Flipped or Renovated Homes in Kirkland

Pitfalls of Buying A Flipped Home

Tips for First Time Home Buyers

Once you’ve decided the time has come to start shopping for a home, it’s necessary to understand what is involved in buying a home. Take into consideration the following tips to ensure the home buying process goes smoothly for you. We specialize in helping clients buying a flipped home

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? What Credit Score Should I Have to Buy a House

You must check your credit report and score to know where you stand financially. Lenders will base their decision to give you a mortgage loan based on your creditworthiness. When viewing your credit report, take note of any negative marks, such as late or missed payments, judgments, garnishments and any other debts that may be listed. You need to ensure all information on your credit report is accurate. Ensure all negative marks are yours. You’d be surprised at the number of errors are on a credit report. You may be able to dispute items on your credit report and get those items removed which can raise your score. Ultimately, you want a score of 700 or higher when applying for a home loan.

? How Much Money Should I Save to Buy a House

You’re going to need cash when buying a home. Sometimes, individuals who are unfamiliar with the home buying process fail to save money for expenses that may arise during the process. A cash shortage could mean that your loan is delayed, or you could lose the deal altogether. Your lender will provide you with a Good Faith Estimate (GFE) which lists in detail the expenses for which you’ll be responsible. Among such expenses, you will see the following:

  • Closing costs, which include loan origination fees, third party fees and credit check fees.
  • Down payment on your new home which can range from three percent to 20 percent

If you have a decent idea of how much money you’ll need when you close on your loan, then you’ll know how much you’ll need to save. So, pay attention to the estimated costs your lender gives to you.

?‍♂️ How to Find a Real Estate Agent to Buy a House

Shopping for a home is fun, but you can’t go wrong with the professional help of a real estate agent. Your agent will have access to listings which you may not know about. The Renovated Home Sales Team tracks nearly every single home that is being flipped and can often negotiate with the seller before listing. They can also be a second set of eyes scoping out the features you want in your new home. If you’re struggling to find a real estate broker to help you buy a home, then you should take advantage of the following resources:

  • Check local listings of homes for sale and take note of the real estate agent’s contact information.
  • Ask family and friends for a referral.
  • Attend an open house to meet the real estate agent hosting the event.
  • Perform an online search of real estate agents in your area or that specialize in the type of home you want

✔️ Why Mortgage Pre-Approval is Important

Pre-approval is very important and can prevent a lot of heartache. When you began searching for a home, you probably didn’t have any idea how much money you could borrow. If you have no idea how much you can borrow, then you are not going to be looking at homes within your price range. What a shame it would be to find the perfect home only to learn you couldn’t get the loan.

Therefore, you should get pre-approved before you even start looking. This will ensure you are looking at homes you can afford and won’t run the risk of being disappointed. Most real estate brokers have preferred lenders/mortgage brokers that they have worked with in the past and can help you find the right one.

? Creating a Wish List for Buying a Home

Everyone has an idea of all the features that should be included in a dream home. Maybe you want a garage or a basement. Or, perhaps you prefer hardwood floors over carpet. Updated appliances might be on your wish list. Maybe you are thinking about buying a flipped, remodeled or renovated home. The idea is that you should make a list of all the features you want to have in your new home. List items that your home must have and then list the items you would really like but could do without if necessary. Unless you have a custom-built home to your specifications, it might be nearly impossible to find everything you desire in a home.

? How to Place an Offer on a House for Sale

Once you’ve found the perfect house, it’s time to make the seller an offer. Your real estate agent will help you come up with a reasonable offer which they will present to the seller. The seller can either accept or give a counteroffer. Once everyone agrees, you’ll proceed to closing.

If you are buying a home for the first time, the process can seem overwhelming. But, rest assured that you will get through it and will reap the rewards of owning a home.

 

Your real estate agent is the best source of information about the local community and real estate topics. If you found this site looking for a broker that specializes in flipped homes you have found the right broker. Give Gabriel Heck a call today at 425-835-3108 to learn more about local areas, discuss selling a house, tour available flipped homes for sale.

6 Steps to Buying a Flipped Home


Buying a flipped home is exciting. It’s also one of the biggest investments you will make in your lifetime. For this reason, it is important to educate yourself on what all is involved and how to be prepared when you buy a flipped home.

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? What Credit Score is Needed to Buy a House

Credit Score and Magnifying Glass

The first step you need to take when you’re considering the purchase of a home, is to look at your credit report. Lenders are going to pay attention to your credit score. It is only logical that you know what your credit score is before lenders begin looking at your credit. If there are negative items on your credit report that are having a large impact on your score, you’ll want to correct them. Items which have a significant impact on your credit score are:

  • Missed Payments
  • Judgments
  • Garnishments
  • Credit Utilization
  • Defaults and Bankruptcies

You need to look over your credit report because there’s a good possibility there are mistakes and incorrect information on your report. If you can remove the negative items, your score will rise. If you need to raise your score make sure you make all payments on time and pay down any outstanding debts. If you are consistent, your score will rise. Ideally, your score should be above 700 to get a good loan with favorable terms.

? How Much Money Should I Save to Buy a House

You need to think ahead and take into consideration how much money you’ll need when you buy a house. You’re going to need cash during the home buying process. If you fail to come up with the cash needed, the process might be delayed, and you may not be able to close on your loan. A couple items that will need to be paid upfront include:

  • Closing costs which might include third party fees, origination fees, escrow, title, credit check fees and other costs
  • For traditional loans the down payment which can be as little as 3 percent or as much as 20 percent
  • VA and USDA programs have 0 percent options for certain qualified people/areas

? Finding a Real Estate Agent to Buy a House

When searching for your dream home, you should be working with a real estate agent. If you need ideas on where to find an agent, consider the following:

  • Attend an open house
  • Ask friends and family for referrals
  • Check for sale signs to obtain agent contact information
  • Search online for a reputable agent

You want to choose an agent who has proven their expertise in the real estate industry. If you are thinking about buying a flipped home then you found the right website. We specialize in helping our clients buy flipped or newly renovated homes.

? Why Get Pre-Approved for a Mortgage Loan

The biggest mistake a prospective homeowner can make is to start looking at homes before they even know how much money they can borrow. There would be nothing more disappointing than to find the flipped home of your dreams only to learn you can’t get the loan because it’s out of your price range. The only solution to prevent this from happening is to get pre-approved for a mortgage loan. You’ll know exactly how much money you can borrow, and this will ensure the homes you look at are in your price range.

? How to Make an Offer on a House

When making your offer you don’t want to go too low or too high. You need to be willing to give and take a little. Your real estate agent will help you formulate a reasonable offer. When you work with the renovated home sales team you get a broker that understands the investment side of the business and often times reasonable offers are based on reasonable profits for the investor. Once you and your broker have discussed the details, the broker will then present that offer to the seller. The seller can then either accept the offer or give a counteroffer. Once everyone agrees on the price, you’ll move on to the next step.

? What Happens After an Offer is Accepted on a House

Once the seller accepts your offer, a purchase agreement will be executed by both parties. Your lender will then order an appraisal of the home. If the home appraises, you can proceed to getting the inspection. If the home doesn’t appraise, you’ll need to go back to negotiating or come up with more money for the down payment. Next, you’ll need an inspection. If needed repairs are discovered during the inspection, you can either ask the seller to make the repairs or negotiate the selling price. Once you get through the appraisal and inspection and the parties are all in agreement, then you’ll proceed to the closing.

Buying a home can be frustrating, stressful and tiresome. However, in the end it is a sound investment that you can be proud of. Not only will you own something, but you’ll be able to add your personal touches and make your new home your very own, which is a rewarding experience.

 

Your real estate agent is the best source of information about the local community, real estate topics and specifically knowledge about buying a flipped home and real estate investments. Give Gabriel Heck a call today at 425-835-3108 to learn more about local areas, discuss selling a house, or tour available homes for sale.

What are Closing Costs When Buying a Flipped House

This article answers the questions of what are closing costs when buying a flipped house and explains some of the typical costs seen in the Seattle and Bellevue real estate market.


Like everything else in life, buying a flipped house isn’t free. There are costs. It’s important that you know about the costs associated with buying a home, so you aren’t caught off guard when it comes to the cash that is needed upfront for costs associated with closing on your new home. Closing costs are an area of misunderstanding for many homeowners which is why it is important to be familiar with the closing costs associated with buying a home. Any decent real estate broker or mortgage broker should be able to given you very close estimates for any home that you are writing an offer on.

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? What Are Closing Costs?

When you close on your home loan, you’re going to need to pay some out-of-pocket expenses in the form of closing costs. Quite simply, closing costs are fees associated with your home loan that you are required to pay at the closing. If you are prepared to pay such costs, you can rest assured that there will be no delays and you’ll be a new homeowner in no time.

❓ What Are Closing Costs Based On?

Closing costs vary from state to state and even within localities. Often, closing costs are based upon the selling price of the home, the type of loan you’ve obtained and your market area. You should become familiar with your state’s laws regarding closing costs and fees so that you will know what to expect. In WA the typical closing costs are for the buyer sides share of title insurance and escrow fees. Most of the other costs will be dependent of what loan program and mortgage professional you have chosen. These can include application fee, appraisal fee, attorney fee, courier fee, credit report fee, loan origination fee etc.

? What Are Typical Closing Costs for Buyers?

There are certain closing costs that are paid by the seller and other closing costs that are paid by the buyer. When you buy a home, the most common closing costs you’ll see are:

      • An application fee is charged by your lender to process your loan application.
      • An appraisal fee will be paid to an appraiser to determine the fair market value of your home.
        An attorney fee is paid to an attorney to review all the closing documents.
    • An escrow fee is paid to the attorney or escrow agent handling the closing for their services.
    • A courier fee is paid to cover the expenses of transporting documents to ensure the loan process moves along quickly.
    • You’ll pay a credit report fee to enable the lender to pull your credit report.
    • Escrow account fees include advance payments to be disbursed for property taxes and mortgage insurance.

  • You may be required to pay the entire first year’s homeowner’s insurance premium at closing.
  • You’ll want to order a home inspection to identify any structural problems or any necessary repairs before you close on the home.
    If you’re making a down payment of less than 20 percent, you will be required to purchase private mortgage insurance (PMI). It is likely that you’ll have to pay the first month’s premium at closing.
    A title search fee is paid to the title company that performs a search of your property’s records to identify any liens or problems with the title.
    You’ll need to pay a recording fee to your county or town to record the transaction.

There are many closing costs and one way to determine what you’ll be responsible for is to obtain a Good Faith Estimate (GFE) from your lender. Pay attention to this estimate so you will know how much money you’ll need for closing.

? What Closing Costs Are Tax Deductible?

One of the major perks of buying a flipped house was that the interest you pay during the year is almost always 100 percent deductible. But, what about all those closing costs you pay when you close on your loan? Unfortunately, most of these costs are not tax deductible. However, some closing costs you’re required to pay can be deducted from your taxes. Such closing costs that are tax deductible include:

  • Prepaid Mortgage Insurance
  • Pro-Rated Property Taxes
  • Mortgage Points

If you are buying an investment property, then you can deduct from your taxes transfer taxes as part of the closing costs. You can also deduct hazard insurance and association dues created by your investment property.

Do not go into the home buying process with blinders on. Make sure you have a good understanding of the closing costs that are involved. Some homebuyers are surprised when they are hit with out-of-pocket expenses at closing. You can avoid this shock by researching common closing costs and understanding what will be expected of you at the time of closing. Homeownership is rewarding, but there are many steps in the process to becoming a homeowner. If you come to the table prepared, this will ensure the process will go as smoothly as possible and lessens the chances of any setbacks taking place that might hold up the process.

Your real estate broker is the best source of information about the local community, real estate topics and specifically knowledge about buying a flipped house and real estate investments. Give Gabriel Heck a call today at 425-835-3108 to learn more about local areas, discuss selling a house, or tour available homes for sale.

Mortgage Loan Basics for Home Buyers


If you are thinking of buying a flipped home, you are about to embark on an exciting, but stressful journey. You can reduce the amount of anxiety you experience by having a basic understanding of home mortgage loans and what is involved in obtaining a loan to buy your new home.

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? What Is a Home Mortgage Loan

If you’re like many homebuyers, you do not have hundreds of thousands of dollars sitting in the bank readily available for you when you decide to buy a home. For this reason, you’re going to need a home mortgage loan. When you obtain a home mortgage loan, you are borrowing the cash needed to purchase a home.

? Different Types of Mortgage Loans

You’ll be glad to know there are different types of mortgage loans that can be offered to you based on your circumstances. A conventional loan is offered by a financial institution and is not backed by the government. There are different terms for such a loan and your lender can assist you in determining the best terms of the loan.

A government-backed loan is guaranteed by the federal government. There are three such government loans available to buyers.

  • The Department of Housing and Urban Development administers the Federal Housing Administration (FHA) Loan. This loan is available to all types of borrowers and its major advantage is that a required down payment can be as little as three percent of the home’s purchase price.
  • The Department of Veterans Affairs offers VA Loans. This loan is available to all military personnel and their families. Such individuals have a major advantage because they can receive 100 percent financing which means there’s truly no down payment.
  • The Department of Agriculture administers USDA/RA Loans. Such loans are available to rural buyers who meet certain income guidelines.

You will receive either a conforming or jumbo loan, depending on the amount of money you are borrowing. A borrower can more easily obtain a conforming loan versus a jumbo loan. The guidelines governing jumbo loans are more stringent and can make it difficult for a buyer to qualify for the loan.

? Variable vs. Fixed Rate Mortgages

When you obtain a loan, you will either have a variable or fixed rate. The choice is up to you. If you want to start out making lower monthly payments and can prepare for the ballooning payment, then a variable rate might be for you. However, this option leaves a lot of unpredictability which many buyers don’t like. That is why many will opt for a fixed rate. When you choose a fixed rate, that rate is going to stay the same for the duration of your loan. Your monthly payments will be consistent from the start of the loan right up until you make the last payment.

? How to Apply for a Home Mortgage Loan

When it’s time to apply for a home mortgage loan you must be prepared to provide your lender with every aspect of your financial life. The most important data they will request includes:

  • Most recent paystubs
  • Most recent W2 or income tax return, if self-employed
  • Most recent bank statements, including checking, savings and money market accounts
  • Retirement accounts
  • Driver’s license
  • Debts, including balances
  • Mutual funds and balances

When you apply for a mortgage, your lender will also need permission to view your credit report. There is often a fee for this and you will need to pay this to your lender. In addition, to the credit report fee, you’ll also be required to pay a loan fee to cover the costs of processing your loan application.

✔️ Getting Pre-Approved for a Mortgage Loan

The one thing some buyers overlook in the beginning is getting pre-approved for a mortgage loan. You might decide that it’s time to start looking for your new home and go out and start picking out your favorite houses. But, have you considered the fact that if you haven’t been pre-approved that maybe you can’t afford the homes you’re looking at? Or, the opposite could happen. You might shortchange yourself and look at homes that don’t have all the features you desire because you think you can’t afford what you really want. Getting pre-approved in the beginning allows you to know what price range you need to be in and you can proceed accordingly.

Buying a house is a long-term commitment which is why you need to understand home mortgage loans. Such an understanding will ensure you will be able to handle the purchase of a home.

Your real estate agent is the best source of information about the local community, real estate topics and specifically knowledge about buying a flipped home and real estate investments.  Give Gabriel Heck a call today at 425-835-3108 to learn more about local areas, discuss selling a house, or tour available homes for sale.