Buying a Home

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Schneider Real Estate

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Real estate attorneys add another layer of protection when you are buying or selling a property.

February 21st, 2012

Most always your real estate transaction goes smoothly, but sometimes there’s a glitch, especially when buying foreclosures and short sales. You need a supportive team behind you, including a real estate attorney to check out all legal issues, especially if you are a first-time buyer.

I’ve found that my friend Lorna Frahm has been exceptionally helpful for my buyers and sellers. When you need an attorney for real estate transactions, it’s so important to hire one who knows real estate language and the local real estate community. Lorna has those qualifications and more.

What are the responsibilities for a real estate attorney? In a real estate transaction, you’ll be presented with a mountain of papers and documents. Your real estate attorney evaluates those documents to complete your transaction, including the title, deed, closing statements, the bill of sale and your mortgage terms.

While other members your team also help with these documents, your attorney, with her legal expertise, can solidify the information to make sure your title is clear, the disclosures are accurate and the closing statements are acceptable.

She will also represent you at the closing. Purchasing a home is a major expense and commitment. Your attorney will guide you through the closing process, explain terms and language you may not be familiar with and clear up any financial matters that could still exist.

All of us involved in your real estate transaction, whether buying or selling, want your experience to be as stress-free and positive as possible. Including a real estate attorney in your negotiations is just another layer of protection to reach your goal.

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Don’t Wait

February 13th, 2012

A 1% INCREASE IN MORTAGE INTEREST RATE CAN REDUCE YOUR “BUYING POWER” BY APPROX 15%!

For example, if you could afford a $200,000 home at a 4% interest rate and the rate rises by just 1%, then the same principle and interest payment might only buy a $170,000, or 15% less home.

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Tax Time Tips – What You Need to Know About Filing for a Tax Extension

February 10th, 2012

Some people file their federal income tax returns before April 15 and then some wait until 11:50 p.m. on April 15. This year we get until April 17, but it doesn’t matter much if you aren’t ready. Perhaps you haven’t received all your statements of income, 1099 or W-2 forms, or interest for your 1098 forms, or you are just having a hard time getting all you need together. If you need more time, the first thing you need to do is to file for a tax extension BEFORE April 15, or you can be subject to penalties. The worst thing you can do is not file for an extension.

It’s really very simple: Go to the IRS website, download and fill out IRS Form 4868. You can file Form 4868 by mail, over the Internet, via tax software or even by telephone.

Filling out Form 4868, available on the IRS website, can give you an extra six months to file most federal income tax forms, including the 1040, 1040A, 1040EZ, 1040NR and 1040NR-EZ. If the IRS grants you an extension, your new filing deadline becomes October 15.

Form 4868 is simple, and only nine lines long. You’ll need to provide:

  • contact information, including your Social Security number (and your spouse’s, if applicable)
  • your estimated tax liability — that is, what you think you will owe
  • the amount you can pay now

You should make the best payment you can towards your estimated tax liability when you file Form 4868, because a filing extension is not a payment extension. Any tax you owe begins to accrue late payment penalties and interest after April 15. If you don’t know how much you owe, or can’t pay all of it, you have the option of paying whatever you can manage at the time. Every little bit helps reduce penalties and interest that will begin after April 15. You can also pay by credit card if cash flow is tight, but compare the interest on the card vs. what IRS will charge and see if that is a wise move.

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10 Things You Need to Know Before Buying a Home

February 7th, 2012
  1. Make sure you are credit worthy. Check your credit history, build up your rating if needed, and fix any errors on your credit report.
  2. Consider buying vs. leasing. With costs of buying and selling, plus time needed to build equity, you could end up losing money if you move too soon.
  3. Buy a home you can afford. The rule of thumb is you can afford housing that cost about two and one half times your salary, but there are calculators available online to help you figure exactly what you can afford based on income, debts and expenses.
  4. You may qualify for a loan with less than 20 percent down. Meet with a lender to discover programs that you qualify for.
  5. Even if you don’t have children, buy in a good school district. When it comes time to sell, good school districts are a top priority to many home buyers.
  6. Get a REALTOR®. Sure, you can go online, and go shopping. But you’re better off with someone who has your best interests at heart and a buyer agent can help you in negotiations and strategies in the bidding process.
  7. Choose wisely between points and interest rate. If you plan to stay in the house a long time, it’s usually better to pay additional points to lower the interest rate.
  8. Get pre-approved before house hunting. Know upfront what you can afford to save you time lost looking at what you can’t afford and you will be able to make a serious offer when you do find one you want.
  9. Be a smart bidder. Ask your REALTOR what similar homes in the area have sold for, and if homes have been selling for 5% less than asking price, then work with your REALTOR to make a competitive offer.
  10. Hire your own home inspector. One can be provided for you, but choose one that you feel will do a thorough job and have your best interest in mind.

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New housing data suggests some improvement ahead in 2012. Home shows are great places to learn what buyers want in their new homes and how you can do it.

February 2nd, 2012

With new housing data released last week, there are some glimmers of hope in the real estate market, which can lead to more sellers stepping out to sell their properties. The federal government is trying to keep interest rates low and stable by extending the federal funds rate near zero through 2014. This move helps mortgage rates stay under 4 percent, with a little fluctuation here and there.

Foreclosures are decreasing in the St. Louis metro area, and the supply of homes for sale is also down, according to the St. Louis Association of Realtors. The national organization checks in with good news too; existing home sales rose by 5 percent in December, higher than a year ago. To be realistic, we do realize there’s a long road ahead of us and we, as a community, may be taking baby steps, but there is some cause for hope as 2012 moves along.

Kitchens rock! To build more interest in your property or just spiff it up for your family, the kitchen is the best place to start. To get ideas, learn about paint colors, hardware, cabinets, energy savings, green products, anything that goes in your kitchen and the rest of the house, we think you should attend the St. Louis Builders & Garden Show coming up Thursday, February 23 through Sunday, the 26th at America’s Center and the Edward Jones Dome in St. Louis.

This is the best place to start any remodeling project and learn what buyers are looking for in their next home. With 500 exhibitors, a wide range of featured speakers you can’t go wrong.

Also coming up is the Builders St. Charles Home Show April 2012 at the St. Charles Convention Center. More about that later.

Posted in Home Buying, Home For Sale

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