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It takes a village to buy a home

There are many players in the process

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It takes a village, gay news, Washington Blade, buying a home
It takes a village, gay news, Washington Blade, buying a home

There are many players in the process of buying a home.

Buying a home is not just a duet between the buyer and the real estate agent. Although these two parties will spend a lot of time together in the process of looking for and buying a home, there are many other players involved in this process. Hence, “It takes a village to buy a home.”

The first players may not even know the Realtor whom the buyer chooses: these are your financial planner and/or CPA. These players will help you decide the right time to buy a home, and the implications for your savings and taxes.

Your next step before beginning to look for a home is to get pre-approved by a lender and to secure a pre-approval letter that you can submit along with your bid on a specific property. You may already have a relationship with a bank that has a mortgage department, so you may want to start there. Your Realtor (if already chosen) will probably also have some suggested lenders with whom she has prior positive experience.  The lender will analyze your financial suitability to buy a home at the current moment, and will figure out your “allowance” in terms of what you can afford to buy given the loan program you are using. Although you have seven days after getting a signed contract to make formal loan application, it is usually a good idea to stay with the same lender with whom you are pre-approved. Even though another lender may offer slightly better rates, you want to make sure that they have the same kind of program under which you were pre-approved, because you may not qualify for as much otherwise.

Choosing a compatible real estate agent is critical because you will be spending a LOT of time with this person over the course of house-hunting, negotiating (perhaps several offers), and closing on a new home. A good place to start your selection process is by asking your friends for recommendations about Realtors to use (or to avoid). Make sure that your agent is a licensed Realtor, that is, a currently licensed agent in the jurisdiction where you are looking and also a member in good standing of NAR (the National Association of Realtors) and the regional Realtor association, GCAAR (Greater Capital Area Association of Realtors). When you first meet with your potential Realtor, he may ask you to sign some forms creating a Buyer Agency Agreement between you and him. This agreement protects you by creating an advocate on your side who will represent your best interests in the transaction. Although there is no financial commitment on your part, you may wish to wait to sign these forms before you have had an opportunity to read them and ask questions, as well as to go out on at least one viewing trip to judge the compatibility between you and the potential Realtor.

The average buyer looks at 12 properties (3-4 viewing trips) before making an offer. Once you find a property you’d like to bid on, you should strategize with your Realtor about the most attractive offer you can make: How much down payment can you offer? How much earnest money (a deposit that accompanies the offer) can you put down? How quickly can you close? What kinds of contingencies will you place on the offer? (For example, will you require a home inspection?) You will also go back to your lender to get a pre-approval letter with exactly your offering price so that the seller doesn’t see that you could offer more.

It’s pretty safe to say that in this market, the contract wins with the biggest down payment (especially all cash) and the fewest contingencies (especially none). Many homebuyers are now performing a pre-offer inspection to identify any problems with the property before they make an offer, as well as to remove one of the most common contingencies (home inspection) from the contract offer.

Congratulations, you’ve got a ratified contract offer signed by all parties! Now you’ve got about another month of activities before closing on your home:

• Your agent should send your earnest money and a copy of the ratified contract to the title company specified in the contract to begin the legal process of preparing title (ownership) transfer and to schedule an appointment for the closing day.

• You will need to make formal loan application. This process is more detailed than the pre-approval process.

• You may need to have a home inspection done if you didn’t do so before making an offer. Make sure your inspector is licensed. You and your agent will want to be present for this inspection.

• Your lender will order an appraisal to be done on the property to make sure the contract price is justified by fair market value. Although you are paying for this appraisal, only the seller’s agent is typically present at the appraisal visit, but you will receive a copy of the report when the lender does.

All of these activities are bound by deadlines specified in the contract. (“Time is of the essence,” it says there.) Your agent should stay on top of all these deadlines to make sure things are flowing smoothly and in a timely manner.

Some additional players are also involved in the final stages before closing:

• You (or your agent or the lender or the title company) will need to secure homeowner’s insurance on the property that begins the day you close.

• You’ll want to schedule a cleaning service to perform a “deep cleaning” before you move in (but after closing day).

• You’ll also need to make arrangements for your move. Although this happens at the end of the process, you’ll want to reserve your date as soon as possible because most movers’ schedules fill up (and their rates increase) quickly, especially in the spring and summer.

• Don’t forget to arrange for utilities transfer. The owner is required to have utility service maintained through the closing, but you are responsible for them immediately afterwards.

At last closing day arrives. You’ll do a final walkthrough of the property before closing, attend the closing document signing (usually an hour), and receive the keys to your new home.

Mazel Tov!

Ted Smith is a licensed Realtor with Real Living | at Home specializing in mid-city D.C. Reach him at [email protected] and follow him on Facebook, Youtube or @TedSmithSellsDC. You can also join him on monthly tours of mid-city neighborhood Open Houses, as well as monthly seminars geared toward first-time homebuyers. Sign up at meetup.com.

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Real Estate

Don’t procrastinate buying your home

Some experts predict rates will fall in June

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Spring is in the air and it’s a great time to buy a new home.

As springtime fills the air, cherry blossoms are blooming, much of the year still lies ahead and many have started to think about how they are progressing with their 2024 goals. If the dream of buying a house was put on hold when the interest rates went from 3% to almost 8%, and life got in the way of an idea that had gotten onto your to-do list, maybe now is the time to dust it off. 

Mortgage lender Tina Del Casale from Sandy Spring Bank says, “There is still hope the Fed will be happy with inflation numbers by June to finally pull the trigger on lowering interest rates.”  

The rates might not be as low as they were in 2021, but historically, they are still not as high as they were 20 years ago. Some people’s parents remember getting interest rates that were 12%, 14% or even higher.   

One of the biggest questions I get at homebuyer seminars is about is the process. What is buying a house ACTUALLY like?  I usually tell them that it’s like anything else. One step at a time. One form at a time. One bank transfer at a time. One house showing at a time. One home inspection at a time. If you have the wherewithal to plan a vacation, you can buy a house. 

  • Finding a Realtor
  • Finding a lender to get pre-approved (how much is your budget and what is a comfortable monthly payment)
  • Are there any first-time buyer programs that could be used? Is there down payment assistance?
  • Looking at the houses.
  • Finding one you like, and putting an offer together:
    • An offer usually involves a sales contract, any special forms that the jurisdictions require (lead-based paint acknowledgements, what appliances and systems in the house are included/excluded, if the home is part of a homeowners association, or a condo association, etc.)
    • Any forms related to getting an inspection done.
    • Who is selling the house, who is buying the house, how much is it being sold for, where it is exactly, and who are the others involved in the transaction (title company, agents, etc.)?
  • Getting any inspections done.
  • Negotiating any changes in the sales price or terms, or credits for inspection items.
  • Getting the final approval for the loan and then going to settlement.

Many people get interested in buying a house, but the “unknown” of it all can be daunting. It could be that the best way to think about it, is that like most things in life, you can’t cross every bridge BEFORE you get there. You just take it one day at a time. Some things will be surprisingly easy. Some things will require the advice of experienced lenders, Realtors, home inspectors and title attorneys.  

But if the process doesn’t begin somewhere, somehow, the idea just stays in one’s head in the “to do list” file.  And then 3 years go by, 5 years go by, 7 years go by. And your friends that DID buy a house laugh themselves to the bank when they go to sell the house they bought 3 years ago, 5 years ago, or 7 years ago.

If you need any recommendations for a local lender or Realtor, please don’t hesitate to ask.

Joseph Hudson is a referral agent with Metro Referrals. Reach him at [email protected] or 703-587-0597.

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Real Estate

Down payment strategies: Financing your home purchase 

Understanding the options key to unlocking the door to a dream home

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Looking for your dream home? First, you need to understand how to make the down payment.

Navigating the path to homeownership can be a complex journey, especially when it comes to accumulating the necessary down payment. For members of our LGBTQ community, understanding the available options for saving and financing this crucial aspect of home buying is key to unlocking the door to their dream home. Let’s explore effective methods and resources specifically designed to support LGBTQ individuals on their path to homeownership.

Traditional Savings Strategies

Saving for a down payment often begins with traditional methods such as setting aside a portion of your income into a dedicated savings account. High-yield savings accounts and automated savings plans, some offering up to 5% interest in today’s market, can expedite the process, providing a disciplined approach to accumulate funds over time. Additionally, exploring investment opportunities that match your risk tolerance can offer potential growth for your down payment savings.

Down Payment Assistance Programs

A variety of down payment assistance programs exist to help homebuyers with their initial costs. These programs often offer grants or low-interest loans to first-time homebuyers or those who haven’t owned a home in the past three years. 

It’s essential to speak with a GayRealEstate.com agent to determine what programs may be available, plus online research into local and state assistance programs, as many are designed to support individuals in specific communities, including the LGBTQ+ community.

For medical professionals, police, teachers, firefighters, and other community heroes, there are several special loan and assistance programs designed to help with home purchases, often offering benefits like down payment assistance, reduced closing costs, and more favorable loan terms.

The Hero Home Loan Program provides first responders, including police officers, firefighters, and paramedics, with benefits such as lower interest rates and reduced closing costs. This program aims to make homeownership more accessible by offering more flexible credit score requirements and down payment assistance .

For educators, firefighters, law enforcement officers, and medical professionals, the Everyday Hero Housing Assistance Fund (EHHAF) offers closing cost assistance through gift funds. This program is designed to support those who serve their communities by making homeownership more affordable, with no repayment required for the grant funds​​.

The HUD Good Neighbor Next Door Program offers up to 50% off the list price of homes for law enforcement officers, pre-Kindergarten through 12th-grade teachers, firefighters, and emergency medical technicians. This initiative aims to encourage community revitalization by assisting these professionals in homeownership within the communities they serve​​.

Homes for Heroes provides assistance specifically to first responders and offers significant savings through Hero Rewards when buying, selling, or refinancing a home. On average, participants save $3,000, with the program offering real estate and mortgage specialist connections tailored to the needs of first responders​​.

LGBTQ-Friendly Lending Options

Finding a lender that understands and supports the unique needs of our LGBTQ community can make a significant difference. Some lenders and organizations specialize in offering inclusive financial products and resources to assist LGBTQ+ homebuyers. These may include specialized mortgage products, financial planning services, and guidance through the home buying process.

The journey to homeownership is a milestone that requires careful planning and support. Remember, every step taken towards saving and financing your home purchase brings you closer to the dream of homeownership.

(GayRealEstate.com offers valuable resources and advice tailored to meet the unique needs of our LGBTQ+ community in their journey towards homeownership. For more comprehensive guidance and support in navigating the home buying process, visit GayRealEstate.com choose an agent and start a no-obligation conversation today.)

Jeff Hammerberg is founding CEO of Hammerberg & Associates, Inc. Reach him at [email protected].

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Real Estate

Turn your bare walls into captivating focal points

Paint, wallpaper, statement installations and more

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Whether you prefer artwork, paint, wallpaper, or statement walls, there are countless ways to adorn and decorate your walls.

Are you tired of gray walls and white kitchen cabinets with white granite or marble countertops? Have you gone back to the “Builder Beige” that was popular in the ‘90s?

Your walls are the blank canvases of your home, waiting to be transformed into stunning expressions of your personality and style. Whether you prefer vibrant artwork, paint, eye-catching wallpaper, or statement walls, there are countless ways to adorn and decorate your walls to elevate your space. Here’s a guide to help you turn those bare walls into captivating focal points. 

Wallpaper: Wallpaper has again become a versatile option for adding texture, pattern, and color to your walls. Whether you prefer subtle designs or bold prints, there’s a wallpaper to suit every taste. 

It now even comes in peel and stick rolls, so you don’t have a mess of water and paste. For some new designs, check out www.spoonflower.com

Before selecting wallpaper, consider the scale of your room and the atmosphere you want to create. For small spaces, opt for light, airy patterns to make the room feel more spacious. Conversely, in larger rooms, you can go bold with intricate designs or vibrant colors to make a statement. Don’t be afraid to mix and match wallpaper with paint, or even wallpaper the ceilings for a unique and dynamic look.

Statement Walls: Statement walls are a bold way to add personality and drama to any room. From accent paint colors to textured finishes, the possibilities are endless. Consider using a contrasting color or texture to highlight a specific wall and create visual interest. For a contemporary touch, try incorporating geometric patterns or asymmetrical designs with strips of wood. Hand-painted murals are another option for creating striking statement walls. Choose a mural that reflects your interests or transports you to another world for a truly immersive experience.

Paneling/Brick: The shiplap phase may be dying out, but there are still many ways to use wood and paneling in your wall décor. Reclaimed wood is a popular option, as are wood slats such as the ones found at www.woodpanelwalls.com. Use them on walls or ceilings, or as a background for wall-mounted televisions and sconces. Amazon also has lots of options for wood veneer available and exposed brick is popular in many contemporary homes. If you don’t have a brick wall to uncover, select from options such as lightweight faux brick or stone.

Artwork: Art has the power to breathe life into any room. When choosing artwork, consider pieces that resonate with you personally and complement your existing décor. Experiment with a mix of styles, sizes, and mediums to create visual interest. Hang artwork at eye level to ensure it is easily visible and balanced within the space. Enhance gallery walls by arranging multiple pieces in a cohesive layout. Remember that art is subjective, so whether you choose an inexpensive poster or a gallery quality painting, select pieces that speak to you.

Photo Displays: Showcase your favorite memories and moments with a curated photo display. Whether it’s a collection of family photos, travel snapshots, or artistic prints, arranging photos on your walls adds a personal touch to your space. Try out different frames, sizes, and layouts to create a gallery-style display that reflects your unique style. It makes a nice presentation on that odd wall going up your stairs. 

Mirrors: Mirrors are not only functional but also serve as decorative accents that can enhance the visual appeal of any room. Strategically placing mirrors on your walls can create the illusion of space, brighten dark corners, and reflect natural light. Choose mirrors with interesting frames or shapes to add an extra layer of style to your décor. Try different sizes and arrangements to find the perfect balance between form and function.

Textile Hangings: Textile hangings are a bohemian-inspired alternative to traditional wall art. From tapestries to woven rugs, textile hangings add warmth, texture, and color to your walls. Hang a large tapestry behind your bed as a dramatic headboard alternative or layer smaller textiles with framed artwork for a cozy, eclectic look. Consider mixing and matching different textures and patterns to create visual depth and dimension.

Adorning and decorating your walls is a creative and personal process that allows you to infuse your space with personality and style. The key is to trust your instincts and have fun with the process. Use different techniques, colors, and textures until you find the perfect combination that speaks to you and transforms your walls into works of art. With a little imagination and creativity, you can turn any blank wall into a stunning focal point that reflects your unique taste and aesthetic.

Valerie M. Blake is a licensed Associate Broker in D.C., Maryland, and Virginia with RLAH Real Estate/@properties. Call or text her at 202-246-8602, email her via DCHomeQuest.com, or follow her on Facebook at TheRealst8ofAffairs.

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