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        <title>Real Estate Blog</title>
        <link>https://www.duncanareaexperts.com/blog/</link>
        <description></description>
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    <guid>https://www.duncanareaexperts.com/blog/home-buying-fees.html</guid>
    <link>https://www.duncanareaexperts.com/blog/home-buying-fees.html</link>
        <author>adrianne@realestateexpertsllc.com (Reedy Daly and Stace Bohlender)</author>
        <title>Home Buying Fees </title>
    <description> <![CDATA[ 



Buying a house can be a very daunting process Educating yourself on a few fees and terms before you start might help you save some money and a few shocking surprises along the way. A Well planned process makes for an easier process…for everyone It’s best to have an extra $ 2,000 cash (depending the area you live in) going into the process for upfront fees/charges.




Fees when buying a house:




o    1. Home inspection fee- Is optional but We Highly recommend getting one. You can choose your inspector and pay them directly. Inspection will confirm that the house is livable and structurally sound before you buy, averaging $ 200 to $ 500.


o    2. Appraisal fees- Appraisals must be done by an objective third party and incur a fee averaging between $500 and up depending on property specifics. The appraisal usually happens after an offer has been made and the home has been inspected. In the event the appraiser requires repairs there could be a re-inspection fee.


o    3. Earnest Money- Earnest money is money that you put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5 of the purchase price. It’s also important to note that If your offer is accepted, the earnest money becomes part of your down payment or closing costs. Contracts vary and you will want to review the contract for details regarding who gets the earnest money in the event the contract fails to be finalized.


o    4. Credit report fee- Lenders will pull your credit reports (a HARD PULL) and use their own risk-analysis models to determine your creditworthiness.


o    5. Document preparation fee- It costs your lender time and money to provide you a loan estimate. This fee typically covers administrative and other costs for your loan. 


o    6. HOA fees- HOA stands for homeowners’ association. Some communities, especially those with condos and town houses, require you to join a homeowners’ association, which helps pay for upkeep on common areas and the buildings.  They have their own set of rules as to what you can have and what is not allowed. I would strongly read them thoroughly before purchasing the home.


o    7. Loan origination fee/ Mortgage points- The loan origination fee is probably the largest single closing cost you’ll encounter, as it’s the primary way lenders make money. Lenders typically charge 1 of the total loan amount for the origination fee.  “Mortgage points, also known as discount points, are fees paid directly to the lender at closing in exchange for a reduced interest rate. This is also called “buying down the rate,” which can lower your monthly mortgage payments. Typically, 1 point costs 1 of your mortgage amount (or $1,000 for every $ 100,000) which is depends on the current rates set by the secondary market for your loan program.


o    8. Title fees and Title Insurance - The title will need to be transferred from the seller to the buyer and you will have to pay your local recording office to record the real estate purchase so that it becomes a matter of public record. It might be required to purchase lender’s title insurance, which protects the amount they lend. You may also want to buy owner’s title insurance, which is meant to help protect your financial investment in the home.


o    9. Private mortgage insurance- If your down payment is less than 20 of your home’s purchase price, you might be required to get private mortgage insurance, which is meant to protect the lender in case you stop making payments on your loan. This is usually a recurring fee, but you may be able to cancel it after you’ve paid off more than 20 of your home, depending on the type of loan.


o    10. Taxes- Buyers often prepay at least two months’ worth of county and city property taxes at closing. Each lender requirements are different so the amount of prepaid months will vary. Property taxes are usually paid in advance, so the buyer may need to reimburse the seller. Also might have to pay transfer tax, which the government imposes on the passing of title to property. 


o    11. Termite inspection- The mortgage lender may require an inspection for the loan approval, However it’s a great idea to have it done anyway. This fee is typically a cost to the seller.


Fees to watch out for other than fees higher than average from above list is ““Junk” or “garbage” fees are excessive fees tacked onto your mortgage. Make sure you read all fees and inquire if they seem excessive or out of place like application fee or mortgage rate lock fee. For down payment assistance programs you will see origination fee, an admin fee, a processing fee, and an underwriting fee which is basically the document preparation fee broken out. Unfortunately, there is no such thing as “no-cost loan”. The cost would typically be added into the loan amount or increased interest rate.


It’s best to ask questions on every step of the way from the pre-approval process to contract terms. If you are having any question about a fee or about the buying process please give us a call and if we don’t know the answer we have an expert in our corner that does
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    <pubDate>Tue, 18 May 2021 08:54:00 -0500</pubDate>
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    <guid>https://www.duncanareaexperts.com/blog/is-a-pool-a-great-investment-for-my-home.html</guid>
    <link>https://www.duncanareaexperts.com/blog/is-a-pool-a-great-investment-for-my-home.html</link>
        <author>adrianne@realestateexpertsllc.com (Reedy Daly and Stace Bohlender)</author>
        <title>Is a pool a great investment for my home?</title>
    <description> <![CDATA[ 



Number 1 before doing any more questioning or planning, check with your Homeowners Associations   Do they allow pools, what are your specific rules to having one?


We all know pools are expensive but just how expensive? In ground pools on average are $ 51,800 according to HomeAdvisor. Above- ground pools are a less expensive option and around $ 5,000 to build and $ 1,100 to $ 3,500 range to install.


But what you might not realize there is a lot of hidden costs. Will a retaining wall or other costly landscaping be needed? Will there be a deck for an above- ground pool or a concrete patio for an in ground pool? What about fancy lighting or shaded cover area for sitting? That is just the set up but don’t forget about all those accessories that must haves for fun in the sun: diving boards, slides, pool floats, etc. they add up faster than you might think


So you have it all set up ready to have fun but don’t forget about having to maintain it to keep it at its optimal quality. HomeAdvisor estimates a home owner spends on average $ 115 a month on pool maintenance by a professional. You might think you could save tons by maintaining it yourself. Think of it this way. Do you want to be spending time enjoy the pool or cleaning and maintaining it? On average it takes 5 to 10 hours a week On top of getting the correct chemicals, chlorine, a pH kit, skimmer, a pool vacuum, filters, and a quality pool cover that ranges from $ 30 to upward to $ 10,000 for a mechanical model.


You have it installed, having fun and it’s still shining in the sun. Then the worst happens the pump or something else breaks, then what? Experts on Angie’s List tell the pool repairs are a real price tag shocker A busted pool pump motor can be $ 350 to repair to around $ 1800 to replace. Resurfacing a leak starts around $ 6,000, and a vinyl lining starts around $ 3,000. A new filter is about $ 600 every 3 to 5 years.


According to the Centers for Disease Control and Prevention 3,536 people drowned in non-boating related accidents each year. That is about 10 people per day. 1 in 5 are 14 years or younger. So I would say pool safety is very important Not only can people can drown but pets as well can drown and even die by just lapping up the chemical pool water. Home owner insurance companies have a variety of different requirements as to the type of fences. Pool fences can start well over $1000. a pool alarm would be an excellent idea which can be purchased from pool supply stores or amazon which range from $ 20 to $ 250 to help monitor who is going to the pool. The fence is not the only thing home owner insurance stacks on to a home owner, there is a huge liability coverage that will be added as well due to the liability of a pool that could cause injury or death, which results in an extra $ 300 a year premium.


The pump is repaired and you are back to having fun until you get your first electrical bill and have to sit down That pump you just replaced uses more electricity than any other household appliance resulting in an increased electric bill of $ 300 per year or higher in different states. Depending on where you live the water bill just increased $ 360 as well


You might anticipate the mosquitoes and flies but pools attract other living things as well like frogs, snakes, ducks and geese and the worst even raccoons that could cause serious neurological illness in humans because they harbor parasites that could be in the pool water and not be killed off by the chemicals.


Resale will save you though right?? If you think you might move in a few years and whoever buys this house will just love you because there is a pool and they didn’t have to deal with any headache of building it Because who doesn’t want a pool right? You might think it’s an investment and you will get your money back on the sale. Real Estate Agents warn against that type of thinking. Some might find it appealing but other buyers, that have small children or active pets see nothing but headaches or see that wasted yard space. Getting rid of the pool isn’t exactly cheap either costing the potential buyer $ 10,000 they might not want to invest right away and pass on your home. On average above ground pools might even cost you money when that time comes and the buyer asks you to remove it as part of their terms of sale.


So before you jump both feet into your pool “idea” make sure you take into consideration ALL the hidden downsides along with the benefits.
 ]]> </description>
    <pubDate>Wed, 21 Apr 2021 12:55:00 -0500</pubDate>
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    <guid>https://www.duncanareaexperts.com/blog/frequently-asked-questions-about-buying-a-home-in-a-flood-zone.html</guid>
    <link>https://www.duncanareaexperts.com/blog/frequently-asked-questions-about-buying-a-home-in-a-flood-zone.html</link>
        <author>adrianne@realestateexpertsllc.com (Reedy Daly and Stace Bohlender)</author>
        <title>Frequently Asked Questions About Buying a Home in a Flood Zone</title>
    <description> <![CDATA[ 



It's a well-known fact that Lawton has a few different neighborhoods that have flooded in the past or flood regularly when it rains heavily. Oftentimes when someone is interested in buying a home here, we are asked many questions about the history of the home, where the flood zone is in regard to the property line and more, all related to &quot;What do I need to know?&quot;. Here are some of the more frequent questions we have been asked...


How can I know if the home I'm interested in buying, or have already purchased, is at risk of flooding?


Regardless of where you live, there are a few ways to determine if your home is in a flood zone. The best way is to visit the Federal Emergency Management Agency (FEMA) website and put in the address of the home in reference to see where it lies within any flood zones. You can also check with a local insurance agency to determine if the property is in a flood zone.


How can I find out about the history of flooding a home?


Some states require that the seller discloses whether the house has flooded or has had any water damage from flooding, if the property requires flood insurance, and also the flood zone status of the property. Oklahoma is one of those states that has the seller fill out a Residential Property Disclosure Statement answering these questions. You will want to do your due diligence to find out these details before you buy, in the event you live in a state that does not require it.


Can flood plains change over time?


In short, yes Several factors influence the frequency with which flood maps may be updated, such as the extent of new development and the completion of flood-control projects.


What kind of insurance will I need if I purchase a house in a flood zone?


The type of insurance you will need will depend on what type of flood zone you are in, and if your mortgage company wants you to carry a certain amount to cover damages to your home in the event it is flooded. As a homeowner or potential homeowner, you would also want to look into coverage for your personal items as well. FEMA uses Flood Insurance Rate Maps (FIRMs) to help determine what you should pay for flood insurance. You can look up a current FIRM on the FEMA Flood Map Service Center, free of charge.


Am I required to carry flood insurance?


If you have a mortgage or a loan on your property, then yes, you are required to carry flood insurance. However if you own your home outright, then it's not a requirement, though highly recommended if you're in a flood zone, so that you're not paying out-of-pocket for any flood damage.


How hard is it to resell a home that's in a flood plain or that has been flooded?


You can still resell a property that's in a flood plain. It may be a little bit more challenging due to the additional cost of insurance to a buyer that is trying to stay within their pre-approved spending amount.
 ]]> </description>
    <pubDate>Wed, 21 Aug 2019 15:52:00 -0500</pubDate>
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    <guid>https://www.duncanareaexperts.com/blog/what-to-expect-during-a-home-inspection.html</guid>
    <link>https://www.duncanareaexperts.com/blog/what-to-expect-during-a-home-inspection.html</link>
        <author>adrianne@realestateexpertsllc.com (Reedy Daly and Stace Bohlender)</author>
        <title>What to Expect During a Home Inspection</title>
    <description> <![CDATA[ 



If you’re a home buyer, one of the most important parts of the home-buying process is the property and home inspection. Having a home properly inspected can be the difference-maker for a hassle-free transaction, and even though it’s going to incur a small fee upfront, it could potentially save you thousands of dollars in the long run. As a first-time homebuyer, it’s critical to understand what to expect from the home inspection process, and why they’re so important.


Once you’re under contract on your new home, it’s time to hire a professional, licensed home inspector. While we as real estate agents are allowed to give you information about what to look for in a home inspector, we cannot tell you who to use. Once you’ve scheduled the home inspection, we highly recommend being on-site and walking the property with the inspector, so that you know they have looked at everything and you can ask about any concerns.


Typically, a home inspector should take upwards of two hours going around your home and making a list of problem areas. They’ll look for potential pitfalls and take note of what it may cost to fix these areas, so that you can make smart decisions about what to ask for the seller to fix versus what you can live with or are willing to front the cost to fix yourself. A home inspector should look at everything from top to bottom, including:




The foundation, looking for cracks and sinking


Electrical panels and switches


Included appliances like the oven, stove and refrigerator


The plumbing and hot water heater


The sewer or septic system, helping to ensure you won’t be experiencing a stinky surprise after you’ve moved in


The air conditioning and heating units


Fireplace issues, including chimney cracks, broken flues, etc.


The roof, looking for wind and hail damage


Any other property problems, especially around added features like a pool or hot tub




Most inspectors are going to have fees starting around $250, and varying depending on the size and features of the home. In our experience, most home-buyers find that the report an inspector provides after the fact is definitely worth the peace of mind it brings, as well as any negotiation leverage it may provide. That report will be something that we will go over with you, and we’ll present a Treatment/Replace/Repair Notice (TRR) to the listing agent with our requests. From this, the listing agent has a few days to get back to us and let us know if the seller is willing to take on any or all of our requests, and we can negotiate from there. 


As a home seller, an inspection is in your favor as well. Having your home pre-inspected can potentially bring you up to 17 more in your asking price, and it can help to sell your home in half the time. A home that’s been pre-inspected and consequently pre-fixed can help you to eliminate any deal-killers that may come up after you get an offer on your home.
 ]]> </description>
    <pubDate>Wed, 10 Jul 2019 16:19:00 -0500</pubDate>
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    <guid>https://www.duncanareaexperts.com/blog/the-real-estate-experts-customer-service-philosophy.html</guid>
    <link>https://www.duncanareaexperts.com/blog/the-real-estate-experts-customer-service-philosophy.html</link>
        <author>adrianne@realestateexpertsllc.com (Reedy Daly and Stace Bohlender)</author>
        <title>The Real Estate Experts Customer Service Philosophy</title>
    <description> <![CDATA[ 



Here at Real Estate Experts, our philosophy is simple: take care of people.


We believe that helping our clients start on the next chapter in their lives by helping them to buy or sell a home is one of the most important things we can do. The relationship that we create with our clients is one based on honesty and integrity, and we take being a Real Estate Expert very seriously. It’s important for us to ensure that we’re giving our clients the right advice so that they can be empowered to make the best decisions for themselves and their families when purchasing or selling a home.


We have built our staff – both our team of agents as well as our office staff – with the goal of creating raving fans. Our team is trained to be an open line of communication with our clients so that there’s no question where they’re at in their home buying or selling process. Whenever we see an opportunity to help clients avoid the burdens and the pitfalls that normally come with this process, we jump on it.


At Real Estate Experts, we’ve implemented a 100/0 Mentality. One hundred percent of the time, we give one hundred percent of ourselves, and we expect zero in return. Through this mentality, we can achieve our goal of making sure each of our clients has an awesome and memorable experience when buying or selling a home.
 ]]> </description>
    <pubDate>Tue, 25 Jun 2019 08:32:00 -0500</pubDate>
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