Have You Done a Home Inventory?

How old is your bedroom furniture and what did you pay for it?  Don’t know?  That’s okay, let’s try an easier question.  When did you buy the TV in your family room and is it a plasma, LCD or a LED?
Whether you are the victim of a burglary, a fire or a tornado, most people are comforted they have insurance to cover the losses.  However, unless you’ve filed a claim, you may not be familiar with the procedures.
The adjustor will want to know the date and how the loss occurred.  Assuming you have contents coverage, the claim for personal belongings is separate from damage to the home.
You’ll be asked to provide proof of purchase, like receipts or cancelled checks, or a current inventory.  If they’re not available, you can reconstruct an inventory from memory.  The challenge is trying to remember things you may not have used for years and may not miss for years more.
Relying on memory can be a very expensive alternative.  A prudent homeowner will create a home inventory with pictures or videos while all of their belongings are in the home and they can see them.
Download a home inventory to make your project a little easier.

Reduce the Risk of Higher Rates

Lenders, like any business, have to make a profit.  The cost of acquiring the funds, the operating costs to service and the expected profit margin are easily identified.  The variable in pricing is the type of mortgage and the credit worthiness of the borrower. 

A loan with a 3.5% down payment is riskier than a loan with 20% down payment.  If the lender has to take the property back to recover their expense, the margin is greater between what is owed and what the property is worth on an 80% mortgage. 

Credit scoring is a risk-based pricing method that allows a lender to be competitive in the market for the best loans from different borrower groups.  Individual lenders set their own levels for what they consider “A” credit which is reserved for the best rates.  If good credit is approximately 710 to 740, scores below that are considered higher risk and will have higher rates.

Risk must be assessed for both the borrower and the property that collateralizes the loan.  The borrower’s credit history and income stability are strongly evaluated by the lender but if a default should occur, the property must secure the loan to avoid a loss to the lender. 

The challenge for some buyers is they are unaware of what their credit score is and how it will affect the interest rate offered by the lender.  It is to the buyer’s advantage to be pre-approved by a reputable lender prior to starting the process of looking for a home.  In some cases, the lender can actually improve the borrower’s credit score to help them qualify for a lower interest rate.

Contact me for a recommendation of a trusted mortgage professional - kexcell@triplettcompanies.com

Are You a Serious Buyer?

Inventory is dramatically shrinking and it is commonplace in many markets to have multiple offers on a home. While the sellers would prefer to be able to choose the best offer for them, it can be incredibly frustrating for the buyers who might consider the following tips to get their offer accepted. 

1. Remove the uncertainty that you may not be approved for a mortgage by having a pre-approval letter from your mortgage company.
2. Show your sincerity by increasing the normal amount of earnest money customary for the area and price of the home. The earnest money will be applied toward your down payment and closing costs. Consider placing even more money in escrow when the contingencies have been met.
3. Specify a closing date in the contract but acknowledge that you can be flexible to accommodate the sellers moving date. If it becomes an issue, it still must be mutually agreed upon.
4. Make the contingency periods shorter if possible to make the seller feel that they’ll know sooner that the offer is solid.
5. If the contingency really isn’t important to you, leave it out of the offer. The more contingencies included in a contract, the more the seller will feel might happen to keep it from actually closing.
6. Write a personal note to the seller explaining why you like and want their home. Consider including a picture of your family and pets.
7. Physically sign the offer with a felt tip pen of contrasting color. You’d be surprised how this adds a personal touch to the offer.

Offer a fair price for the property in your initial purchase agreement. It shows sincerity and good faith that you’re actually trying to purchase the home and not trying to take advantage of the seller. The old adage that you can always go up later may never happen if there are multiple offers on the property in the beginning.

American Dream

It's estimated that 10% of the homes sold in 2013 will be to buyers who lost a home in the past five years. Approximately 500,000 buyers who may have thought they wouldn't own a home anytime in the near future will be homeowners again.
It's estimated that several million of these previous homeowners will purchase again in the next eight years. This kind of activity will contribute significantly to the housing recovery.
Some people thought that the housing crisis would cause a shift in values placed on owning a home but the boomerang buyers definitely don't support that theory. Having a home of your own, where you can raise your family, share with your friends and feel safe and secure is still part of the American Dream.
The rising rents, increasing prices and low, low mortgage rates are also influencing buyers into the market. In many cases, it is cheaper to own that to rent.
All new buyers, including those who have experienced foreclosures or bankruptcies, must have good credit history and the ability to repay the loan. It just may not take as long to reestablish the credit as some would-be buyers might have thought.
Read more about Bidding Wars This Spring, Spring's Wild Card and Boomerang Buyers.

Keeping Your Resolutions?

After spending the holidays with family and friends, this is a time of the year to start thinking about changes to make in our lives, both personal and in business. We wanted to share one of ours with you.
Our goal is to become your REALTOR® for life. We want you to think of us first when you need to buy or sell and that you’ll recommend us to your friends too. That kind of trust has to be earned and we’re committed to helping you be a better homeowner even when you’re not buying or selling.
The strategy is simple. A well-informed homeowner will make better decisions. We’ll periodically offer information through articles and social media on a wide variety of home-related topics like maintenance tips, tax law changes, financing suggestions, insurance, equity building strategies, and rental property investments.
Please contact us if you need a recommendation on a service provider. Our experience has built a list of reputable and reasonable contractors that you can rely upon. When you have any kind of home-related questions, I hope you’ll have the confidence to call us.
Happy New Year. We sincerely look forward to helping you or your friends.

Moving Checklist!

Apartment Guide Moving Checklist

Posted on August 24, 2012 by sharper

Moving can be overwhelming. No matter how much time you allow, it’s hard to keep track of everything. This moving checklist will help you reduce stress, keep track of loose ends and stay calm, cool and collected while moving into your new place.
If your moving timetable is shorter than the one in this checklist, don’t panic! Just use this list as a guideline to keep you on track and adjust the weeks to match your timeline.
Start your apartment search today!
Six to eight weeks before your move

• Set up a moving file or notebook to keep all of your moving information in one place.
• Make a moving decision. Will you hire a moving company or move yourself?
• If you are hiring a moving service, research and hire a moving company.
• If you are making a long-distance move, check to see if there are any special considerations you need to make, such as arranging for auto shipping.
• Calculate the costs of your move and set up a moving budget.
• Do some research on the area you will be moving to and research local schools and community resources.
• Check your current apartment lease to see how much notice you need to give to move out.
• Find out if your move is tax deductible.
• Finalize move-in details with your new apartment. Ask if there are any move-in regulations or special parking arrangements you have to make for moving day.
• Find new care providers for you and your family (doctors, child care, etc.). Transfer any school or medical records.
• Contact your insurance company to arrange for renter’s insurance at your new apartment and set a date to cancel your current policy after you move out.
• Make a list of who to notify about your move and when. This list should include friends, creditors, doctors, schools, your current and former employers, and any church or professional organizations to which you belong.
• Start gathering moving supplies and moving boxes.
• Start thinking about how you will arrange your furniture in your new floor plan.
• Give notice to your current apartment.

Four to five weeks before your move

• Make a list of valuables and items that you will have to make special moving arrangements for.
• Begin packing your belongings starting with the items you use less frequently.
• Donate or throw away items you don’t need.
• Start using up household items, such as frozen food or detergent, that you will not want to move.
• Hire movers or arrange to rent a moving truck for your move.
• Cancel or transfer magazine and newspaper subscriptions.
• File a change of address form with the United States Postal Service.
• Call your utility providers and make arrangements to have your utilities canceled after you move out. Utilities to cancel may include phone, power, water and cable/satellite.
• Talk to your employer to make sure you can get your moving day off of work.
• If you are moving to another state make travel arrangements for you, your family or your pets.
• If you are moving in-state or in town, make arrangements for someone to watch your children and pets on moving day.
• Get your driver’s license and car tags updated as required. Most states have online DMV guides explaining the rules. For an in-state move, you may be allowed to update your address online.
• Call your bank and credit card companies and ask about the process of changing or moving your accounts.
• Close any accounts you will not be transferring (savings, checking, safe deposit boxes, p.o. boxes, etc.)
• Arrange for temporary storage of items if need be.

Two to three weeks before your move

• Check with your moving company or truck rental company to determine what you can’t move. Make special moving arrangements for these items.
• Return any library books and collect any items out for repair or cleaning.
• Make a meal plan that allows you to use up food in your refrigerator, freezer or pantry.
• Review your lease agreement to see what kind of cleaning is necessary when you move out.
• Set up your utilities at your new apartment. Utilities to set up may include phone, power, water and cable/satellite.

The week of your move

• Confirm your travel and pet/childcare plans.
• Confirm appointments with cable or Internet services.
• Order new checks with your new address.
• Clean your apartment and prepare it for the check-out process.
• Confirm moving day details with your moving company or truck rental company.
• Withdraw any cash you will need to pay movers and get through travel to your new apartment.
• Make a box of cleaning supplies to keep handy if your new apartment needs cleaning.
• Pack the essentials you will need shortly after you move in a Priority Box.
• Pack the clothes, toiletries and personal items you will need in the days following your move in suitcases.
• Arrange and conduct your apartment check-out walk-through. It’s important to be present at the check-out walk-through to discuss any issues and make arrangements regarding your security deposit.

Moving Day — Leaving your old place

• Finish any last minute packing, remembering to put any items you will need right away in your Priority Box.
• Perform any last minute cleaning, and take out the trash.
• Print out directions to your new home for you and anyone helping you move. Also, have a map in case you need to change routes.
• If you are using professional movers, confirm payment method. Some moving companies prefer to be paid in cash on the day of the move, while other companies accept checks or credit cards.
• Set out water or cold beverages for you and those helping you move.
• Have someone watch your children or pets during your move, or designate a special area of your residence where they can stay during the move.
• Set aside any boxes/items that require special care and might need to be moved separately in a car. It is also a good idea to move any personal bags, suitcases, and your Priority Box separately so you can get to any items you might need immediately.
• If you are moving out of an apartment, talk to your apartment manager to see if you can reserve a space for your moving truck.
• If you are moving yourself, pick up your moving truck and any moving accessories. Inspect the truck to make sure it is in good condition and that you have all the accessories you need. Make sure to pay attention to all the conditions you have to meet before you return the truck.
• If you are moving yourself, load your rental truck carefully. Load the items you will need right away last so they can be unloaded first.
• If you are using a moving company, give the movers any special moving/handling instructions. Review and sign any paperwork when your movers arrive. Make sure that you understand what you’re signing and ask questions if you need to.
• Trade contact information with the movers so you can get in touch should something happen during transit.
• Do a final check of your old residence making sure you aren’t leaving anything behind.
• Turn off all lights, and turn off the thermostat.
• Make sure that all doors and windows are locked.
• If you are leaving an apartment, sign any final paperwork, perform any necessary final walkthroughs and turn over your key. Get a copy of any final paperwork for your records. Make sure to give your former management company your new address so they know where to send your security deposit.

Moving Day — Moving into your new apartment

• Make sure you arrive at your new apartment before your moving van.
• Check in with your apartment manager to perform an apartment walkthrough and get your apartment key, if you have not done so already. If you have made any special move-in arrangements, confirm those details with your apartment manager.
• Check to make sure the necessary utilities have been hooked up.
• If you are moving yourself, unload your belongings off your moving truck.
• If you are using a moving company, take note of items as they are unloaded to make sure nothing was damaged in transit. Once all of your belongings have been unloaded, read and sign any final paperwork (inventory, bill of lading, etc.) Keep a copy for your records.
• Pay and tip your movers.
• If you are moving yourself, perform any necessary tasks before returning your rental truck.
• Unpack your priority box and set up any furniture you will want to use that day, such as beds, chairs, etc.

Also, check out these articles for tips on what to do during the the first days after your move, advice on unpacking and more!

Source:  http://www.apartmentguide.com/blog/apartment-guide-moving-checklist/?WT.mc_id=33448