Do I Really need a Home Warranty????

Being from the mid-west home warranties where not a big thing there when I left about 6-7 years ago. So when I first arrived here in the valley they were kind of a new thing to me. In my opinion I think they are a great thing. Some may ask what is a home warranty? Well it a warranty on your home that will help you pay for a repair or replacement of a cover item that breaks down or fails completly, such as your air conditioner, or furnace or maybe your refrigerator if it is cover. All home warranties are different so it is imporant to know what is covered. What do I think? One they are an added value for the seller if they are willing to purchase one for the buyer & have it in place while it is listed. If you happen to do have something that is covered break down while it is listed you will get help in paying to get it fixed from the home warranty company. This can be a great peace of mind while your home is listed, because we all know there is enough stress already, where are we moving to, can we find a new home before we close and getting things packed. Or if you are already moved having to find a vendor to make the repair, the home warranty company does that for you. Now for the buyer I also think it is a great ideal to get the warranty even if the seller doesn't pay for it or if you would like a better coverage than you are getting from what the seller has you can upgrade it the coverage you desire. In this time in the market with the foreclosures & short sales I think it is extemely important to get a home warranty. With a foreclosure you don't ever know what you getting into. Then with a short sale you are buying a home that may not have been maintained as well as it should of been due to financial reasons. You buying your new home is probably the bigest finacial investment of your life time. So wouldn't it be great that if something was to break while you had your home covered you could get help in getting it repaired or replaced. So do you need a home warranty? It's your call, but I believe it is an important peice of the home buying puzzle to have.

WHY I BECAME A REALTOR

People have asked why did you decide to become a Realtor. Well there were a few things that helped me decide. First I enjoy helping people. I truly like helping our veterans find their new homes, it's the least I can do for them for everything they have done for our country. Buying a home is one of peoples biggest financial commitments and I can help them with that by advising them in making the right choice. If they haven't yet went to a loan officer I can give them a list of lenders in the area that are very good in the area of financing. I give them my knowledge of what has been happening in the real estate market. I can give them the pros and cons of a single story or 2 story home. I research the homes in the area so that they will know what other homes have sold for. I enjoy the look in the peoples eyes when they find the right home for them, it may be the first house we look at or the 50th one.I help them by giving them a list of home inspectors to chose from to get the home inspected. Which in my opinion is a must as you can't be too careful in doing everything that you can to find out about the soundness of all the mechanical equipment in the home and the over all condition of the entire home. I help them through the entire escrow process by explaining what different paperwork is and advising them if they need other professional advisement for thinks that can come up. My number one reason is the look on their faces when they get their key, I love the big grins, smiles and the way their eyes light up.

The Reserves You'll Need To Purchase Your New Home

Most people when considering buying the first new home don't think about how much money they will really need when it comes time to close. Their big concern is their credit score. It's best to talk directly to your lender to see what their minimum amount that they expect you to have as each lender is different. It will vary with the type of loan & size of the loan to the property & even more. You will probably need good chunk of change up front for closing costs & down payment.Then lenders might want you to have a reserve of a certain number of months worth of mortgage payments. Each lender & loan type is different, that is why it is best to sit down with your lender & find out in advance what you are expected to have. Even though credit scores are important, so are income & assets when applying for a home loan.Here are a few important thing you'll need to have saved up for. First is the down payment which will vary to the type of loan you are getting. Unless it is a government backed loan such as VA and USDA rural development home loan or local or state program, you will need a down payment. Conventional loans typically require 5% down or $10,000 on a $200,000 home, with FHA having 3.5% down or $7,000 on the same price home. Closing costs here in the Las Vegas valley generally run around 3.5% of the purchase price of your home. There was a time when you could ask the seller to pay for some or all of your closing. Right now in the market that is not the norm. As for reserves neither VA or FHA have a reserve required if your buying single-family home. With a conventional loan lender typically want you to have 2-6 months reserve of your monthly income. But it could be more depending on the lender or your risk factors. A healthy reserve amount can help a home buyer who is on the the edge. They can consider this a positive factor ,which may help with a loan file on the edge with past credit or debt issues. Then comes the money you will need to have an appraisal & home inspection. While the lender will require an appraisal, home inspections are not usually required but should be considered essential. The cost of a home inspection in my opinion is a very wise investment.

Why Should I Use a REALTOR To Get My Next Rental In The Las Vegas Valley

It has come to my attention that there are people in the valley that are renting out properties that are vacant but they do not own them. Scammers essentially find homes that are on the market and then create a Craigslist ad. They are breaking off the lock boxes, then renting them out. Check out this link to 8 News Now to see their report. www.8newsnow.com/story/24919438/scam-alert. So if you're looking to rent a place here in the valley it is a good ideal to contact a licensed REALTOR to assist you, they are generally paid by the property management company that is listing the property and there is no cost to you.

Is Now A Good Time To Buy

Many people are wondering if now is a good time to buy a new or their first home, with the rising prices and interest rates. In my opinion yes it is! The rising prices have slowed down and are not taking big jumps like they were. As for the interest rates on home loans going up. Over the last 4 decades the average mortgage interest rate has been 8-9 percent. With the average interest rate of about 4 1/2 percent for a conventional loan right now you could purchase a home for $200,000 with 20 percent down or $40000, and have a monthly payment of about $811 for interest and principle. Over the 30 years of the loan you would pay $131851 total interest. Compare that to the a loan at 9 percent for 30 years your payment would be about $1287 a month and you would would pay a total of $303463 in interest over the 30 year. That's a savings of a whopping $171612. For a loan of the same amount at 5.5 percent your payment would be about $908 interest and principle with a total loan amount over the life of the loan of $167046. Along with that Fannie Mae is offering money to help with closing costs to non investors. You may be qualified to receive up to 3.5 percent towards your closing costs.

Recently Sold Las Vegas Home near Summerlin

I recently sold this 3 bedroom, 2 bathroom home with a 2 car garage near Summerlin. It was listed for $195,000.00 and closed for $200,00.00 in less than 60 days. It had a solar heated pool and hot tub with a RV gate. There was a lemon, orange and pomegranate trees on the property. The back yard with the pool and hot tub had 3 raised bed flower beds

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