Peter Tzannos - REALTY EXECUTIVES



Posted by Peter Tzannos on 1/14/2019

When you make the decision to buy your first home, you should be certain that you’re ready to make the leap into homeownership. There’s many different things that you should do as a buyer to get ready before you even set out on the search of a perfect home.


Choose An Agent


You may think that one real estate agent is the same as any real estate agent that you’ll find. This is far from the truth. Some agents have certain specialties. The knowledge that an agent will bring to your house hunt is often invaluable. You are making one of the biggest purchases that you’ll ever make in your lifetime. While many buyers think that they can simply do an online search themselves to find a home, your realtor will have many more resources to assist you in finding exactly what you’re looking for.


Figure Out The Financial Portion Of Buying A Home


While knowing how many bedrooms you need and where you hope to live is important, understanding your finances is even more important. You’ll need to talk to a lender to get the process started. After looking at your own personal budget, you should get pre-qualified. Getting pre-qualified allows you to see a general number of how much house you can afford. That can help you start the process, however, there’s still a few more steps. 


From here, you can do what needs to be done to get your entire financial picture ready to buy a home. This includes saving for a downpayment, improving your credit score, and continuing to keep up bill payments and consistent work history. 


Next, you’ll want to get pre-approved. This allows your lender to dig into your financial picture. Everything from your credit score to your income and employment history will be considered. Your lender will then give you a more definitive number of how much you’ll actually be able to get for a loan when you buy a home. To get pre-approved, be prepared with 1099 forms, pay stubs, tax returns, and bank statements. You’ll then have the concrete amount that you’re approved for along with the interest rate that you qualify for. 


Once You Have Applied For A Home Loan


Once you find the realtor to assist you and secure the home of your dreams, you’re not free to head out and buy all the furniture that you need to fill up your house. The home loan must go through the underwriting process and until that is complete, your finances are essentially on lockdown. If you start opening new credit cards, decide to buy a car, or fall behind on payments, you could end up in a lot of trouble. You want to keep your credit score stable throughout the process of buying a home for smooth sailing.





Posted by Peter Tzannos on 1/7/2019

If you plan to pursue a house, you likely want to enjoy a seamless homebuying experience. Although you may take extra steps to err on the side of caution as you explore myriad homes, there may be times when it helps to be an aggressive homebuyer.

Ultimately, there are many reasons why you may want to be aggressive and try to accelerate the homebuying journey, such as:

1. You're facing a tight deadline.

If you have only a certain amount of time to buy a house, it may be a good idea to be aggressive. That way, you can accelerate the homebuying journey and acquire your ideal residence before time runs out.

For those who are facing a tight deadline, you may want to stay on top of new houses as soon as they become available. Fortunately, if you work with an expert real estate agent, you can do just that.

An expert real estate agent can keep you up to date about houses that fall within your price range and are located in your preferred cities and towns. As a result, this housing market professional can help you secure your dream house faster than ever before.

2. You discover your dream home and don't want to risk losing it to a rival homebuyer.

If you find a house that fulfills all of your homebuying criteria, there is no need to wait to submit an offer. In fact, if you hesitate, you risk losing your ideal residence to a rival homebuyer.

Of course, when submitting an offer on a house, it pays to be realistic. If you analyze the housing market closely, you can understand a house's current value and submit a competitive proposal right away. As such, you can boost the likelihood of receiving an instant "Yes" from a seller, as well as improve your chances of enjoying a successful homebuying experience.

3. You possess the homebuying confidence and expertise that you need to succeed.

An informed homebuyer should have no trouble assessing the housing market and finding a residence that matches or exceeds his or her expectations. Thus, this homebuyer may be more likely than others to quickly discover a terrific house at a budget-friendly price.

To build your homebuying confidence and expertise, it may be beneficial to collaborate with a real estate agent. This housing market professional can teach you everything that you need to know about purchasing a house. By doing so, a real estate agent will ensure that you can achieve the best-possible results throughout the homebuying journey.

Let's not forget about the housing market insights that a real estate agent can provide, either. A real estate agent can help you differentiate between a buyer's and seller's market, submit a competitive offer on a home and much more. Therefore, with this housing market professional at your side, you can go from homebuyer to homeowner in no time at all.

Ready to start your search for your dream house? Become an informed homebuyer, and you can speed up the homebuying journey.




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Posted by Peter Tzannos on 12/31/2018

If you plan to buy a home in the upcoming days, weeks or months, it often pays to learn about the real estate market. By doing so, you can understand various best practices for purchasing a house and streamline the homebuying process.

Ultimately, there are several best practices for buying a house, and these include:

1. Become a Homebuying Expert

What differentiates a buyer's market from a seller's market? How do you submit an offer on a house? And what should you expect during a home inspection? These are just some of the questions that you'll need to consider to become a homebuying expert.

As a homebuying expert, you'll be better equipped than others to plan a successful homebuying journey.

Typically, a homebuying expert asks lots of questions and devotes the necessary time and resources to learn about the housing market. This individual also is open to expert homebuying advice and recommendations and will do whatever it takes to discover the right house, at the right price, regardless of the real estate market's conditions.

2. Get a Home Loan

For those who plan to buy a house, it helps to save money in advance. That way, you can shop for a house and have sufficient funds available for a sizable down payment.

Furthermore, you should start searching for a home loan as soon as possible. Because the sooner that you secure a home loan, the sooner that you can kick off a home search with a budget in hand.

To obtain a home loan, you should meet with several banks and credit unions. These lenders will evaluate your credit history, income and other financial factors and make a home loan offer.

After you accept a home loan offer, you can officially start your home search. And if you find a home that you'd like to buy, you can submit an offer without having to scramble to get a home loan at the last possible moment.

3. Collaborate with a Real Estate Agent

When it comes to buying a home, hiring a real estate agent is essential. In fact, a real estate agent will provide plenty of support throughout the homebuying journey, ensuring that you can discover your dream house without delay.

A real estate agent first will learn about your homebuying goals. Then, this housing market professional can help you narrow your home search.

In addition, a real estate agent will set up home showings, submit home offers on your behalf and keep you up to date on homebuying negotiations. Perhaps best of all, if you ever have homebuying concerns or questions, a real estate agent is happy to respond to them at any time.

Buying a home can be a quick, seamless process, particularly for those who work with a real estate agent. Reach out to a local real estate agent today, and you can move one step closer to making your homeownership dreams come true.




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Posted by Peter Tzannos on 9/24/2018

If you’re thinking about buying a home, you’ve probably heard a lot about closing costs. Closing costs can come at a hefty price- up to 5% of your home’s purchase price. When that amount must be paid up front, you need to make sure you have a sizable amount of cash on hand.  


There’s many different kinds of fees included in the closing costs. Your lender will give you an estimate of what your closing costs will be, but you may not know what any of the terms that are included actually mean.  


The Loan Origination Fee


This is the fee charged by your lender that covers the administrative costs that are associated with creating and processing a mortgage. This could also be called an underwriting fee.   


Title Search Fee


This is how much the title insurance company charges to perform research on the title of the home. In some cases, the title may have some issues associated with it, so this research is to protect you. There’s also title fees known as lender’s title insurance and owner’s title insurance. You need to have lender’s title insurance, but owner’s title insurance is completely optional.


Credit Report Fee


This covers the obtaining and review of your credit report. 


Application Fee


There’s also a fee when it comes to reviewing your mortgage loan application. 


Home Appraisal


This fee covers the appraiser who is chosen by your mortgage company in order to assess an accurate value of the home.  


Tax Monitoring Fee


This fee supports tax research on the home to determine if property taxes have been paid. 


Survey


The property survey covers all aspects of the property bounds including gas lines, roads, walls, easements, property improvements, and encroachments. 


Attorney Fees


The attorney fees will cover all of the document reviews, the agreements, and the escrow fees.


Insurance Payments


When you close on a home, your entire first year of home insurance payments must be made at the time of closing. If you have bought your home with an FHA loan, you’ll need to pay mortgage insurance premiums at closing as well. You’ll also need mortgage insurance payments if you put less than a 20% down payment on the home.  


Escrow Property Taxes


The lender requires that you pay your property taxes up front. This money will be held in escrow and the taxes paid from there.  


As you can see, there’s a lot that goes on during the closing of a home. Make sure you have some water handy, it’s going to be a long process! Understanding what will happen at closing when you buy a home can help you to avoid any surprise fees or financial burdens.





Posted by Peter Tzannos on 9/17/2018

If you’re looking for the perfect location to live but can’t quite afford the neighborhood that you’re vying for, a good option is to look for what’s deemed a "up and coming" neighborhood. These areas are where buyers can find the perfect house in a place where property values are only going to increase in the coming years. Buyers may feel that this is a gamble. How can you really tell if a neighborhood is one of these areas? There are a few vital signs that you can find below which show a city or town is on the up and up.


New Concept Businesses Are Moving In


If you hear a new grocery store is going in an area, co-working spaces, or vegan restaurants are coming to town; it’s a good sign that the neighborhood is going to be a happening place very soon. Think organic, Millennial minded ideas that are trendy. The key is to find the things and places that people want most. If you can move into one of these areas before it becomes popular, you have struck property gold. 


Public Transportation Is Nearby


In any urban area, being near public transportation is a huge plus. Being near any major transit is great for property values. Even homes near major routes are attractive. People will always want easier access to work and the things they need.


Think About How An Area Is Perceived


Cities across the country have flipped from having negative connotations to being an area of luxury. It happens slowly, but it starts with how desirable people believe the area to be. What’s considered “hip” can really affect the way an area is perceived.


Are The Homes In The Neighborhood The Same?


There’s often much potential in neighborhoods where all of the homes have the same design. If you see homes in a place where properties could use some TLC, it may be an opportunity for you. Other buyers or house flippers may have the same idea. It will be like a domino effect, and the neighborhood will turn around quickly.  


How Long Have Homes Been On The Market?


If houses in an area have been on the market for an extended period, it could be an opportunity for you to get a bargain. Buyers may shy away from a home just because the area is less than ideal. Your real estate agent can help you to determine places where homes have been on the market for awhile.           




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