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5 Tips for Home Buying

December 24, 2018January 14, 2022 Shreveport-Bossier City Homes and Lifestyle

Looking to buy a home? Here are five essential tips for making the process as smooth as possible

Get your finances in order

You will want to start by getting a full picture of your credit. You’ll want to get copies of your credit report from all three credit monitoring bureaus. Make sure the information is correct and ensure that you fix any problems that you find. The next step is to find a great lender and get pre-qualified for a loan. This starts with having a number in mind based on your financed but it is actually determined by a loan officer based on numerous factors to include your credit score, debt to income ratio, current finances etc. Once you have your pre-qualification letter from the lender that does two things for you: 1) Now you know the amount of home you can by so there’s no need to look above that number and 2) it puts you in a better position to make an offer and be taken seriously from a home seller so you don’t risk losing a home you love to another buyer.

Find a house you can afford

There’s a general rule of thumb when it comes to home buying and a lender will make sure you are within these limits as well. That rule is no more than 2.5 times your annual salary. There are a number of tools and calculators online that can assist you in better understanding all of this. But again, that is also what a lender is there to help you with. Don’t forget that there are numerous other factors that go into a home mortgage: taxes, insurance, HOA fees if applicable so make sure you don’t leave those figures out when you are doing your due diligence.

Work with a professional

While the internet gives buyers unprecedented access to home listings and numerous resources nearly every single aspect of the home buying process requires a very high level of expertise you can’t figure out on your own or from surfing the web. Your best choice is to work with a local real estate agent who is specifically trained, qualified and experienced in the process, paperwork and the law who buys and sells homes every month. And why wouldn’t you? Using an agent to buy a home costs you nothing. So let the professionals do what they are good out and give you the peace of mind that you need to get the home you want.

Do your own homework

Before making an offer on a home you wish to buy make sure to do your own due diligence to determine the overall state of the market. Is it more favorable to buyers or sellers? The time of year can often impact this question. Also, look at sales trends of similar homes in the area or the neighborhood you are interested in. Ask your agent to see the data of prices and sales over the past few months as well. With your agent’s guidance come up with an asking price that is both fair and realistic. Remember, the seller doesn’t have to sell if the don’t like your offer and the last thing you want to do is tick off a seller with a low-ball offer.

Think long term

As you look at your family situation and determine your needs make sure you take into consideration the length of your stay in this location. Also, make sure to think about what matters to you the most: Great schools for the kids, affordability, resale potential, and the like. Even if you don’t have kids at this time you open up your buyer options if you buy where families also want to live. When it comes to the house itself, you should hire a very reputable home inspector who has the experience and expertise to point out potential problems with the home so they can be fixed during contract negotiations

**Ryan Wheeler is an expert real estate agent and military veteran serving buyers and sellers of homes in the Shreveport-Bossier City area. Connect With Me Here

Shreveport Bossier Expert Real Estate Agent Realtor Military veteran buy home sell house Ryan Wheeler moving

Veterans: 5 Tricks for Making an Offer That Can’t Be Refused

October 23, 2018January 23, 2022 Shreveport-Bossier City Homes and Lifestyle

There are many of benefits to buying a home with a VA loan. You’ll may pay less upfront than other buyers. You might get a lower interest rate. And you can use your benefits again and again.

But although you may have a leg up on the other guys when it comes to home financing, making an offer on your dream home could be trickier than you expect. VA loans can work a bit differently than conventional loans, but understanding VA and lender guidelines will help you make the strongest purchase offer possible.

Veterans: Make sure to check your eligibility for a $0 down VA loan if you haven’t already, and then take this guidance to heart when you’re looking for your dream home and making an offer.

1. Be cautious—but not dismissive—of older homes

Before you get down to the business of making an offer, you’ll need to ensure you’re making an offer on the right kind of home. When you’re buying with a VA loan, you’ll have to get the home approved by an appraiser, and the VA’s standards can be stricter than those for the average home buyer. In short, they want you to find a home in good condition. That leads many buyers to believe historic homes are off-limits, but that might not be the case.

“The VA’s rules about homes and what they will and won’t approve is probably one of the most argued-about things I’ve seen,” says Bobby Middleton, a VA-savvy Realtor® with Texas Premier Realty in San Antonio. “I’ve seen houses that were built in 1929 that didn’t have a problem with the VA, and I’ve seen new houses and you just knew the appraiser wasn’t going to approve it.”

“I suggest to my clients to avoid HUD and short sale properties,” adds Rob Racz, managing broker for Windermere Real Estate in Everett, WA. Many of these properties have been damaged or fallen into disrepair, making them unlikely to win approval for a VA loan. If you really want an older home, look for one that’s already been remodeled. Of course you can always try to buy these kinds of homes but doing so with a VA loan is not likely your best option.

2. Work out repair requests with the seller

Even if you’re buying a newer home, you’ll have to be on the lookout for potential problems. The need for a little updating in the kitchen or a fresh coat of paint won’t matter much to a VA appraiser, who’s looking at broad health, safety, and marketability issues. But bigger issues can cause a problem with your VA loan—and, subsequently, your offer.

“The lender is not going to loan you the money to buy the house unless the repair is made,” Middleton says.

The problem is the seller doesn’t have to make any repairs. The seller could decide to just walk away from the deal and wait for another buyer. Your best option is to have your Realtor work with the seller’s to reach an agreement. Often, the problem simply boils down to a lack of understanding. The seller might not realize that as a VA buyer, you need to have the repair done to get your loan approved.

This is where choosing a Realtor who understands the VA loan process comes in. In the Shreveport, Bossier City area Ryan Wheeler is considered a leading expert with 95% of his clients being military members. Connect With Me Here

“If you’ve got a buyer’s agent that can explain all that to the listing agent, nine times out of 10 we’ll get the repair done,” Middleton says.

Buyers can also look to pay for repairs themselves if the seller won’t budge but this is not generally an option with a VA loan.

3. Do a thorough market analysis before making an offer

Making an offer with a fair price is key to getting that offer accepted. But what’s considered “fair”? This is where your agent comes in because they know the market better than you, the buyer, will.

Striking the right tone here can be challenging. You could lowball the seller in hopes of saving some money, but you risk driving the seller away and offending them. On the other hand, if you offer more than the VA is willing to approve, you’ll have to either come up with the cash to cover the difference or risk losing the home.

Here’s where you and your real estate agent will need to do a little homework to see what the home might appraise for before you make the offer—and that can get tricky.

“Sometimes we find with older homes that sellers are basing their prices on the new homes being built 2 miles away,” Middleton says. “Basically, they want to price their 1990s house as a brand-new house, but the appraiser might not always agree.”

The key to finding a good balance comes down to the comparative market analysis, or comps. Your Realtor should run a market analysis on similar, recently sold homes in the area before you come up with an offer price. If you land on a price that looks good to the seller and matches up with the appraiser’s valuation, you’ll have an easier time getting your offer accepted and getting approved for that VA loan.

4. Be conservative with demands

There are plenty of myths about the VA loan process—that it takes a long time (not true) or that the seller won’t make a profit (not true again!). Being a VA buyer shouldn’t keep sellers from accepting your offer, but still aim to make your offer shine—especially if you’re buying in a competitive market where multiple offers are common.

That means you might want to dial it back with the demands. Take, for example, closing costs. If you don’t have the funds you need to cover the closing costs yourself, it makes sense to ask the seller to foot some of the bill. But you stand a better chance of getting your offer accepted if you present it carefully.

Middleton recommends trying to roll those closing costs into the total cost of the home.

“You have to put yourself in the seller’s shoes a bit. If you just say, ‘Hey, I want you to cover $6,000 in closing costs just because you’ve been on the market for 71 days,’ it may not go so well,” he explains. “Rather than offer $173,000 for the house and then ask for $6,000 in closings costs, absorb some of those costs into the asking price. Offer $179,000 instead.”

With this approach, you’re effectively financing your closing costs—with interest—over 15 or 30 years. But do keep in mind the home will need to appraise for that higher amount.

5. Make yourself stand out

You should also find creative ways to make yourself stand out from the other buyers.

“We often ask our buyers to write a ‘love letter’ to the seller,” Racz says. “For instance, what they like about the house, why they are moving, how long they have been looking, etc.”

It could mean the difference to sentimental sellers who want to see their home go to someone who will love it as they did. Even if it doesn’t, you know you pulled out all the stops to make a solid offer that not only will be accepted by the seller, but will also get your VA loan approved.

**Ryan Wheeler is an expert real estate agent and military veteran serving buyers and sellers of homes in the Shreveport-Bossier City area. Connect With Me Here

6 Tips For Buying a Home When Overseas

October 3, 2018January 14, 2022 Shreveport-Bossier City Homes and Lifestyle

**Ryan Wheeler is an expert real estate agent and military veteran serving buyers and sellers of homes in the Shreveport Bossier City area. Connect With Me Here

Service members know that life doesn’t go on hold while you’re deployed. If your financial goals include buying your own home, you can fulfill that goal while you are overseas serving our country.

A survey from the National Association of Realtors found that 51 percent of surveyed service members between 18 and 35 owned homes, whereas their non-military peers had a homeownership rate of 34 percent. Your dream of owning a home BEFORE you arrive at your next duty location can be very easily accomplished.

How to Buy a Home from Afar

We’ll walk you through the basic steps to purchase your dream home during your overseas time.

Narrow Down the Neighborhood Let the internet do the heavy lifting as you decide on your new neighborhood. Check out the city’s website for basic information like school ratings, parks, events, activities and property taxes. You can use a street-view map like Google Earth to see recent images of the area and exterior shots of the homes you like. This research will help you figure out what your budget should be and what the essential elements are for you and your family. It will also help you weed out areas that don’t meet your needs. We recommend researching a couple of zip codes for easy comparison.
Hire an Expert Agent:A local real estate agent should be your ‘boots on the ground’ as you search for your new home. You will also want to seek out an agent who understands the relocation and home-buying process for military personnel. Some realtors choose to earn a Military Relocation Certification from the National Association of Realtors. Agents with this certification understand common issues facing current and former military members, and they’re familiar with the programs and benefits for which military members qualify. Hiring a real estate agent may also help you be the first to know when houses go on the market. A great agent can set you up with your own Web Portal of homes pulled directly from the MLS. That way you can have homes come to you where you can then manage them as opposed to searching and trying to keep track of all the ones you like.
Tour Homes on Video: Employ your spouse, family member or a friend to attend viewings of your top-choice houses. This representative can measure rooms, drive around the neighborhood and tell you any other specifics that your internet research did not uncover. Get creative: explore the home alongside your friend or family member using video chat. Of course, in order to do this, you will need to have your expert agent already lined up. If a spouse or friend is unavailable then your agent can do this for you.
Exercise A Power of Attorney:Speak to a lawyer about using a power of attorney, which is a legal document signed by one person granting another person the power to represent the signer in signing papers, title documents, contracts and other activities. If you can’t be at closing, the person you have selected (like your spouse, for instance) can represent you under the power of attorney. If you are getting a VA loan, there may be additional hoops to jump through, such as an occupancy requirement. Your spouse may be able to fulfill the occupancy requirements for you, or you can file for an extension.
Almost Everything is Done Digitally! When it comes to the paperwork to make an offer on a home, don’t sweat it! As long as you have internet access and an e-mail address your agent can send all the paperwork to sign digitally to make an offer on a home.
Use Snail Mail if Necessary If you are single and don’t have family or friends in the area who can sign for you under a power of attorney, your lender may need to mail the documents for you to sign. This isn’t ideal, as shipping the documents can extend the buying process but it can easily be done. This is colloquially known as a “FedEx close”. Your mortgage company will let you know beforehand what their process is.
Enjoy the BenefitsOne huge perk of homeownership is the tax benefits that come along with it. If your move is the result of a military relocation, you may be able to claim unreimbursed moving expenses as a tax deduction. With a VA loan, you may also be able to claim the interest paid as a deduction. Work with your real estate agent and tax professional to identify applicable benefits and perks.

Buying a home is an exciting milestone, and one that deployed military members can achieve. Homeownership is a step towards putting down roots and belonging to a local community. The buying process may feel complicated (even on a good day), but your own home will be a haven for your family while you are away, and a joyful place to return to when you come back.

**Ryan Wheeler is an expert real estate agent and military veteran serving buyers and sellers of homes in the Shreveport-Bossier City area. Connect With Me Here

Article sourced from here

Veteran’s Guide to Owning a Home: #7- Why You Need a Military Friendly Agent

October 1, 2018January 14, 2022 Shreveport-Bossier City Homes and Lifestyle

Buying a home will likely be one of the biggest purchases of your life. Having a knowledgeable real estate agent to walk you through the process is imperative for a smooth transaction. This is especially true if you’re purchasing with a VA home loan.

VA mortgages come with a host of benefits, including no down payment, low interest rates, and no private mortgage insurance. Along with these benefits come some unique loan requirements. Here are three key reasons why using a military-friendly real estate agent benefits VA home buyers.

1. They understand the unique needs of VA home buyers

Active-duty service members relocate frequently. When receiving permanent change of station (PCS) orders, service members receive 10 days of leave to scope out the new duty station and complete a home search. Choosing an agent who understands this short time frame and can dedicate the time necessary to find a home during this compressed period of time is essential.

Due to frequent relocations, it’s also important for agents to understand the importance of strong resale value. Agents who work with active-duty service members understand they’ll need to identify a home that not only fits the service member’s current needs. The agent also needs to make sure the home has the potential for a quick and profitable resale if the service member receives PCS orders again.

2. They’re passionate about serving those who’ve served

Agents who identify as military-friendly frequently have a passion for serving those who’ve served. Some have served themselves, others have close ties to someone who has, and others simply have a desire to give back to those who’ve given so much for our country.

They’re also passionate about educating veterans and service members about VA home loan benefits. Many of these agents now ask every buyer “Did You Serve?” so they can identify buyers who may be eligible for a VA loan.

3. They understand the unique requirements of the VA loan

The Department of Veterans Affairs has created a few unique requirements for VA loans, to ensure buyers purchase homes that are a solid investment. The VA established a set of minimum property requirements (MPRs) to ensure all homes purchased by veterans and service members are safe, sanitary, and structurally sound.

VA appraisers are tasked with the responsibility of outlining any features not meeting the MPRs, and any issues will likely have to be fixed prior to closing. An agent who’s worked with VA buyers and understands MPRs is a great asset when doing a walk-through on a potential property—he or she can point out possible MPR issues before going under contract.

When selecting an agent to work with on a VA home purchase, buyers should ask the agent about any VA loan expertise. Make sure they have several of these under their belt.

4. They will have all the local contacts and experts you need.

For example, as your Expert Military and Veteran Agent I already have knowledge of the best VA lenders, appraisers and inspectors who are also experts in their field. Not only are they the best but they provide discounts to my military and veteran clients. That gives you peace of mind that you are being taken care of by all the experts to the best of our ability!

**Ryan Wheeler is an expert real estate agent and military veteran serving buyers and sellers of homes in the Shreveport-Bossier City area. Connect With Me Here

Article sourced from here

Veteran’s Guide to Owning a Home: #6- Best Time of Year to Buy

September 27, 2018January 14, 2022 Shreveport-Bossier City Homes and Lifestyle

The home-buying experience changes vastly from season to season. Depending on when you’re looking to buy, you’ll face different levels of pricing, housing inventory and competition from other buyers.

For veterans and military members, the challenge is you don’t always get to choose your home-buying timeline. Active duty service members often move every two or three years, meaning military families relocate 2.4 times as often as civilians.

While most people buy in spring or summer, that doesn’t necessarily mean it’s the right time. Each season has its pros and cons, and the best time to buy depends on your own circumstances.

We’re here to help. Let’s take a look at the four seasons of real estate and what veterans and military families might encounter during each.

Spring

Pro: If a home isn’t blanketed in snow (and it likely wont be here in Louisiana), it’s much easier to spot potential problems. Issues with the roof, air conditioning and pool are more detectable after the spring thaw, says Sharon Voss, president of the Orlando Regional Realtor® Association.

Also, there’s a lot less pressure. It’s likely there will simply be fewer buyers in spring, especially on the early side of the season. So buying frenzies aren’t as plentiful—or as frenzied. (But beware: In some markets, the spring season heats up right after the Super Bowl.)

Con: Slightly fewer choices than summer, when inventory hits its peak.

Summer

Pro: It’s simple—there are more homes on the market.

“Inventory is at its peak in June, July, and August. On average across the U.S., a buyer is going to have more choices in those months,” says Jonathan Smoke, chief economist of realtor.com®.

“This can be very good, especially if you’re looking for specific features or want to live in a particular neighborhood,” says Dave Fry, co-owner of the Fry Group in Saint Paul, MN. You’re more likely to find your dream home when more homes are on the market.

There are lots of reasons why summer is the hot season for real estate. High on the list: If you have kids, it’s easier to move the family. “Summertime moves are less likely to conflict with the school calendar,” Voss says.

Con: Of course, there’s more competition. Lots more.

“The potential for bidding wars can be greater during the busy late spring and summer seasons, so you may not be able to get the bargain you were hoping for,” Fry says. Voss notes that you’ll be vying for attention from busy agents, lenders and home inspectors as the market heats up.

And you can expect firm asking prices.

“You may not be able to negotiate, as someone else may swoop in and offer more,” Fry says. Sellers may reject any lowball offers or any offer that comes with specific contingencies or requests.

Fall

Pro: It’s prime time to negotiate.

“Off-season sellers are typically more motivated, thus more willing to make a deal,” Fry said. Since there are fewer buyers, sellers may be more inclined to entertain lower offers or pay for needed repairs. Lenders may also be willing to negotiate closing costs to win business from a smaller buyer pool.

You might just find a steal. Sometimes a house is on the market during the off-season because of an urgent event—for example, a death in the family or a sudden job change, Smoke says. If you’re in an area that’s dealing with massive employee layoffs, or where companies have left town, there could be a glut of homes on the market priced to sell.

Con: Once again, less inventory. Most buyers prefer to wait at least until spring to list their home, so buyers looking for that perfect house can end up frustrated.

So there’s a chance you could end up with a straggler. “Some of the homes that are on the market during the slow seasons are available only because, in essence, they’ve already been rejected by the market earlier,” Fry says. Ask your agent why a home hasn’t sold if it’s been on the market for a while.

Pro and Con: Don’t have kids in school? This could be a good time to shop.

“If you’re not as sensitive to the school calendar, you might find it easier to find a home in the fall and winter months,” Smoke says. But if you’re just as much a slave to the school bus as your kids, moving during the school year could be a major challenge.

Winter

Pro: Less competition. By a lot. With fewer people looking for houses, potential buyers are treated with tender loving care. It may be easier to land a better deal when you don’t have to elbow other buyers out of the way.

It’s also a nice time to make an investment. If you’re looking for a home for investment potential rather than a place to live forever, the off-season is a smart time to buy. According to Smoke, investors are more likely to snap up foreclosures and REOs during the off-season.

Con: You thought the pickings were slim in fall? The flow of homes going on the market gets smaller and smaller into the end of the year, and usually reaches its lowest point in December.

It can also be a hassle. Bad weather makes it difficult to get around, holiday obligations can slow down your search and homes become harder to inspect. Snow on the ground—and on the roof—makes an inspector’s job substantially more difficult.

“The cold weather and snow can hide aspects of the home that wouldn’t be as easy to miss if the inspection were conducted in warm weather,” says Mike Mishkin, founder and CEO of Love Where You Live Realty. And while it may not be a structural issue, the same holds true for the landscaping.

Ultimately, the best time to buy a house depends on your own specific needs. But let’s face it: Military members and their families may not even have a choice of timing. That’s where a great real estate agent can be invaluable. So can having an understanding of the seasonal advantages and disadvantages when it comes to buying your home.

**Ryan Wheeler is an expert real estate agent and military veteran serving buyers and sellers of homes in the Shreveport-Bossier City area. Connect With Me Here