Sharon Lanen Coskren - Leading Edge Real Estate Sharon Lanen Coskren



Posted by Sharon Lanen Coskren on 11/8/2019

“Short sales” may have one of the most deceiving names in real estate. Any client who is undertaking the purchase of a short sale property will ask, “Why is this taking so long?” Short sales generally happen due to lapsed payments on a mortgage. In the short sale, the owners take a loss on the property, but it saves them from being foreclosed on by the bank. Many of these sales are circumstantial by divorce, or a sudden change in job. The seller asks the bank to take less money than the amount owed on the house in a short sale transaction. 


If You’re Buying A Short Sale Property


If you have made an offer and the seller accepts it, your dealings are far from over in a short sale. The seller’s bank needs to approve the sale. Since the bank is losing money in the deal, this is where the hold up can be in the entire transaction.


The First Step


The seller’s bank must review the short sale package first. The seller needs to submit a complete picture of their finances to the lender. The seller’s credit score will also be reviewed. A bank would not approve a short sale if, let’s say, the seller happened to have a lot of extra cash just sitting in a bank account. The lender needs to protect themselves.


The listing agent should be on top of all of the paperwork that should be done in order to have the transaction approved. As a buyer, you’ll appreciate a good short sale listing agent. 


Make Sure Everything Is In Order


There’s a lot of paperwork to sign in order to get a house. There’s even more paperwork to sign in order to secure the purchase of a short sale. If just one page of the documents are missing or one signature is left unsigned, the entire process can be slowed down even more. As a buyer, you should confirm that all the required documents have been signed and received. 


Another problem that can occur is that documents quickly become outdated. Bank and other financial statements are a good example of this. By the time paperwork is ready to go through the lender, last month’s bank statement could be completely outdated. The lender will then need an updated statement, holding up the process even more. The seller and agent need to be ready for these circumstances. The faster the lender is responded to, the smoother the process will go.          

 

Remember You’re Working With Two Banks


When you’re purchasing a home that’s a short sale, you’ll need to deal with two banks- your lender and the bank handling the short sale. Be mindful of the timelines that each bank has. If you aren’t, you could be approved hours too late to buy the property, leaving you and the seller to start from scratch. 


Buying a short sale is risky because there is always a greater chance the sale will fall through or succumb to foreclosure due to some kind of circumstances beyond the buyer or the seller’s control. If you have the right realtors on both sides of the table, the process of buying a short sale should go as smoothly as can be expected.      





Posted by Sharon Lanen Coskren on 11/1/2019

Potential home buyers should obtain a pre-qualification letter from their lenders to access a home loan. This letter communicates what the lender thinks about you being qualified for a mortgage up to a certain amount and is dependent on the data you gave about your assets, income, and expenses.

Pre-qualification is just the primary step, and it provides you with an idea of how much of a loan you will potentially qualify for. This process relies on consumer-submitted information.

Getting Pre-Qualified

Pre-qualification entails providing the lender with your overall financial picture, including your credit, debt, income, and assets. The lender evaluates everything and gives you an estimate of the amount you are expected to be able to borrow.

Pre-qualification can be conducted over the phone or via online, and there is no cost attached. It is usually a quick process, taking from one to three days to obtain a pre-qualification letter. Remember that loan pre-qualification does not include a review of your credit report or a detailed look at your ability to buy a home. Instead, it is only dependent on the data you provided to the lender. By extension, it doesn't mean much at all if you provide inaccurate information. 

The first step in the pre-qualification process allows you to talk with your lender about any needs or goals you might have regarding your mortgage. Then, your mortgage lender can tell your various mortgage options and discuss the type that might be the most suited for your needs.

Some brokers go the extra mile of requesting home buyers to have pre-qualification before working with them. The letter would signify that a lender has already started talking with the buyer. A properly-written pre-qualification letter clarifies that you are using a quality, legitimate lender who can be reached for verification and confirmation.

According to many real estate agents, in a highly competitive market, a pre-qualification letter might not be enough. This is a significant drawback in using and relying only on a pre-qualification letter for proof of ability to purchase a home. If you need to buy immediately or don't want to miss out on a great deal in a trending area, you may need to be pre-approved as well. Pre-approval is a more complicated process and can impact your credit score, so speak with your agent about which is the better option for your situation.




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Posted by Sharon Lanen Coskren on 10/25/2019

The first thing you see when you come home is your entryway. No one wants to go back to a cluttered house, and organizing your entry is the first step. The challenge though is that because it is the first place you land, it becomes where everything else falls too. It’s the catch-all for the mail and magazines, homework, receipts from your shopping trip, and even those door hanger coupons you’re saving for date night.

You’ve read that heading straight to the office with your mail is best. But even on your best day, you come in the door with both hands full, looking for a place to drop the keys before you drop the eggs. The simplest solution is to set up a landing table in the entry that you can place items to go over later. Check out these ideas to see what might work best for you. 

Drawers

If your entry table has drawers, the important stuff can be shoved out of sight. So, slip your wallet and keys into a drawer before heading into the rest of the house. Larger drawers are great for winter gloves, sunglasses, and other items you need to grab on your way out.

Shelves

A large shelf at the bottom of the table legs makes the perfect spot for covered baskets. Use these to toss boots and shoes, backpacks and homework. Or, organize your recycling, so the trip to the curb is just a short step.

Above the table surface, narrow cubbies and shelves make the perfect spot to sort the mail. Set up one cubby for the advertising circulars you want to get back to. Another works well for take-out menus. Finally, have a cubby for important mail that needs sorting. That way, when you have a moment to go through it, you’ll find it all in one place and not on random surfaces throughout the house.

Décor

Of course, everyone wants to arrange the perfect collection of vases, photographs, vintage glass and artful books on their entry table. Just remember that when you do, you’re going for form over function. Having decorative items on the table surface takes away your place to set things to relieve your overfull arms coming in the door. Instead, hang a decorative floating shelf above the surface to hold all the decorative items while the tabletop is available to capture what you might otherwise drop.

If your entry doesn’t have room for a table, now might be the time to think about purchasing a home that more adequately meets your needs. Talk to your real estate pro about a new home today.




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Posted by Sharon Lanen Coskren on 10/18/2019

A home inspection report may prove to be a difference-maker for a property buyer, and for good reason. With an inspection report in hand, a property buyer will need to decide whether to proceed with a home purchase or rescind a homebuying proposal. Therefore, a property buyer must allocate time and resources to review a home inspection report so he or she can make an informed homebuying decision.

Ultimately, there are many reasons why a homebuyer should trust the final results of a property inspection report, and these reasons include:

1. A home inspection is conducted by a property expert.

A home inspection is conducted by a property expert who will perform a deep evaluation of a house. As such, a home inspector will provide a homebuyer with a comprehensive report that details his or her findings.

For homebuyers, it often is beneficial to search for a top-rated home inspector. This inspector likely will provide an in-depth report that outlines a house's strengths and weaknesses. A homebuyer then can use this report to make an informed decision about how to proceed with a house.

2. A home inspection is used to assess all aspects of a house.

A home inspection generally takes several hours to complete. During this evaluation, a home inspector will look at a home's foundation, heating and cooling systems and other aspects of a house. By doing so, a home inspector will be able to identify any underlying issues with a residence.

It usually is beneficial to ask questions during a home inspection as well. If you strive to learn from a home inspector, you can boost the likelihood of making the best-possible decision about whether a house is right for you.

3. A home inspection offers insights that property buyers may struggle to obtain elsewhere.

Although a homebuyer may visit a house more than once before submitting an offer to purchase, a home inspection represents a learning opportunity unlike any other. A house inspection enables a homebuyer to examine a residence both inside and out with a property expert. Then, this buyer will receive an extensive inspection report that he or she can review prior to finalizing a house purchase.

If you're preparing to search for a home, you may want to hire a real estate agent. This housing market professional will be able to guide you along the homebuying journey. And once you reach the point where you need to conduct a house inspection, a real estate agent will help you find a top home inspector in your city or town.

Of course, a real estate agent will respond to your homebuying concerns and questions too. As a result, a real estate agent will help you take the guesswork out of buying a house.

Ready to find and purchase a home? Before you finalize a house purchase, perform a home inspection – you'll be glad you did. Because if you review a home inspection report, you can determine the best course of action relative to a home purchase.




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Posted by Sharon Lanen Coskren on 10/11/2019

When you move to a higher altitude, a lot about your climate changes. This change affects everything from your ability to breathe to how your food cooks. When you visit an area of higher elevation, the oxygen levels are lower, which has an adverse effect on your body. In time and with proper preparation, you will acclimate, but at the beginning, nearly everyone suffers from what's commonly referred to as "altitude sickness."

Your Body

Everyone is affected by altitude sickness to some degree, but its estimated that about twenty percent of the population suffers to a greater degree than the rest. If you’re part of that twenty percent and the effects become more than you can stand and don’t reduce with time, please contact your doctor immediately. Altitude sickness causes varying degrees of:

- Increase in sweating and dehydration
- Nausea, loss of appetite, vomiting, and headaches
- Loss of visual acuity
- General malaise and a decrease in energy
- Insomnia or other sleep disturbances
- Edginess and other changes in mood and judgment
- Increase in red cell production, heart rate, and breathing rate

For most, these symptoms are minor, and you will acclimate within a few weeks. You can fight the signs by keeping up your water intake and getting plenty of rest. Your body is moving red blood cells and oxygen around to try and account for the fact that you're getting less with each breath. Don't worry; you're still getting plenty of oxygen to survive, your body is just used to more. 

If you experience any of these altitude symptoms to a severe degree, see a doctor immediately, otherwise, your body will soon get used to the new levels soon, and you'll be just fine.

Your Life

Higher altitudes have lower air pressure, so be sure to check all your tires as your altitude increases. It can also change the compression in your fluids, so double check all your fluid levels more often in your vehicle until you're sure of how quickly you use them in this new climate. Water boils differently at higher altitudes, so that means that basically everything cooks differently. From microwaving to sautéing, you're going to have some fun with trial and error to see what works best at your new height.

If you’re worried about the changes when moving to a higher altitude, ask your real estate professional for specific tips about the area where you’re moving. They can help you be the most prepared.




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Sharon Lanen Coskren