Real Estate SOULutions

When we think about a mortgage, the principle and interest are often all we consider. But there is much more that goes into a mortgage payment that you need to take into account. It is important to understand all the components of a mortgage payment to ensure that you are protected and can afford the monthly payment.       ·          Principle – The principle is the actual loan amount that you borrow from a lender. In the case of owner financing, it is the sale price of the property minus the down payment. A portion of each monthly payment that you make goes towards the principle.   In the beginning only a small portion of your payment goes towards the balance of your loan, while a majority goes towards the interest. Gradually, as time goes on, more of your monthly payment will be used to pay off the balance of your loan and less will go towards the interest. This is the standard way an amortization (or loan repayme...

It can be frustrating when you’re ready to sell your house and it’s taking longer then you expected. We compiled a list of some of the most common mistakes home sellers make that can cause a house to sit on the market for a long time.       1.        You Didn’t Have Your House Cleaned – If you can – hire a cleaner! You may keep your house clean, but having a professional come in and really get down and “dirty” can go a long way. If you can’t hire a cleaner, have a friend come and help you. They may spot some areas that need cleaned that you have passed over, like the smear on a refrigerator, or dust on cabinet doors. Steam clean any carpets and scrub your floors. Don’t neglect cleaning the outside of your house as well. Tidy up the yard and pressure wash your house.       2.        Your House is Cluttered – It can be somewhat challenging to sell your house when you’re still living in it. ...

Being a first-time home buyer can be both exciting and nerve-racking. Often it can seem overwhelming and you may not know the best place to start. We’ve listed some things to do before and during your home search, to help you along in the right direction.           1.        Know your budget – It is important to know what you can afford, so you can rule out homes that are outside of your budget. How much money does your household take in collectively? Make sure that you factor out ALL your expenses: car payments, bills, food, etc. You want to make sure that your monthly note is not going to be outside of your means.      2.        Save for a down payment – Whether going through the traditional route and getting a loan through a lender, or buying a home through seller financing; you are going to need to have saved up a down payment. How much you have for the down payment can...

On average, a home seller is likely to make at least three costly mistakes throughout the process of selling their home that will likely cost them thousands of dollars. We’ve put together a list of five of the mistakes we’ve seen most often to help you avoid them and show you how working with us takes all the worry of making any one of these expensive mistakes. 1.      Mis-Pricing Your Home: When selling your house do your research! It is so important to know your market and get to know the comps of similar homes currently on sale or recently sold. This will help you more accurately give you a realistic price for your own home. Make sure you stick with homes that are located close to you, with similar square footage, bedrooms and bathrooms. Don’t forget to factor in realtor commissions, closing costs, and the time it could take to sell your house. Working with us – we do all the leg work for you. Our due diligence includes evaluating what the market looks li...

There is often a fear of the unknown, or a hesitation to go down a path that you may not be accustomed to. That’s why we want to take the time today to give you 3 great things you can expect when working with a real estate investor. We also provided an example demonstrating these points from real deals that we’ve been a part of. 1.      Real Estate Investors are Understanding – Real estate investors are understanding of your unique situation. We’ve seen and worked with all kinds of people dealing with all kinds of circumstances. It’s never the same, and we will be sensitive to your individual needs throughout the entire process. EXAMPLE: We worked with a woman who was recently widowed and had fallen behind on her mortgage payments. She had lived in the house for the last 8 years and did not know where she would go if she had to leave. We worked it out by taking over her mortgage and allowing her to stay there and just pay rent until she was able to secure a n...

The true answer to this question is: it depends. Several factors such as where the house is located, the time of year you are trying to sell, and the appearance of your house – both inside and out can impact how fast your house sells, especially if you are selling through a realtor. These factors are much less of an issue when you work with a real estate investor selling for cash or terms directly to the buyer. Here’s a breakdown of the time it takes to sell under the three main options for selling your home. SELLING THROUGH A REALTOR This is generally the most time-consuming way to sell your house. Nationwide, on average a house will sit on the market for 70 days. Of course, as mentioned, this time frame can be dramatically changed based on factors both inside and outside of your control. You can not choose where your house is located – but it matters what state, city and even specific area of a city your house is in as to how long it can take to sell. What time of the year yo...

We’ve talked before about the benefits of owner financing from both the perspectives of a buyer and seller – but maybe you still want to know what exactly owner financing is – and what it entails. Owner financing put simply is a tool that can be used to purchase real estate when you can’t, or don’t want, to use a traditional mortgage or go through a real estate agent. Owner financing goes by many names including seller financing, owner carried financing, owner carryback or owner will carry. They all mean the same thing – the seller has agreed to accept installment payments directly from the buyer. Owner financing can be used by anyone and can be used to purchase any type of property – a single-family home, apartment building, or raw land. When it comes to owner financing, there are some terms you will want to know and understand: ·         DOWN PAYMENT – It is very unlikely that you will be able to work out an owner finance deal without a...