Hello all! Wow! The Chris Clark Q&A is booming! Thank you to all our questioners this week. We will be getting everyone a free gift card to Thomas Hammer! On to the answers:
Submitted by Lauryl Handel:
Q: What are the extra considerations for buying a duplex (or a whole apartment building) intending to live in one part and rent out the others? I know you pay extra, at least here in Idaho, if you buy a house without intending to live in it. Would that rule still apply?
A. Yes. There are many additional questions the lenders will ask, and there are a few you should ask yourselves! The good news is any multi-family (lingo for apartment building) building with 4 or fewer units qualifies for typical government programs such as FHA, VA, and the like. You can also apply rent acquired from the units to offset the payment costs. When a building has 5 or more units, the typical lending and government programs all change to commercial financing. Commercial financing is much less “buyer friendly” and requires higher down payments and interest percentages.
When looking to buy investment property make sure and consider your own well being as well! Do you want to live with your tenants? Are you going to manage the units yourself or with a property manager? Will you be living in the area long term? Making sure the move is great for your family should also be part of the conversation! Since your investing in your future, make sure the present is great! Thanks for the question!
Submitted by Sonia Lopez:
Q: Hi Chris, I am trying to get rid of my mortgage insurance, and need an appraisal, any advise on the best way to go on that?
A: Hey Sonia! Nice to hear from you again! You’re right on the money. Virtually all lenders will require a property appraisal. You will also need to have 20% (or close) equity in your home. What’s important is to check with the lender for an approved appraiser. They typically have a list of all the local appraisers who are licensed and bonded. Once we know who they typically use for house appraisals, we can contact them to get the appraisal completed. Removing the PMI is easy once the steps are completed.
I would love to help you with the process! Part of what separates great Realtors from the “par putters” is personal time investment. When you fill out the form below please give me your phone number and I will connect you with the lender and help you find an appraiser.
Helping people with their real estate needs is what I’m all about! 🙂
Submitted by Jodie Matthews.
Q: What color of houses tend to sell better or are there colors that tend not to sell as quickly?
A: The whole dream of home ownership includes personalization. We love to have our favorite accent colors and unique furniture! When we go to sell our homes, personalization is not our friend. When people are viewing homes to purchase, they want to see it as their dream home, so the colors need to lend to neutralizing the homes personalization. The best colors to paint a home to sell are typically neutral shades of tan, brown, grey, etc. You might love having the lime green home on the culdesac, but your future buyers might not!
Submitted by Desiree VanCuren:
Q: Do you do refinancing?
A: As a Realtor, I don’t personally set up the refinancing. Refinancing is processed and completed with a mortgage lender. Referring back to myself above, there are things that Realtors do to distinguish themselves in the sea of real estate and help with refinancing falls under that umbrella. I have lived and worked in Pullman long enough, that I have several established relationships with preferred lenders in the area. My recommendations are based off years of working with the different local lenders! When you leave your info below please give me your phone number. I’ll call you and find out which of my lenders will be the best!
Submitted by Cori and Kenny Purnell:
Q: I’m looking at purchasing a piece of land by my house. Do you help with those type of purchases?
A: Absolutely! One of the reasons I started in real estate was my love for investing! Investment properties and land are my personal cup of tea! There are many intricacies to land purchasing that require someone with a lot of experience! Please fill out the winners form below and I will contact you to discuss the purchase!
Submitted by Paula Jewell:
Q: I am looking to become a first time home owner, I have a good job but not good credit courtesy of some rough times any programs that help with that?
A: First off, congratulations on looking to become a first time home buyer. In our current day an age, it takes careful dedication and planning! To answer your question, there are many programs to help first time home buyers with their first purchases. You might be surprised at how quickly we can get you into a home. It takes the right Realtor, and a mortgage lender who understands you position to get the job done! When you fill out the form below I will call you and we will start looking together. We will find you the perfect home!
Thanks again for all the great questions! Until next week!
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