Lynne Eliopoulos
ERA Key Realty Services | 508-832-1032 | lynne@erakey.com


Posted by Lynne Eliopoulos on 10/22/2017

If you live in one state, but are trying to buy a home in another state, youíll face some obvious challenges. Thereís certain steps that you can take to help you get through the home buying process in another state. Whether youíre buying a vacation home, or are in a complete transition, youíll need to follow a few steps to make life easier for you. 


Know How Much Time You Have


First, youíll need to ask yourself when youíre planning to move. If you have flexibility and are planning a trip to the new state before you need to move, that paints a much different picture than a more rushed move. Consider:


  • The time it will take to sell your current home
  • When the closing will be on the new home


Keep that timeline in mind.


Youíll definitely want to hire a realtor to handle everything for you on both ends when youíre in this situation. A Realtorís knowledge and experience is definitely worth it to help you.


Get Your Finances In Order


Youíll need to apply for a loan on the home youíre buying in the new state. You should start by getting pre-approved for a mortgage in that state. You donít want all of your important paperwork to be buried in the midst of packing and moving. Also, youíll need to have that loan secured before you even head to the new state to close on the home. Everything should be in order. This situation may be more challenging for you than a typical home purchase. Since big purchases affect your credit score, youíll need to hold off on buying a car, furniture, or any major appliances that you may need. 


Get As Much Information As You Can


As a buyer who is from out of state, youíll need to do your homework. Maybe you have visited the state many times before. Perhaps you know nothing about it. The more you know ahead of time, the easier that your transition will be. Youíll need to find recommendations about which neighborhood to search in. Youíll also want to learn a bit more about the lifestyle the area provides for activities like dining, entertainment, and recreation. You can learn a lot in the internet, but talking to locals- even a local realtor- can help you to find the right spot to live in. 


Find The Right Realtors


Youíll need to find the right realtors in both your home state and the state that youíre moving to. The sellerís agent will assist you in getting your old home sold. From marketing the listing to home showings to sending you all of the paperwork that youíll need to sign, a sellerís agent is very valuable to someone who needs to move out of one state and into another. 


The buyerís agent can help you in your new state, communicating with you on new listings and advising you on the neighborhoods that youíll be the most happy in. Hiring these two realtors may be one of the most important steps in your feat of moving across two different states.


With the resources that are available online, moving from state-to-state isn't as hard as it may seem. Do your research for a smooth transition. Happy moving!





Posted by Lynne Eliopoulos on 10/15/2017

Shoppers are more confident than ever in making purchases online. Moreover, younger generations are more likely to make their purchases online, which means the e-commerce industry shows no signs of slowing down. This comes as no surprise in an economy where many of us are hoping to save a few pennies when we can, and what better way to find the best deal than to compare prices online? Buying furniture online is no different. In busy cities where many people do not have a means to transport furniture, the prospect of having a new dresser delivered right to your home for free is appealing. Online furniture shopping offers a wider variety and sometimes better prices than a brick-and-mortar experience. So, the question is, should you make your next furniture purchase online? Here are some things to consider before clicking the "check out" button on your next furniture purchase. Shipping and returns Have you ever bought clothing online only to find out that it didn't fit when it was delivered? You can face the same problem with furniture. It's important to check beforehand with the online store what the shipping and return details are. If you are worried that there might be fine print in the company's "free returns" policy, get it in writing from a customer service representative that there will be no fees and that shipping labels will be provided. Customer reviews One of the beautiful things about online shopping is the ability to find honest, sometimes ruthlessly†so, feedback about the company or furniture item. Never make a purchase without reading the reviews. With online shopping no news does not equal good news. If there are no reviews, look for a similar item that has plenty of positive feedback. Get to know the company Buying furniture is a commitment, and an expensive one at that. If you walked into a furniture store that was filled with cheaply-made items†with no employees in sight, you probably wouldn't make the purchase. The same goes for online purchases. Check out the website, read the "About Us" and testimonials. If the website looks like something that you used to wait for 20 seconds to load on your AOL dial-up, you might want to steer clear. Don't depend on the photos Things don't always look the way they do in the pictures. You might order a coral sofa to find that it's hot pink. The texture of fabrics looks different in images, and some photos are edited†to give furniture smooth edges where they don't exist. If the store has a brick and mortar location, you could go in to try before you buy. If not, request†a color or fabric††swatch to be sure it's the right fit for your home. Double check your measurements Before you check out, go back and read the item description to be sure that the product your buying is the correct size and dimensions. Similarly, double check the measurements at home. Follow these pointers and you should have a good online furniture shopping experience. But if you don't, be sure to leave a review on their site for the next potential customer.




Categories: Uncategorized  


Posted by Lynne Eliopoulos on 10/8/2017

Thereís numerous reasons why the name on a title to a home may not be the same as the name thatís on the mortgage loan. These reasons include:


  • Only one buyer had stable credit
  • Only one person was on the loan application
  • One person was released from the mortgage


No matter why this is the case, having your name on the mortgage but not on the title to a home can affect you and people residing in the home in different ways. 


Why Would Only One Name Be On The Mortgage?


If people are looking to get a home or refinance a home, but only one person has good credit a decision must be made. For the best possible mortgage rates, youíll want to person with the best credit to be the primary loan holder. This may mean that you need additional legal documents in the process.  


The person with lower credit may still be able to have their name placed on the title to the home. Anyone who plans to contribute financially to a home, even if not on the mortgage, should place their name on the title. This would be one instance when a name would be on the title to a home and not on the mortgage loan. In this case, a person has property rights, but no legal-financial responsibility to the home. Itís important to agree on the home arrangement that youíre considering. This would be done through a will or a legal contract. This way, all parties are protected in regards to the ownership of the home should something happen to the individual whose name is on the mortgage.


Legal Things To Consider


Those who are listed on the mortgage are the people who are responsible for house payments. If a personís name isnít on the mortgage, it doesnít release them from complete responsibility from the home. If your name is on the title to the home but not on the mortgage, the bank generally has first dibs on the home if thereís a lapse in payments. If you want to keep living in the house, youíll have to keep making payments on the home. If you canít make the mortgage payments, youíll risk going into foreclosure. 


Taxes


An issue that can come up if your name is not on the mortgage is that you cannot use the home youíre living in as a tax deduction. Even if you make payments on the home, in order for you to get tax benefits, your name must be on the mortgage stating that youíre legally responsible for the home. If you are paying for the mortgage because your name appears on the title to the home, you arenít legally entitled to pay, giving away your rights to tax benefits. If youíre married, filing jointly, and only one name appears on the mortgage, however, you can use this as a tax deduction. This becomes an issue if two unmarried people buy a home together.  


Ask For Legal Assistance


Whenever you have an issue with the title of your home or with names on the mortgage, itís good to consult legal counsel. The attorney can assist you in determining who is legally responsible for the home and if the people listed on the title of the home are correct. This can help save you from trouble at a future date.


Since credit scores and loans can get messy at times during the home buying process, itís good to understand all the implications of home mortgages and titles.




Tags: Mortgage   Buying a home  
Categories: Uncategorized  




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