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What Does it Mean if a Listing is Contingent?

In For Buyers, For Renters by jesslynmoir

Shopping for a new home can be a long and draining process, especially when you keep running into terms you don’t recognize. Like what does a contingent listing mean? Should your offer be contingent? Let’s explore what this standard realty term means. If a home listing has a contingent offer status, it means a buyer has made an offer and the seller has accepted. The sale, however, won’t be finalized until certain criteria are met. In this situation, the parties can negotiate whether the home will still available for showings, as the seller may want entertain backup offers until the …

June Market Updates

In For Buyers, For FSBO, For Renters, For Sellers, Market Updates by jesslynmoir

When you are thinking of buying or selling a home in Frederickburg, VA or the surrounding areas, it’s important for you to have a good grasp on the housing market in your zipcode, or even your subdivision! Every month our Market Stats are updated with the previous month’s information. We provide a select amount of information, however you can download the month’s full report to see all the data available. Additionally, we would love to make personalized reports available to you – if you would like information on your subdivision or zipcode prior to thinking of buying or selling your home, …

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Post Ratification: The 2 Most Important Steps

In For Buyers, For Renters by jesslynmoir

Congratulations! You’ve found a home, put in an offer, and it’s been accepted. All parties have agreed to the terms and your contract is ratified. Here are two of the most important steps that you need to take to ensure your home purchase is successful: Get a home inspection Once you’re in the negotiation process, it’s essential that you get a third-party inspector to run a thorough home inspection. The inspector will be looking for major structural issues, including problems with the foundation, plumbing, and electrical systems. Your inspector should be extra picky, pointing out the most minor faults. Make …

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How to Buy a Home: Tips and Tricks from Real Estate Insiders

In For Buyers, For Renters by jesslynmoir

No matter if you’re in a buyer’s or seller’s market, there are a few critical steps you can take to make a smarter purchase. Since buying a home is likely the biggest single investment you will ever make, being prepared will help you make a better purchase. Here are our best tips to buying a home. Know your buying power What is your buying power? It is the combination of your credit-worthiness and how much you can realistically pay for a home. First, you need to understand the hidden costs of buying a home. You will need to save not …

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Find and Correct mistakes on your credit report

In For Buyers, For Renters by jesslynmoir

How common are credit report mistakes? Inaccuracies are rampant. In a 2012 study by the Federal Trade Commission, one in five people identified at least one error on their credit report. In their 2015 follow-up study, almost 70% thought that at least one piece of previously disputed information was still inaccurate. Go through each section of your report systematically, and take notes about anything that needs to be corrected. Your personal information Start with the basics: often overlooked, one small incorrect personal detail like an incorrect address can accidently lower your score. So, before you look at any other part …

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Get Your Credit Score in Shape Before Buying a Home

In For Buyers, For Renters by jesslynmoir

How strong is your credit? Cleaning up your credit is essential before you make any major financial moves. Having a bad score can hurt your chances of being able to open a credit card, apply for a loan, purchase a car, or rent an apartment. It is especially important to have clean credit before you try to buy a home. With a less-than-great score, you may not get pre-approved for a mortgage. If you can’t get a mortgage, you may only be able to buy a home if you can make an all-cash offer. Or if you do get pre-approval, …

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One More Time… You Do Not Need 20% Down To Buy NOW

In For Buyers, For Renters by jesslynmoir

A survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today’s housing market. The study pointed out two major misconceptions that we want to address today.  Are you looking to purchase one of the homes for sale in Fredericksburg, VA? Here’s How: 1. Down Payment The survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of …

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You Can Save for a Down Payment Faster Than You Think

In For Buyers, For Renters by jesslynmoir

In a study conducted by Builder.com, researchers determined that nationwide, it would take “nearly eight years” for a first-time buyer to save enough for a down payment on their dream home. Did You Know, There are a Large Number of Homes for Sale in the 22405 Area? Depending on where you live, median rents, incomes and home prices all vary. By determining the percentage of income a renter spends on housing in each state, and the amount needed for a 10% down payment, they were able to establish how long (in years) it would take for an average resident to …