Today I was browsing through the world wide web and came across an article l found intriguing. It was mentioning the six most common mistakes home buyers make when thinking about and purchasing a home. Some made sense to me and others were a little shocking for me. They are:
First, knowing your credit score. Unfortunately, I had to agree with this misconception when it comes to buying a home. Home buyers need to know what their credit score is before they go out and shop for a mortgage. You are entitled each and every year for a free credit report from the three major bureaus. Get those copies and check to make sure the information is correct on them. If not, get it fixed. Then make sure that your revolving credit balance is at 30% or less. that will increase your score dramatically. In addition it will increase your buying power for a mortgage since debt to income ratio is the factor in the amount of money you can borrow. If you do not think it is important; consider that on a $200,000 home and increase in rate of only .4% increases your payment by $62.00 a month for a 30 year fixed rate mortgage.
Second, buying a car before a house. As I mentioned in the first point debt to income ratio is the sole factor in the amount of money you can borrow for a mortgage. So, if you go out and purchase a car that monthly payment will affect the total amount you can borrow. It also brings up a red flag if it is opened recently as it will lower your credit score for about 90 days and then slowly raise it again. But a $300.00 car payment affects the amount you can borrow by as much as $20,000. So that car payment could keep you from owning the home of your dreams.
Third, skimping on the home inspection. To many times home buyers are draining their bank accounts to buy that house. Without a thorough and good home inspection to inform them of the issues in the hosue they could start to see unexpected repair bills come up that they do not have budgeted to fix and cannot afford to have done. You need to know up front what, if anything is wrong with the home and negotiate what you can to get repaired on the home before you move in.
Fourth, no lawyer. Now in North Carolina we close with an attorney on our Real Estate transactions. But there are states that do not. In those states you may want to ensure your interests are protected by hiring an attorney. The belief is the agents and the mortgage broker want the deal to close no matter what because they do not get paid if it does not close. The attorney gets their money no matter what and they are more likely to protect your interests.
Fifth, no contingencies. Usually when you put an offer on a home the seller will ask for an earnest deposit. They will want from 1% to 3% of the sale price as an earnest deposit. If you back out of the deal and their are no contingencies to protect your interests you would lose your earnest deposit. if you have a reputable Realtor who is working for you and your best interests this should never happen. I take great pride in informing my clients of everything and protecting their investment against un foreseen instances.
Sixth, no budgeting for insurance. A lot of people mis calculate the cost of home owner insurance. The costs can be high if you are located in a flood zone, or a hurricane area. So, you should do your homework before you go out and look and make sure you have an idea of what the home owners insurance is going to be. Unfortunately, I see it all to often that they have not even considered the cost fo that when they are figuring out how much of a home they can afford.
These are the most common mistakes CNN money found in a study that home buyers make when purchasing a home. so please do your home work in advance and make sure you are represented by a realtor who is sincerely looking out for your best interests.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Wednesday, April 21, 2010
Tuesday, April 20, 2010
Charlotte Area Realtors Giving Back to Community
This Friday, April 23, 2010 I will join a group of about 600 plus Realtors who are turning in their blackberry for toolbox. We are celebrating our second annual Realtor Care Day.
This is an annual event where we as Realotrs do an all day home repair on select homes throughout Charlotte who are in need of major maintenance repairs to their homes and cannot afford to have the repairs done.
Equipped with hammers and nails, and armed with a passion to give back, Realtor® crews will replace and repair roofs and gutters, paint entire exteriors of homes, and undertake a host of exterior repairs for more than 30 homeowners identified as those in need by regional Habitat for Humanity chapters and the City of Charlotte Neighborhood and Business Services.
Every day, I and my fellow Realtors help families make the American dream a reality. As a family we will come together to give back to the same people we help each and every day. As professionals we strive each and every day to help make families realize their dreams. These dreams in the Charlotte area should not be a burden to a family but a joy.
A lot of times do to no fault of their own; people suffer hardships finacially and/or physically to perform the basic maintenace needed to provide a safe and habitable place for their family. So, this is one way myself and 600 plus fellow Realtors respond each year to make a difference in the lives of 30 homeowners.
So, if you are in Charlotte area on friday and see a bunch of suits out repairing a roof, fixing gutters or painting a house stop by and say hi or beep your horn as you drive by....and remeber we all can help make a difference in the lives of people.
Dave diCecco
Realtor/Broker
www.davedicecco.com
This is an annual event where we as Realotrs do an all day home repair on select homes throughout Charlotte who are in need of major maintenance repairs to their homes and cannot afford to have the repairs done.
Equipped with hammers and nails, and armed with a passion to give back, Realtor® crews will replace and repair roofs and gutters, paint entire exteriors of homes, and undertake a host of exterior repairs for more than 30 homeowners identified as those in need by regional Habitat for Humanity chapters and the City of Charlotte Neighborhood and Business Services.
Every day, I and my fellow Realtors help families make the American dream a reality. As a family we will come together to give back to the same people we help each and every day. As professionals we strive each and every day to help make families realize their dreams. These dreams in the Charlotte area should not be a burden to a family but a joy.
A lot of times do to no fault of their own; people suffer hardships finacially and/or physically to perform the basic maintenace needed to provide a safe and habitable place for their family. So, this is one way myself and 600 plus fellow Realtors respond each year to make a difference in the lives of 30 homeowners.
So, if you are in Charlotte area on friday and see a bunch of suits out repairing a roof, fixing gutters or painting a house stop by and say hi or beep your horn as you drive by....and remeber we all can help make a difference in the lives of people.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Monday, April 19, 2010
Matthews north Carolina to Hold Earth Day Initative
As a Realtor we always are looking for new homes or land that can be developed upon. It is the nature of our business. But there are times when a town and a community steps up to make the earth we live in more eco-friendly.
Matthews North Carolina is one of those little towns. This Saturday April 24 they will be holding the fourth annual earth day initiative. A great way to get rid of some items you do not need or use anymore and recycle them for future generations while saving some of oour earth's natural resources.
On Saturday April 24, 2010 from 10-1 the town of Matthews in cooperation with the Habitat for Humanity and the Wildlife Keepers will be holding a recylcing party. This will be held at Stumpton Park. It is located just past Matthews Elementary school on trade street. You can bring your unwanted cell phones, aluminum pull tabs, computers, ink cartridges, eye glasses, hard plastic caps, egg cartons, corks, wire coat hangers and miscellaneous computer parts. What cannot be reused will be properly disposed of instead of being dumped into our landfills.
The town will also have a variety of booths there to help educate us on how we can make the earth a cleaner and more environmentally safe place for our children and grandchildren. There will be food and live music as well. So, bring out the family and help make a difference in making the earth a safer and greener place for all.
Dave diCecco
Realtor/Broker
www.davedicecco.com
Matthews North Carolina is one of those little towns. This Saturday April 24 they will be holding the fourth annual earth day initiative. A great way to get rid of some items you do not need or use anymore and recycle them for future generations while saving some of oour earth's natural resources.
On Saturday April 24, 2010 from 10-1 the town of Matthews in cooperation with the Habitat for Humanity and the Wildlife Keepers will be holding a recylcing party. This will be held at Stumpton Park. It is located just past Matthews Elementary school on trade street. You can bring your unwanted cell phones, aluminum pull tabs, computers, ink cartridges, eye glasses, hard plastic caps, egg cartons, corks, wire coat hangers and miscellaneous computer parts. What cannot be reused will be properly disposed of instead of being dumped into our landfills.
The town will also have a variety of booths there to help educate us on how we can make the earth a cleaner and more environmentally safe place for our children and grandchildren. There will be food and live music as well. So, bring out the family and help make a difference in making the earth a safer and greener place for all.
Dave diCecco
Realtor/Broker
www.davedicecco.com
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