Bo Lee - Coldwell Banker Residential Brokerage

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Posted by Bo Lee on 11/22/2020

Image by Free-Photos from Pixabay

It may be tempting, when buying a home remotely, to jump at the first great deal that fits your checklist. But, number of beds and baths aren't everything. Location matters, too. So does the school district if you have school-age children. Don't be afraid to delve deeply into a property that you're thinking of buying sight unseen, because failure to do so could lead to some serious buyer's remorse. Here's the checklist of items to cover and questions to ask before you buy a home long-distance. 

Neighborhood Crime Statistics

Sites such as ADT.com and Cityrating.com can help you learn about crime rates in your potential new neighborhood. The local police department or sheriff's office is a good resource, too. All are easy to find online once you know the address of the home or county in which it's located. Find registered sex offenders living nearby and whether your new neighbor has a collar for burglary. 

Costs of Getting There

If you're searching remotely for homes that are close to your new job location, ask your employer about job relocation assistance. Sometimes employers have packages in place to help with the logistics involved in relocating for work. A package might include financial assistance for multiple items, including:

  • Costs associated with moving companies.
  • Costs associated with storage facilities.
  • Cost to rent or own a home in the new location.
  • Costs associated with selling your existing home.
  • Having financial help to get you and your family settled in before your first day of work at your new job is a great perk. It goes a long way toward alleviating the stress of relocation. 

    HOA Restrictions

    Homeowner's Associations can be beneficial in keeping housing values steady in your target area, but they can be costly, as well as restrictive. Is your new home governed by an HOA? If so, expect to pay monthly dues, and read up on the restrictions before you commit. If you plan to change the color or layout of your new home, you may have strict guidelines you're required to follow. 

    Reputation of the Local Schools

    Parents of school-age children should also be concerned with the school district they're moving into. Your real estate agent should be a good resource for the best schools in the area, but it never hurts to Google. The best schools have a low student-to-teacher ratio, strong test scores compared with the rest of the state and plenty of support programs in place for students and parents.

    A little homework done from the comfort of your home office can help you score the remote home purchase of your dreams. Don't be afraid to play investigator throughout your new target neighborhood. 




    Categories: Buying  


    Posted by Bo Lee on 2/9/2020

    Image by Ricarda Mölck from Pixabay

    If you've heard people talk about "subject-to" real estate, you might be curious what that means and if it would be a good investment for you. Briefly, "subject-to" real estate means you're buying the property but the loan on that property stays in the name of the existing seller. You're making your purchase "subject-to" the existing mortgage or lien.

    Why Would Someone Buy Real Estate This Way?

    When you buy a "subject-to" property, you don't have to get a mortgage in your own name. That can be perfect for people who don't want to tie up their credit or funds. It also works well for those who might not be able to qualify for an existing mortgage. Since you're not putting your name on anything that involves the mortgage, you're free and clear from that standpoint. But you'll own the house, and you'll make the mortgage payments.

    Is This a Good Wealth-Building Tool?

    This can be a great tool to build wealth when it's used correctly. It's very important that you continue making the seller's mortgage payments on time, and that you get everything in writing. But since you don't have to qualify for a mortgage yourself, you can choose great properties that people really want to sell. Often, this is because the owner is in foreclosure. By buying the property "subject-to", the owner doesn't have to go through foreclosure proceedings and have that on their credit report.

    How Much Risk is Involved in This?

    As with any type of investment, there is always risk. The biggest concern is that the seller of the property will file for bankruptcy. When that happens, the house could be included in that filing and would be foreclosed upon by the lender. You could lose your investment, since you aren't the one who has the property's mortgage in your name. Another risk is the due-on-sale clause in the seller's mortgage. Almost all mortgages have these, but they're often not enforced. Still, if the lender wanted to enforce that clause, they could demand that the entire mortgage be paid if the deed transfers into your name.

    How Many "Subject-to" Properties Can Someone Own?

    Theoretically, there's no limit to the number of "subject-to" properties that you could own. As long as you can make the payments, you can keep buying these properties. You don't need any credit to get started, and you won't really need much cash, either. You'll simply have to be willing to take a little bit of risk to build up your real estate portfolio. With that in mind, though, it's not a bad idea to have an attorney help you, at least right at first, to be sure you're protecting yourself and the seller as much as possible.




    Categories: Buying  


    Posted by Bo Lee on 9/22/2019

    Online courses are gaining popularity as a way to learn new skills and subjects without enrolling in expensive certificate or degree programs. They’re also great for working adults and parents who don’t have time to leave the house every night to go to a class after work. Better yet, many online courses are free (or come with a free trial), so you don’t have to worry about losing money if you don’t like the course.

    You might be wondering, “What can I really learn from an online course that will benefit me as a homeowner?” There are a number of courses relevant to homeowners when it comes to things like the home buying process, budgeting, interior design, and more.

    In this article, we’re going to introduce you to some of those courses in case you have some free hours in the evenings and want to learn something new. Read on for our list of the best free online courses for homeowners (or soon-to be homeowners).

    Buying a home

    Unfortunately, many of us go into the home-buying process knowing little about what to expect. This can be cause for stress and anxiety as you navigate the complicated steps of building credit, getting preapproved, and making an offer.

    Udemy offers a one-hour course on home buying that can help you with this process. First, A Beginner’s Guide to Buying Your First Home will help you prepare for a down payment, understand the housing market, and teach you about things like home inspections and appraisals.

    Personal finance

    I often wish that kids were taught more practical finance and budgeting skills in high school so they have an idea of what to expect once they graduate and enter the workforce or apply to college.

    Making financial decisions is stressful at any time of your life, whether it’s taking out student loans, buying your first home, or deciding when is the right time to retire. Fortunately, edX has you covered with this free personal finance course from Purdue University.

    You’ll learn about retirement savings, the different types of investments, how insurance works, and the role credit plays in your ability to make healthy financial decisions.

    Interior design

    Decorating and designing the layout of your furniture is often something that we just guess at. Maybe you saw layouts and colors that you liked on Pinterest and tried to emulate them, or perhaps you just buy decorations and furniture just because you like them and not because they fit the style of your home.

    If you want to gain a better understanding of basic interior design and decorating, this series of video lectures from Howcast is a great place to start. With 53 short videos you can watch whenever and wherever you want, you can browse and learn at your leisure, then try some of these methods in your own home.







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