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  • For Sale by Owner - What you need to know.

    For Sale by Owner - What you need to know.
    2025/09/17
    Stephanie talks to Birdman about For Sale By Owner or FSBO When you sell your home For Sale By Owner (FSBO), you’re taking on the responsibilities that a real estate agent would normally handle. It can save you the listing commission, but it requires careful planning, knowledge of legal steps, and extra work on your part. Here’s what you need to know: ⸻ 1. Pricing Your Home Correctly • Research recent comparable sales in your neighborhood. • Consider getting a professional appraisal to set a fair asking price. • Overpricing can scare off buyers, while underpricing can leave money on the table. ⸻ 2. Preparing the Home • Clean, declutter, and stage the property to appeal to buyers. • Take high-quality photos (and possibly a video tour). • Make minor repairs or updates that boost curb appeal. ⸻ 3. Marketing the Property • Create an online listing on major sites (Zillow, Realtor.com, FSBO platforms). • Use yard signs, flyers, and social media to spread the word. • Consider professional photography and a well-written description to stand out. ⸻ 4. Handling Showings • Be ready to schedule and host open houses or private showings. • Keep the home clean and welcoming at all times. • Be prepared to answer buyers’ questions directly. ⸻ 5. Negotiating Offers • Buyers may expect a discount since you’re not paying a commission. • Review all offers carefully; price isn’t the only factor—financing type, contingencies, and timelines matter. • You may want a real estate attorney to help review terms. ⸻ 6. Legal and Paperwork Requirements • Disclosures: You are legally required to disclose known defects or issues with the property. • Purchase contract: You’ll need a legally binding contract; many FSBO sellers use state-approved templates or hire an attorney. • Escrow/title company: They handle earnest money deposits, title search, and closing documents. ⸻ 7. Closing the Sale • The buyer’s lender will order an appraisal (if financing). • You’ll need to coordinate with inspectors, appraisers, and the title/escrow office. • At closing, you’ll sign the deed transfer, settle final costs, and hand over the keys. ⸻ 8. Pros and Cons Pros: • Save on agent commissions. • You stay in full control of the process. Cons: • Requires time, effort, and negotiation skills. • Limited exposure compared to listings in the Multiple Listing Service (MLS). • Risk of mistakes with contracts, disclosures, or legal compliance.

    House Keys is brought to you by

    Mountain Retreat Realty Experts

    https://mtnretreatrealty.com

    House Keys is produced by Birdman Media™

    This Episode is additionally supported by the support of the following sponsors

    Buffalo Bills Tavern and Museum / Buffalo Nickel Brewery and Grill
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    3 分
  • What is Earnest Money?

    What is Earnest Money?
    2025/09/11

    💵 What is Earnest Money?

    Earnest money (sometimes called a good faith deposit) is the money a buyer puts down when making an offer on a home to show the seller they’re serious about purchasing.

    It’s like a security deposit for your offer — proving you’re committed while the sale process moves forward.

    📊 Typical Amount

    • Usually 1%–3% of the purchase price (but can be higher in competitive markets).

    • Example: On a $300,000 home, earnest money might be $3,000–$9,000.

    🏦 Where Does the Money Go?

    • It’s not paid directly to the seller upfront.

    • It’s held in an escrow account (by a title company, escrow company, or broker).

    • At closing, the earnest money is applied toward your down payment or closing costs.

    ⚖️ What Happens to It?

    • If the deal closes → It goes toward the buyer’s purchase costs.

    • If the buyer backs out for a valid reason (like issues found during inspections, financing falls through, or appraisal problems under contract terms) → The money is usually refunded.

    • If the buyer backs out without a valid reason (outside the contract protections) → The seller may keep the earnest money as compensation for taking the home off the market.

    🔑 Why It Matters

    • Shows the seller you’re committed.

    • Strengthens your offer in competitive markets.

    • Protects the seller from wasted time if a buyer walks away without cause.

    👉 In short: Earnest money = the buyer’s “good faith” deposit that says, “I’m serious about this purchase,” and it eventually gets credited back to the buyer if the sale goes through.

    House Keys is brought to you by

    Mountain Retreat Realty Experts

    https://mtnretreatrealty.com

    House Keys is produced by Birdman Media™

    This Episode is additionally supported by the support of the following sponsors

    Buffalo Bills Tavern and Museum / Buffalo Nickel Brewery and Grill
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    2 分
  • What is Due Diligence?

    What is Due Diligence?
    2025/09/09

    🏡 What is Due Diligence?

    In real estate, due diligence is the period of time after your offer is accepted (but before closing) where you, the buyer, have the chance to fully investigate the property and make sure it’s the right fit.

    Think of it as a “check everything before you’re locked in” window.

    🔎 What Happens During Due Diligence?

    During this period, buyers typically:

    • Home Inspection: Hire a licensed inspector to check the property’s condition (roof, plumbing, electrical, HVAC, etc.).

    • Appraisal: Lender requires a professional estimate of the home’s value to ensure it matches the purchase price.

    • Title Search: Verify that the seller has clear ownership, and there are no liens or disputes.

    • Review HOA Rules: If the home is in an HOA, check fees, rules, and restrictions.

    • Insurance Check: Get quotes for homeowners insurance and check risks (flood zones, wildfire zones, etc.).

    • Neighborhood/Local Research: Schools, commute, traffic, noise, crime, future development.

    💵 Due Diligence Fees & Earnest Money

    • In some states (like North Carolina), buyers pay a due diligence fee to the seller — essentially “paying for the time” the home is off the market while they investigate.

    • More commonly, buyers put down earnest money (good faith deposit), which shows they’re serious. If you cancel for valid reasons found in due diligence, you may get it back.

    ⏳ Why It Matters

    • Protects the buyer from surprises (hidden repairs, title problems, etc.).

    • Gives an exit option — if something major comes up, you can often renegotiate or walk away.

    • Ensures informed decisions before committing to a major financial investment.

    👉 In short: Due diligence = your “safety net” time to make sure the home is sound, the title is clear, and the deal truly makes sense before you close.

    House Keys is brought to you by

    Mountain Retreat Realty Experts

    https://mtnretreatrealty.com

    House Keys is produced by Birdman Media™

    This Episode is additionally supported by the support of the following sponsors

    Buffalo Bills Tavern and Museum / Buffalo Nickel Brewery and Grill
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    2 分
  • What is a Down Payment?

    What is a Down Payment?
    2025/09/04

    🏡 What is a Down Payment?

    A down payment is the initial amount of money you pay upfront when purchasing a home. It’s your stake in the property, while the rest of the purchase price is typically covered by your mortgage loan.

    Example:

    • Home price: $300,000

    • Down payment: $30,000 (10%)

    • Mortgage loan: $270,000

    💵 Why Does it Matter?

    1. Reduces the loan amount you borrow.

    2. Shows lenders you’re invested in the property, lowering their risk.

    3. Impacts your monthly payment — the more you put down, the smaller your mortgage.

    4. Can eliminate extra costs like mortgage insurance if you put enough down.

    📊 Typical Down Payment Amounts

    • Conventional loans: Often 3%–20%

    • FHA loans: As low as 3.5% (with credit score requirements)

    • VA & USDA loans: May require no down payment for eligible borrowers

    • 20% Down Rule: Traditionally, putting down 20% means you avoid private mortgage insurance (PMI)

    ⚖️ Pros & Cons of a Larger Down Payment

    Larger Down Payment

    ✅ Lower monthly payments

    ✅ Lower interest rates possible

    ✅ Avoid PMI at 20% or higher

    ❌ Ties up more of your cash

    Smaller Down Payment

    ✅ Easier entry into homeownership

    ✅ Keeps more cash available for savings, emergencies, or home repairs

    ❌ Higher monthly mortgage payments

    ❌ Often requires PMI or FHA Mortgage Insurance

    👉 In short: The down payment is your first financial step into owning a home. The size of it affects your loan, your monthly payment, and your long-term costs.

    House Keys is brought to you by

    Mountain Retreat Realty Experts

    https://mtnretreatrealty.com

    House Keys is produced by Birdman Media™

    This Episode is additionally supported by the support of the following sponsors

    Buffalo Bills Tavern and Museum / Buffalo Nickel Brewery and Grill
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    2 分
  • What is an FHA Loan?

    What is an FHA Loan?
    2025/09/02

    🏡 What is an FHA Loan?

    An FHA loan is a type of mortgage that’s insured by the Federal Housing Administration (FHA). It’s designed to make buying a home easier for people who might not qualify for a conventional loan due to lower credit scores, smaller down payments, or higher debt-to-income ratios.

    ✅ Key Features

    • Lower Down Payment: You can buy a home with as little as 3.5% down if your credit score is 580 or higher.

    • Flexible Credit Requirements: Borrowers with scores as low as 500 may qualify (though with a higher down payment, typically 10%).

    • Government-Backed: The FHA doesn’t lend the money itself, but it insures the loan, which reduces the lender’s risk.

    • Debt-to-Income Flexibility: FHA allows higher debt-to-income ratios than most conventional loans.

    💵 Mortgage Insurance

    One big difference with FHA loans is mortgage insurance, which protects the lender if the borrower defaults:

    • Upfront Mortgage Insurance Premium (UFMIP): Usually 1.75% of the loan amount, paid at closing (this can often be rolled into the loan).

    • Annual Mortgage Insurance Premium (MIP): Paid monthly as part of your mortgage payment, and it usually lasts for the life of the loan unless you refinance into a conventional loan.

    🏠 Who Benefits Most?

    • First-time homebuyers who don’t have large savings for a down payment.

    • Borrowers with lower credit scores who may not qualify for conventional loans.

    • People with higher debt loads who need more flexible approval standards.

    House Keys is brought to you by

    Mountain Retreat Realty Experts

    https://mtnretreatrealty.com

    House Keys is produced by Birdman Media™ and supported by sponsors of the Birdman Media™ Community

    ⚖️ Pros vs. Cons

    Pros:

    • Low down payment

    • Easier qualification

    • Competitive interest rates

    Cons:

    • Ongoing mortgage insurance costs

    • Loan limits (you can’t use it for very expensive homes, varies by county)

    • Property must meet FHA appraisal/inspection standards

    👉 In short: An FHA loan can be a great stepping stone to homeownership if you need flexibility on credit and down payment, but it comes with the trade-off of paying mortgage insurance for longer.
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    3 分
  • Debt-to-Income - Why is it Important?

    Debt-to-Income - Why is it Important?
    2025/08/28
    Stephaine Crain of Mountain Retreat Realty Experts is back to talk about Debt-to-Income. Debt-to-income ratio (DTI) is one of the most important factors lenders look at when deciding if you can afford a mortgage. It tells them how much of your monthly income already goes toward debt payments and how much room you realistically have left for a mortgage. ⸻ What DTI Means • DTI = Total Monthly Debt Payments ÷ Gross Monthly Income • Expressed as a percentage. 👉 For example: If you make $6,000 a month before taxes and already spend $1,800 on debt payments (car loan, student loan, credit cards, etc.), your DTI is: $1,800 ÷ $6,000 = 30% ⸻ Two Types of DTI Lenders Use 1. Front-End Ratio (Housing DTI) • How much of your income would go just to your house payment (mortgage, property taxes, homeowners insurance, HOA fees if applicable). • Typically lenders like to see this at 28% or less of your gross monthly income. 2. Back-End Ratio (Total DTI) • Includes your housing payment plus all other monthly debts (car loans, student loans, credit cards, personal loans). • Most lenders want this at 36% or less, but conventional loans may allow up to 43–50% depending on your credit score, down payment, and reserves. ⸻ Why It Matters When Buying a Home • Qualifying Amount: Your DTI directly impacts how much house you can afford. A lower DTI = higher borrowing power. • Loan Approval: Even with great credit, a high DTI can get your loan denied because lenders worry you’ll struggle with payments. • Interest Rates: Some lenders offer better rates if your DTI is low, since you’re considered less risky. ⸻ Quick Example • Income: $5,000/month gross • Car loan: $400 • Student loan: $250 • Credit card minimums: $150 • New proposed mortgage payment: $1,400 (includes taxes/insurance) Total Debt Payments = $2,200 DTI = $2,200 ÷ $5,000 = 44% That’s right on the edge — you might qualify with some lenders, but you’d likely get a smaller loan amount or need to lower debt to qualify more comfortably. ⸻ ✅ Rule of Thumb: • Keep housing costs ≤ 28% of income. • Keep total DTI ≤ 36–43% (depending on the loan program).

    House Keys is brought to you by

    Mountain Retreat Realty Experts

    https://mtnretreatrealty.com

    House Keys is produced by Birdman Media™ and supported by sponsors of the Birdman Media™ Community
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    2 分
  • What's Conventional about a Mortgage?

    What's Conventional about a Mortgage?
    2025/08/26

    Stephaine is back to talk about Conventional Mortages

    A conventional mortgage is a type of home loan that isn’t backed by the government (unlike FHA, VA, or USDA loans). Instead, it’s offered by private lenders such as banks, credit unions, or mortgage companies and usually follows guidelines set by Fannie Mae and Freddie Mac, the two government-sponsored enterprises that help standardize mortgage lending. Here’s a breakdown: ⸻ Key Features of a Conventional Mortgage • Down Payment: Often requires at least 3–5% down for first-time buyers, but many lenders prefer 20% down to avoid private mortgage insurance (PMI). • Credit Requirements: Borrowers typically need a higher credit score (usually 620 or above; the best rates go to 740+). • Loan Limits: There are maximum loan amounts, called conforming loan limits (in 2025, $766,550 in most areas, higher in some expensive markets). • PMI (Private Mortgage Insurance): If you put down less than 20%, you’ll usually have to pay PMI until you reach 20% equity in your home. • Interest Rates: Rates depend heavily on credit score, debt-to-income ratio, and down payment size. Generally, borrowers with strong credit get better terms. • Flexibility: Can be used for primary residences, vacation homes, or investment properties. ⸻ Pros • Lower overall borrowing costs if you have good credit. • PMI can be canceled once enough equity is built. • Greater variety of loan terms (15, 20, 30 years, fixed or adjustable). • Can be used for different types of properties (not limited to primary homes). Cons • Harder to qualify if you have low credit or a small down payment. • Stricter debt-to-income requirements. • PMI adds cost if you can’t put 20% down upfront.

    House Keys is brought to you by

    Mountain Retreat Realty Experts

    https://mtnretreatrealty.com

    House Keys is produced by Birdman Media™ and supported by sponsors of the Birdman Media™ Community
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    2 分
  • Contingent Sale

    Contingent Sale
    2025/08/21
    Stephanie Crain talks about a Home with a Contigent Sale How it Works • A buyer makes an offer and includes contingencies to protect themselves. • The seller accepts the offer, but the home doesn’t officially change hands until those contingencies are resolved. • While the property is listed as contingent, the seller may still accept backup offers in case the first contract falls through. Example A home might be listed as contingent on financing. That means the buyer must secure their mortgage before the sale can close. If they fail to get approved, the deal can be canceled, and the seller is free to move on to other offers. Common Types of Contingencies • Financing: Buyer must get loan approval. • Inspection: Home must pass inspection to buyer’s satisfaction. • Appraisal: Property must appraise at or above purchase price. • Home Sale: Buyer must sell their current home first. • Title: Property must have a clean, transferable title.

    House Keys is brought to you by

    Mountain Retreat Realty Experts

    https://mtnretreatrealty.com

    House Keys is produced by Birdman Media™ and supported by sponsors of the Birdman Media™ Community
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    2 分