Real Estate Information Archive

During your hunt for a new Omaha, NE home you may come across properties that are listed as a short sale. If you are not familiar with this real estate phrase then you are in the right place as today we are going to be discussing not only what a short sale is, but also the pros and cons that can come along with it. Let’s dive in: 

What is a short sale?
When a property owner owes more on the outstanding mortgage than the home is worth a short sale can take place. Essentially, the bank or mortgage company will allow the owner to list and sell the home for “short” of the amount that is still to be paid. Even though this causes the lender to lose money in the deal, it is still seen as a better route for the bank and property owner than foreclosure. 

Pros of a short sale:
-The obvious upside of a short sale is price. A buyer has the potential to purchase a home for a lower price and get into a house/neighborhood they otherwise may not have been able to afford. 

-A short sale can be less risky than purchasing a foreclosure as the homeowners are likely to still be occupying and taking care of the property. 

-Another pro of a short sale is that you are likely to find way less competition as many buyers tend to shy away from situations that are not a standard transaction - this is especially true with first time home buyers. 

Cons of a short sale: 
-Homes are sold as-is in a short sale and the buyer is not able to negotiate price based on necessary home repairs, updates or improvements. 

-On that same note, you may find the home needing repairs/updates/improvements so it is a good idea to get a home inspection and factor these costs into your budget. 

-A short sale transaction has the potential to take longer than a traditional home sale as the lender that holds the mortgage has to approve the offer in addition to the seller. 

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Buying a home is one of the largest purchases most people will make in their lifetime. Many people will find their desired community and ultimately the home they want to settle into - but what if that home seems to come with a questionably high price tag? 

Below we have a couple ways to help you figure out if the asking price matches the property - let’s dive in! 

-One way to figure out if the price is right is to compare the desired home to other properties in the area.  Comparing apples to apples will allow you to see how it matches up to other houses with similar features, which is ultimately a good indicator of how much you should be paying. You can look at homes that just sold, as well as similar properties that are currently for sale.

-Speaking with a reputable and knowledgeable real estate agent is another great way to figure out if a home is priced correctly. A good agent will have a pulse on the community and give you an idea if you would be paying too much for the property by doing a comparative market analysis. Additionally, if the home you are looking at does not pan out they should be able to show you other communities that are similar and fit within your set budget.

-Patience can be key when it comes to purchasing a home, especially if you believe it is priced too high. Some sellers will end up pricing the property too high because of their emotional attachment instead of setting a price that is more in line with what the home is actually worth. You may have to wait things out to see if the seller will either lower the price or be more willing to accept a lower offer if the listing has been on the market for a while. 

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Before we jump into the main topic of today’s blog post, it is important to understand exactly what a foreclosure is. A foreclosure is a property that has been seized by the bank who originally gave the owner the loan. In each mortgage contract there is what’s called a ‘lien’ on the property which allows the bank to take control of the property in the event the borrower fails to make mortgage payments. 

What are the benefits of buying a foreclosure?

-Price: One of the most undeniable benefits of purchasing a foreclosed home is that they will almost always be at a lower price point than other properties in the surrounding area. This is because the property is being sold off by the lender, who is motivated to sell quickly as they only make a profit if the home is sold. This creates an opportunity for below market purchase price.  

-Affording your dream neighborhood: A foreclosed home could be a great path to your dream neighborhood in which otherwise you wouldn’t have been able to afford.  

-Renovations: Another great benefit to a foreclosed home is the potential for renovations due to the home being priced to sell and leftover money in your budget. Is the kitchen not big enough? The powder room not to your liking? You are now able to shift the feel and look of the home to be more in line with your aesthetic taste. 

-Fewer title concerns: If you were to purchase a property from a homeowner there is a chance you may not receive a clean title (which is the legal right to own a property) due to liens on the home, backed taxes, etc. These are just a few reasons which could force the sale to be canceled. In a foreclosure the bank clears the title for you, thus eliminating these concerns.

-Loan configurations: Even though when you buy a foreclosure there might be a slightly different  buying and bidding process, you still have options when it comes to loans. As long as the home is in living condition, you can get a FHA, VA or USDA loan. 

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There is no denying that Omaha, NE is a hot real estate market! With that said, if you find the perfect home in the city it helps to be equipped with knowledge to help make your offer stand out from the rest. These tools may be the competitive advantage you need for sellers to accept your offer. Let’s dive into this more below: 
 
-Find a great rest estate agent that has a broad understanding of the current Omaha, NE market and who not only communicates well, but also is proactive during the entire process. Your agent will represent you and will be communicating with the listing agent to help push your offer over the finish line by inquiring on items such as timelines, seller’s goals, etc. 

-To make your offer appealing to the seller, it is best to keep your offer as simple as possible. This means fewer contingencies, making sure the offer price is reasonable and competitive, offering a quick closing, etc.

-Show that you are a serious buyer by providing the seller proof that you can afford the home. You can do this by obtaining a mortgage pre approval letter or if you are a cash buyer, you can submit proof of funds in combination with the offer.

-Lastly, you can make your offer stronger by offering to speed up the inspection time. A standard time period is around ten days, but offering to have the home inspector come out right after the contract is accepted can really make your offer stand out. 

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There is no better feeling than signing the final paperwork on your first home! And while the difficult hunt of finding your perfect property is over, there are still many items to check off your ‘to-do’ list before you can kick your feet up. 

We have dedicated today’s blog post to a list of items for you to consider after you purchase your first Omaha, NE home. Let’s dive in! 

-One of the first things you want to do after purchasing your Omaha, NE home is to change the locks and garage codes. This will ensure no one with previous access to the home is able to enter moving forward. You may also consider updating the home technology such as the security system for an added layer of protection. 

-You will want to use your home inspection report as a guide to address any issues that were flagged, and the seller did not fix. You don’t have to tackle these all at once – you can prioritize what needs to be completed on what timeline and gradually check items off. 

-Be sure to connect the utilities, such as electricity and gas, prior to your move in date. This will make for a smooth transition as you settle into your new abode. 

-Don’t forget to check carbon monoxide and smoke detectors to ensure they are in good working condition. You may need to change out the batteries or consider replacing the entire units if you feel they need to be updated. 

-Prior to your move in date you may consider hiring a professional team to deep clean the space before your belongings are hauled in. You can’t be sure what dust and/or allergens have accumulated and it’s always good to start with a clean, clear space. 

-In case of emergencies, be sure to familiarize yourself with emergency shut-offs, appliance manuals and the circuit box right when you move in. The least ideal time to search for these is in moments when you need them! 

-Lastly, don’t forget to update places such as your employer, insurance companies and banking institutions with your new address. Additionally, if you are moving from out of state be sure to set a date to visit the local DMV to update your license. 

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If you are searching for a new home, chances are you’ve come across some properties that need some serious love, attention and renovations. And if you initially turned an eye to those homes you may be missing out on an opportunity to turn that eye sore into your dream abode. 

In today’s blog post we are going to be covering the pros and cons of purchasing a fixer upper. This information will give you an overall picture of what you are getting with an older property and allow you to examine if that route is one you want to take. Let’s dive right in!  

Pros of buying a fixer-upper:
-Customize the home to your liking. Purchasing a fixer-upper allows you the opportunity to personalize and customize the home to your specific taste and wants when doing the repairs/upgrades. 

-Your dream neighborhood. Do you have a part of town you love but the price tags don’t fit your budget? A fixer-upper may allow you to buy a home in your price range in a part of town that otherwise may have been too expensive. 

-Potentially save money on your home purchase. In some cases, what it would cost you to purchase and fix up and older home can end up being less than what it would have cost you to purchase a new house. 

-Adding value to your home. Certain home renovations, such as bathrooms and kitchens, can add value to your house. This is especially true if you purchased the property below its market value.

Cons of buying a fixer-upper:
-Time and budget. As renovations go, it is not uncommon for the project timeline to take longer than initially expected and cost more than was originally quoted. Things happen – expect the unexpected.

-Invisible repairs. While many repairs are obvious and can be seen with the naked eye, there is potential for some real work to be hiding behind the walls. Rewiring the house to accommodate modern appliance standards, for example, can leave you with a large, unexpected bill.

-Living in and financing the renovations. You will be living in a construction zone until the project is completed if you are not able to find alternative living arrangements. Additionally, you will either need to secure a home renovation loan or have cash in-hand to finance the renovations. 

-Time-consuming. Be prepared to spend time on the home renovation project, whether it’s picking out finishing’s, redesigning layouts, settling on paint colors, etc. you will be busy and consumed until things are wrapped up. 

From new, modern homes to old fixer-uppers - whatever your taste let our experienced team help you find your dream home in Omaha, NE. Be sure to sign up for our listing alerts here!

If you are a first-time home buyer you may come across words or phrases during the buying process that you are unfamiliar with, thus causing a level of confusion and unnecessary stress. Two of those terms may be pre-qualified and pre-approved – and while they sound similar, it is crucial that you understand the differences.

And as you may have guessed, that is exactly what we are going to be covering in today’s blog post. We want to ensure you are equipped with all the knowledge possible to make the home buying process as enjoyable as possible. Because after all, it’s an exciting and wonderful time! Let’s jump in: 

For home buyers, one of the first steps in the mortgage process is to get pre-qualified for a home loan. Essentially this step allows you to provide the lender with an overview of your financial picture and can typically be done online or over the phone. You can expect to provide things such as debts, assets, income, etc. The lender will then evaluate your information and provide you an estimate of the mortgage that you may qualify for. 
*It is important to note that this is not a complete assessment of your ability to purchase a home, but simply will provide you an idea of what you can potentially be approved for. This also does not take into account your credit report. 

The pre-approval process, on the other hand, is more in depth and a much more involved process. This process requires the home buyer to complete an official mortgage application, in addition to providing items such as credit reports and bank statements. The lender will then do a very thorough assessment of your provided information and can submit an exact mortgage amount that you are approved for. Being armed with this information is crucial when starting your home search as you will understand exactly how much home you can afford and not waste time on properties out of your price range.  

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If you are looking to purchase your first home in Omaha, NE then you won’t want to miss today’s blog post! 

The home buying process for first time buyers is very exciting, yet also can seem daunting and overwhelming at times. That is why we have outlined the process in a few simple steps below in hopes that you can familiarize yourself with what to expect. Ready to find your first home? Let’s dive in! 

-The first thing you want to do is get an idea of the type of property you are looking for. This will help you effectively communicate your wants and needs to your realtor and keep you from wasting your time at showings that ultimately will not interest you.

-Next, find a great real estate agent. This step is crucial because not only will you be spending a lot of time with your realtor, but you want to find someone that has extensive knowledge of the area, is hard working and will work in your best interest. Your relationship with your real estate agent will be the foundation of your home buying process, so make sure you find someone you can trust. 

-Find a lender and work with your loan agent to figure out which mortgage is right for you. You will then follow the application process and submit all required material.

-This is where the fun starts – find your dream home! Your agent will begin setting up showings with potential properties that fit your criteria and budget. 

-Once you find a property that you love you will work with your real estate agent to craft an offer on the home. The offer will have specifics such as price, proposed settlement date and contingencies. 

From new, modern homes to old fixer-uppers - whatever your taste let our experienced team help you find your dream home in Omaha, NE. Be sure to sign up for our listing alerts here!