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Realty One Group Haven Blog

Tuesday, September 14, 2021   /   by Karri Bedor

What is a Loan Commitment by Deb Hasselquist

What is a Loan Commitment

In the Offer to Purchase, there is a “Financing Commitment Contingency” that has a timeline based on the number of days from the offer date to the closing date. Typically, the loan commitment is due approximately 5 days before closing and comes after the appraisal.    

So what exactly is a loan commitment?

A loan commitment is a lender's promise to offer a loan or credit of a specified amount to a borrower. Also called a commitment letter, it includes all of the terms and conditions of the loan.         www.bankrate.com

Your loan goes through a process called underwriting.

An underwriter will approve or reject your mortgage loan application based on your credit history, employment history, assets, debts, and other factors. It's all about whether that underwriter feels you can repay the loan that you want… But a seasoned loan originator is an integral part of the whole process; ...

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Monday, September 6, 2021   /   by Karri Bedor

Appraisal Tips by Deb Hasselquist

Appraisal Tips

 

There are 5 main criteria appraisers use to determine the value of a home:

            1.  Location

            2.  Age

            3.  Condition

            4.  Additions or Renovations

            5.  Recent Sales of Comparable Homes

 

As a buyer, when you make an offer, keep this criteria in mind.  For example, if the home you are looking at is much nicer than the surrounding homes, there is a good chance the home will lose value compared to a home that may be of lesser value than the surrounding homes.  An addition adds square footage and value to the home as do certain renovations.  Appraisers use current comparable prm ...

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  appraisal, haven real estate, home appraisal, wisconsin real estate

Monday, August 30, 2021   /   by Karri Bedor

What If a Home Doesn’t Appraise? by Deb Hasselquist

What If a Home Doesn’t Appraise?


In this market, many sellers are concerned the house they are selling will not appraise at the value the buyer offered.  That certainly is a legitimate concern and is a definite possibility. 


Here’s a quick explanation of what happens during the appraisal part of the offer.  Most likely if you have an appraisal contingency, the deadline is between 30 to 60 days.  This means that within the number of days indicated on the offer is when the appraisal report needs to be sent to the Seller and lender for proof that the home’s value is at least what the buyer has written in the accepted offer.  


Your best-case scenario is that the home appraises out and the contingency is met.  Then you move forward to the loan commitment and financing contingency.  


What happens if the home doesn’t appraise at or above the offered purchase price?  In the Offer to Purchase, there is; ...

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  appraisal, home appraisal, haven real estate, wisconsin real estate

Sunday, August 22, 2021   /   by Karri Bedor

What does a Home Inspection Involve? by Deb Hasselquist

What does a Home Inspection Involve?


Let’s dig into what an inspection really is.  First of all, there are many different types of inspections, (chimney inspection, roof inspection, lead-based paint inspection, pest inspection, termite or rodent inspection, radon inspection, electrical inspection, heating, ventilation, and air conditioning - HVAC inspection, asbestos inspection), but these are specific and need to be clarified in an offer - in addition to the regular home inspection.  The inspection contingency in an offer to purchase is an “overall" home inspection.  The report is typically 30-40 pages long and lists categories such as electrical, roof, plumbing, structure, and basement, to name a few.


A home inspector will go through the home and check for the condition of certain components of a home.  Some common terms used by inspectors are  “Satisfactory, Maintenance, Monitor, Needs Repair, and  Defective.”  The; ...

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Monday, August 16, 2021   /   by Karri Bedor

WHAT EXACTLY IS EARNEST MONEY? by Deb Hasselquist

WHAT EXACTLY IS EARNEST MONEY?

Most buyers don’t recognize the entire buying process and can get overwhelmed after they make an offer.  As your realtor, it is important that my clients feel comfortable and confident during the entire transaction.  I make sure my buyers understand the timeline involved.  Once an offer is accepted, the next step is to send in the earnest money in the amount that was written in  the offer.  This most commonly goes to the listing agent’s brokerage.  (trust fund)  

How much earnest money should I put down?  

In a highly competitive market, it can make the offer a bit stronger if you put more down so the seller knows you are very serious.  Typically, 1% - 3% is suggested (3% is on the higher side, in my opinion).  I see 1% - 1.5% most often.

If all goes smoothly, the earnest money is applied to the buyer's down payment or closing costs.

Can you lose your earnest money?&nbs; ...

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