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View Denison Real Estate OverviewDenison HOME BUYING MORTGAGE PITFALLS TO AVOIDALL MORTGAGES ARE NOT ALIKE. There are far too many variables—type of mortgage, term, lender and amount of points to mention a few—not to investigate all of your options in Denison. Don’t simply accept the first plan presented to you, whether it is from a mortgage broker, an agent or on the recommendation of a friend. Spend time comparing to get the best plan for you. HOME INSPECTION – A MUST. If you should ever think about skipping the Denison home inspection in order to save money, stop and give yourself a good shaking. In the scheme of things, the Home Inspection fee is small potatoes but it is a very important step for any buyer to take. Going without a Home Inspection or choosing an unqualified inspector puts you at risk for not knowing about potentially expensive or even hazardous defects in the property. Denison Real Estate CyclesDuring a slow economic time, fewer people are buying homes in the Denison market. Even so, some homeowners find themselves in a situation where they must sell. Families grow beyond the capacity of the home, employees get relocated, and some may even find themselves unable to make their mortgage payment - perhaps because of a layoff in the family. During sellers' markets, Denison real estate sells quickly and sellers have a lot of pricing power. As a result, prices rise more rapidly than at other times. During buyers' markets, Denison real estate may sit on the market for a while before selling, so sellers become more flexible and may even drop their prices. Guidelines for Buying DenisonLet’s say everything is a GO! You have found the perfect Denison home. You know you can afford it and it is actually priced below what you expected to pay. What a bargain! Yes there are bargains to be found in Denison. At this point it is fine to put in an offer on the property but only with a well-planned contingency. Of course, it the home is going to be financed, the lender will want a Home Inspection before agreeing to lend money on the property. However, you need to protect yourself by making an offer SUBJECT TO a clean bill of health from the Home Inspector of your choice. This kind of a contingency gives you an out if the inspector finds a problem with the roof, or foundation or other structural problem that was not apparent to the seller or to your agent. This does not mean you will not buy the house but you will have a good reason to renegotiate the price with the seller. Taking Title to Your DenisonEach owner has a separate title to an undivided interest in the entire property. Each owner is allowed to sell, mortgage or give away his/her interest. Any number of people can take Tenancy in Common ownership of Denisonand husband and wife may choose this option as well. When an owner dies, his/her interest passes by will to his/her heirs. In other words, there is no survivorship right. Each owner has an equal interest in the Denison. If one owner dies, that person’s share of the property passes automatically to the other without going through probate. Any number of people can take ownership under Joint Tenancy and husband and wife may choose this option as well. Community Property. Only husband and wife can take title to Denison in this way. Title is in the community The Benefits of Selling DenisonIf your Denison holdings consist of both a personal residence and a rental, you can sell your personal residence and exclude up to $250,000 ($500,000 for a married couple) on the gain. Then you move into your rental, live in it as your personal residence for two years and then sell it, again benefiting from the $250,000 or $500,000 exclusion. This is true even though most or all of the increase in value occurred before you converted the property to your personal residence. Tips for Buying or Selling DenisonMost people, when they want to buy a house, contact a real estate agent or broker. That is why it is true that the best way to sell your Denison is to list your property with a qualified agent. Make sure that the agent you select will list your home in the local MLS and will make sure your property appears on the Internet. Since most buyers start their search online, you want to make sure that your Denison is available to those who search the Internet. |
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