Two Under $200k
Homes under $200k in the Ozarks?
Tough to find! The good news is that I’ve got two listed!
3917 W Groton St. Springfield MO 65802
This cute is the ONLY home available in the Willard school district under $220,000. It’s super cute, got a great backyard, brand new roof, gorgeous hardwood floors, and more. Check it out here: https://www.flexmls.com/share/8o5z4/3917-W-Groton-St-Springfield-MO-65803
1210 S Jefferson Ave Springfield MO 65807
Talk about charm! Built in 1928, this gorgeous bungalow has been meticulously cared for! Original hardwoods and trim have been preserved, the wood burning fireplace will keep the place nice and toasty in the winter, and the patio is the perfect place to enjoy the breeze that blows through the stunning Phelps Grove neighborhood. Check it out here: https://www.flexmls.com/share/8o60P/1210-S-Jefferson-Ave-Springfield-MO-65807
What is seller's agency?
SELLER’S AGENCY
Seller's agency refers to a type of real estate brokerage relationship where a real estate agent represents the seller in a real estate transaction. In this relationship, the seller's agent owes a fiduciary duty to the seller, which means that they are obligated to act in the seller's best interests, including providing them with honest and objective advice, marketing their property effectively, and negotiating on their behalf.
When working with a seller's agent, the agent's primary responsibility is to help the seller sell their property for the highest possible price in the shortest amount of time. The agent will typically conduct a market analysis to determine the fair market value of the property, develop a marketing plan to promote the property to potential buyers, and facilitate property showings.
Once an interested buyer is identified, the seller's agent will help the seller navigate the negotiation process. This may involve reviewing and negotiating the terms of the contract, ensuring that all necessary paperwork is completed properly and on time, and facilitating any necessary inspections or repairs.
In exchange for their services, the seller's agent typically receives a commission from the seller, which is typically a percentage of the sale price of the property. This commission is typically split between the seller's agent and the buyer's agent.
Overall, working with a seller's agent can be highly beneficial for anyone looking to sell their property, as it can provide them with valuable guidance and support throughout the entire selling process. By having someone who is dedicated solely to their interests, sellers can feel more confident and secure in their decision-making, which can ultimately lead to a more successful and satisfying real estate transaction.
What is buyer's agency?
BUYER’S AGENCY
Buyer's agency refers to a type of real estate brokerage relationship where a real estate agent represents the buyer in a real estate transaction. In this relationship, the buyer's agent owes a fiduciary duty to the buyer, which means that they are obligated to act in the buyer's best interests, including providing them with honest and objective advice, negotiating on their behalf, and protecting their confidentiality.
When working with a buyer's agent, the agent's primary responsibility is to help the buyer find the right property at the right price with the right terms. The agent will typically conduct a search for properties that meet the buyer's criteria, arrange for property showings, and provide the buyer with information about the properties they are interested in.
Once the buyer has identified a property they wish to purchase, the buyer's agent will help them navigate the negotiation process. This may involve submitting an offer, negotiating the terms of the contract, and ensuring that all necessary paperwork is completed properly and on time. The agent also helps the buyer negotiate any necessary repairs.
Working with a buyer's agent can be highly beneficial for anyone looking to purchase a property, as it can provide them with valuable guidance and support throughout the entire buying process. By having someone who is dedicated solely to their interests, buyers can feel more confident and secure in their decision-making, which can ultimately lead to a more successful and satisfying real estate transaction.
FHA Rehab Loans {Fixer Upper Loan}
If you're looking to purchase a fixer-upper home or make repairs to an existing property, a Federal Housing Administration (FHA) rehab loan may be a great option for you. These loans allow you to finance the cost of repairs or renovations into your mortgage, making it easier to afford the changes you need.
What is an FHA Rehab Loan?
An FHA rehab loan is a type of mortgage that allows borrowers to finance both the purchase or refinancing of a home and the cost of its repairs or renovations. This type of loan is also known as an FHA 203(k) loan, named after the section of the Federal Housing Administration code that authorizes the program.
There are two types of FHA rehab loans: the standard 203(k) loan and the limited 203(k) loan. The standard 203(k) loan is intended for major renovations, such as structural repairs, room additions, or major landscaping changes. The limited 203(k) loan is for less extensive repairs, such as kitchen or bathroom upgrades, roof repairs, or minor landscaping.
How Does an FHA Rehab Loan Work?
To obtain an FHA rehab loan, you'll need to work with an FHA-approved lender who will guide you through the process. You'll need to provide documentation of your income, credit score, and debts to determine your eligibility for the loan.
Once you've been approved for the loan, your lender will work with you to determine the cost of repairs or renovations needed for the property. This will be added to the total amount of your mortgage, allowing you to finance the cost of the repairs along with the purchase or refinance of the home.
After closing on the loan, the funds will be held in an escrow account until the repairs are completed. Your lender will work with you to determine the best way to release the funds to pay for the repairs.
Benefits of an FHA Rehab Loan
One of the most significant benefits of an FHA rehab loan is that it allows you to finance the cost of repairs or renovations into your mortgage, rather than having to pay for them out of pocket. This can be especially helpful if you're purchasing a fixer-upper property that needs significant work.
Additionally, FHA rehab loans offer more lenient credit requirements than traditional loans, making them accessible to more borrowers. They also come with lower down payment requirements, allowing you to get into a home with less money upfront.
Conclusion
If you're looking to purchase a home that needs repairs or renovations, an FHA rehab loan may be the right choice for you. These loans offer a convenient way to finance the cost of repairs along with the purchase or refinance of the property, making it easier to afford the changes you need. Be sure to work with an experienced FHA-approved lender to guide you through the process and ensure that you get the best loan terms for your needs.
Tap Into Your Home's Equity Using a HELOC
What is a heloc?
A home equity line of credit (HELOC) is a type of loan that allows homeowners to borrow money against the equity they have built up in their home. Unlike a traditional mortgage, a HELOC is a revolving line of credit that can be accessed as needed, making it a flexible and convenient option for homeowners who need to finance large expenses over time.
How does a HELOC work?
When you take out a HELOC, your lender will set a credit limit based on the equity in your home. This credit limit is typically a percentage of your home's appraised value, minus any outstanding mortgage balance. You can then draw on your HELOC as needed, up to your credit limit.
HELOCs typically have a draw period, during which you can withdraw funds and make interest-only payments. This draw period is usually several years long, depending on the lender. After the draw period ends, you will enter a repayment period, during which you will need to make payments on both the principal and interest.
HELOCs typically have a variable interest rate, which means that your interest rate can fluctuate over time based on changes in the market. However, some lenders may offer fixed-rate HELOCs as well.
What are the advantages of a HELOC?
One of the biggest advantages of a HELOC is its flexibility. Unlike a traditional loan, you can draw on your HELOC as needed, making it a good option for homeowners who need to finance large expenses over time. HELOCs also tend to have lower interest rates than credit cards or personal loans, making them a more affordable option for borrowing money.
Another advantage of a HELOC is that the interest you pay may be tax-deductible, as long as you use the funds to improve your home. This can help reduce the overall cost of borrowing.
What are the risks of a HELOC?
One risk of a HELOC is that your interest rate can increase over time. This can make your monthly payments more expensive and make it more difficult to pay off your loan. You should also be aware that if you default on your HELOC, your lender can foreclose on your home.
Another risk of a HELOC is that it can be tempting to use it to finance expenses that you can't afford. This can lead to overspending and debt, which can be difficult to pay off.
Is a HELOC right for you?
If you're a homeowner who needs to finance large expenses over time, a HELOC can be a good option. However, it's important to consider the risks and make sure that you can afford the payments. You should also shop around for the best interest rates and terms before you apply for a HELOC.
Ultimately, a HELOC can be a powerful tool for homeowners who need to borrow money. If you're considering a HELOC, make sure that you understand how it works and that you're comfortable with the risks involved. With careful planning and management, a HELOC can help you achieve your financial goals and improve your overall financial health.
For more information regarding HELOC’s, contact me, and I’ll get you in touch with a great lender who can help.