Charlie Ragonesi Big Canoe Realestate's Blog

Bless me Banker for I have spent

In our mountains we work with a good cross section of buyers and sellers. Many of the buyers are first time buyers. There is a reluctance on the part of many of the buyers to get financially qualified first. They may have issues on their credit. Let me say now that the mortgage folks and we have heard it all before.

The bottom line is from a financial aspect the banker is your priest. He, or she will work with you in confidence. We at All Mountain Realty will work with you in confidence also. The first step in the acquisition process is to know what you can qualify for. Do not be shy or embarrassed. You have made a decision to buy. It is a great one. Let our full service brokerage  work with you to make it happen. Along the way you may have to burn 3 credit cards and swear off borrowing as financial penance . You have heard the call. Let us work with you to make it happen

 

4 comments • Charlie Ragonesi 706- 579-1098 • January 04 2010 02:51PM

Community buying

I work with a lot of buyers here in the mountains. The following advice is for those looking to buy in communities.

Community living is great. Whether you have a lot of amenities or few amenities community living offers a lot. Some communities are gated others are not. So the first thing to know is generally in gated communities you pay for the roads. If the monthly dues are zero or very low and you are in a gated community then down the road,no pun intended, you could be faced with a nasty assessment surprise.

The second thing to look at is why live in a community at all? After all you are moving to the mountains to "get away from it all". While that idea is appealing unless you want to farm or do other things that might violate covenants and restrictions, isolation is not all it is cracked up to be. You can be on homes on 1 or 2 acres and have the great country feeling in the mountains. Many many people I have met are looking to sell their mountain home because it is too far out there.

The third big pitfall I see is many try to buy in new communities. There are great incentives and glitzy brochures . But at the end of the day you need to know how the development is funded. Many many folks are now stuck in 1/3 or 1/2 built communities with little hope of selling. So work with a knowledgeable Realtor in the MOuntains and consider some of the points I have raised here.

2 comments • Charlie Ragonesi 706- 579-1098 • July 19 2009 12:51PM

Use the 8 K as a down payment ?

In theory one can use the 8k tax rebate as a down payment. I say in theory because I have not found a lender yet who will process this way. But assume this will work out should you  use the money as a down payment? I think it depends.

If you are using USDA or VA I say no. Here is why. Assume the 8k as a down payment will save you about 10-15 dollars a month on a 30 year fixed.  So at the end of year one you will have saved 120-180 dollars. But if you take the 8k at year end you could put it in a CD and make 10-15 dollars a month and HAVE 8k in case something comes up.

For FHA this may be the way to get to your 3.5 percent down and if that is the case this is a good thing. At the end of the day a Realtors role is to point out  these things to you and maybe direct you to your accountant. With all the programs out there our role has become even more important

4 comments • Charlie Ragonesi 706- 579-1098 • June 14 2009 03:26PM

Why Buy now?

Why buy now? There are a ton of reasons not to buy.

1 The economy is weak. I am worried

2 Housing values have gone down we are not at the bottom

3 There are a lot of costs involved in buying  a house

4 My credit is not that good

5 I have now money for a down payment

You can add a bunch of additional reasons I am sure you have heard them all. But consider

1 If you have a good job in a weak economy values are available that would normally not be

2 You never know if you are at the bottom until you start to see an increase in prices

3 Uncle Sam has 8000 for you to buy now. Governor Purdue has 600 a year for 3 years for you to buy. Interest rates are low

4 Let's talk about your credit and see what we can do to fix it.

5 If you are a Veteran or if you are in a rural area VA and USDA loans are available, Also FHA is looking only for 3.5 % down

 The Biggest reason of all is owning a home is the one step most folks can take to build wealth and security for their future. With a fixed rate loan you are also hedging against inflation. You can find a ton of reasons not to buy. But you will not ,in my opinion , see a better time to buy in the next 15 years. Call your Realtor. Your Realtor is your home buying consultant. Find out how easy it is and how smart it is to buy now

0 comments • Charlie Ragonesi 706- 579-1098 • June 04 2009 09:49AM