Donahue Real Estate Company



Posted by Donahue Real Estate Company on 4/17/2019

If you plan to buy a home in the immediate future, there are several concerns that you should address before you embark on your house search. In fact, some of the most common homebuying concerns include:

1. Lack of Home Financing

You know you want to purchase a house, but obtaining financing sometimes is difficult. Fortunately, if you meet with various banks and credit unions, you can review all of the home financing options at your disposal and map out your home search accordingly.

Remember, there is no such thing as a "bad" question to ask a bank or credit union relative to home financing. Banks and credit unions employ courteous, knowledgeable home financing specialists who are happy to assist you in any way possible. These specialists can respond to your home financing concerns, and as a result, help you make an informed mortgage selection.

2. Tight Homebuying Timeline

If you are tasked with relocating to a new home as quickly as possible, you may have to conduct a fast house search. But if you explore ways to maximize your time and resources, you could boost the likelihood of conducting a successful home search, regardless of your homebuying timeline.

Oftentimes, it helps to make a list of homebuying tasks that you need to complete. You then can establish goals designed to help you stay on track with your homebuying timeline.

You also should keep a close eye on the housing sector in your preferred cities and towns. That way, if a great home at a budget-friendly price becomes available, you can instantly pounce at this homebuying opportunity.

3. Establishing Realistic Homebuying Expectations

The homebuying journey offers no guarantees. If you enter the housing market with realistic expectations, however, you can avoid potential disappointments during your home search.

To establish realistic homebuying expectations, it generally is a good idea to make a list of home must-haves and wants. This list will allow you to hone your house search to residences that meet your criteria. It also can help focus on available residences that fall within your price range.

In addition, it often helps to hire a real estate agent before you conduct a house search. A real estate agent can teach you everything you need to know about finding and purchasing a house. Plus, he or she can provide expert insights at each stage of the homebuying journey.

Let's not forget about the assistance that a real estate agent provides when you are ready to submit an offer to purchase a home, either. At this point, a real estate agent will help you craft a competitive homebuying proposal and submit it to a seller. If a seller accepts your offer, a real estate agent then will help you finalize your house purchase.

Ready to embark on the homebuying journey? Address your homebuying concerns, and you can minimize risk as you begin your search for your ideal residence.




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Posted by Donahue Real Estate Company on 4/10/2019

If you find your dream house, you likely want to submit an offer to purchase this residence as soon as possible. That way, you can avoid the danger of losing your ideal residence to a rival homebuyer.

Although you may strive to quickly submit an offer to purchase your dream residence, it is important to allocate sufficient time to craft a competitive homebuying proposal. Ultimately, there are many reasons to be diligent as you prepare an offer to purchase, and these include:

1. You can avoid the risk of overpaying to acquire your dream house.

You want to buy your dream house, but at the same time, you don't want to pay too much for it. Fortunately, if you allocate time and resources to learn about a home's condition and the current state of the real estate market, you may be better equipped than ever before to submit a competitive offer to purchase.

Analyze a house's condition closely as you put together a property buying proposal. It often is beneficial to consider any potential home improvement projects as well.

Also, take a look at the prices of comparable houses in the same city or town as your dream residence. With this housing market data in hand, you can establish a price range for homes that are similar to your dream residence. Then, you can submit an offer to purchase that accounts for the present state of the housing market.

2. You can submit an offer to purchase that falls in line with a seller's expectations.

It usually is beneficial to consider the seller's perspective as you put together an offer to purchase. By doing so, you can craft a homebuying proposal that falls in line with a seller's expectations.

If you think about the seller's perspective, you may be able to avoid submitting a "lowball" offer to purchase. Because if you understand how a seller may perceive your homebuying proposal, you can submit a competitive offer to purchase that likely will make a positive impression on him or her.

3. You can increase the likelihood of receiving an instant "Yes" from a seller.

With a competitive offer to purchase, a seller may respond with an instant "Yes." As a result, if you craft a competitive homebuying proposal, you may be able to move forward with a home purchase and quickly acquire your dream residence.

As you navigate the real estate market and prepare an offer to purchase your dream house, you may want to work with a real estate agent. This housing market professional can offer honest, unbiased recommendations about how much you should offer to pay for a residence. And if your homebuying proposal is accepted, a real estate agent will help you finalize your house purchase too.

Ready to make your homeownership dream come true? Collaborate with a real estate agent, and you can get the help you need to find your dream home and submit a competitive offer to purchase this residence.




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Posted by Donahue Real Estate Company on 3/27/2019

You may have heard the term “escrow” in your experience with real estate. You might know it’s an account, but what exactly does it do for you as a buyer? An escrow account is what your lender uses to make payments on things like property taxes, insurance, and more. The lender collects your monthly mortgage payment, and part of that cash goes into an escrow account. 


This type of account is an excellent option for homeowners because your bills relating to being a homeowner will all be paid without you having to do anything. It makes budgeting a breeze because there aren’t any complicated calculations involved. Every month, your lender collects 1/12 of the estimated tax bill and insurance cost for the home. The rest of your mortgage payment covers the principal and interest on the loan of the house.


Are Escrow Accounts Mandatory?


You’ll find that most lenders require you to have an escrow account. The purpose of the account is to keep the home safe as collateral for the loan. The bank has an interest in the proper insurance behind the property. The taxes also need to be paid on time in order to keep the property in good standing. If the taxes aren’t paid, a tax lien will be placed against the house. 


Everything In One Place


You’ll receive an annual statement from your lender that will show you how much money was collected and placed in your escrow account. Escrow payments often change because insurance premiums and taxes tend to change quite frequently. The amount being put into escrow may change a few times throughout the year. The lender keeps track of all this for you, saving you some time. 


Bills That Need To Be Paid


Whether you have an escrow account or not the bills that are included must be paid one way or another. It’s a good idea to speak with your lender before you buy a home to find out that bank’s procedures around these insurance and tax payments. Property tax and home insurance are items that you’ll need to budget for regardless of how your lender does things. An escrow account can be much more convenient for many buyers. 


Escrow is just another one of the many essential terms that you’ll come across as a homebuyer. Knowing the advantages and purpose of the account helps you to be informed as you dive into the home buying process. 





Tags: Buying a home   mortgage  
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Posted by Donahue Real Estate Company on 2/6/2019

Anyone can buy a home – all it takes is hard work and diligence to evaluate your home financing options. Fortunately, we're here to help you streamline the process of finding the financing that you'll need to pay for a residence.

Now, let's take a look at three tips to help you determine how you will afford a house.

1. Take a Look at Your Current Financial Situation

Put together a monthly budget that outlines your current spending patterns. This will enable you to review how much you earn, what you're paying for housing and other pertinent financial information.

After an in-depth review of your current financial situation, you'll be better equipped than ever before to determine how much you can pay for a house. Then, you can create a homebuying budget to help you move closer to acquiring your dream residence.

2. Get a Copy of Your Credit Report

In all likelihood, a lender will receive your credit score to determine whether you are a viable candidate for a mortgage. If you request a copy of your credit report today, you can learn about your credit score and take steps to improve it before you apply for a mortgage.

The three major credit reporting bureaus (Equifax, Experian and TransUnion) provide one free copy of a credit report annually. If you submit a request for your credit report, you can gain unprecedented credit insights in no time at all.

Furthermore, if you find errors on a credit report, don't hesitate to contact the reporting bureau. This will enable you to fix any credit report mistakes prior to applying for a mortgage.

3. Reach Out to Local Lenders

Banks and credit unions are happy to meet with you and discuss a variety of mortgage options. These lenders are available in cities and towns nationwide and can teach you everything you need to know about home financing.

Ultimately, lenders can explain the home financing process and ensure you can avoid any potential pitfalls along the way. And if you ever have mortgage concerns or questions, lenders are available to respond to them at any time.

If you need extra help prior to kicking off a home search, you may want to contact a real estate agent as well. This housing market professional understands the ins and outs of purchasing a house and can help you plan accordingly.

Oftentimes, a real estate agent will meet with you and learn about your homebuying goals. This housing market professional then can ensure you won't have to break your budget to afford a terrific residence.

If you want to buy a home but have limited finances at your disposal, a real estate agent is happy to assist you. Or, if you are searching for a mortgage but don't know where to begin, a real estate agent can put you in touch with top lenders.

Work with a real estate agent, and you can improve your chances of acquiring a first-rate house at an affordable price.





Posted by Donahue Real Estate Company on 1/30/2019

Getting ready to buy a home is one of the most exciting times in life. The purchase of a home is one of the biggest financial decisions that you will ever make in your lifetime. When you make the decision to buy a home. There are a few key things that you need to do to be prepared for the process of a property purchase. It can be simple if you have the right preparation and knowledge.


Find The Right Realtor


A good realtor will steer you in the right direction when it comes to finding the home of your dreams. Your real estate agent also will help you each step of the way on the road to buying that home. There’s a lot of paperwork that must be done in a timely manner throughout the buying process. The right realtor can even help you to get the offer in for the right home in on time. In a competitive market, having a realtor who is on top of things can mean the difference between purchasing the home you want and letting it fall through the cracks.


Know That You’re Signing A Lot Of Legal Paperwork


The purchase of a home does involve a contract. If you need more time for anything such as reviewing your home inspection or waving certain contingencies, you’ll need to state that. Every piece of the transaction is important and needs to be formally processed when it comes to purchasing a home. Your realtor will be there to help you through all of these complicated processes. 


Think Of The Future


When you’re choosing a home, you’re not just buying for your life as it stands right now. Are you hoping to have a big family? Do you need a home office? How much entertaining are you planning on doing? All of these things are important when it comes to the type of home that you’ll buy. If you don’t plan for the future, you’ll outgrow the home that you’re in quite quickly. 


Look For Potential


See what potential the homes that you’re looking at have for you. Some homes may have major cosmetic issues that can easily be fixed. Perhaps The walls just need some fresh coast of paint. Maybe the deck needs to be stained. If you go into the house search with an open mind, it will be a lot easier for you to find the right home. You don’t need a home that is absolutely move-in-ready unless of course, you’re building a brand new home from scratch.


Know Your Finances


One of the most important things about buying a home is knowing your finances. Don’t buy a home that you can‘t afford. From looking at your own budget to getting pre-approved, you’ll be able to have a better understanding of your own financial situation and how much house you can afford.




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