a running total of cost of repairs. In many cases the sellers are not in the position to make costly repairs or even minor ones so this is on you, the buyer. You really need to weigh out how much these things will cost you to do. Is the amount more than the reduction you got on the home? Then you may want to find another home.

Hurry up and wait!

You have sent everything 4 times to your agent that’s been required. The sellers have too but 10 times. What could possibly be taking so long? Nobody really knows why these take so long to get approved. The theory is that only one person at each lending institute is doing these short-sale approvals, and they get a 3 hour lunch and several paid days off. (sarcasm). Kidding aside, this can take several months to get the rubber stamp that its cleared to close.

The patient will prevail.

The process can be long and exhausting but you can really get a great home for way less than the comparable’s in the neighborhood. If you have patience you can win out. It’s important you have an agent that is informed of the process and can explain the up and downs as they come along during purchasing a short-sale. There are many other things that can happen during the waiting period for approvals. I just touched on a few of the big ones. I’d love to be the one to help you with your short-sale purchase, Why?

“Because YOU Matter”

Your Real Estate Whisperer

Home Inspection in Ascension Parish- What you need to know.

October 21, 2016

Home Inspection in Ascension Parish- What you need to know.

Anytime you purchase a home in Ascension Parish you have the right to get a home inspection. There is no “Pass or Fail” to a home inspection. It just helps the buyers make a clear, knowledgeable decision to what problems, if any, may be wrong with the home. Some sellers have a pre-inspection done on the home so they can know of any unseen problems and make the repairs prior to listing. I’d still strongly advise getting your own inspector to look over the home when you have your inspection time. I’m listing some things you should know about the inspection period of a signed purchase agreement.

Time Frame-

Most purchase offers state a ten day inspection period, but that time frame can be negotiated. During this time the buyers have the right to have the home inspected at their expense. This means they can hire or not hire anyone to go over the home to detect problems that may not be known to the seller.

Who gets to inspect the home?-

Like I said before, anyone can inspect the home for the buyers. A licensed inspector holds more weight than let’s say your cousin who does home improvements for a living. The buyer can also have a structural engineer inspect the foundation, have another inspector check for mold, and another to take soil samples for various reasons. They can hire whomever they want during this ten day period to look over the home. These inspections are always approved by the sellers to allow the buyers to do this prior to the appointment. They can’t just show up during this time unannounced.

Does the seller have to do all the items the inspectors find?

The best answer for this is NO! Inspectors can find major problems and not so major problems. An A/C not working properly is an issue for concern. Chipped paint from a weed whacker along the hardy board on the side of the house – not so major.

How long do the sellers and buyers have to respond to the request?

In the state of Louisiana they have 72 hours after receipt of inspection request to respond to the repair request. This time frame is for the sellers to make calls and get quotes for costs to them for the requested repairs. In turn the buyers’ get 72 hours to respond to the sellers’ response to the report. This means that if the seller chooses to only make half of the repairs requested, then the buyer has the same amount of time to get quotes and make decisions to the items that were declined from repair.

Do I still have to buy the home if the seller doesn’t want to make repairs?

Unless stated in the agreement prior, the buyer does not have to buy the home if the seller is unwilling or incapable of making repairs as long as the inspections were done within the time frame allotted for inspection.

Can the sellers negotiate the price if repairs aren’t going to be made?

Yes, the buyer can request, instead of the seller, to make the repairs so that either the sales price can be reduced or the buyer can receive closing costs. This part is something you can negotiate after you have determined the costs of the requested repairs.
Many things can and will happen during the inspection period. At a more recent inspection, I was in the kitchen as the inspector was checking the bathroom plumbing. As I sat, I began to feel water dripping on my head. I looked up, and the A/C drip pan was leaking from the ceiling. The inspection ended right there. The sellers had no idea that there was a problem, but the buyers didn’t want the home when they saw this. They thought the sellers were trying to dump their problems on an unsuspecting buyer. This wasn’t the case, but you can see how the buyers would feel like this.

It’s important for buyers to hire a professional inspector, since this example was more obvious than other problems that could come up. If you are concerned about issues with your home prior to listing you may want to consider a pre-inspection. I tell you all of this “Because YOU matter”

#yourrealestatewhisperer

What papers do I need to before I start a home search in Ascension Parish?

October 7, 2016

I was just on the phone with a potential client and they were kinda in a huff over what kind of papers they would need to bring to a lender when buying a home. It doesn’t matter if you are a first time home buyer or a seasoned one. You will always need these documents before beginning your home search so you know how to budget yourself for a home and how much you can afford.

I called my one of my favorite lenders in the area Ryan Larussa who works with GMFS lending to ask what forms his company requires. He was quick to respond with this.

GMFS loan application checklist-

Legible copy of drivers license
Pay-stubs covering the last 30 days
Past two years of employment history and human resources contact name with phone number of both the employer and the human resources department.
The past 2 years W2’s and 1040’s
Proof of Pension, Retirement, Annuity, VA, Social Security, etc. income
All Asset Statements with -ALL NUMBERED PAGES- most recent 2 months, This includes: Checking and Savings accounts, Stock, Bond and Mutual Fund Accounts, CD’s, IRA and 401K accounts. Also, your down payment/closing costs must be sourced Meaning it must be in the account of where it will be coming from for at least 2 months.
Current mortgage statements if you own a home currently and all property owed with insurance declaration pages and property taxes.
Any copies of Divorce Decrees and Child Support/Alimony Judgements.
******** Self Employed or commissioned borrowers are required to provide income tax returns for the P&L of the past two years and any other possible documents to prove income. Please discuss your situation directly with the lender prior to loan application and the lender will let you know what further information will be needed.
******** VA loans– will need to provide a copy of your most recent DD 214 and Certificate of Eligibility directly from the VA.

Even though this checklist is specific to GMFS lending, it really is good for any lender you are shopping to get the best idea of your specific loan needs. Have these documents ready before you speak to a lender and it will make the process SO much less stressful. Buying a home doesn’t have to be a hassle if you have the right people guiding your way.
“Because YOU matter”
#Yourrealestatewhisperer

Checklist: What you need your first night in your new home.

October 3, 2016

The first night in a new home is super exciting but also hectic. We tend to forget about the little things when the boxes start arriving that we will need. Here is a checklist of items that you should have with you as soon as you get the keys to your new home.

The Must Haves

Toilet paper
hand soap
toothpaste
tooth brushes
bedding
clean towels
clean clothes for the next day (just in case you can’t find your clothing boxes)

For the Kids

A full complete diaper bag
Sleep wear and a change of clothes
soft blankets and or sleeping bag
night-light
small amount of toys
coloring books and crayons
DVD portable for watching movies

FOOD!

Crackers and chip’s
Plastic utensils
Paper towels and napkins
Take out menu’s of local restaurants
Granola bars and breakfast type foods
A cooler full of ice
COFFEE Maker and all the items to make that magical brew. (coffee cups)
Any pet food, pet beds and chew toy for your fur babies
Bottled water

Thing’s you didn’t think of.

Hammer and picture nails
Trash bags
Kitchen scissors
Screwdrivers
Flash light
Chargers for all your devices you carry
Pen and paper
Sharpie markers (keep them from the kids, lol)
Checkbook
Important documents like birth certificates and social security cards.

These are just a few main things that I always carry with me when I move. Hopefully this will help from not having to run out as soon as you walk into you new home. Congratulations! It’s now time to celebrate.

“Because YOU matter”

#yourrealestatewhisperer