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What Happens After A Pre-Approval And Can You Still Be Denied?

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Pre-approval is essential when you are ready to purchase a home. Talk to a lender, who will review your situation and give you a preapproval letter. This letter will help you determine your monthly budget and what amount of payment you can afford.

Before approving your mortgage, lenders will consider several factors.

Pre-qualification and pre-approval are not the same thing, although they are sometimes used interchangeably.

A pre-qualification is a detailed overview of your financial situation. It focuses primarily on your income and your debts. The lender will then provide you with an estimate of the loan amount.

The lender won’t verify any information that you provide. A pre-qualification can help you determine your budget and help you start looking for houses. However, it does not carry any weight once you make an offer.

You provide financial information to a lender to pre-qualify. However, you will actually fill out your mortgage application to get pre-approved.

Your Social Security number is required. The lender will then conduct a hard credit assessment. Your lender will request that you list all assets, liabilities, income, employment, and bank account information.

The primary goal of a lender during pre-approval is to make sure you can repay the loan.

The information is used by the lender to calculate your LTV or DTI ratios. These information are used by the lender to determine the right type of loan and the interest rate.

After an appraisal has been completed and the loan applied to a property, your final loan approval will be granted.

Pre-approved means that your loan file is sent to an underwriter. An underwriter will also verify your documentation in relation to your application. They will verify that you meet the requirements of a loan program.

Your lender will verify your eligibility for a home loan by underwriting. An underwriter is responsible for ensuring that a property meets the loan requirements. The ultimate decision-maker, the underwriter, must follow certain guidelines but has some flexibility in other areas.

Although underwriting timelines may vary, approval of an initial file can usually be granted within 72 hours. Rarely, however, underwriting approval can take up to a month.

Your financial situation is examined by underwriters. After reviewing your file, they will issue conditional approval. The underwriter will approve you if you meet the conditions.

Underwriting can deny a mortgage, although it is rare.

An underwriter can deny you a loan if there are several reasons.

If you are declined in underwriting, your loan officer should explain why. It’s possible to appeal their decision, but it is not final until you receive a denial notice.

You can always check with other lenders if you’re turned down by underwriting. One lender may turn you down, but that doesn’t necessarily mean they will all give you the same answer. Some lenders offer manual underwriting options that allow them to approve loans, while others don’t.

Avoiding being denied underwriting is as simple as clearing up your finances. Also, make sure that you don’t borrow more than you can afford. Also, ensure that your loan application is accurate and complete. So that there are no surprises during underwriting, you want the lender to have a complete picture.

 

Original Blog: https://realtytimes.com/archives/item/1044797-can-a-mortgage-be-denied-after-pre-approval?rtmpage=

Understanding Different Types Of Access Is Crucial For Anyone Looking To Buy Land For Sale.

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Property access is the right to use, occupy, or enter a parcel of land. This could include the right to drive, walk or access a road or any other structure on the property. The owner of the land can grant or restrict property access, depending on local laws and regulations.

A public road is one of the most popular ways to access vacant land. The government maintains public roads and they are usually open to the general public. Accessing vacant land via a public road has the advantage that they are generally maintained and offer reliable transportation for all types of vehicles.

A private road is another common way to access vacant land. Private roads are maintained and owned by individuals and organizations, such as an HOA. Access may be restricted for certain groups. Accessing vacant land via a private road has the advantage of offering more privacy and security. Public roads are not as well maintained as private roads. This can cause problems with transportation and maintenance.

An easement is another way to access vacant land. This is the one that scares many people. An easement, a legal agreement that gives the owner of the land permission to use a particular portion of another person’s property for a specified purpose, is called a “legal agreement”. You can use easements to gain access to land that is otherwise inaccessible. Accessing vacant land via an easement can be a cost-effective way to gain access to land that might otherwise be impossible or difficult.

A right-of-way agreement is another way to access vacant land. A right-of way easement is a particular type of easement. It is usually an appurtenant and runs alongside the land. However, all rights-of-way can be considered easements. A right-of way easement is a legal agreement giving the owner of the land permission to use a particular portion of another person’s property for transportation purposes. You can use rights-of-way to gain access to land that is otherwise inaccessible.

It’s important to mention that access can be made by other means than roads. These include boat, water and air access. Access by boat may be required for land located near water bodies such as rivers, lakes, or oceans. Access by air may be necessary for land in remote and difficult-to-reach places. Although these accesses can be more costly and difficult to establish, they may offer unique opportunities for land development and use.

It is considered landlocked if there is no access to the land. A landlocked property is one that does not have a right-of-way or legal easement to a public road. This means it cannot be reached without crossing other private property (trespassing). This can make it more difficult or impossible for land owners to use the land or develop it. It can also lower the property’s value. A local real estate lawyer can help you determine if easements are possible if you’re considering buying land. There are several steps to legal access to landlocked properties. It is wise to listen to their legal advice and stop trying to pursue a property. Access falls under three categories in general: public access (deeded access), undeeded access (undeeded access).

Public Access Property that touches a road maintained by the government is open to the public. You don’t need to cross any other property to reach yours if there’s public access.

A deeded access is a legally-established right-of-way, or easement, that has been specifically described and recorded within the deeds for a specific piece of land. This type of access is usually granted by the landowner and is considered a permanent, binding right.

Uneeded access refers to a right of way or easement that is not specifically described in the property records. This type of access can be based on long-standing usage, custom, or an implied agreement, but is not always a legal right. It may be harder to prove or enforce undeserving access in court.

Anyone looking to buy or develop land should be able to understand the different access. The easiest and most reliable way to access vacant land is via public roads. However, private roads, easements and rights-of-way, as well as alternative access methods such as boating or air access, are all viable options. This depends on the particular circumstances of the land.

A careful consideration of all access options can make it easier to purchase land.

 

Original Blog: https://www.landthink.com/everything-you-need-to-know-about-property-access-part-1/

Preparing Your Home To Sell

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Are you ready to sell your home? To make your home more appealing to potential buyers, you’ll need to first do some things.

There is no way to predict how quickly your home will sell or how much it will fetch. You can increase your chances that everything will go smoothly, quickly and profitably by taking certain steps.

You can trust a professional real estate agent to guide you through the steps to prepare your home for sale. The sooner you get started, the better. You can also speed up the process by starting the process on your own. These are the top things you can do for your home to be ready to sell.

Before they can be put on the market, some homes will require more work than others. However, there are some things that homeowners need to remember when preparing for a sale. These are the most important.

Buyers should be able to envision themselves living there. This can be difficult if your stuff is everywhere. While you don’t have to empty the entire house, it is a good idea to go through each room and get rid of any clutter.

Keep a small box with everyday items that you will need to access while you house is up for sale. You can store items in a box so they are out of your way and not have to go into storage.

The exterior of your home is what buyers first see. It should be beautiful. Get out your mowing axes and start trimming bushes and grass. It’s a great time to clean your siding, the outside of your windows, and other less obvious features such as your front door and garage door.

A home that is clean and tidy will be more attractive to potential buyers. This shows buyers that you value the property and have taken care of it. Make sure to clean every room, as well as all the major features (walls, floors, appliances, fixtures). You can also tackle the little things that might be overlooked but are important to potential buyers, such as chipped paint and scuff marks.

Are you constantly running the toilet? Are the hinges of your kitchen cabinet falling off? These small issues can turn off buyers so make sure to address them before you sell. For larger repairs, consult your agent to determine if it is worth the effort to fix them now or waiting until after you have accepted an offer.

One final tip to make your home sale efficient: try to list in the spring , as that’s when there is the most demand. To maximize your listing and approach, you should keep up-to-date with market updates.

 

Original Blog: https://www.landhub.com/land-news/how-to-prepare-your-home-to-sell/

A REALTOR(r), Can Help You Find Your Dream Home

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Your REALTOR(r), and you can be a great team. But your REALTOR(r) can’t read your mind. Help your REALTOR(r) find the best options for you by sharing what you want and offer feedback.

Talk to your trusted realty professional about what you consider essential, desirable, and unacceptable features. Your REALTOR(r), can help you find homes that have the features that are important to you. Your REALTOR(r), together, can discuss how to achieve your goals. Your REALTOR(r), if privacy is important, could search larger lots, properties close to undeveloped land, homes with tall fences, or fewer neighbors. Your REALTOR(r), if you are looking for homes that can be remodeled or expanded, may be able to help you.

Your REALTOR(r), an expert on the local realty market, can help you find options within your price range. Your REALTOR(r), may be able to provide information about assistance programs that might help you.

This is why you hired a REALTOR(r). Ask your REALTOR(r), about any aspect of the home search or purchase you aren’t sure of. Remember that your REALTOR(r), who is bound by a Code of Ethics, may not be able answer certain questions. This includes questions that require opinions, legal issues, or that are outside of the realm of expertise of your REALTOR. Your REALTOR(r), in these cases, can often recommend impartial sources that you may be able to explore.

You have a professional working for you, a REALTOR(r) who will help you to succeed in your transaction. Your vision and the expertise of your REALTOR(r), will help you find the home that you love for many years.

 

Original Blog: https://www.texasrealestate.com/members/posts/let-a-realtor-help-find-your-dream-home/

How Do Buyer & Seller’s Agents Compare?

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We don’t always focus on the difference between a seller’s and buyer’s agent. But understanding these differences is crucial when choosing who to work with. It can be confusing to understand the terminology. 

Because they assist buyers in finding properties, a buyer’s agent can also be called a seller agent. A listing agent refers to a seller’s agent. 

We’ll refer to them as a buyer’s and seller’s agents for the purposes of comparing them. A buyer’s representative represents buyers and a seller’s agent represents sellers.

You should weigh whether you need an agent when selling your home. While you can do the job as the owner, you may not be as successful if you are not a skilled marketer or negotiator. An agent can make it even more valuable to you as a buyer. Agents for sellers may not accept buyers’ offers.

The following differences exist between the two, beyond the terminology.

If you are selling your home, and you have hired an agent to represent you, then you will usually get an exclusive representation listing. This is an agreement between the agent and you, the seller. Once you have signed this agreement, the only person entitled to a commission for your home’s sale is the listing agent. The brokerage that the seller’s agent works at receives a commission, and the agent gets a portion.

If a buyer’s agent works with the seller’s broker and their client is able to purchase a home, they are compensated.

A buyer’s agent and a seller’s agent have two primary differences. When a buyer decides to buy a home, their agent wants to ensure that they get the best price and deal possible. The agent representing the seller wants to ensure that their client receives the best price for their home.

Sometimes, the seller’s agent may also represent the buyer in certain cases. However, this is not legal in all states.

Agents can work with buyers and sellers, but there is no reason why they shouldn’t. Many agents do this. Some agents prefer to deal with one side of a transaction, so they might specialize.

The responsibilities of a seller’s agent can include:

* A seller’s representative will visit a property to do an initial walkthrough. They might offer tips to help the seller make their home more attractive to potential buyers.
* Seller’s agents are responsible for marketing. This can include professional photography.
* The seller’s agent works with the homeowner to determine the right price for their property. The goal is to achieve a fair balance between selling the property quickly and getting the highest price.
* Additional services offered by seller’s agents include hosting open houses and tours, helping with closing, and negotiating with buyers’ agents regarding inspections and other issues.

The responsibilities of a buyer’s agent include:

* Assisting buyers in the preapproval process for a mortgage loan.
* Identifying properties that meet their client’s criteria.
* We can arrange appointments for buyers to view potential properties.
* Helping buyers to understand the value of a house as they make an offer.
* Coordinating communication between the title officer, seller, buyer and mortgage lender.
* Assistance with closing.

Although their roles may be different, buyers’ agents and sellers’ agents have the same goals. They are determined to represent their clients as best they can and to negotiate successful closings.

 

Original Blog:  https://realtytimes.com/archives/item/1039840-buyer-vs-seller-s-agent-how-do-they-compare?rtmpage=

What You Should Know About Texas Property Inspections

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Buyers may feel tempted to skip an inspection in a seller’s market or to hire an inspector to walk through their dream home and point out any problems.

Sellers might believe that a similar inspection will help them stand out in a buyer’s marketplace. They should disclose all information upfront so buyers know what to expect.

Consumers should be cautious when hiring inspectors that offer walkthroughs or abbreviated inspections. Inspectors must follow TREC’s Real Estate Inspector Standards of Practice and provide their findings to the client via the mandatory inspection form. These requirements are intended to give information to the consumer about the general condition of a home and to highlight any safety issues. These requirements are not followed in walkthrough inspections. In Texas, the Texas Real Estate Commission can discipline inspectors for performing walkthrough inspections.

These walkthroughs may not be acceptable inspection reports to settle disputes with home warranty companies, provide to certain lenders, and don’t show the whole picture of the property’s potential problems the same way as a standard inspection.

TREC rules require home inspectors who are licensed to conduct inspections in Texas to adhere to the Real Estate Inspector Standards of Practice. These SOPs outline the minimum requirements to perform a real estate inspection for a potential buyer or seller of a one-to four-family dwelling or most residential properties. Texas requires that all inspector license holders must provide Texas clients with a completed Property Inspector Report Form (REI7-6) initial. This report is independent of any other reports the inspector may provide.

These standards are in effect when a licensed professional inspector or real-estate inspector accepts work to inspect a property for a potential buyer or seller.

To narrow down your search for inspectors, use TREC’s License Holder Search. It is also possible to check if an inspector has a history of disciplinary violations and view recent educational courses.

 

Original Blog: https://www.trec.texas.gov/article/what-consumers-should-know-about-texas-property-inspections

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