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<p>Durham, North Carolina, is a vibrant city that strikes a harmonious balance between historical charm and modern innovation. Enveloped by the perennial beauty of the Piedmont region, Durham has rapidly emerged as one of the most sought-after locations to call home. Its burgeoning popularity among families and professionals is testament to the city's unique character, which offers an eclectic mix of culture, education, and opportunity.</p>
<h2>Living in Durham, North Carolina</h2>
<p>Set in the heart of North Carolina, Durham is part of the celebrated Research Triangle Park, alongside Raleigh and Chapel Hill. This central location is pivotal in providing residents with unparalleled access to top-tier universities, industry-leading companies, and a thriving entrepreneurial scene. The city's demographics are as diverse as its job opportunities, with a populace that is a fascinating mosaic of cultures, professions, and backgrounds.</p>
<p>Why is Durham an attractive place for so many? It could be the tantalizing food scene, with restaurants that have garnered national acclaim, or perhaps the array of festivals and events that celebrate everything from food to film. For families, an array of highly-rated schools serves as a magnet, while professionals gravitate toward networking opportunities and the proximity to major tech and pharmaceutical companies. This sense of community, coupled with the city's inclusive spirit, is what makes Durham an exceptional place to put down roots.</p>
<h2>Top Neighborhoods in Durham, North Carolina</h2>
<h3>Woodcroft</h3>
<p>Woodcroft stands out as a neighborhood infused with serene natural beauty, offering residents lush landscapes and a vast network of trails which are perfect for the active enthusiast. Homeowners enjoy the picturesque Al Buehler Trail, ideal for hiking, running, and reconnecting with nature. Median home prices in Woodcroft average around $350,000, with the average price per square foot coming in at approximately $170. The area is known for its diverse community, where young professionals live alongside retirees, ensuring a vibrant and multifaceted neighborhood culture.</p>
<h3>Trinity Park</h3>
<p>As a historic district, Trinity Park showcases distinctive architecture that paints a picture of Durham’s rich past. Within the vicinity, one can marvel at Victorian and Colonial homes, giving the neighborhood an enchanting, timeless feel. The community is closely knit, often gathering in the expanses of Trinity Park itself, which lies at the neighborhood's heart. The range of home prices varies, reflecting the blend of older, stately homes with more modern renovations. Housing prices can range from $400,000 to multi-million dollar estates. This variation attracts an eclectic mix of residents, from academics and artists to families seeking a connection to Durham's historical roots.</p>
<h3>Hope Valley</h3>
<p>Renowned for its prestigious country club and lush, well-maintained properties, Hope Valley stands as a testament to Durham’s upscale offerings. This neighborhood is known for its grand homes and broad avenues, steeped in a history that reflects the affluence of its residents. The median home price in Hope Valley often exceeds $500,000, with the average price per square foot around $200. Residents are drawn to amenities such as the Hope Valley Country Club, offering golf, tennis, and social events that cultivate a strong sense of community. Its exceptional atmosphere makes it a sanctuary for affluent professionals and their families.</p>
<h2>Conclusion</h2>
<p>The city of Durham is more than just a destination; it’s a crossroads where history and modernity, nature and urban vibrancy, diversity and unity all converge to create an inimitable living experience. The neighborhoods mentioned are just the beginning of what you will discover in this dynamic city. Under the guidance of Noreen Barrett, a real estate expert with a deep understanding of Durham and its neighborhoods, navigating the local market becomes an exciting and rewarding journey.</p>
<p>Whether you’re eyeing a move to the tree-shaded avenues of Hope Valley, the historic paths of Trinity Park, or the nature-laden retreats of Woodcroft, Noreen Barrett is your trusted liaison. For professional support and unparalleled knowledge of Durham's real estate market, you can connect with Noreen via her website at <a href="http://noreenbarrettrealtor.com">noreenbarrettrealtor.com</a>, and embark on finding a place not just to reside, but to truly live.</p>
<p>Noreen Barrett’s experienced counsel ensures that each client finds the neighborhood in Durham that not only meets their needs but exceeds their dreams, making her an indispensable partner in your quest for the perfect home.</p>

"Explore the top neighborhoods in Durham, North Carolina with expert realtor Noreen Barrett. Uncover unique features, amenities, and home prices while highlighting the city's growing popularity."

Discovering the Best Neighborhoods in Durham, North Carolina with Noreen Barrett

<p>When contemplating a move to a new city, safety ranks high among the concerns for potential homeowners and renters alike. If you have your sights set on Durham, North Carolina, it's essential to know which neighborhoods will provide you and your loved ones with peace of mind. It's not just about the aesthetic of tree-lined streets or the proximity to cozy cafes and bustling markets; knowing you're settling down in a safe area can significantly enhance your quality of life. In this article, we'll journey through the top safest areas in Durham, North Carolina for [Year], delving into the factors contributing to their reputation as bastions of security.</p>
<h2>Factors Contributing to Safety in Durham, North Carolina</h2>
<p>Durham's safety landscape is shaped by a variety of elements, from committed law enforcement to active community engagement. Low crime rates don't just happen by accident; it's a collaborative effort involving comprehensive policing strategies, economic growth offering ample employment opportunities, and educational institutions fostering informed citizens. This collective dynamic promotes an environment where safety measures, such as community watch programs and the addition of home security systems, become second nature to residents. </p>
<p>The synergy between residents and law enforcement is particularly noteworthy. Law enforcement agencies in Durham are proactive, employing community policing tactics to foster trust among residents. When residents feel they can collaborate with police and are seen as partners in crime prevention, the efficacy of safety measures multiplies. Economic stability also plays a pivotal role, as neighborhoods with robust employment prospects tend to have lower crime rates.</p>
<h2>Top Safest Neighborhoods in Durham, North Carolina</h2>
<p>Durham boasts a diverse array of neighborhoods, each with its own identity and charm. Yet, some have distinguished themselves as safer than others, based on thorough data analysis and resident testimonials:</p>
<ol>
<li>
<p><strong>Hope Valley</strong>: Known for its historic homes and large plots, Hope Valley has a tight-knit community feel. The neighborhood has a particularly vigilant community watch program and access to exemplary schools, both factors that have contributed to its low crime rate. (Source: <em>Durham Neighborhood Scout</em>)</p>
</li>
<li>
<p><strong>Treyburn</strong>: This meticulously planned community is synonymous with tranquility. Its private country club setting and vigilant homeowners' association play critical roles in maintaining safety standards that attract families and retirees alike. (Source: <em>Treyburn Community Association</em>)</p>
</li>
<li>
<p><strong>Woodcroft</strong>: Offering a mix of residential options from single-family homes to townhouses, Woodcroft has established itself as a safe haven thanks to its community engagement and well-maintained public spaces. The presence of several parks within the area fosters communal activities that keep neighbors connected. (Source: <em>Woodcroft HOA</em>)</p>
</li>
</ol>
<h2>Analyzing Crime Rates in Durham, North Carolina</h2>
<p>While considering specific neighborhoods, it's beneficial to grasp Durham's overall crime rates relative to national averages. Violence and property crimes are metrics often used to gauge the safety of an area. According to the <em>Durham Crime Report</em>, certain neighborhoods have crime rates significantly below the city average, mainly due to combined efforts in surveillance, community cooperation, and social programs aimed at youth engagement.</p>
<h2>Factors Contributing to Safety in Durham, North Carolina Neighborhoods</h2>
<p>Digging deeper into individual neighborhood safety, several factors consistently emerge. Community engagement emerges as a prime contributor to safety — neighborhoods that host regular events and where neighbors know one another report fewer incidents. Additionally, communities that support local businesses see reciprocal support in the form of sponsorship of youth programs and neighborhood watch initiatives, fortifying the link between economic stability and lower crime rates.</p>
<h2>Making Your Home Safe in Durham, North Carolina</h2>
<p>As a homeowner in Durham, your safety efforts should be proactive. Investing in a robust home security system is one of the first steps you can take; options range from basic alarms to integrated smart home systems that offer remote monitoring. (Source: <em>Safety.com's Guide to Home Security Systems</em>)</p>
<p>Getting involved in or starting a neighborhood watch program is another effective line of defense. The <em>National Crime Prevention Council</em> highlights the benefits of such programs, citing increased community cohesion as a deterrent to crime. Additionally, personal safety measures like installing motion sensor lights, maintaining a well-lit property, and reinforcing door locks can significantly enhance your sense of security.</p>
<h2>Job Opportunities and Quality of Life in Durham, North Carolina Safest Neighborhoods</h2>
<p>Beyond safety considerations, the best neighborhoods in Durham also offer excellent job prospects in various fields, from academia, courtesy of Duke University and North Carolina Central University, to the thriving Research Triangle Park, which is a hub for tech and biotech companies. (Source: <em>Durham Chamber of Commerce</em>)</p>
<p>Quality education is another hallmark of Durham's safest neighborhoods, with numerous top-rated schools contributing to a well-educated community. And when work and school are done, a wealth of recreational activities, ranging from the Durham Bulls Athletic Park to the American Tobacco Historic District, offers residents an opportunity to relax and connect. (Source: <em>Durham's Official Visitor Information Site</em>)</p>
<p>By choosing to live in one of Durham's safest neighborhoods, you're not just choosing a place to live; you're choosing a quality of life that provides a foundation for a prosperous and fulfilling future. </p>
<p>For those in search of a new home in Durham or those interested in the local real estate market, Noreen Barrett (<a href="http://noreenbarrettrealtor.com">noreenbarrettrealtor.com</a>), with her comprehensive knowledge of Durham's neighborhoods and her commitment to her clients' safety and satisfaction, stands ready to guide you through finding your perfect, secure abode in this vibrant city.</p>

Discover the top safest neighborhoods in Durham, North Carolina for [Year], exploring factors contributing to their safety, crime rates, and measures for personal and community safety. Uncover job opportunities, education, and quality of life in these safe areas.

Discovering Safety: A Guide to the Safest Neighborhoods in Durham, North Carolina for 2024

<p>When it comes to selling your Durham, North Carolina home, every detail counts, but many homeowners overlook one powerful and transformative selling point: paint color. As Noreen Barrett, your go-to realtor in Durham, I'm here to guide you through selecting the most effective paint colors to enhance your home's appeal and increase its market value. In a city filled with rich history, diverse neighborhoods, and a keen eye for aesthetics, the right choice of hue can significantly affect how quickly your house sells and for how much. Let's dive into how paint colors can unlock your home’s true potential.</p>
<h2>Elevating Your Durham, North Carolina Home's Value Through Paint Color Selection</h2>
<h3>Understanding the Impact of Paint Colors on Home Value in Durham, North Carolina</h3>
<p>Color psychology isn't just a marketing buzzword—it has tangible effects on how we perceive spaces, especially in the context of real estate. In Durham, where historic charm meets modern sensibilities, the correct paint color can accentuate architectural details, influence mood, and create an inviting atmosphere for prospective buyers.</p>
<h3>Choosing the Right Paint Colors for Maximum Appeal and ROI in Durham, North Carolina</h3>
<p>Maximizing your Return on Investment (ROI) begins with a color palette that resonates with a broad audience, harmonizing with both the home's interior and the lush Durham landscape.</p>
<h2>General Rules for Painting Your Durham, North Carolina Home Before Listing</h2>
<h3>1. Opt for Neutral Paint Colors in Durham, North Carolina</h3>
<p>The versatility of neutral tones often holds universal appeal—as they allow potential buyers to easily visualize their own belongings in the space. In Durham's diverse housing market, from Trinity Park to Hope Valley, neutral palettes can create cohesiveness throughout the home.</p>
<h4>The Universal Charm of Neutral Tones in Durham, North Carolina</h4>
<p>Neutral tones provide a sophisticated backdrop, enabling architectural and decorative elements to stand out—essential in showcasing Durham's character-rich homes.</p>
<h4>Creating a Neutral Canvas: Key to Selling Your Durham, North Carolina Home</h4>
<p>A neutral canvas invites buyers to imagine their future in the home, essential in a market like Durham's, where individual expression is prized alongside community belonging.</p>
<h4>Avoiding Bold and Distracting Colors in Durham, North Carolina</h4>
<p>While personal expression is essential, when selling, consider that what's vibrant and energizing to you might be overwhelming to others. Subdued hues work best to create a universally welcoming environment.</p>
<h3>2. Consider the Undertone: A Durham, North Carolina Perspective</h3>
<p>Undertones can subtly influence a room's warmth or coolness. Given Durham's mix of seasons, from bright summers to brisk falls, it's crucial to select paint undertones that complement the climate and natural light.</p>
<h4>The Significance of Undertones in Durham, North Carolina Home Painting</h4>
<p>A warm undertone may bring coziness to a space, while a cool undertone can provide a serene and open feeling—both can be used effectively depending on the home's architecture and lighting.</p>
<h4>Undertones That Harmonize with Durham, North Carolina's Unique Features</h4>
<p>Choosing undertones that resonate with local stone, brickwork, and landscaping can create harmony between your home and Durham's vibrant environment.</p>
<h4>Selecting Warm, Cool, or Neutral Undertones for Durham, North Carolina Homes</h4>
<p>Understanding the direction your room faces and how it receives light at different times can guide you in selecting the right undertone. </p>
<h3>3. Follow Durham, North Carolina Neighborhood Trends</h3>
<p>It's important to be mindful of the prevailing aesthetic standards and color trends in your specific Durham neighborhood.</p>
<h4>Gauging Paint Color Trends in Durham, North Carolina's Real Estate Market</h4>
<p>Utilizing resources such as the Durham Regional Association of REALTORS® can provide insight into current color trends.</p>
<h4>Balancing Personal Preferences and Durham, North Carolina Community Expectations</h4>
<p>While incorporating your own style, ensure it doesn't clash with neighborhood trends that may be more appealing to buyers.</p>
<h4>Adapting to Durham, North Carolina Architectural Styles and Neighborhood Vibes</h4>
<p>Each Durham neighborhood, from the historic districts to new developments, has its unique flavor. Paint colors should respect and enhance these distinctive qualities.</p>
<h2>Best Paint Colors for Selling a Durham, North Carolina House: Room By Room</h2>
<h3>Common Areas: Living, Dining, and Hallways in Durham, North Carolina</h3>
<p>The flow and transition between common areas are crucial. A palette that works harmoniously throughout these spaces can greatly influence a buyer's perception.</p>
<h4>The Great Gray vs. Beige Debate in Durham, North Carolina</h4>
<p>The Gray vs. Beige debate is alive in Durham, but lately, gray shades have been gaining popularity for their modern appeal.</p>
<h4>The Allure of Warm Gray Tones: A Durham, North Carolina Favorite</h4>
<p>Warm grays offer neutrality with added depth, making them a favorite for living spaces.</p>
<h4>Top Paint Color Recommendations for Durham, North Carolina Common Areas</h4>
<p>Consider paints like Sherwin-Williams's Agreeable Gray or Benjamin Moore's Revere Pewter for a soothing common area palette.</p>
<h3>Durham, North Carolina Kitchen Painting Strategies</h3>
<p>The kitchen is often described as the heart of the home, and its paint color should reflect that warmth and vitality.</p>
<h4>Coherence Across Durham, North Carolina Homes: Consistency is Key</h4>
<p>Maintaining a consistent color scheme that flows from the common areas into the kitchen can create a sense of unity in the house.</p>
<h4>Adding Dimension to Durham, North Carolina Kitchens: Creative Shade Choices</h4>
<p>Using slightly varied shades can add dimension while maintaining a cohesive feel—for example, a shade lighter or darker than the common area.</p>
<h4>Durham, North Carolina Cabinet Painting: Safety in White or Other Options</h4>
<p>The classic white kitchen remains a top choice for its clean look and broad appeal. However, trends are also leaning towards soft blues and greens for cabinetry.</p>
<h3>Bedrooms: Durham, North Carolina's Unique Considerations</h3>
<p>Bedrooms should evoke tranquility and comfort to resonate with Durham's lifestyle.</p>
<h4>The Role of Bedrooms in Durham, North Carolina Homebuyer Decisions</h4>
<p>Bedrooms are personal retreats; paint colors here should promote relaxation and calm for broad appeal, such as soft blues or greens.</p>
<h4>Cost-Effective Bedroom Repainting: A Durham, North Carolina Analysis</h4>
<p>Repainting bedrooms with a fresh, neutral palette can be a cost-effective way to impress buyers without significant investment.</p>
<h4>Consulting Durham, North Carolina Real Estate Experts on Bedroom Colors</h4>
<p>Consulting with a real estate expert like myself, Noreen Barrett, can provide valuable insight into what paint colors sell best in Durham's bedroom spaces.</p>
<h3>Bathroom Paint Choices in Durham, North Carolina</h3>
<p>Bathrooms offer an opportunity to add a touch of flair without straying too far from the overall home color scheme.</p>
<h4>Durham, North Carolina Bathroom Design: A Touch of Personality</h4>
<p>Bathrooms can handle more adventurous colors, like a soothing blue or a gentle green, which can make the space feel like a spa retreat.</p>
<h4>Coordinating Durham, North Carolina Bathroom Colors: Options and Effects</h4>
<p>Consider coordinating colors with fixtures and tiles for a polished look. A color like Benjamin Moore's Palladian Blue is well-received in bathrooms.</p>
<h4>Top Bathroom Paint Recommendations for Durham, North Carolina Homes</h4>
<p>Soft neutrals or cool hues that evoke cleanliness and freshness are excellent choices for Durham bathrooms.</p>
<h2>Best Paint Colors for Selling a Durham, North Carolina House: Exterior Facelift</h2>
<h4>The Curb Appeal Factor in Durham, North Carolina's Real Estate Scene</h4>
<p>First impressions are everything, and the right exterior paint can captivate potential buyers before they even step inside.</p>
<h4>Durham, North Carolina Exterior Colors That Blend with the Neighborhood Style</h4>
<p>Take cues from natural surroundings and neighboring homes to select a complementary palette for your exterior.</p>
<h4>Pops of Color: Durham, North Carolina Front Doors as Focal Points</h4>
<p>A contrasting front door can serve as a memorable statement piece. Consider historically popular colors like a classic red or a contemporary turquoise.</p>
<h4>Specific Exterior Paint Color Picks for Durham, North Carolina Homes</h4>
<p>Soft earth tones or greige can blend nicely with Durham's landscape, while a vibrant door can add character, such as Benjamin Moore's Heritage Red or Wythe Blue.</p>
<p>In conclusion, painting is one of the most cost-effective ways to enhance your home's appeal to potential buyers in Durham, North Carolina. It's essential to consider the local market trends, architectural styles, and your home's unique features when selecting colors. For expert advice tailored to your home and a seamless selling process, reach out to Noreen Barrett. Together, we can choose the perfect palette to showcase your home’s best features and attract the right buyer.</p>

Discover how to elevate your Durham, North Carolina home's value through paint color selection. Learn the impact of paint colors on home value, general rules for painting, and the best paint colors for selling a Durham home.

Elevating Your Durham, North Carolina Home's Value Through Paint Color Selection

<p>Navigating Land Size in Durham, North Carolina - A Detailed Handbook on Acreage Estimation</p>
<p>In the lush and rapidly growing environs of Durham, North Carolina, understanding and utilizing land efficiently can be a game-changer, whether you're a potential homebuyer, a real estate investor, or a long-time resident looking to expand your estate. Noreen Barrett, a local real estate expert, offers a comprehensive handbook to guide you through the intricacies of acreage estimation, ensuring you're perfectly equipped to make informed decisions about your land in Durham.</p>
<h2>Unveiling the Acre in Durham, North Carolina</h2>
<p>The acre is more than just a measure of land; it's a cornerstone of real estate planning and development. But what exactly does an acre look like in a place like Durham, North Carolina?</p>
<h3>Deciphering the Acre</h3>
<p>An acre consists of precisely 43,560 square feet. To put that into perspective for Durham locals, an acre is about 90% the size of a local landmark, such as the iconic Durham Bulls Athletic Park. While you picture this, it's important to remember that an acre can adopt any shape – long and narrow, square, or even an irregular perimeter that follows the contours of landscape or property boundaries.</p>
<h2>Mastering Lot Measurement in Durham, North Carolina</h2>
<p>Ascertaining the accurate size of a property is paramount for a range of reasons – from legal compliance and taxation to development and land utilization.</p>
<h3>Techniques for Precision</h3>
<ul>
<li><strong>Manual Measurement:</strong> This involves walking the property with equipment such as measuring wheels or tapes. These tools can be found at your local Durham hardware stores.</li>
<li><strong>Deed Details:</strong> Your property deed is a treasure trove of information, often including a precise legal description of your land's boundaries.</li>
<li><strong>Plat Map Insights:</strong> Durham's County Register of Deeds offers plat maps that show the divisions of land, providing another resource for determining lot size.</li>
<li><strong>Professional Surveyors:</strong> For precision, hiring a local surveying service can save you the hassle and provide definitive measurements.</li>
<li><strong>Pacing Approximation:</strong> Although it's less precise, pacing out your property boundaries can offer a rough estimate of your land's dimensions. </li>
</ul>
<h2>Calculating Square Feet to Acres in Durham, North Carolina</h2>
<h3>Simplifying Conversions</h3>
<p>To convert square footage to acres, divide the total square footage by 43,560. For instance, if you own 87,120 sq. ft. of land in Durham, that equates to exactly 2 acres. This fundamental conversion is essential for understanding the scope of your property.</p>
<h2>Evaluating Acreage Costs in Durham, North Carolina</h2>
<p>Real estate in Durham is booming, and understanding the current acreage cost can give you a competitive edge.</p>
<h3>Current Price Landscape</h3>
<p>Land cost per acre can vary widely based on several factors, including development potential and location within Durham. Identifying the average costs for land in specific zones within Durham is key to making strategic property investments.</p>
<h3>Local Influences</h3>
<p>Durham's real estate landscape is unique, influenced by factors such as proximity to forested trails of Eno River State Park, the research-driven market around Research Triangle Park, or the downtown rejuvenation in areas like Brightleaf. Zoning regulations and land development statuses are critical in shaping prices within the region. Elements like topography, which can affect construction costs, and the presence of infrastructure also play a huge role.</p>
<h2>Benefits of Vast Acreage in Durham, North Carolina</h2>
<p>Owning larger plots of land in Durham offers numerous benefits, like unparalleled privacy, the potential for future development, and space for outdoor recreation – think of creating your own mini hiking trails or a backyard garden retreat.</p>
<h2>Commercial vs. Residential Acre in Durham, North Carolina</h2>
<p>In Durham, commercial land typically involves significant tracts, catering to businesses that demand more space. Navigating commercial land acquisition requires understanding zoning laws, future economic development plans, and available amenities.</p>
<h2>Acreage by the Numbers in Durham, North Carolina</h2>
<p>To help Durham locals visualize an acre, imagine nearly the full expanse of the Durham Central Park or just over three-quarters of a typical soccer field. Using these tangible comparisons can help residents grasp the scale of their real estate investments.</p>
<p>In the vibrant and evolving real estate scene of Durham, North Carolina, Noreen Barrett remains a beacon of expertise and a trusted guide in property size estimation and valuation. Whether you're buying, selling, or just exploring, this handbook provided by Noreen keeps you well-informed and prepared for your real estate endeavors. For personalized advice tailored to your unique property needs, visit Noreen Barrett's website <a href="http://noreenbarrettrealtor.com">http://noreenbarrettrealtor.com</a> to explore further.</p>

"Mastering Acreage Estimation in Durham, North Carolina - a Comprehensive Guide"

Navigating Land Size in Durham, North Carolina - A Detailed Handbook on Acreage Estimation

<p>Exploring Durham, North Carolina: A Comprehensive Guide to the City's Unique Charm</p>
<p>Durham, North Carolina, nestled in the heart of the Piedmont region, is a city steeped in history, brimming with cultural richness, and exuding a unique charm that captures the hearts of visitors and residents alike. Known for its prestigious academic institutions, pioneering research facilities, and a lively spirit, this city is a true gem in the tapestry of American urban landscapes.</p>
<h3>Location and Demographics</h3>
<p><strong>Durham</strong>, the core of the Durham-Chapel Hill Metropolitan Area, is strategically positioned with Raleigh and Chapel Hill to form the celebrated Research Triangle, which has long been a hub for innovation and entrepreneurship. The city boasts a flourishing population, which stands as a testament to its desirability. According to the United States Census Bureau, Durham has a diverse community that reflects a tapestry of ethnic backgrounds, adding to the city’s eclectic and inclusive atmosphere. As we look at demographics, Durham shines as a melting pot of cultures, ideas, and experiences, priming it as an exemplary locale for those who value diversity and community engagement.</p>
<h3>Cultural Highlights</h3>
<p>The cultural canvas of Durham is rich and vibrant, marked by its numerous attractions that celebrate the arts, history, and recreation. The <strong>Durham Performing Arts Center</strong> (<a href="https://www.dpacnc.com/">DPAC</a>), hosting over 200 performances a year, ranks as one of the top venues for live entertainment in the country. For those enamored with history and science, the <strong>Museum of Life and Science</strong> is a sanctuary of discovery, with interactive exhibits that fascinate both young and old.</p>
<p>Not to be overlooked, the lush landscapes of Durham flourish in places like <strong>Sarah P. Duke Gardens</strong>, perfect for nature lovers seeking solace in the beauty of flora and fauna. Live music also weaves its melodies throughout the city's fabric, with venues like the <strong>Carolina Theatre</strong> offering an intimate setting for performers and audiences to connect through the power of music.</p>
<h3>Notable Achievements</h3>
<p>Durham’s track record is dotted with notable achievements, earning its place in the annals of American history. The city’s significance burgeoned at the turn of the 20th century with the rise of the tobacco industry, and the legacy of this growth can be witnessed at the historic <strong>American Tobacco Campus</strong>. Moreover, the <strong>Historic Parrish Street</strong>, known for being the heart of "Black Wall Street," showcases Durham’s important contributions to African American entrepreneurship and empowerment.</p>
<p>The prestige continues with esteemed educational institutions, including Duke University, a linchpin in the academic and healthcare realms with its state-of-the-art <strong>Duke University Hospital</strong> and its pristine Gothic architecture that mesmerizes visitors and stands as a beacon of intellectual vigor.</p>
<h3>Accessibility and Surroundings</h3>
<p>Durham's advantageous geographical placement not only facilitates easy travel to prominent neighboring cities but also to scenic natural retreats. A short drive from the metropolis, nature’s wonder unfolds in the form of the Eno River State Park, a pristine escape for hiking, kayaking, and picnicking. The steady growth of the <strong>Raleigh-Durham International Airport</strong> augments Durham’s connectivity even further, linking the city to destinations across the globe and inviting explorers to discover its many treasures.</p>
<h3>Conclusion</h3>
<p>The appeal of Durham, North Carolina is undeniable. With its harmonious blend of historical significance, cultural richness, and modern facilities, it stands out as a vivacious and welcoming city. Whether you’re attracted by its educational opportunities, the spirit of innovation, or the simple pleasure of experiencing a community where every street corner tells a story, Durham invites curiosity and promises fulfillment.</p>
<p>For those intrigued by what they’ve learned and eager to delve deeper into the Durham experience, working with a knowledgeable real estate expert familiar with every nook and cranny of this captivating city is invaluable. Noreen Barrett (<a href="http://noreenbarrettrealtor.com">noreenbarrettrealtor.com</a>) stands ready to guide you through Durham’s vibrant neighborhoods, ensuring you find a part of this city to call your own. Embrace the charm, adventure, and opportunity that await you in Durham. Come explore – you might just decide to stay.</p>
<p>This comprehensive overview of Durham, North Carolina showcases just a small sampling of what makes this city unique and appealing. From its strategic location to its cultural abundance, Durham has something to offer everyone – making it a splendid place to visit, invest, and live.</p>

Explore the unique charm of Durham, North Carolina through its location, cultural highlights, notable achievements, accessibility, and surrounding attractions. Discover the city's vibrant culture, historic achievements, and appealing attractions, inviting you to further explore this captivating destination.

Exploring Durham, North Carolina: A Comprehensive Guide to the City's Unique Charm

<p><strong>Moving to Durham, North Carolina - Your Comprehensive Guide</strong></p>
<p>Durham, North Carolina, affectionately dubbed the "Bull City," has emerged as a hotspot for individuals and families looking to relocate. It's a melting pot of Southern charm, academic prestige, and a burgeoning urban vibe that appeals to a diverse range of preferences. From its top-notch educational institutions to its vibrant tech scene, Durham has certainly caught the eye of many.</p>
<h3>Living in Durham, North Carolina</h3>
<p>Those who've made Durham their home often talk about the blend of old and new that defines their daily experience. Imagine neighborhoods where historic homes are nestled beside modern condos, and where the city's tobacco and textile past sits in harmony with the progressive strides in research and development, particularly in the Research Triangle Park, an epicenter for innovation. Durham's growing reputation as a top place to live isn't just hearsay; it frequently appears on lists from reputable sources like <a href="https://realestate.usnews.com/places/rankings/best-places-to-live">U.S. News &amp; World Report</a>.</p>
<h4>The People You Meet in Durham, North Carolina</h4>
<p>Durham locals are known for their hospitality. They come from all walks of life, but share a common thread—a sense of community and a laid-back lifestyle that encourages relaxation and socialization. This might explain the city's consistent ranking for happiness and quality of life. And for the dog lovers, Durham’s numerous dog parks and pet-friendly venues underline the city’s inclusive and welcoming character.</p>
<h3>The Food Scene in Durham, North Carolina</h3>
<p>The city's food scene is as diverse as its population, earning it accolades in the gastronomic world. Some of the most celebrated dining experiences can be found in the heart of Durham, with options ranging from traditional Southern comfort food to international cuisine. The culinary fame of Durham is a testament to its innovative food culture, making it a prime destination for foodies. Check out places like <em>Pizzeria Toro</em> for artisanal pies or <em>Mateo Bar de Tapas</em> for Spanish small plates that delight the senses.</p>
<h3>Affordability of Homes for Sale</h3>
<p>For many, the dream of home ownership becomes a tangible reality in Durham, North Carolina. The housing market here offers significant value, making it accessible for first-time buyers and property investors alike. With an array of housing options from quaint bungalows to modern lofts, the market is ripe for exploration, especially with the guidance of experienced realtors like Noreen Barrett. For further insights into the affordability and options available, reaching out to local real estate experts is a smart move.</p>
<h3>Art and Culture in Durham, North Carolina</h3>
<p>Culture vultures will revel in Durham’s rich tapestry of arts and history. From the world-class performances at the <em>Durham Performing Arts Center</em> to the compelling exhibits at the <em>Nasher Museum of Art</em>, the city's cultural vibrancy is on full display. The blend of global cultures can be seen in the various festivals and events that paint the city with a palette of diversity throughout the year.</p>
<h4>Nightlife in Durham, North Carolina</h4>
<p>Come nightfall, Durham comes alive with its array of nighttime offerings. The city's entertainment districts have seen recent revitalizations, now boasting live music venues, craft breweries, and stylish lounges. Whether you're seeking a laid-back evening of jazz or a spirited night of dancing, Durham's nightlife scene caters to an array of tastes and preferences.</p>
<h2>Final Thoughts on Living in Durham, North Carolina</h2>
<p>Durham, North Carolina encapsulates a lifestyle that caters to variety. It's an embodiment of tradition meeting innovation—a city where every street corner narrates a piece of its history while eagerly writing its future. For those who envision living in a city that offers cultural abundance, a friendly atmosphere, and a thriving economic landscape, Durham might just be the perfect choice. If you're considering this move, visiting Durham for a personal experience can be pivotal, and tapping into the local know-how of a Durham real estate expert can make your transition seamless. </p>
<p>Moving to a new place always comes bundled with questions—about school districts, job opportunities, or housing markets. Noreen Barrett and her wealth of local real estate knowledge can answer these queries and offer a personalized gateway into what makes Durham, North Carolina, so special. To begin your journey, consider reaching out for insider guidance on what life in the Bull City has to offer.</p>

Discover the charms of Durham, North Carolina and why it's become a popular destination for newcomers. Explore the city's unique appeal, friendly community, diverse culinary scene, and affordable real estate market. Uncover the cultural attractions and vibrant nightlife that make this city a top place to live. If you're considering a move, Durham, North Carolina has a lot to offer!

Moving to Durham, North Carolina - Your Comprehensive Guide

<p><br></p><p style="line-height: 26px;text-align: start">If you're serious about&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers/before-making-a-short-sale-offer" id="di-id-e19b3176-47203221">purchasing a short-sale property</a>, it's important to have expert assistance. Here are some people you’ll want by your side:</p><h2 style="line-height: 36px;text-align: start">Experienced real estate attorney.</h2><p style="line-height: 26px;text-align: start">A real estate attorney who's knowledgeable about the short-sale process will increase your chances getting an approved contract. The attorney will also be indispensable if you want any provisions or specialized language written into the purchase contract.</p><h2 style="line-height: 36px;text-align: start">Qualified real estate professional.</h2><p style="line-height: 26px;text-align: start">You may have close friends or relatives in real estate, but they aren’t truly knowledgeable about short sales, they may hurt your chances of a successful closing. Interview a few practitioners and ask them how many buyers they've represented in a short sale and, of those, how many have successfully closed. A qualified real estate professional will help you find short-sale listings, negotiate the purchase, and have smooth communications with the lender. You might also seek out pros who have the Short Sales and Foreclosure Resource (SFR®) certification, which generally identifies REALTORS®, members of the National Association of REALTORS®, who have learned the skills needed to help buyers and sellers of distressed properties.</p><h2 style="line-height: 36px;text-align: start">Title officer.</h2><p style="line-height: 26px;text-align: start">It’s a good idea to have a title officer do an initial title search on a short-sale property to examine all the liens attached to the property. If there are multiple lien holders (second or third mortgage/lines of credit, real estate tax lien, mechanic’s lien, homeowners association lien, etc.), it's much tougher to get the contract to the closing table. Any of the lien holders could put a kink in the process even after you’ve waited months for lender approval. If you don’t know a title officer, your real estate attorney or real estate professional should be able to recommend a few.</p><p style="line-height: 26px;text-align: start"><em>The risks of a short sale are considerable. But if you have the time, patience, and iron will to see it through, a short sale can be a win-win for you and the sellers.</em></p><p style="line-height: 26px;text-align: start"><em><br></em></p><p style="line-height: 26px;text-align: start">Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p>

Your Short Sale Purchase Team

<p><br></p><p style="line-height: 26px;text-align: start">Title insurance protects your ownership right to your home, both from fraudulent claims against your ownership and from mistakes made in earlier sales, such as misspellings of a person’s name or an inaccurate description of the property. In some states it is customary for the seller to purchase the policy on your behalf.</p><h2 style="line-height: 36px;text-align: start">Your mortgage lender will require it.</h2><p style="line-height: 26px;text-align: start">Title insurance protects the lender (and the secondary markets to which they sell loans) from defects in the title to your home—which could include mistakes made in the local property office, forged documents, and claims from unknown parties. It ensures the validity and enforceability of the mortgage document. The amount of the policy is equal to the amount of your mortgage at its inception. The fee is typically a one-time payment rolled into closing costs.</p><h2 style="line-height: 36px;text-align: start">There are two different policies to consider purchasing.</h2><p style="line-height: 26px;text-align: start">The first policy, the one your lender will require, protects the lenders investment. You may also purchase an owner’s policy that provides coverage up to the purchase price of the home you are buying.</p><h2 style="line-height: 36px;text-align: start">You have the right to choose your provider.</h2><p style="line-height: 26px;text-align: start">You can shop around for a lower insurance premium rate at a wide variety of sites online. You should first request quotes from a few companies and then reach out and speak to them. Ask about hidden fees and charges that could make one quote seem more attractive than another. Also, find out if you’re eligible for any discounts. Discounts are sometimes available if the home has been bought within only a few years since the last purchase as not as much work is required to check the title. You can also ask your lender or real estate professional for advice or help with getting quotes. Make sure the title insurance company you choose has a favorable Financial Stability Rating with Demotech Inc.</p><h2 style="line-height: 36px;text-align: start">Even new construction needs coverage.</h2><p style="line-height: 26px;text-align: start">Even if your home is brand-new, the land isn’t. There may be claims to the land or liens that were placed during construction that could negatively impact your title.</p><p style="line-height: 26px; text-align: start;"><br></p><p style="line-height: 26px; text-align: start;">Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p>

What to Know About Title Insurance

<p><br></p><p style="line-height: 26px;text-align: start">A homeowners’ insurance policy protects you against certain losses your new home may experience. Coverage is generally required by lenders prior to closing. Some lenders collect the homeowners’ insurance premium as part of your monthly mortgage payment, place it in an escrow account, and pay the insurer on your behalf.</p><h2 style="line-height: 36px;text-align: start">Coverage exclusions:</h2><p style="line-height: 26px;text-align: start">There are two types of coverage provided by a homeowners’ policy: 1) Named Peril coverage; and 2) “Open” Peril coverage. Coverage provided on a “Named Peril” basis responds and pays only if the damage is caused by a specifically listed peril (cause of loss) such as fire, wind, or other specifically named causes of loss. Coverage provided on an “Open Peril” basis pays when the damage is NOT caused by a specifically excluded event.</p><p style="line-height: 26px;text-align: start">Coverage for damage to your house is most commonly provided on an “Open Peril” basis. However, coverage for your contents (your personal property) is often provided on a “Named Peril” basis.</p><p style="line-height: 26px;text-align: start">Most insurance policies exclude damage caused by flood or earthquake. You may need to buy these types of coverage separately. If you are in a “high hazard” flood zone, you may be required by the lender to purchase flood insurance.</p><h2 style="line-height: 36px;text-align: start">Dollar limitations on claims:</h2><p style="line-height: 26px;text-align: start">Even if you are covered for a risk, there may be a limit on how much the insurer will pay. For example, many policies limit the amount paid for stolen jewelry unless items are insured separately.</p><h2 style="line-height: 36px;text-align: start">Replacement cost:</h2><p style="line-height: 26px;text-align: start">Your home is insured on a replacement cost basis. This means there is no deduction for depreciation due to the home’s age or even condition. But you will never be paid more the amount of coverage you purchased, so be sure your limit is sufficient. However, endorsements exist that allow you to purchase additional coverage after a loss if unexpected events increase the cost of rebuilding.</p><h2 style="line-height: 36px;text-align: start">Actual cash value:</h2><p style="line-height: 26px;text-align: start">Actual cash value applies depreciation to the insurance carrier’s loss payment calculation. Coverage for your personal property is provided on an actual cash value basis. You also only get actual cash value on your house if it is destroyed and you choose to not have it rebuilt.</p><h2 style="line-height: 36px;text-align: start">Your liability:</h2><p style="line-height: 26px;text-align: start">Generally, your homeowner’s insurance covers your liability for accidents that happen to other people on your property, including medical care, court costs, and awards by the court. However, there is usually an upper limit to the amount of coverage provided.</p><p style="line-height: 26px; text-align: start;"><br></p><p style="line-height: 26px; text-align: start;">Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p>

What to Know About Homeowners Insurance

<p><br></p><p>You'll walk away from the closing table with a big stack of papers. Know what to file away for future reference.</p><h2 style="line-height: 36px">Loan estimate</h2><p style="line-height: 26px">Your lender is required to provide you with this three-page document within three business days of receiving your loan application. It will show estimates for your interest rate, monthly payment, closing costs, taxes, and insurance. You'll also learn how your interest rate and payments could change in the future, and whether you'll incur penalties for paying off the loan early (called "prepayment penalty") or increases to the mortgage loan balance even if payments are made on time (known as "negative amortization").</p><h2 style="line-height: 36px">Closing disclosure</h2><p style="line-height: 26px">Your lender is required to send this five-page form—which includes final loan terms, projected monthly payments, and closing costs—three business days before your closing. This window gives you time to compare the final terms to those in the Loan Estimate and to ask the lender any questions before the transaction is finalized.</p><h2 style="line-height: 36px">Mortgage and note</h2><p style="line-height: 26px">These spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.</p><h2 style="line-height: 36px">Deed</h2><p style="line-height: 26px">This document officially transfers ownership of the property. In a cash deal, it goes to you, but otherwise you won’t get the deed until you pay off the mortgage.</p><h2 style="line-height: 36px">Affidavits</h2><p style="line-height: 26px">These are binding statements by either party. For example, the sellers will often sign an affidavit stating that they haven’t incurred any liens on the property.</p><h2 style="line-height: 36px">Riders</h2><p style="line-height: 26px">This word describes any amendments to the sales contract that affect your rights. For example, the sellers may arrange to retain occupancy for a specified period after closing but agree to pay rent to you during that period.</p><h2 style="line-height: 36px">Insurance policies</h2><p style="line-height: 26px">These documents provide a record and proof of your property coverage, be they insuring the title or the property itself. Homeowners insurance documents will generally be your responsibility, while proof of title insurance will be given to you at the closing table.</p><p style="line-height: 26px;"><br></p><p style="line-height: 26px;">Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p>

Vocabulary: Transaction Documents

<p><br></p><p>The first step is to shop around. Quotes on the same home can vary significantly from company to company.&nbsp;</p><h2 style="line-height: 36px">Review the Comprehensive Loss Underwriting Exchange (CLUE) report.</h2><p style="line-height: 26px">CLUE reports detail the property’s claims history for the last five years, which insurers may use to deny coverage. Your insurance agent should be able to help you obtain the report. Make the sale contingent on a home inspection to ensure that problems identified in the CLUE report have been resolved.</p><h2 style="line-height: 36px">Seek insurance coverage as soon as your offer is approved.</h2><p style="line-height: 26px">You must obtain insurance in order to buy your home. And you don’t want to find out at closing time that the insurer has denied you coverage.</p><h2 style="line-height: 36px">Maintain good credit.</h2><p style="line-height: 26px">Insurers often use credit-based insurance scores to determine premiums.</p><h2 style="line-height: 36px">Buy your homeowner’s and auto policies from the same company.</h2><p style="line-height: 26px">Companies will often offer a bundling discount. But make sure the discount really yields the lowest price.</p><h2 style="line-height: 36px">Raise your deductible.</h2><p style="line-height: 26px">If you can afford to pay more toward a loss that occurs, your premiums will be lower. Also, avoid making claims for losses of less than $1,000.</p><h2 style="line-height: 36px">Ask about other discounts.</h2><p style="line-height: 26px">For example, retirees who tend to be home more than full-time workers may qualify for a discount on theft insurance. You also may be able to obtain discounts for having smoke detectors, a security system, and smartlocks.</p><h2 style="line-height: 36px">Seek group discounts.</h2><p style="line-height: 26px">If you belong to any associations or alumni organizations, check to see if they offer deals on coverage.</p><h2 style="line-height: 36px">Conduct an annual review.</h2><p style="line-height: 26px">Take a look at your policy limits and the value of your home and possessions every year. Some items depreciate and may not need as much coverage.&nbsp;</p><h2 style="line-height: 36px">Investigate a government-backed insurance plan.</h2><p style="line-height: 26px">In some high-risk areas, the federal or state government may back plans to lower rates; in some cases, the government-backed plan may be the only option. Ask your insurance agent what’s available.</p><h2 style="line-height: 36px">Insure your house for the correct amount.</h2><p style="line-height: 26px">Remember, you’re covering replacement cost, not market value.</p><p style="line-height: 26px;"><br></p><p style="line-height: 26px;">Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p>

How to Lower Homeowners Insurance Costs

<p><br></p><p>Here's how to increase your chances of getting your dream house in a competitive housing market.</p><h2 style="line-height: 36px">Get prequalified for a mortgage.</h2><p style="line-height: 26px">You’ll be able to make a firm commitment to buy, and your offer will be more desirable to the seller.</p><h2 style="line-height: 36px">Stay in close contact with your real estate agent.</h2><p style="line-height: 26px">Your agent will be on the lookout for the newest listings that meet your criteria. Be ready to see a house as soon as it goes on the market. If it’s a great home, it will go fast.</p><h2 style="line-height: 36px">Scout out new listings yourself.</h2><p style="line-height: 26px">Browse sources such as realtor.com and local real estate listing sites. Set up alerts for the neighborhoods and characteristics you’re looking for. Drive through your target neighborhoods, and if you see a home you like for sale, send the address and listing agent’s name to your agent, who can schedule a showing for you.</p><h2 style="line-height: 36px">Be ready to make a decision.</h2><p style="line-height: 26px">Spend plenty of time in advance deciding what you can afford and must have in a home so you won’t hesitate when you have the chance to make an offer.</p><h2 style="line-height: 36px">Bid competitively.</h2><p style="line-height: 26px">Your first inclination may be to start out offering something less than the absolute highest price you can afford, but if you go too low in a tight market, you will likely lose out.</p><h2 style="line-height: 36px">Keep contingencies to a minimum.</h2><p style="line-height: 26px">Restrictions such as needing to sell your home before you move can make your offer unappealing. Remember that, if the market is tight, you’ll probably be able to sell your house rapidly. You can also talk to your lender about getting a bridge loan to cover both mortgages for a short period.</p><h2 style="line-height: 36px">But don’t get caught in a buying frenzy.</h2><p style="line-height: 26px">Just because there’s competition for a home doesn’t mean you should buy it. And even though you want to make your offer attractive, don’t neglect inspections that help ensure the house is a sound investment.</p><p style="line-height: 26px;"><br></p><p style="line-height: 26px;">Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p>

How To Buy in a Tight Market

<p><br></p><p>Every lender requires documentation as part of the process of approving a mortgage loan.</p><p style="line-height: 26px">Here are documents you’re generally required to provide to your mortgage lender.</p><div><ul><li>W-2 statements and tax returns&nbsp;— business tax returns if you're self-employed — for the last two or three years for every person signing the loan.</li><li>At least one pay stub for each person signing the loan.</li><li>Account numbers of all your credit cards and the amounts for any outstanding balances.</li><li>Two to four months of bank or credit union statements for both checking and savings accounts.</li><li>Lender, loan number, and amount owed on installment loans, such as student loans and car loans.</li><li>Addresses where you’ve lived for the last five to seven years, with names of landlords if appropriate.</li><li>Brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.</li><li>Your most recent 401(k) or other retirement account statement.</li><li>Documentation to verify additional income, such as child support or a pension.</li></ul><p><br></p><p>Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p></div>

Checklist: Your Mortgage Application

<p><br></p><p style="line-height: 26px;text-align: start">If a home is being sold for less than what the current owner owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a&nbsp;<strong>short sale.</strong></p><p style="line-height: 26px;text-align: start">A short sale is different from a foreclosure, which is when the seller's lender has taken title of the home and is selling it directly. Home owners often try to accomplish a short sale in order to avoid foreclosure. But a short sale holds many potential pitfalls for buyers. Answering these questions will help you determine if a short sale is a good fit for you.</p><h2 style="line-height: 36px;text-align: start">Are you very patient?</h2><p style="line-height: 26px;text-align: start">Even after you come to agreement with the seller to buy a short-sale property, the seller’s lender (or lenders, if there is more than one mortgage) still has to approve the sale. When there is only one mortgage, lender approval typically takes about two months. If there is more than one mortgage with different lenders, it can take four months or longer. If you make an offer tremendously lower than the fair market value of the home, the lender could make a counteroffer, which will lengthen the process.</p><h2 style="line-height: 36px;text-align: start">Is your financing in order?</h2><p style="line-height: 26px;text-align: start">Lenders like cash offers. But even if you can’t pay cash, it’s important to show you’re well qualified. If you're preapproved, have a large down payment, and can close at any time, your offer will be viewed more favorably than that of a buyer whose financing is less secure.</p><h2 style="line-height: 36px;text-align: start">Do you have any contingencies?</h2><p style="line-height: 26px;text-align: start">Lenders like flexible terms. If you must sell a home before you can close, or you need to be in your new home by a certain time, a short sale may not be for you. Also, you will most likely be asked to take the property “as is.” Lenders are already taking a loss on the property and may not agree to requests for repair credits.</p><h2 style="line-height: 36px;text-align: start">Can you take rejection?</h2><p style="line-height: 26px;text-align: start">Even when a lender approves a short sale, it could require that the sellers sign a promissory note to repay the deficient amount of the loan, which may not be acceptable to some financially strapped sellers. Lenders also can change any of the terms of the contract that you’ve already negotiated, which may not be agreeable to you.</p><p style="line-height: 26px;text-align: start"><br></p><p style="line-height: 26px;text-align: start">Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p>

Before Making a Short Sale Offer

<p><br></p><p>You can expect a home inspector to evaluate these nice areas or systems.</p><h2 style="line-height: 36px">Structure</h2><p style="line-height: 26px">The home’s “skeleton” should be able to stand up to weather, gravity, and the earth that surrounds it. Structural components include items such as the foundation and the framing.</p><h2 style="line-height: 36px">Exterior</h2><p style="line-height: 26px">The inspector should look at sidewalks, driveways, steps, windows, doors, siding, trim, and surface drainage. They should also examine any attached porches, decks, and balconies, as well as detached garages.</p><h2 style="line-height: 36px">Roofing</h2><p style="line-height: 26px">A good inspector will provide very important information about your roof, including its age, condition of roof draining systems, and the presence of buckled shingles or loose gutters and downspouts. The inspector should also inform you of the condition of any skylights and chimneys as well as the potential for pooling water.</p><h2 style="line-height: 36px">Plumbing</h2><p style="line-height: 26px">The inspector should thoroughly examine the water supply and drainage systems, water heating equipment, and fuel storage systems. Drainage pumps and sump pumps also fall under this category. Poor water pressure, banging pipes, rust spots, or corrosion can indicate larger problems.</p><h2 style="line-height: 36px">Electrical</h2><p style="line-height: 26px">The inspector should inform you of the condition of service entrance wires, service panels, breakers and fuses, and disconnects. Also, during the inspection, take note of the number of outlets in each room.&nbsp;</p><h2 style="line-height: 36px">Heating and air conditioning</h2><p style="line-height: 26px">The home’s vents, flues, and chimneys should be inspected, as well as all the central air and through-wall cooling equipment. The inspector should be able to tell you the water heater’s age, its energy rating, and whether the size is adequate for the house.</p><h2 style="line-height: 36px">Interiors</h2><p style="line-height: 26px">Your inspector should take a close look at walls, ceilings and floors; steps, stairways, and railings; countertops and cabinets; and attached garage systems. These areas can reveal leaks, insect damage, rot, construction defects, and more.</p><h2 style="line-height: 36px">Ventilation/insulation</h2><p style="line-height: 26px">Inspectors should check for adequate insulation and ventilation in the attic and in unfinished areas such as crawl spaces. Insulation should be appropriate for the climate. Without proper ventilation, excess moisture can lead to mold and water damage.&nbsp;&nbsp;</p><h2 style="line-height: 36px">Fireplaces</h2><p style="line-height: 26px">They’re charming, but fireplaces create risk. Inspectors should examine the vent, flue, and chimney stack, as well as installed fuel-burning appliances. In an older home, the inspector should look for the buildup of soot in the flue, known as creosote, which can catch fire.</p><p style="line-height: 26px;"><br></p><p style="line-height: 26px;">Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p>

What to Know About the Home Inspection

<p><br></p><p style="text-align: start">Residential property appraisals are conducted by licensed residential or certified residential appraisers to helps the lender ensure the purchase price is in line with the property’s value. Today, an appraisals may or may not require an in-person visit. Appraisers also conduct "desktop appraisals" on homes that don't require an on-site inspection, and hybrid appraisals, in which on-site information is gathered by a third party.</p><p style="text-align: start">Here are five important things to know about appraisals:</p><h2 style="text-align: start">Appraisals help guide mortgage terms.</h2><p style="text-align: start">Appraised value of a home is a crucial factor in the loan underwriting process, helping to determine the loan-to-value ratio—the percentage of the home's price that you'll be borrowing. The balance is your down payment. The amount put down can impact your borrowing terms. For example, with a&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers/vocabulary-loans-lending-terms" id="di-id-9ac31e42-b3ac628b">conventional conforming loan</a>, a down payment of less than 20% will trigger the need to pay a monthly private mortgage insurance premium.</p><h2 style="text-align: start">Appraised value is not a concrete number.</h2><p style="text-align: start">Appraisers follow a strict standard for their work and provide a professional opinion of value—but valuing property isn't an exact science. A change in a home's condition, the appraiser doing the work, or market conditions can all alter the appraised value.</p><h2 style="text-align: start">Appraised value doesn’t represent the whole picture of home prices.</h2><p style="text-align: start">The appraised value is different from the sales price. An owner who needs to sell quickly may set a price below the appraised value; a seller in no hurry may set the price high and wait for a buyer with the cash to make up the difference.</p><h2 style="text-align: start">Appraisers use data from the recent past.</h2><p style="text-align: start">Appraisals are often considered somewhat backward looking, because they use sold data from comparable properties (often nicknamed “comps”) to help come up with a reasonable price.</p><h2 style="text-align: start">There are uses for appraised value outside of the purchase process.</h2><p style="text-align: start">Besides being important to the purchase a a home that's being financed, appraisals are also completed to determine insurance value, replacement value, and assessed value for property tax purposes.</p><p style="text-align: start;"><br></p><p style="text-align: start;">Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p>

What to Know About the Appraisal Process

<p><br></p><p>Learn about health risks and how to recognize them.</p><h2>Radon</h2><p>A colorless, odorless gas that can seep into your home from the ground, radon is often referred to as the second most common cause of lung cancer behind smoking. It more prevalent in some parts of the country than in. The Environmental Protection Agency publishes a map of high-prevalence areas.</p><p><strong>What to look for:</strong>Basements or any area with protrusions into the ground offer entry points for radon. A radon test can determine if high levels are present.&nbsp;</p><h2>Asbestos</h2><p>A fibrous material once popular as fire-resistant insulation, asbestos was banned in 1985. However, it’s often found in the building materials, floor tiles, roof coverings, and siding of older. If disturbed or damaged, it can enter the air and cause severe illness.</p><p><strong>What to look for:</strong>Homes built prior to 1985 are at risk of having asbestos in their construction materials. Home owners should be careful when remodeling because disturbing insulation and other materials may cause the asbestos to become airborne.</p><h2>Lead</h2><p>This toxic metal used in home products for decades can contribute to several health problems, especially among children. Exposure can occur from deteriorating lead-based paint, pipes, or lead-contaminated dust or soil.</p><p><strong>What to look for:</strong>Homes built prior to 1978 may have lead present. Look for peeling paint and check old pipes. To get a HUD-insured loan, buyers must show a certificate that their older home is lead-safe.</p><h2>Hazardous products</h2><p>Stockpiles of hazardous household items — such as paint solvents, pesticides, fertilizers, or motor oils — can create a dangerous situation if not properly stored. They can easily spark fires and can cause illness or even death if ingested, even in small amounts.</p><p><strong>What to look for:</strong>Check all the corners, crawl spaces, garages, or garden sheds in the home. If these products are found, make sure you ask for their removal and get a disposal certificate prior to closing.</p><h2>Groundwater contamination</h2><p>When hazardous chemicals are disposed of improperly, they can seep through the soil and enter water supplies. A leaking underground oil tank or septic system can contribute to this.</p><p><strong>What to look for:</strong>Homes near light industrial areas or facilities may be at risk, as are areas once used for industry that are now residential.</p><p><br></p><p>Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p>

What to Know About Home Hazards

<p><br></p><p>Whether you’re building the home of your dreams or looking for an existing unit, be aware of the many players involved in certifying sustainability, resiliency, and energy efficiency.</p><p>Here's a breakdown of the different certification programs.</p><h2>HERS index</h2><p>The Home Energy Rating System is an index measuring a home’s energy efficiency. An average home built to current industry standards for energy efficiency will have an index of 100. A lower score indicates higher levels of efficiency (for example, a home with a score of 70 is using 30 percent less energy than the average home). The opposite is true with homes that score higher than 100. This index is overseen by RESNET.</p><h2>Energy Star</h2><p>The Energy Star program is overseen by the U.S. Environmental Protection Agency. Products such as refrigerators, light bulbs, and furnaces can earn Energy Star certifications. Separately, homes can be Energy Star–certified through an independent inspection.</p><h2>Indoor airPLUS:</h2><p>This program is also administered by the EPA. Homes that go above and beyond the Energy Star requirements by incorporating additional features to combat moisture, mold, pests, and pollutants can earn this label.</p><h2>LEED</h2><p>The United States Green Building Council is the agency that bestows Leadership in Energy and Environmental Design certifications on environmentally friendly buildings and projects. The highest certification a building can earn is “LEED platinum.” Projects earn points based on numerous categories such as indoor air quality and water efficiency. More points add up to a higher certification level.</p><h2>National Green Building Certification</h2><p>Overseen by the National Association of Home Builders, this program helps residential building professionals develop and build sustainable projects. Buildings can earn bronze, silver, gold, or emerald certifications. At the Emerald level — which is the highest certification a project can earn — a building “must incorporate energy savings of 60 percent or more.”</p><h2>Pearl Certification</h2><p>Pearl Certification is a market-based firm approved by the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Energy (DOE) to administer the&nbsp;Home Performance with ENERGY STAR®&nbsp;program&nbsp;for existing homes.&nbsp;The certification helps homeowners understand and improve their home's performance.</p><h2>RESNET</h2><p>The Residential Energy Services Network is a not-for-profit corporation that develops industry-wide standards and rules for energy efficiency ratings and certification systems for buildings. In addition to overseeing the HERS index (see below), RESNET certifies contractors of all types, including builders, roofing and siding professionals, and remodeling contractors.</p>

Green Home Programs

<p><br></p><p>Buying within condo or townhome community generally offers certain perks, but it’s important to ask questions before you make the leap.</p><p>Consider these questions in your decision-making process.</p><h2>How much storage is available?</h2><p>Some properties include storage lockers, but there may not be attics or basements to hold extra belongings.</p><h2>How’s the outdoor space?</h2><p>Your yard will likely be smaller than you’d have with single-family home. If you dread yard work, it may be the perfect option.</p><h2>Are amenities important?</h2><p>Many condo and townhome communities offer swimming pools, fitness centers and other facilities that would cost much more in a single-family setting.</p><h2>Who handles maintenance and security?</h2><p>Property managers often hire professionals to care for common areas and perform in-unit repairs. Make sure you're comfortable with the security measures in place to regulate access&nbsp;to the building and your unit.</p><h2>Are there required reserve funds and association fees? How much are they?</h2><p>Fes help pay for amenities and provide savings for future repairs. Even if you’re not in favor of the board's decisions on amenities and improvements, be aware that the HOA or condo board determines these fees, and you’ll have to pay them.</p><h2>What are the association rules?</h2><p>Although you have a vote on future changes, association rules can dictate how you use your property. Some condos prohibit home-based businesses; others prohibit pets or don’t allow owners to rent out their units. Read the covenants, restrictions, and bylaws carefully before you make an offer.</p><h2>What’s the average vacancy rate?</h2><p>It’s never too early to be thinking about resale. The ease of selling your unit may depend on what else is for sale in your building, since units are similar.&nbsp;</p><h2>How many units are owned by investors?</h2><p>Some lenders require a certain percentage of the building to be owner-occupied and may not be able to offer you financing if the ratio is too low.</p><h2>Can I meet other residents before making an offer?</h2><p>You will share space and decision-making duties with your neighbors when part of a homeowner association, so it’s important to make sure you can work together. If possible, try to meet your closest prospective neighbors before you decide on a place.</p><p><br></p><p>Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p>

Questions to Ask About a Condo or Townhome

<p><br></p><p style="text-align: start">Before you purchase a condo, contact the condo board ahead of time to learn how responsive and organized its members are and be alerted to potential problems. Make sure you read documents about the condo association and have an attorney review them. Here are pertinent questions to ask.</p><h2 style="text-align: start">How many units are owner-occupied?</h2><p style="text-align: start">Generally, the higher the percentage of owner-occupied units, the easier the condo will be to resell.</p><h2 style="text-align: start">What covenants, bylaws, and restrictions govern the property?</h2><p style="text-align: start">Carefully read the bylaws to determine if you can abide by them. Also, find out if there are grandfather provisions that allow current owners more rights than you would have as a new owner, such as the ability to rent out your unit.</p><h2 style="text-align: start">How much does the association keep in reserve?</h2><p style="text-align: start">A fat reserve could be a sign of a healthy association, or it could be a red flag about deferred maintenance. Ask how money has been used and invested.</p><h2 style="text-align: start">Are association assessments keeping pace with the annual rate of inflation?</h2><p style="text-align: start">Smart boards raise assessments a reasonable percentage each year to build reserves for funding future repairs.</p><h2 style="text-align: start">What does the assessment cover?</h2><p style="text-align: start">Ask specifically about common-area maintenance, recreational facilities, trash collection, and snow removal (if applicable).</p><h2 style="text-align: start">What special assessments have been mandated in the past five years, and how much of that was the responsibility of individual owners?</h2><p style="text-align: start">Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about building conditions or fiscal policy.</p><h2 style="text-align: start">What’s the turnover rate?</h2><p style="text-align: start">This will tell you if residents are generally happy with the building.</p><h2 style="text-align: start">Is the condo building in litigation?</h2><p style="text-align: start">Obviously, this is never a good sign. If the builders or owners are involved in a lawsuit, reserves can be depleted quickly to pay legal fees.</p><h2 style="text-align: start">What other projects has the developer built?</h2><p style="text-align: start">Try to visit one, and ask residents about their perceptions. Also, request an engineer’s report if the building has been converted from another use.</p><h2 style="text-align: start">Are multiple associations involved in the property?</h2><p style="text-align: start">In very large developments, umbrella associations also may require separate assessments.</p><p style="text-align: start;"><p style="text-align: start;"><br></p></p><p style="text-align: start;">Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p>

Questions to Ask the Condo Board

<p><br></p><p>Where you live should reflect your lifestyle. These questions will help you find the best community for you.</p><p>Federal fair housing law prohibits real estate agents from steering you to one neighborhood or another, but agents they can direct you to resources that will answer your key questions about neighborhoods you're considering.</p><h2>Is it close to my favorite spots?</h2><p>Make a list of activities you engage in and stores you visit frequently. See how far you would have to travel to engage in your most common activities.</p><h2>Is it economically stable?</h2><p>Check with your local economic development office to see if household income and property values in the neighborhood are stable or rising. What is the ratio of owner-occupied homes to rentals? Apartments don’t necessarily diminish value, but they indicate a more transient population. Are there vacant businesses or homes that have been on the market for months? Check news sources to find out if new development is planned.</p><h2>Is it a good investment?</h2><p>If you're working with an&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers/7-reasons-to-work-with-a-realtor" id="di-id-e19b3176-bcfa667d">agent</a>, ask about price appreciation in the neighborhood. Although past performance is no guarantee of future results, this information will give you a sense of the home’s price stability and growth potential. Your agent also may be able to tell you about planned developments or other changes coming to the neighborhood — such as a new school or highway — that might affect its value.</p><h2>Do I like what I see?</h2><p>Once you’ve narrowed your focus to two or three neighborhoods, drive or walk around to get a feel for what it might be like to live there. Take notes: Are the homes well maintained? Are streets bustling or quiet? Pick a pleasant day if you can, and chat with people working or playing outside.</p><h2>Is it safe?</h2><p>Contact the police department to obtain neighborhood crime statistics. No neighborhood is free from crime, but consider not only the number of crimes but also the type and trend. Is crime going up or down? Pay attention to see where in the neighborhood crime is happening.</p><h2>What’s the school district like?</h2><p>This is especially important if you have children, but it can affect resale value as well. The local school district can provide information on test scores, class size, the percentage of students who attend college, and special enrichment programs. If you have school-age children, visit schools in neighborhoods you’re considering.</p><h2>How will I get to work?</h2><p>If you work outside the home, you may want to know about tolls, public transportation options and other factors that will affect your commute.</p><p><br></p><p>Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p>

Questions to Ask About the Neighborhood

<p><br></p><p style="text-align: start">Real estate portal sites generally offer information on a property's annual taxes. But it's a good idea to verify this information with your&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers/7-reasons-to-work-with-a-realtor" id="di-id-e19b3176-bcfa667d">real estate agent</a>&nbsp;and the sellers.</p><h2 style="text-align: start">What is the assessed value of the property?</h2><p style="text-align: start">Assessed value is generally less than market value. A recent copy of the seller’s tax bill will help you determine this information.</p><h2 style="text-align: start">How often are properties reassessed in this area?</h2><p style="text-align: start">In general, this will happen annually, but properties in areas of slower growth may be reassessed less often.</p><h2 style="text-align: start">When was the last reassessment done on this property?</h2><p style="text-align: start">Significant tax increases on an individual property usually can be linked to when that property was last reassessed.</p><h2 style="text-align: start">Will the sale of the property trigger a tax increase?</h2><p style="text-align: start">Depending upon where you live, the assessed value of a property may increase based on the amount you pay for it. In California, for example, annual increases for existing owners are capped, and properties are reassessed when they're sold.</p><h2 style="text-align: start">Is the tax bill comparable to that of other properties in the area?</h2><p style="text-align: start">If not, it might be possible to appeal the assessment and lower the rate.</p><h2 style="text-align: start">Does the current tax bill reflect any special exemptions for which I might not qualify?</h2><p style="text-align: start">For example, many tax districts offer reductions to individuals 65 and older.</p><p style="text-align: start;"><br></p><p style="text-align: start;">Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p>

Questions to Ask About Property Tax

<p><br></p><p style="text-align: start">Homebuyers are strongly encouraged to have an inspection before they close on the sale of a home. An inspection can uncover potential structural or mechanical issues.&nbsp;Here are nine questions an inspector should be able to answer to your satisfaction.</p><h2 style="text-align: start">Do you belong to a professional association?</h2><p style="text-align: start">There are two main inspection organizations today, the American Society of Home Inspectors (ASHI) and the International Association of Certified Home Inspectors (InterNACHI).</p><h2 style="text-align: start">Will your report meet all state requirements?</h2><p style="text-align: start">Also, make sure their professional organization complies with a well-recognized standard of practice and code of ethics, such as those adopted by the American Society of Home Inspectors.</p><h2 style="text-align: start">How experienced are you?</h2><p style="text-align: start">Ask inspectors how long they’ve been working in the field and how many inspections they’ve completed. Ask for customer referrals. New inspectors may be qualified, but they should describe their training and indicate whether they work with a more experienced partner.</p><h2 style="text-align: start">How do you keep your expertise up to date?</h2><p style="text-align: start">Inspectors’ commitment to continuing education is a good measure of their professionalism and service. Advanced knowledge is especially important with older homes or those with unique elements requiring additional or updated training.</p><h2 style="text-align: start">Do you focus on residential inspection?</h2><p style="text-align: start">Be sure to ask inspectors whether they have experience with the property type or features of the home you want to buy. They should be able to provide sample inspection reports for a similar property. While a qualified home inspector does a whole-house inspection, in some cases, they may recommend further evaluation by specialists&nbsp;such as a structural engineer or chimney inspector.</p><h2 style="text-align: start">Do you do repairs or improvements?</h2><p style="text-align: start">Some state laws permit&nbsp;the inspector to provide repair work on problems uncovered during the inspection. In other states, however,&nbsp;it's considered a conflict of interest.</p><h2 style="text-align: start">How long will the inspection take?</h2><p style="text-align: start">On average, an inspector working alone inspects a typical single-family house in two to three hours. Anything less may not be thorough.</p><h2 style="text-align: start">How much?</h2><p style="text-align: start">Costs range from $300 to $500 but can vary dramatically depending on your region, the size and age of the house, and the scope of services. Be wary of deals that seem too good to be true.</p><h2 style="text-align: start">Will I be able to attend the inspection?</h2><p style="text-align: start">The answer should be yes. A home inspection is a valuable educational opportunity for the buyer and a refusal should raise a red flag. That said, a big crew can impede an inspectors work, so avoid bringing kids and third parties to the inspection if possible.</p><p style="text-align: start;"><br></p><p style="text-align: start;">Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p>

Questions to Ask a Home Inspector

<p><br></p><p>A credit score above 620 is generally considered desirable for obtaining a mortgage.</p><p>An individual's credit score typically ranges from 300 to 850 with scores above 620 considered desirable for obtaining a mortgage. Buyers may qualify for an&nbsp;<a href="https://www.consumerfinance.gov/ask-cfpb/what-is-an-fha-loan-en-112/" id="di-id-103161be-9a428e35">FHA loan<span style="font-size: 12px;color: rgb(184, 184, 184)">(link is external)</span></a>&nbsp;with a score of 500–580, depending on the size of their down payment. The following factors affect your score:</p><h2>Your payment history.</h2><p>Have you paid your credit card bills on time and paid off installment debt? Bankruptcy filing, liens, and collection activity also affect your history.</p><h2>How much you owe and where.&nbsp;</h2><p>People sometimes spread debt among several accounts to avoid approaching the maximum on any individual credit line. Not a great strategy. if you owe money on numerous accounts, it can indicate that you're overextended.</p><h2>The length of your credit history.</h2><p>In general, the longer an account has been open, the better.</p><h2>How much new credit you have.</h2><p>New credit, whether in the form of an installment plan or a recently obtained credit card, is considered more risky, even if you pay down the debt promptly.</p><h2>The types of credit you use.</h2><p>Generally, you build up your credit score by having more than one type of credit, such as installment loans, credit cards, and a mortgage.</p><p><br></p><p>Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p>

What to Know About Credit Scores

<p><br></p><h2 style="text-align: start">Loan Term</h2><p style="text-align: start">Mortgages are most commonly available for 15-, 20-, or 30-year terms. In general, the longer the term, the lower the monthly payment. However, shorter terms mean you pay less interest over the life of the loan.</p><h2 style="text-align: start">Fixed- vs. adjustable-rate mortgages</h2><p style="text-align: start">A fixed-rate mortgage is one in which the interest rate stays the same as long as you hold the mortgage. An adjustable-rate mortgage (ARM) changes in accordance with some benchmark rate, typically the Secured Overnight Financing Rate (SOFR). The interest on an ARM is generally fixed for some initial period before floating up or down with the benchmark. Ask the lender how much and how frequently the interest rate can be adjust. ARMs may be a good choice for you if the initial rate is significantly below fixed-rate options, if you think you'll move or refinance before the rate begins to float, or if you expect your income to grow significantly in the coming years.</p><h2 style="text-align: start">Amoritization</h2><p style="text-align: start">The process of gradually paying off a loan with some of your monthly payment going toward interest and some toward paying off the principal loan amount.</p><h2 style="text-align: start">Government-backed loans</h2><p style="text-align: start">Loans insured by the Federal Housing Administration (FHA), the Department of Veterans Affairs, and the U.S. Department of Agriculture offer special terms, including reduced interest rates to qualified buyers. VA Loans are open to veterans, reservists, active-duty personnel, and surviving spouses and are one of the only options available for zero down payment loans. FHA loans are open to anyone, and while they do require a down payment, it can be as low as 3.5 percent. Borrowers need to pay go through a different, and some say more complex, purchase process when compared with conventional financing. FHA borrowers also pay a mortgage insurance premium.</p><h2 style="text-align: start">Conventional loans</h2><p style="text-align: start">A conventional loan isn't part of a government guarantee program. It may be more difficult to qualify for a conventional loan, but the upfront costs are generally lower than those for an FHA mortgage. Conventional loans are either<em>conforming</em>, meaning originated in accordance with guidelines set by&nbsp;<a href="https://www.consumerfinance.gov/ask-cfpb/what-are-fannie-mae-and-freddie-mac-en-1959/" id="di-id-dbfbcd57-16e3d65">Fannie Mae and Freddie Mac&nbsp;<span style="font-size: 12px;color: rgb(184, 184, 184)">(link is external)</span></a>, or&nbsp;<em>non-conforming.</em>&nbsp;Non-conforming loans may refer to jumbo loans, meaning they exceed the conforming loan limits--or they may be so-called nontraditional or "exotic" mortgages.</p><p style="text-align: start">Nontraditional mortgages originated in the subprime market were common in the run-up to the 2008 financial crisis and contributed to the crisis. They often featured no-doc qualifying and negative amortization. The financial crisis led to a spike in foreclosures and resulted in a new federal Qualified Mortgage rule, which requires lenders to make a good faith effort to discern&nbsp; borrowers' ability to replay the loan.</p><h2 style="text-align: start">Balloon mortgage</h2><p style="text-align: start">This is a form of non-traditional financing where the interest rate is very low for a short period of time—often three to seven years. Payments usually cover interest only so the principal owed is not reduced. This is a risky loan for both lenders and borrowers but may pay off for someone who&nbsp;is able to sell the home at a large profit within a few years.</p><p style="text-align: start">As the housing market shifts, so do lending practices. A mortgage broker—an independent professional who acts as an intermediary between you and lending institutions—may be able to help you find a better rate and terms than you could find on your own. Be sure to shop around; slight variations in interest rates, loan amounts, and terms can affect your monthly payment.</p><p style="text-align: start;"><br></p><p style="text-align: start;">Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p><p>​<br></p>

Vocabulary: Loans & Lending Terms

<p>State law, and the agreement between you and your agent, will determine what duties you're owed as a buyer.<br></p><p>The term “agency” is used in real estate to help determine what legal responsibilities your real estate professional owes to you and other parties in the transaction.&nbsp;Real estate agency is governed by state law and varies from state to state, but here are some agency terms you're likely to hear.</p><p>The&nbsp;<strong>buyer's representative</strong>(also known as a buyer’s agent) is hired by prospective buyers and works in the buyer's best interest throughout the transaction. The buyer can pay the agent directly through a negotiated fee, or the buyer's rep may be paid by the seller or through a commission split paid by the listing broker. The agency agreement usually is created by a signed buyer's rep agreement.</p><p>The&nbsp;<strong>seller's representative</strong>(also known as a listing agent or seller's agent) is hired by and represents the seller. The agent's fiduciary duties are to the seller, meaning it's the agent's job to get the best price and terms for the seller. The agency relationship usually is created by a signed listing agreement.</p><p>A&nbsp;<strong>subagent&nbsp;</strong>owes the same fiduciary duties to the agent's client as the agent does. Subagency arises when a cooperating sales associate works with the buyer but doesn't represent the buyer. Although a subagent cannot assist a buyer in any way that would be detrimental to the seller, a buyer customer can expect to be treated honestly by the subagent who is a REALTOR®, a member of the National Association of REALTORS®. That's because the REALTORS® Code of Ethics requires that all parties to a transaction be treated fairly and honestly.</p><p>A&nbsp;<strong>disclosed dual agent&nbsp;</strong>represents both the buyer and the seller in the same real estate transaction. In such relationships, dual agents owe limited fiduciary duties to both buyer and seller clients. Because of the potential for conflicts of interest in a dual-agency relationship, all parties must give their informed consent. Disclosed dual agency is legal in most states, but often requires written consent from all parties.</p><p><strong>Designated agents</strong>(also called appointed agents) are chosen by a managing broker to act as an exclusive agent of the seller or buyer. This allows the brokerage to avoid problems arising from dual-agency relationships in situations in which licensees affiliated with the brokerage represent different parties to the same transaction. The designated agents give their clients full representation, with all of the attendant fiduciary duties.</p><p>A&nbsp;<strong>transaction broker&nbsp;</strong>(sometimes referred to as a facilitator) is permitted in states where nonagency relationships are allowed. These relationships vary considerably from state to state. Generally, the duties owed to the consumer in a nonagency relationship are less than the complete, traditional fiduciary duties of an agency relationship.</p><p><br></p><p>Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p>

Vocabulary: Agency & Agency Relationships

<p><br></p><p>These 9 questions will help you find the agent who's right for you.</p><h2>1. How long have you been in residential real estate, and is it your full-time job?</h2><p>Experience is no guarantee of quality. But, as in all professions, expertise is gained on the job.</p><h2>2. Do you have any designations or certifications?</h2><p>Real estate professionals must pass an agent or broker licensing exam before they can work with clients, and in most states they're required to take continuing education. Many take it further by obtaining designations or certifications. This training helps them gain specialized knowledge and skills that apply to a particular real estate need—from selling resort or second home properties to working with seniors. One designation buyers should look for is the&nbsp;<a href="https://abr.realtor/" id="di-id-6c9bd29c-6de3fa7f">ABR®&nbsp;<span style="font-size: 12px;color: rgb(184, 184, 184)">(link is external)</span></a>, or Accredited Buyer’s Representative.</p><h2>3. What’s your business philosophy?</h2><p>While there’s no right answer to this question, the response will help you assess what’s important to the agent and determine how closely the agent’s goals and business emphasis mesh with your own.</p><h2>4. How many buyers did you and your real estate brokerage represent last year?</h2><p>This will tell you how much experience they have and how up-to-date they are on the local market.</p><h2>5. What’s the typical variation between your buyer clients' initial offers and final sales price?</h2><p>This is one indication of the agent's pricing and negotiating skills.</p><h2>6. Will you represent me exclusively?</h2><p>When agents represent a client, they act as a fiduciary, bound by law to work in the client’s best interest. State law governs agency relationships and duties. Regardless of whether they represent you, agents who are REALTORS® are bound by a Code of Ethics to treat all parties fairly and honestly.</p><p>6. How are you paid?</p><p>Agents representing a buyer are often paid a percentage of the listing commission at closing by the broker who represents the sellers. In that scenario, your agent is not paid until you successfully close on your purchase. In other cases a buyer's agent may charge you a fee or commission for representation. Be sure you're clear upfront about how your agent will be paid, and know that the commissions are negotiable.</p><h2>7. Can you recommend service providers who can help me obtain a mortgage, make home repairs, and so on?</h2><p>Practitioners should be able to recommend several providers. Federal law prohibits brokerages from receiving referral fees from settlement service providers (such as lenders and title companies). The law allows for joint marketing and affiliated business arrangements; agents must disclose if their brokerage is involved in such arrangements with recommended vendors.</p><h2>8. How will you keep me informed about the progress of my transaction?</h2><p>The best answer here is a question. Effective agents pay attention to the way you prefer to communicate and respond accordingly.</p><h2>9. Could you please give me the contact information of your three most recent clients?</h2><p>​<br></p><p>Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p><p>Ask their former customers if they would use the agent again in the future.</p>

Questions to Ask When Choosing a Real Estate Agent

<p>Loan terms, rates and products can vary significantly from one company to the next.<br></p><p>Loan terms, rates, and products can vary significantly from one company to the next. When shopping around, these are questions that can help you determine the best lender and loan product for you.</p><h2>General questions:</h2><div><ul><li>What are the most popular mortgages you offer? Why are they so popular?</li><li>Which&nbsp;mortgage products would you recommend for my situation?</li><li>Are your rates, terms, fees, and closing costs negotiable?</li><li>Do you offer discounts for inspections, home ownership classes, or automatic payment set-up?</li><li>Will I have to buy private mortgage insurance? If so, how much will it cost, and how long will it be required?</li><li>What escrow requirements do you have?</li><li>What kind of bill-pay options do you offer?</li></ul><p><br></p><h2>Loan-specific questions:</h2><ul><li>What's included in my mortgage payment (homeowners insurance, property taxes, etc.)?</li><li>Who will service this loan? (The loan servicer is the company you pay each month, which may be different from company that originates the loan.)</li><li>How long can I lock in this rate? Will I be able to obtain a lower rate if market&nbsp;rates go down before I close?</li><li>How long will the loan approval process take?</li><li>How long will it take to close the loan?</li><li>Are there any charges or penalties for prepaying this loan?</li><li>How much will I be paying&nbsp;over the life of this loan?</li></ul><h2><br></h2><h2>Federal law requires lenders to provide two documents to borrowers:<br></h2><ul><li>Within three days of applying for a loan, you'll get a&nbsp;<strong>Loan Estimate&nbsp;</strong>that spells out important information about the loan, including your estimated monthly payment and estimated closing costs.</li><li>Then, at least three business days before you close on your purchase, your lender will send you a&nbsp;<strong>Closing Disclosure</strong>, which provides important details such as final closing costs and who gets paid at closing.</li></ul><p><br></p><p>Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p></div>

Questions to Ask When Choosing a Lender

<h2><span style="font-size: 24px"><strong>1. Develop a budget.</strong></span><br></h2><p style="text-align: start">Instead of guessing what you can afford&nbsp;to spend on a house, use bank statements and a spreadsheet to&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers/worksheet-track-your-budget" id="di-id-14f86ed2-992088df">create a budget</a>&nbsp;that reflects your actual spending pattern over the last several months to a year. This approach will help you factor in unexpected expenses alongside more predictable costs such as utility bills and groceries. You’ll probably spot some ways to save, whether it’s cutting out that morning doughnut run or canceling infrequently used streaming services.</p><h2 style="text-align: start"><strong>2. Reduce debt.</strong></h2><p style="text-align: start">Lenders will look at your debt load to determine how much they think you can afford to borrow. While only you can decide how much debt you're ready to take on, lenders have traditionally allowed a maximum debt-to-income ratio (DTI) of 36%. Some lenders or loan products allow a higher DTI, so be sure to shop around.</p><p style="text-align: start">DTI is calculated by dividing your total recurring expenses for the month by your monthly gross household income (earnings before taxes and other deductions, such as funds allocated to retirement accounts). In adding up monthly expenses, don’t forget to factor in property taxes, insurance, maintenance, utilities, and association fees, if applicable. If your monthly income is variable, consider using a one-year average, or be conservative by calculating your DTI for your slowest-earning month.</p><p style="text-align: start">A good ballpark for monthly housing costs is between 25% and 28% of your gross household income. So keep monthly payments on the rest of your&nbsp; obligations (including installment debt—car loans, student loans, and revolving balances on credit cards) down to no more than 8% to 10% of your gross monthly income.</p><h2 style="text-align: start"><strong>3. Keep your job.</strong></h2><p style="text-align: start">While you don’t need to be in the same job forever to qualify for a home loan, having a job for less than two years may mean you have to pay a higher interest rate.</p><h2 style="text-align: start"><strong>4. Ask for a raise.</strong></h2><p style="text-align: start">If that’s not an option, some people consider taking on a second job in order to qualify for the home they want. Remember, though, that quality of life is important, too. It may be better to compromise on the size or location of your home so that you have time to enjoy it!</p><h2 style="text-align: start"><strong>5. Establish a good credit history.</strong></h2><p style="text-align: start">If you're just getting started, well before you think about applying for a home loan, get a credit card, make it a practice to charge no more than you can afford to pay off each month. Pay your credit card bill on time each month, and do the same for all your other bills.</p><h2 style="text-align: start"><strong>6. Obtain a copy of your credit report.</strong></h2><p style="text-align: start">A credit report provides a history of your credit, bad debts and late payments. Make sure yours is accurate, and correct any errors immediately. The Consumer Financial Protection Bureau offers&nbsp;<a href="https://www.consumerfinance.gov/ask-cfpb/how-do-i-get-a-free-copy-of-my-credit-reports-en-5/" id="di-id-ec453fd2-70da7e88">clear directions on how to obtain a free credit report</a><span style="color:#b8b8b8"><span style="font-size: 12px">&nbsp;</span></span>each year.</p><h2 style="text-align: start">7. Save for a down payment.</h2><p style="text-align: start">Designate a certain amount of money each month to put into savings. While many people think a 20% down payment is essential, it's possible to get a loan for as little as 3% to 5% down. That can be a great option for first-time homebuyers who haven't yet built equity in an existing home. In 2023, the median down payment was 15% for all buyers, 8% for first-time buyers, and 19% for repeat buyers, according to the National Association of REALTORS® 2023 Profile of Home Buyers and Sellers. With a&nbsp;20% down payment, you avoid the cost of mortgage insurance and can sometimes qualify for a better interest rate. Don’t forget to factor in closing costs, which can average between 2 and 7 percent of the home price.</p><h2 style="text-align: start">8. Consider your mortgage options.</h2><p style="text-align: start">People generally look at homes valued at two to three times their gross income, but your level of recurring debt will be a factor in how much house you can afford<em>(see #2 above).</em>&nbsp;With the help of&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers/7-reasons-to-work-with-a-realtor" id="di-id-e19b3176-bcfa667d">your real estate agent</a>&nbsp;or mortgage lender, determine the best mortgage terms (30-year, 20-year, or 15-year? Fixed or adjustable rate? Conventional of FHA?) for your situation.</p><h2 style="text-align: start">9. Gather documentation.</h2><p style="text-align: start">Lenders generally need a number of documents to preapprove you for a loan, such as W-2s, recent paystubs, and two to four months of recent bank statements.</p><h2 style="text-align: start">10. Seek down payment help.</h2><p style="text-align: start">Talk with your agent, or check out state and local government websites, to find out whether you qualify for special mortgage or down payment assistance programs. If you have an IRA or Roth IRA account, you may qualify to withdrawal up to $10,000 for a home purchase before age 59-1/2 without incurring the normal 10% penalty for early withdrawal. Unless the account is a Roth IRA (composed of after-tax contributions), you'll owe taxes&nbsp;on the withdrawal amount. Some employers offer down payment assistance programs, too. And family members can be a source of down payment funds, provided they verify in writing that the assistance is a gift and not a loan.</p><p style="text-align: start"><br></p><p style="text-align: start">Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p>

How to Prepare to Finance a Home

<p><span style="font-size: 24px">1. Talk to a mortgage broker or lender.</span><br></p><p style="text-align: start">Prequalifying for a mortgage should be the first thing on your homebuying to-do list. Talk an agent who's a REALTOR®, a member of the National Association of REALTORS® for lender and mortgage broker recommendations. (Mortgage brokers don't fund loans; instead they offer options from several different lenders.)&nbsp;Shop around to find the best mortgage for your particular situation, ask questions about anything that's unclear, and make sure you understand the home loan process completely.</p><h2 style="text-align: start">2. Be ready to move.</h2><p style="text-align: start">This is especially true in markets with a low inventory of homes for sale. It’s very common for home buyers to miss out on the first home they wish to purchase because they can't act quickly enough.</p><h2 style="text-align: start">3. Find a trusted partner.</h2><p style="text-align: start">It’s absolutely vital that you find a&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers/7-reasons-to-work-with-a-realtor" id="di-id-e19b3176-bcfa667d">real estate professional</a>&nbsp;who understands your goals and who is ready and able to guide you through the&nbsp;<a href="https://www.houselogic.com/buy/how-to-buy-step-by-step/" id="di-id-6a410688-e942d05a">home buying process</a>.</p><h2 style="text-align: start">4. Make a good offer.</h2><p style="text-align: start">Especially in a low-inventory market, your offer is unlikely to be the only one on the table. Do what you can to ensure&nbsp;<a href="https://www.houselogic.com/buy/how-to-buy-step-by-step/tips-for-making-an-offer-on-a-house/" id="di-id-29a784da-9d83029d">your offer is appealing</a><span style="color:#b8b8b8"><span style="font-size: 12px">&nbsp;</span></span>to a seller.</p><h2 style="text-align: start">5. Factor maintenance and repair costs into your buying budget.</h2><p style="text-align: start">Even brand-new homes will require some work. Lenders and insurance companies&nbsp;generally suggest setting aside 1% to 4% of a home's value for annual maintenance costs. Don’t leave yourself short and let your home deteriorate.</p><h2 style="text-align: start">6. Think ahead.</h2><p style="text-align: start">It’s easy to get wrapped up in your present needs, but you should also be thinking about your long-term exit strategy.&nbsp;Buyers expect to stay in their home a median of 15 years, according to the National Association of REALTORS®<em>2023 Profile of Home Buyers and Sellers</em>. Younger buyers, age 18–44, typically expect to move within 10 years.</p><h2 style="text-align: start">7. Narrow down your search area.</h2><p style="text-align: start">Compile a list of three or four neighborhoods where you’d like to live in, taking into account factors that matter to you, such as nearby healthcare options, schools, recreational facilities, shopping and area expansion plans.</p><h2 style="text-align: start">8. Develop a wish list.</h2><p style="text-align: start">Take your time and write down what you want, including a&nbsp;wide range of factors that matter to you—from noise levels to house layout to number of bedrooms and bathrooms. Prioritize items by&nbsp;dividing them into two categories—wants and needs. The needs are features you won't compromise on. The wants are features you can live without or add later. (This&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers/worksheet-define-your-dream-home" id="di-id-e19b3176-351beca6">simple worksheet</a>&nbsp;can be your starting point.)</p><p style="text-align: start;"><br></p><p style="text-align: start;">Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p>

How to Prepare to Buy a Home

<p>Following these 7 principles will improve the homebuying experience.<br></p><h2>1. Accept that no house is ever perfect.</h2><p>The yard may be smaller than you had hoped. The kitchen may be imperfect. The roof may need repair. But if the home is in the right location and fulfills your shelter needs, don't immediately discount it. Make a list of your priorities, focusing in on those that are most important to you. Let the minor ones go. Accept that a little buyer’s remorse is inevitable and will most likely pass.</p><h2>2. Know that there’s no “right” time to buy.</h2><p>Found a great home? You risk losing it if you try to time the housing market and interest-rate shifts. Those factors usually don’t change fast enough to make a big difference in an individual home’s price.</p><h2>3. Don’t ask for too many opinions.</h2><p>It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of the people who will actually be living in the home.</p><h2>4. Don’t try to be a killer negotiator.</h2><p>Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or refusing to budge may lead to hard feelings or cost you the home you love.</p><h2>5. Remember, the home doesn’t exist in a vacuum.</h2><p>Don’t get so caught up in the physical aspects of the house itself that you forget about important issues such as noise level, access to amenities, and other aspects that also have a big impact on quality of life.</p><h2>6. Plan ahead.</h2><p>Don’t wait until you’ve found a home to get approved for a mortgage, investigate insurance, or consider a moving schedule. Being prepared will make your bid more attractive to sellers.</p><h2>7. Choose a home first because you love it; then think about appreciation.</h2><p>A home is still considered a great investment, but its most important role is as a comfortable, secure place to live.</p><p><br></p><p>Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p>

7 Principles for Homebuying Success

<p>Paying bills on time is just one step in maintaining a good credit score.<br></p><p>Credit scores play a big role in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following:</p><h2>Check for errors in your credit report.</h2><p>Thanks to an act of Congress, you can download one free credit report each year at annualcreditreport.com. If you find any errors, correct them immediately. The&nbsp;<a href="https://www.consumerfinance.gov/ask-cfpb/how-do-i-get-a-free-copy-of-my-credit-reports-en-5/" id="di-id-ec453fd2-70da7e88">Consumer Financial Protection Bureau</a><font color="#b8b8b8"><span style="font-size: 12px;">&nbsp;</span></font>explains what you need to know.</p><h2>Pay down credit card bills.</h2><p>If possible, pay off the entire balance every month. Transferring credit card debt from one card to another could lower your score.</p><h2>Don’t charge your credit cards to the max.</h2><p>Pay down as much as you can every month.</p><h2>Wait 12 months after credit difficulties to apply for a mortgage.</h2><p>You’re penalized less severely for problems after a year.</p><h2>Don’t order items for your new home on credit.</h2><p>Wait until after your home loan is approved to charge appliances and furniture, as that will add to your debt.</p><h2>Don’t open new credit card accounts.</h2><p>If you’re applying for a mortgage, having too much available credit can lower your score.</p><h2>Shop for mortgage rates all at once.</h2><p>Having too many credit applications can lower your score. However, multiple inquiries about your credit score from the same type of lender are counted as one if submitted over a short period of time.</p><h2>Avoid finance companies.</h2><p>Even if you pay off their loan on time, the interest is high and it may be considered a sign of poor credit management.</p><p><br></p><p>Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p>

How to Improve Your Credit

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Checklist: Your Final Walk-Through | Noreen Barrett

<p><br></p><p>A final walk-through is the time to make sure that your new home is in the same condition you expected it would be.</p><p style="line-height: 26px">Closing time is hectic, but you should always make time for a final walk-through to make sure that your home is in the same condition you expected it would be. Here’s a detailed list of what to check for on your final walk-through.</p><div><ul><li>Basement, attic, and every room, closet, and crawl space have been checked.</li><li>Requested repairs have been made.</li><li>Copies of paid bills and warranties are in hand.</li><li>No major, unexpected changes have been made to the property since last viewed.</li><li>All items included in the sale price—draperies, lighting fixtures, and so on—are still on site.</li><li>Screens and storm windows are in place or stored onsite.</li><li>All appliances are operating (dishwasher, washer/dryer, oven, etc.).</li><li>Intercom, doorbell, and alarm are operational.</li><li>Hot water heater is working.</li><li>Heating and air conditioning systems are working.</li><li>No plants or shrubs have been removed from the yard.</li><li>Garage door opener and other remotes are available.</li><li>Instruction books and warranties on appliances and fixtures are available.</li><li>All debris and personal items of the sellers have been removed.</li></ul><p><br></p><p>Disclaimer: The content of this blog post has been sourced from&nbsp;<a href="https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers">https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers</a>, and all copyrights belong to the original authors. We acknowledge their intellectual property rights and encourage readers to visit the original source for more information.<br></p></div>

Checklist: Your Final Walk-Through

Published 04/30/2024 | Posted by Noreen Barrett

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