Real Estate Information Archive

So the time has finally come to start the search for your first home. Your mind starts racing as you begin thinking of the style you like, the finishes you want, and how you will decorate to turn the house into your very own home. What an exciting time! As you begin your search, we wanted to leave you with a few tips and tricks that we hope will prove to be helpful during a time that can seem a little overwhelming. Enjoy! 

-Do your homework: It is very easy for your excitement to take over as you jump into the search for your first home. But it is very important to take the time to do your homework and see what are must haves and what you can live without. This will help you organize your thoughts and stay focused during your search. 

-Start shopping: After you do your homework, you will have a better idea of exactly what you are looking for and can start looking online for house information and listings. 

-Find a good agent: We can’t stress this step enough. Especially for first time home buyers, the process of buying a house can be a little stressful and overwhelming at first. You want to make sure you find an agent that not only takes the time to understand exactly what you want and is experienced, but one that is also going to be by your side and fight for your best interests during the entire process.

-Choose and lender and pick a loan: This is something you will want to also do a lot of homework on and find the right lender and mortgage that is right for you. 

-Go look around: While the World Wide Web is filled with information, nothing can trump actually going to open houses, walking the properties and seeing homes in person. 

-Make an offer: Once you find your dream home, you and your agent will craft an offer that works for you and spells out items such as price, contingencies and closing dates. 

As you start your home buying journey, as exciting as the process is, we understand the confusion and stress that can arise from certain situations and steps that need to be done along the way. You may have new words and phrases thrown at you that you may want to skip over and not pay too much attention to, but at the end of the day it is so important to equip yourself with all the knowledge you possibly can. Two terms you may run across on your home buying journey are pre-qualified and pre-approved. And while the two terms sound similar, there are some pretty significant differences that we believe are crucial for you to understand and for us to touch on in today’s blog post.   

One of the first steps that home buyers will go through in the mortgage process is to get pre-qualified, which can typically be done over the phone or online. This step essentially is when you provide your lender with an overview of your financial picture, including things such as incomes, debts and assets. After evaluating all the information, the lender will then provide an estimate of the mortgage that you may qualify for. We want you to note that the pre-qualification process will not incorporate your credit report and is not a complete look at your ability to purchase the home you may have your eye on. It is simply a process that can give you an idea of potentially what you may be approved for.

On the other hand, the pre-approval process is a little more in depth and and can be much more of an involved process. Instead of just a financial overview as in the pre-qualification process, the pre-approval process will require the home buyer to complete an official mortgage application, as well as provide things such as bank statements and credit reports. After a thorough assessment is made, the lender will be able to give an exact mortgage amount that the buyer is approved for. It is important to note here that being pre-approved will give the seller more confidence in you as a suitable buyer because you will be able to attain financing in order to purchase the home, therefore making the buying process a little smoother – and lets face it, that is always a good thing!

Image this: you found your perfect home, made an offer and have come to find out the seller has accepted. What an exciting time! You completed the next step of signing the contract, as well as paid the deposit. And while you are floating on cloud nine, you are approached with some less than exiting news – you find out from the appraiser that the house is worth less than what you offered and the bank will not grant you a mortgage. We know this may seem like a huge set back, but there is something that can protect you if a situation like this arises. It is called can appraisal contingency and we are going to be covering the basics on what it is and how it can help you!

Now, you may be asking yourself what a contingency is and how does it relate to real estate. A contingency is a condition (or conditions) that must be satisfied in order for a real estate contract to become legally binding. The three most common contingencies found in real estate contracts include a finance contingency, an inspection contingency and an appraisal contingency. The deal is off and you are eligible for a refund of your deposit if these conditions are not fulfilled within a set and agreed upon time frame.

Next, lets break down how the appraisal contingency works. A licensed appraiser will typically be hired through your bank, and their job is to conclude what the fair market price of the home should be based on things such as location, similar comps in the area and the condition of the home. Now to keep things simple, lets use an example. Let’s say that the home you want to purchase is $400,000 with a $40,000 down payment and a $360,000 mortgage. Let’s also say that the home is appraised at $350,000 and since the bank will only loan you that amount, you are left $10,000 short. Enter the appraisal contingency stage left. Now if the seller does not agree to lower the price to make up the difference, you are allowed to walk away from the deal and get your deposit back, all thanks to the appraisal contingency. And while the finance contingency has the potential to cover similar risks as the appraisal contingency, it is important to have everything spelled out clearly in your contract to help ensure you are covered from all angels. 

When you think of a property in foreclosure, what do you think of? Long wait times? Extra paperwork? A hassle? While some of these aspects of a foreclosed home can be true, there are also many incredible benefits to buying one of these properties that we are going to explore in this post. We hope it opens your eyes to the possibilities these properties have in Omaha and how they can be a great investment for you and your family.

One of the main benefits to purchasing a foreclosure is the potential to purchase the home at a lower price. Because most of these properties are bank owned, they are wanting to get them off their books as soon as possible. This leaves a great opportunity for you to come in to bid and purchase the home at a lower price, and if successful, will also lead to a lower mortgage payment each month. This leads in to our next benefit of a foreclosure, and that is the potential equity the home can accumulate by buying at a lower price. If you do any upgrades or repairs, this can drastically increase the value of the home and therefore more money in your pocket if you look to sell the house in the future.

Another benefit of a foreclosure is the opportunity to customize the home to your preference and taste. Many foreclosure homes have been vacant for a little time before the next owners move in, and therefore may need a little TLC. Repairs and upgrades are great to invest in, especially if you are able to purchase the home at a lower price, while also allowing you a little creative freedom to be able to put your own twist on the home. 

So you just purchased your beautiful new home in Omaha – congratulations! As you check off things on your (seeming) mile-long to-do list, we thought we would help you out with a few items some people forget or don’t think about after the papers are signed and the boxes have been moved. Below are a few tips to help make the process of settling into your new humble abode a little easier - we hope they are helpful to you and your family!

The first thing you should do when you move into your new home is head straight to your local hardware store to change the locks. Do you know how many spare keys were made prior to you moving in? There really is no way to tell. Changing the locks helps to ensure the safety of you and your family and keep out unwanted visitors. It is also important to update the home technology within the house, such as the security system, as an extra layer of protection for your family. There are a variety of wonderful home security systems on the market, it just comes down to your preference. We suggest doing some research online and speaking with family and friends to find recommendations on the best options.

It also may be a good idea to hire a professional cleaning team to deep clean your home from top to bottom, which ideally would be completed before your move in date. There may be dust and allergens that have accumulated in the weeks leading up to your move in date, and it never hurts to ensure your carpets, windows and floors are squeaky clean! You also want to make sure that you have updated your new address with places such as your financial institutions, employer and insurance companies. Additionally, if you are moving from out of state, you should schedule some time to head to your local DMV to update your license. 

When looking for a home in Omaha, some buyers may be turned off by the idea of purchasing a home that has an HOA (Homeowners Association). And while some people find them divisive, HOAs have the potential to offer quite a few benefits for homeowners that live within their neighborhoods. In this post we will discuss a few reasons why you should be open to an HOA when starting your search, and how the benefits have the potential to far outweigh any negatives.

One benefit of an HOA is that many require a standardized appearance of all homes. This means that all homes must conform to a predetermined cosmetic standard set by the HOA, ensuring that the neighborhood looks cohesive and appealing. It makes sure that your careless or lazy neighbor is forced to mow their lawn and maintain the outside appearance of their home (no neon pink exterior paint allowed!). Also, HOAs help to maintain your property value, as a well-maintained appearance of homes makes the value of the neighborhood higher and more valuable than the surrounding areas. This allows owners who eventually look to sell their home to recoup their initial investment and potentially make a sizeable profit - who wouldn't want that?!

Another benefit of an HOA is that many often feature and provide additional amenities such as sports areas, community swimming pools, walking trails and a community center for residents and their guests to enjoy. These locations are perfect for community building opportunities and offer residents areas of entertainment. Lastly, HOA fees will help to cover community maintenance as well, including common areas, streets, landscaping and tree care. This brings a peace of mind to homeowners that the surrounding areas of their home will always be well kept without any effort on their part. 

So you are thinking of buying a fixer-upper but aren't sure what to expect. For some people the idea of buying a home that needs a lot of work can be a little daunting. And for others, the thought of purchasing a home that needs a little love in an incredible neighborhood, and are able to remodel it to their taste, is ideal. While it is true that a fixer-upper has the potential to be your worst nightmare, there are also incredible benefits that you simply can't ignore. Below we have listed some pros and cons that come with purchasing a fixer-upper home that we hope will be helpful and inspiring when making your decision: 

Pros:
-Remodeling the bathroom and/or kitchen have the potential to drastically increase the value of your home
-Buyers can design and pick out the finishes to match their taste
-Do you love a neighborhood but can't afford the area? A fixer-upper allows you to purchase a home in your ideal neighborhood that otherwise may have been out of your budget and reach
-Makes owning a home attainable for eager buyers
-Since property taxes are based on the home’s sale price, homeowners will reap major tax savings on a fixer-upper

Cons:
-There is a ton of extra work that goes into a fixer-upper than a home that is move-in ready
-You are almost guaranteed to go over budget
-Renovations are usually met with a lot of stress and can be very time consuming
-Costly surprises are sure to pop up that can expand the timeline and budget of the project

Moving day is an exciting time for the entire family....but it is also stressful.  The same stress felt by the 'humans' in the house, are also felt by your pets.  In fact, pets can sense that something big is up, weeks prior to your move!  They pick up on your anxiety and the chaos of their living space.  

In order to make your move a smooth one for your furry friends, follow these terrific tips:

Before Moving Day

1. Visit your Vet for one last checkup, any vaccinations due and to gather all your pets health records.

2. If possible, visit your new home so your pets can get acclimated to their new environment.

3. Create new Name Tags that show your brand new address.

Moving Day

1. Pack an overnight bag specifically for your pet.  Include food, water, favorite toy, and medications, treats, doggie bags for clean-up and sleeping bed.

2. Pack a current photo of your pet in the bag in case they were to get loose of you during the move.

3. Pack your vet records in the bag as well.

4. Keep your pet in your vehicle when making the move.  This helps ease their already high anxiety.

5. Once you arrive at your new home, allow your pet some time to 'sniff' around before bringing in furniture and belongings.

For more Home Selling and Buying Tips, visit our website.  Need recommendations on Pet Services in your new area?  Give the Heim-Berg Team a call!

If you're considering a Omaha NE home purchase this year, make sure you get the facts!  Home Buying myths have been around for ages so it's important to find the facts that will impact your decision.

A few things to consider in today's marketplace:

• 88% of all Property Managers raised rental rates in the last year!
• Interest Rates are still below historic lows.
• Credit Score requirements for obtaining a mortgage continue to fall.

To obtain more personalized information for your unique situation, contact the Heim-Berg Team.  You can also view more Home Buying Tips on our website.