Real Estate Information Archive

The home inspection is a crucial part of the buying process. If you have ever brought or sold a house, then you are probably well versed in what a home inspection is and how/why they are conducted. On the other hand, if you are a first-time home buyer, this may be your first time hearing the phrase. And that is where we come in! Whether you are a real estate aficionado and just need a refresher, or you are a newbie trying to understand the lingo, today’s blog post is going to break down everything you need to know about the home inspection process. 

What is a home inspection? As mentioned above, the home inspection is a crucial part of the home buying process and is designed to protect the buyer in the sale. To put it simply, a home inspection is a ‘non-invasive’ examination of the property where a licensed home inspector will review the house for mechanical, structural and/or electrical defects. This will give the buyer a more comprehensive overview of the home, which helps to ensure there are minimal surprises when they take control of the property. 

When does a home inspection usually take place? Typically, the home inspection will be conducted a short time after the seller accepts the offer from the buyer. 

Is a home inspection required by law? The short answer is no, home inspections are not required to be performed. But they are worth the money as it acts as a protection of the investment, as well as gives the buyer peace of mind regarding the true shape and condition of the house.  

What will the home inspector be looking for in the home? The inspector will be looking for any issues/problems that have to do with the home’s electrical system, plumbing, heating and cooling system, foundation, windows and doors, roof and more. 

What do I need to do to prepare for a home inspection? If you are in the process of selling your home or are thinking of selling your home in the future, we have listed three simple steps to help you prepare for a home inspection. First, about a month prior to the inspection, you should ensure all the paperwork is in order and start addressing the repairs you think need attention (these will be things you believe will be red flags to the inspector). Second, about a week before the inspection, you should start removing clutter and/or anything you feel may interfere with the inspector. Lastly, our third tip for you is to ensure the house is clean, light bulbs have been replaced and everyone (including pets) are removed from the home the day of the inspection. 

There is no denying the endless entertainment, activities and adventures that our beautiful city of Omaha, NE offers its residents and guests of the area. But when looking to buy a house, there are a few neighborhood amenities and other items you will want to look into to ensure that specific area is right for you and your family. We have listed below a few of these below in hopes that you will feel better prepared and that fewer surprises will pop up when going to buy a home!

-The first thing we are going to be discussing today are schools. If you have children, this item should be in the top few things to look into to ensure that the schools in your area where you want to send your kids. And even if you don’t have kids at the moment, but are planning to grow your family in the future, this is also crucial for you to research. This factor could end up being a make or break item for some families, so doing your research off the bat is always a good idea. 

-Next are things such as banks, grocery stores, shopping plazas, etc. To some people, having these conveniences located within a five-mile radius is a huge deal, so making sure to see what stores and amenities you have directly around you is a must.

-Public Parks and playground are another item that some people may want to look into. If you love exercising, or just simply being outdoors, you may want to research parks and outdoor spaces that are in close proximity to your potential neighborhood. 

-Lastly, local entertainment options such as movie theatres, bowling alleys and restaurants are another item to keep in mind when looking for your ideal neighborhood to settle into. Getting the lowdown on these places and how far they would be located from you can help to gauge your interest in a specific area. 

Homeowners Associations (HOA’s) – many people love them, many people are not a fan. But before you decide which side of the line you stand on, let’s first discuss some details about what an HOA is and a few of the pros and cons surrounding living in a development with one. Let’s dive right in! 

What is an HOA? | 
An HOA is an organization within a planned community, condominium or subdivision that is in charge of creating and enforcing rules and regulations for the properties that reside within its jurisdiction. 

Pros of an HOA |
-The first pro we are going to discuss is amenities. Did you know that HOA’s typically offer and manage community amenities such as tennis courts, pools, parks and community centers? All of which are assessable to community members. 

-Another pro is that HOA’s typically handle community maintenance such as landscaping, snow removal and upkeeping the private roads within the community.  

-HOA’s are also responsible for making sure all members abide by the set standard of appearance for their homes. This ensures that your pesky neighbor can’t paint their house bright pink or have an unruly, overgrown lawn. 

-Being part of an HOA ensures that the neighborhood appears clean and neat, not only making your home more appealing to potential homebuyers, but also possibly increasing the value of your home. 

-Lastly, it is always nice to have an HOA to step in on your behalf if any issue were to arise between you and a neighbor. While we always have the best of intentions when it comes to conflict, the truth is, things happen. And turning things over to your HOA to resolve makes it much easier for both parties involved. 

Cons of an HOA |
-One of the most obvious downsides of an HOA is the cost, which varies based on things such as property and amenities provided.

-Another potential con of an HOA is the unexpected fines and fees that can arise. That is why it is always helpful to fully understand what is expected as you, the homeowner, in order to avoid being penalized. 

-Lastly, as with many things in life, there is always the chance that things can get political and in turn be frustrating for some of the members involved. 

Choosing the best home and neighborhood for your needs is of utmost importance to our team.  Please contact us with any questions you may have and check back to view our blog weekly for great home buying and selling tips!

If you are looking to move into a new neighborhood you understand what an exciting and fun time it can be for you and your family. A fresh chapter brings new experiences, exciting adventures and endless memories that will stay with you forever. But along with all the exciting things also come aspects that you want to be sure to look into before making the big move. Below we have listed a few things that you want to make sure to look into while you begin your search for your new home. We hope this brings you some insight and helps make the journey a little easier and sweater for you!

One thing you will want to make sure to check out are the local conveniences such as the nearest grocery store, bank, and specialty stores. Make a mental note of places you visit frequently and map where they are in relation to your desired neighborhood. This may not seem like a big factor to take into consideration when moving, but you will find it will make a huge impact on your day to day life. Another thing to look into are places such as hospitals, doctors’ offices and pharmacies so you know how quickly you can access these locations in the event of an emergency. If you want peace of mind knowing you have a hospital up the road then you may not want to fall in love with a neighborhood that is far from one.

If you have children, which school district you fall into may be a high priority for you and your family. You want to look at things such as where the district falls in terms of academics and teacher ratings, as well as athletic programs. And lastly, you want to be sure to check out how far you are from local entertainment and restaurants. If you want to be able to bring your children to a local park before dinner time or have a quick date night with your husband/wife on Friday nights, then you want to ensure that you are situated in an area that has these conveniences nearby.

We understand that buying a home can be a very exciting time! As your mind wanders from room to room, you think of what décor you will use, what paint colors will dance on the walls and what colorful plants you will line the front walkway with. But understanding the structure and how well the home was maintained and built is also very important as it can help alleviate potential costly repairs in the future. Below we have listed a few items to watch out for, especially if you are a first-time home buyer, that can serve as warning signs for potential issues. 

Roof:
-Singles that are cracked, missing, curled or warped 
-Substantial wear and tear
-Materials that do not match

Plumbing:
-Leaking faucets
-A terrible odor
-Low water pressure
-Water stains that appear around the tub, toilet or under sinks

Foundation: 
-Any cracks that appear in the sidewalks, driveway or walls
-Doors inside the home that have large gaps at the top or jam up
-Crooked windows and doorways
-Unleveled floors 

Electrical:
-Visible signs of electrical tape
-Lights that flicker when turned on
-Exposed wires

So the time has finally come to start the search for your first home. Your mind starts racing as you begin thinking of the style you like, the finishes you want, and how you will decorate to turn the house into your very own home. What an exciting time! As you begin your search, we wanted to leave you with a few tips and tricks that we hope will prove to be helpful during a time that can seem a little overwhelming. Enjoy! 

-Do your homework: It is very easy for your excitement to take over as you jump into the search for your first home. But it is very important to take the time to do your homework and see what are must haves and what you can live without. This will help you organize your thoughts and stay focused during your search. 

-Start shopping: After you do your homework, you will have a better idea of exactly what you are looking for and can start looking online for house information and listings. 

-Find a good agent: We can’t stress this step enough. Especially for first time home buyers, the process of buying a house can be a little stressful and overwhelming at first. You want to make sure you find an agent that not only takes the time to understand exactly what you want and is experienced, but one that is also going to be by your side and fight for your best interests during the entire process.

-Choose and lender and pick a loan: This is something you will want to also do a lot of homework on and find the right lender and mortgage that is right for you. 

-Go look around: While the World Wide Web is filled with information, nothing can trump actually going to open houses, walking the properties and seeing homes in person. 

-Make an offer: Once you find your dream home, you and your agent will craft an offer that works for you and spells out items such as price, contingencies and closing dates. 

As you start your home buying journey, as exciting as the process is, we understand the confusion and stress that can arise from certain situations and steps that need to be done along the way. You may have new words and phrases thrown at you that you may want to skip over and not pay too much attention to, but at the end of the day it is so important to equip yourself with all the knowledge you possibly can. Two terms you may run across on your home buying journey are pre-qualified and pre-approved. And while the two terms sound similar, there are some pretty significant differences that we believe are crucial for you to understand and for us to touch on in today’s blog post.   

One of the first steps that home buyers will go through in the mortgage process is to get pre-qualified, which can typically be done over the phone or online. This step essentially is when you provide your lender with an overview of your financial picture, including things such as incomes, debts and assets. After evaluating all the information, the lender will then provide an estimate of the mortgage that you may qualify for. We want you to note that the pre-qualification process will not incorporate your credit report and is not a complete look at your ability to purchase the home you may have your eye on. It is simply a process that can give you an idea of potentially what you may be approved for.

On the other hand, the pre-approval process is a little more in depth and and can be much more of an involved process. Instead of just a financial overview as in the pre-qualification process, the pre-approval process will require the home buyer to complete an official mortgage application, as well as provide things such as bank statements and credit reports. After a thorough assessment is made, the lender will be able to give an exact mortgage amount that the buyer is approved for. It is important to note here that being pre-approved will give the seller more confidence in you as a suitable buyer because you will be able to attain financing in order to purchase the home, therefore making the buying process a little smoother – and lets face it, that is always a good thing!

Image this: you found your perfect home, made an offer and have come to find out the seller has accepted. What an exciting time! You completed the next step of signing the contract, as well as paid the deposit. And while you are floating on cloud nine, you are approached with some less than exiting news – you find out from the appraiser that the house is worth less than what you offered and the bank will not grant you a mortgage. We know this may seem like a huge set back, but there is something that can protect you if a situation like this arises. It is called can appraisal contingency and we are going to be covering the basics on what it is and how it can help you!

Now, you may be asking yourself what a contingency is and how does it relate to real estate. A contingency is a condition (or conditions) that must be satisfied in order for a real estate contract to become legally binding. The three most common contingencies found in real estate contracts include a finance contingency, an inspection contingency and an appraisal contingency. The deal is off and you are eligible for a refund of your deposit if these conditions are not fulfilled within a set and agreed upon time frame.

Next, lets break down how the appraisal contingency works. A licensed appraiser will typically be hired through your bank, and their job is to conclude what the fair market price of the home should be based on things such as location, similar comps in the area and the condition of the home. Now to keep things simple, lets use an example. Let’s say that the home you want to purchase is $400,000 with a $40,000 down payment and a $360,000 mortgage. Let’s also say that the home is appraised at $350,000 and since the bank will only loan you that amount, you are left $10,000 short. Enter the appraisal contingency stage left. Now if the seller does not agree to lower the price to make up the difference, you are allowed to walk away from the deal and get your deposit back, all thanks to the appraisal contingency. And while the finance contingency has the potential to cover similar risks as the appraisal contingency, it is important to have everything spelled out clearly in your contract to help ensure you are covered from all angels. 

When you think of a property in foreclosure, what do you think of? Long wait times? Extra paperwork? A hassle? While some of these aspects of a foreclosed home can be true, there are also many incredible benefits to buying one of these properties that we are going to explore in this post. We hope it opens your eyes to the possibilities these properties have in Omaha and how they can be a great investment for you and your family.

One of the main benefits to purchasing a foreclosure is the potential to purchase the home at a lower price. Because most of these properties are bank owned, they are wanting to get them off their books as soon as possible. This leaves a great opportunity for you to come in to bid and purchase the home at a lower price, and if successful, will also lead to a lower mortgage payment each month. This leads in to our next benefit of a foreclosure, and that is the potential equity the home can accumulate by buying at a lower price. If you do any upgrades or repairs, this can drastically increase the value of the home and therefore more money in your pocket if you look to sell the house in the future.

Another benefit of a foreclosure is the opportunity to customize the home to your preference and taste. Many foreclosure homes have been vacant for a little time before the next owners move in, and therefore may need a little TLC. Repairs and upgrades are great to invest in, especially if you are able to purchase the home at a lower price, while also allowing you a little creative freedom to be able to put your own twist on the home.