Posts with tag 'Buying a house'

There may be a point when you're faced with a sudden transition and have to purchase a new property even before you sell your old one. In this scenario, you might wonder if you should apply for a bridge loan to span the gap between the sale and purchase. Our real estate agents explain how bridge loans can ease the transition from one house to another.

What Are Bridge Loans?

Also known as "gap financing," bridge loans are temporary loans used in residential and commercial real estate. They provide a lifeline for buyers who are eager to buy a new home before they've sold their current one. Unless you have enough cash for the down payment, it can be hard to qualify for a loan to finance a new home while you're still saddled with mortgage payments on your current home.

With a bridge loan, you'll use the loan amount as the down payment for your new home, which makes the process go more smoothly. And like home equity loans, HELOCs, and mortgages, your current home will serve as collateral. You can then move into your new home and start focusing on selling the old one.

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When you're looking to buy a home, there are plenty of things to think about. Not the least of which is whether or not you want a home that can accommodate your parents, grandparents, or even your kids years down the road if necessary. We always hope that our elders and children live long, healthy lives, but there are times where they need help from family members.

Our real estate agents understand the challenges to multi-generational homebuyers, so we've put together these five tips for buying with a multi-generational focus.

1. Why Consider Multi-Generational Living?
   You never really know what's waiting around the corner, but keeping a close eye on what's happening currently with both your family, as well as economic conditions, can help you buy now for later.
   
   Multi-generational homes have been around for decades, but the market crash of 2008 made them a mainstay in the housing industry. As the housing market plummeted, more and more families were forced into single homes. Parents moved in with children, grandparents moved in with grandchildren, and children moved in with both.
   
   All of that to say, know what you may be in for based on your family's dynamics.

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While some people buy homes as investment property to supplement their income, others are making it their sole source of income. Additionally, income-earning home purchases are taking on different forms as homebuyers are becoming more creative with exactly how they use their new digs to gain wealth.

With so many competitive South Bend homes for sale, there's no doubt that there's an income-earning home just waiting to be purchased, but when should you consider an income-earning home or investment property? Let's take a look.

• Rental Property
  Rental property is probably the number-one way buyers are getting into income-earning homes. In relatively high turnover areas such as large cities and areas near colleges, rental property can be a wise long-term investment for the savvy investment property owner.
  
  Unfortunately, many rental property investors initially forget the fact that with rental property comes a number of issues, including finding renters, upkeep, maintenance, and making sure bills are paid, all while realizing an income. If you're looking to purchase strictly for rental property, make sure you establish a business entity and speak with your CPA or financial advisor first.

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When buying a home, the seller should disclose any problems or information that would otherwise make you reconsider purchasing their home. But sometimes these things are only revealed after a home inspection.

Don't let a home inspection discourage you entirely from purchasing a home, though. Our real estate agents have been on both ends of home inspection issues and have a few tips and tricks for helping you work through them with the seller.

• Get It in Writing
  Before you get too far, make sure that your contract has provisions for what happens if something goes awry during the home inspection. In most cases, basic contracts have wording that allows you as the buyer to request or schedule a home inspection within a number of days from the contract being signed. 
  
  Unfortunately, that's where most of it ends and there is very little detail outlining what happens or who is responsible for repairs if something is found to be unsatisfactory. At this point, it's up to you to negotiate with the seller to find a fair and equitable solution, or, better yet, leave this part to your real estate agent to negotiate on your behalf.

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What's on your winter checklist? Winterize your vehicle? Get the kids new snow boots?

Buy a home?

Believe it or not, the winter season is actually a great time to purchase a home in the Northern Indiana and Southwestern Michigan real estate area (a.k.a Michiana). Most prospective homebuyers are surprised when our real estate agents inform them about the many advantages of purchasing a home during these snowy months. Our team at Cressy & Everett Real Estate, feel that all future homebuyers should be aware of the perks that come with viewing and putting an offer on a home during this time of the year.

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