Steve Loynd

Out of State but Not Out of Mind

When some people decide to buy property outside that state in which they currently live, they may be doing it with a lot of knowledge already.  They could have the resources of friends and family already living there, or the experience of having visited and spent significant amounts of time in the state.

For others, however, the choice to buy real estate- whether it’s a commercial property, single home, a condo, or even bare land- can seem daunting without some knowledge of the new state. 

Of course, there is some research you can do for yourself. You'll have to narrow it down to the state and maybe a county or region on our own.  But when you get down to choosing a city or town, the best source of information is going to be a well-qualified real estate broker.

Being "Grandfathered"? It's a Good Thing in Real Estate

You may know the phrase “Grandfathered” from the recent short-run TV sitcom, but for years the term has been given to real estate properties that wouldn’t, under current regulations, be allowed to be constructed upon. In many (but not all) cases that can be a good thing when a property comes up for sale. For example, in the case of waterfront real estate, many restrictions have been imposed on new construction dealing with setbacks, site clearing and size of structure, sometimes to the point of making a previously designed building site unbuildable under the new guidelines.

Determining When to offer the Full Listing Price

Yankee values may have started on the east coast and being frugal has its place at the grocery store or car dealership, but not always when it comes to real estate. While there’s real estate for sale everywhere, the search for a great deal is not unique to one geographic area in the United States of America - but there are limits.

Is it time to stop thinking you should always be offering less than asking price?

Understanding Conforming Loans

Know which loan conforms to the property before you apply to a lender.

Question: Are you all set with your financing?

Answer: My buddy has me all set with a great rate.

NOT SO FAST… will the property conform to the type of loan you have been assured you’ll be approved for, at this great rate?

Here is where your Realtor comes in and guides you through the process in determining if you will get that loan or waste three weeks thinking it’s a breeze only to find out the property: Type, Location, Association, or occupancy doesn’t allow the loan you are “pre-Approved” for.

Deed Restrictions a Blessing or a Curse

Many subdivisions have strict by-laws to prevent owners from pitching a tent on their site and camping out. This Covenant comes in the form of “no” a temporary shelters provision. One step further we often see no mobile homes, or a minimum square footage requirement. These guidelines were intended to ensure a homogeneous design and value of homes in a given neighborhood. They were and are still a good idea in most cases.

Steps to Improve Your Credit Score

Your Mortgage lender analyzes these five “steps” when considering your loan application and you can help the likelihood of being approved for a loan by knowing them. 

#1) Payment History: The Good can outweigh the Bad… pay your bills on time. Pay even if you are late – do not wait until it goes to  collections. The older a delinquent payment is the less it impacts your score.

The highest Credit score rate is 850. The best interest rates are given to those with scores above 740; a score under 620 is not
likely to get approved through a traditional mortgage lender.

For Sale by Owner Not Such a Great Deal!

You think you’re getting a great deal when you purchase a For Sale by Owner (FSBO) property, but buyer beware – things aren’t always as rosy as they seem.  Here’s a real-life example of just one of the many things that can go wrong.

I had a seller on the sale of a condo in the White Mountains. My seller listed their property with me and during the normal disclosure reported that they had no mortgage on the property. As the transaction moves forward and it comes time to close, we should expect a simple transaction and no lender to chase for a discharge, right? Wrong!

HOW do I win the bid on the property I really Want

The seller doesn’t care if you have to bring more money to closing!          

The appraisal can be arbitrary if you need “a” loan and you want the property.

I realize I will get some flack from the appraisers who will read my post, but let me tell you where the above statement comes from.

I am selling a 3 bedroom condominium, and share what I believe to be the best three comparable closed sales with my seller as we discuss an [...]