Home Buying – Bethany Nolan

Common Misconceptions of First Time Home Buyers

Daunting, overwhelming and terrifying. Exciting, thrilling and blood-tingling! That’s exactly what home buying can feel like for a first time home buyer. It can be a roller coaster of emotions throughout the process of purchasing or even thinking to purchase. I’ve been there, done that and bought the t-shirt to live and tell the tale. I’ve also help a LOT of first time home buyers in this process as well and I have heard all the questions and misconceptions of home buying. One thing I always try to emphasize to my buyers is that no questions is stupid. Not one!

As always, I want to be a resource for my sweet first time home buyers, but I also think it’s important for anyone thinking about buying to know what is even possible! I’ve pulled together common misconceptions that first time home buyers to help you or even a close friend or family member to see what’s possible with first time buyers.

Common Misconceptions for First Time Home Buyers

I can’t afford to buy a house!

You don’t know that yet! This is why it’s great to meet with a mortgage loan officer or your local bank to explore ALL options. You may actually be ready or they can help create a timeline and program to get you on track whether it’s increasing cash flow/assets or building credit.

I’ll save more money if I rent.

Want to hear something W I L D? ! A lot of first time homebuyers end up having mortgages that are LESS than what their rent was costing them. Crazy! While you’re thinking you save on repairs and upkeep on the home, you’re still toward someone else home and not you own. Why not pay toward your own dream? I need to have a 20% in cash for a downpayment!

No one is asking you to liquidate all your cash monayyy! There are so many great loan programs like FHA and USDA loans that require very little (like 3.5% down) or zero down if you’re in a rural area. FHA loans are fantastic for first time home buyers and great lenders can also find grants to help assist in closing costs.

If you’re in the military or a veteran, you can also look into VA loans where they will take 0 down. There are programs for E V E R Y O N E!

I need to have perfect credit!

Your credit needs to be good, yes. But it doesn’t have to be PERFECT! While credit scores can effect your interest rate, there are many ways that lenders can find the right loan program or ways to build up your credit quickly to prepare you to purchase YOUR own home.

I need to have a job for 2 years before I can buy a home!

Not going to lie, I always thought this as well. While this does pertain for self-employed people to show a complete history, salaried people have a different set of rules. Sometimes all you need is a letter from your workplace with your salary and some pay stubs.

I can’t afford repairs.

Ever heard of a home warranty? I try to always get my buyers a home warranty that covers repairs on AC units and other appliances in their home. While home warranties don’t cover everything, they do help pay toward some larger expenses. All you have to do with a home warranty with pay an upfront fee that could range from $60-75 per visit from contractor sent to repair items. These home warranties can basically pay for themselves over time.

I don’t bring in enough money.

You don’t have to be raking in the dough to buy a home, you just need to be consistently making money! You Realtor and lender will help guide you on budgeting and staying within your limits on what you can afford, but never assume what you cannot do.

I need to find the home before I get approved for a loan.

WRONG!!! I typically won’t even show a client a home until they’re approved for their loan. Here’s why: I hate to take a client into a home, they fall in love and then come to find out… they can’t get approved for a loan to purchase the property. That’s a bummer and then the buyer is stuck on that one home and it really sours the rest of the house hunting experience. Getting with a Realtor first is a great game plan and we can then guide you to the right lender for what you’re needing. After you get all your ducks in a row with the lender, it is then time to find the home!

I need to purchase a price at the high end of what I am approved for.

Not quite. You need to purchase a property that keeps you living within your means! This is why it’s important to start the home buying process with a budget in mind – you need to know what you can afford in a mortgage and utility payments. Just because you’re told you’re approved for a $400,000 loan, it doesn’t mean you have to go near there. No one wants to be house poor.

Buying a home has enough what ifs, so don’t let all of these misconceptions scare you away from pushing toward your dream of home ownership. As always, a handy perfect Realtor like me is a great FIRST STEP in the home buying process. I help guide you on all of the next steps and how we make YOU a HOME OWNER!

Progress Is…. Progress!

I’m going to say the understatement of the year and it’s that my family has been just a littttttle busy this fall! From having the most beautiful Yamboree Queen (my little sister) at our hometown festival and then running all over for events with our Hereford Association to Fighting Texas Aggie football games, my weekends that are typically my open time to work on my home have been BOOKED!

Since the last time you had an opportunity to look at my little Dollhouse, it was just vacant and ready for DEMO!! Now we’ve completely gutted the place, changed my ideas here and there and have gotten moving with lots of different things! It was so fun to tear down all the fabric wallpaper and old walls to find all of the wood planks hidden behind. I know a TON of people would leave those wood planks raw and show them to the world but they’re just too wide for my taste and I promise the end result with be worth it! Ya girl over here needs her home to have some insulation and that has to go behind those planks.

So what have we done since the gut job? Here’s a little lowdown:

Foundation: When I bought this cutie of a home I knew that it wasn’t the most level space so getting my pier and beam foundation leveled was priority numero uno before I had any big work done. Luckily, this was an easy fix and Benchmark Foundation came in while I was booked during Yamboree to get it DONE!

Carpentry: A little carpentry work has made its way in. After the wall between the kitchen and dining was destroyed we waited for the carpenters to come in to install a beam between those rooms and frame up my master closet and the refrigerator area. It was my lucky day when they came because I didn’t need a beam so now it feels like one OPEN space!! The carpenters still came in, though, to frame up room in my closet, close in one of my FIVE exterior doors that was in my master bedroom and more.

Plumbing: Plumbers came in and replaced cast iron and have moved my lines for my refrigerator (was in where the original kitchen wall was and is now on a separate wall) and washer/dryer combo (was in the kitchen and is now in my master closet). They’ve also been busy, busy taking out all o the cast iron plumbing and replacing it throughout my kitchen and bathroom area.

Electricity: My electrician’s crew is in the works on putting some updates throughout my home – I am very lucky and a majority of the electrical work was updated before I moved in which is not typical for most 1930s homes… that’s what I thought. They actually had to come in and replace just about everything due to it not being correct with different sized wires. People – this is why you do it right from the beginning and hire the professionals! Since it is an older home, I’m also moving around some light switches (they’re in the oddest places) and plugs throughout the home. Most of the plugs are in my baseboards and we are replacing all of those, so the plugs are being pushed up a little and some will even have the USB capability.

Cabinetry: With what seems like it’s been an eternity, we have FINALIZED my cabinetry. I mean I knew I was picky, but WOW! Since I’m working with such a small space, I wanted to ensure I was utilizing every space I could with the cabinetry I am putting in my kitchen. After quite a bit of back and forth we are done and it will be built in the next 2-3 weeks. I’ve realized that what I thought was necessary in cabinetry sometimes isn’t, but I’m still getting room for my wine fridge and trash compartment because those are the little things that make me happy!

Insulation: Once the electrical was complete, insulation was inserted between the wooden boards and brick on all the the exterior walls and throughout my attic area. This will ensure I am warm in the winter and cool in the summers and is SO WORTH IT to get done while I’m down with the bare bones of the house.

Drywall: After insulation was put in, my drywall came in and now I have walls!! It was such an odd experience to walk in the house from being used to the wooden walls to having actual walls and seeing my vision of the home come to life. Big fan!!

A lot has already been completed, but here’s whats next on my list for December:

Tape, bed and texture: I’ll have some guys come in to tape, bed and texture the walls in the home. Once this is complete, it will be paint time!
Base boards: The carpenter will add in my new baseboard (trying to keep the original sizes).
Paint: Planning to paint the interior of the home with a light gray on the walls and white on all of my trim and the exterior of the home white.
Cabinetry: Installation of cabinetry for my kitchen, pantry and bathroom will be put into place. They will then be painted a super fun and funky green color. I promise it’s going to look GREAT!
Refinishing hardwoods: My original hardwoods are BEAUTIFUL and I could not be more excited to have them in my home. Unfortunately, they’re all a semi-different color in each room so we plan to refinish those as well to make it uniform. I mean – might as well while we’re working on it!

Hope you’re enjoying following along! A lot of work has been done but there’s still more to come!

5 Apps for the Home Buyer

Yes it’s true, we are GLUED to our cell phones. From Facebook to podcasts, we use our phone to keep up with friends and expand our knowledge. Being a millennial myself, I love the tools and resources that apps bring to my phone. When I look at the tools that app provide, it’s not just calendar reminders and social media, there are also a lot of great tools to help with home buying. Pretty handy, right?

While there are plenty of house hunting apps like Realtor.com, Zillow and Trulia, you don’t want to overlook all of the other useful apps that help out homebuyers. I’m sharing my top five apps that help home buyers during their purchasing process.

5 APPS FOR THE HOME BUYER

Mortgage Calculator Plus: A quick and simple way to calculate your potential monthly payments for a home. It gives you the opportunity to plug in the customized purchase price of home, downpayment, insurance costs and even potential HOA fees. Is this the MOST accurate? No! That’s what your mortgage lender is there for, but it can get you pretty close.
Mint: Get your finances in check! I love, love, LOVE this app. It let’s me have all of my checking and savings accounts, cards and even 401K savings in ONE SPOT. This one provides a great overview of finances and the app even tracks monthly/weekly spending and normal spending behavior and alerts you when you’ve gone a little crazy on that shopping spree last week (HA!).
DocuSign: Talk about a handy app! You can easily sign documents on the go for contracts or amendments for your agent or lender. It’s a quick click of a button and the document is SIGNED without needing to open up a computer. You can’t finish the document until you’ve signed everything that your agent or lender asked you to.
Houzz: Design your home right from the phone. Open floor plan stressing you out? This app is for you! Love, love Houzz because it helps you get a better idea of where to place different pieces of furniture. Super useful and perfect for the visual person.
Evernote: This is not only helpful for you but for your agent! You’re likely going to look at quite a few homes and they’re all going to start blending together. You think it won’t happen, but it does! This app if fantastic for keep your pros and cons for each home and organizing it by property address. You can then simply send it on to your agent and review at your leisure.

There are plenty of other apps that people find useful in the home buying process, but these are some that you may not have thought about downloading. Hope this helps make the home buying process a little less stressful. Happy hunting!

Upfront Costs in Purchasing a Home

Money, money, money! When you first start the home buying process, a big concern can be the money and cashflow that you’ll need to pay upfront once you have an accepted contract. Payments can start adding up, so I always try to make sure that my buyers are aware of what checks they’ll be cutting from the beginning once their contract is accepted.

While closing costs are a big concern to buyers, those don’t really come to fruition until closing day (end of the deal). When it comes to upfront costs, you’re top costs will include your Option Period Fee, Earnest Money and paying for your Inspection. I’ve pulled the ranges and explanations for each below.

UPFRONT COSTS IN PURCHASING A HOME

Termination Option Fee: Typically ~$100

Your Termination Option OR Option Period is typically a time frame of 7-10 days where you complete your inspections, come in and get quotes/estimates on any repairs you’re needing and ensure that you’re ready to move forward on purchasing the home. This period starts the next day after the contract is executed.

The Termination Option Fee protects your Earnest Money so that if you back out of the contract within your 7 to 10 day period due to the seller not agreeing to repair certain items or the home not being quite up to par, you would get your Earnest Money back. After the 7 to 10 day Termination Option Period, your property will go UNDER CONTRACT.

This fee is written out the seller of the home as they’re giving you this time frame to complete any inspections, etc. You do not have to complete an inspection or have a Termination Option Period, but it is always recommended. Your Termination Option Fee CAN BE credited to your closing and negotiated on price point and day period.

Earnest Money: 1% of home purchase price

Typically, your Earnest Money is 1% of the overall price of the home. For example, if you purchase a home for $200,000 then your Earnest Money check will be $2,000. That is 1% of the purchase price. Is the 1% fee negotiable? Yes! But the Earnest Money is seen as good faith that you’re ready to rock and roll as a buyer so most buyers and sellers stick to using the traditional 1% number. If you’re in a bidding war, you may put down more in Earnest Money. It all depends on the buyer and the seller.

This fee is written out to the title company that is handling this transaction. Your Earnest Money IS credited at closing to your costs and can be negotiated.

Inspection Fee: Truly varies on square footage of home/company – ~$360-$600

Is this a required fee? Not necessarily, but some lenders do require an inspection and I ALWAYS recommend my buyers order one so that they know the ins and outs of the home from a licensed professional. The fee ranges by the company you use and the square footage of the home. The bigger the home, the higher the cost. In my opinion, this cost is WORTH IT!

This fee is paid directly to the inspector or inspection company. This IS NOT credited to your closing and if you back out of the contract you will not receive a refund for the fee. Inspections are there to give you piece of mind and know what’s going on from plumbing to foundation to electricity. It’s beneficial on ALL fronts!

While there are some other upfront costs in purchasing a home, these are the main costs after you receive and accepted offer on a property. These are all fee to expect and later on pull money for your downpayment, lender (appraisal, etc.) and closing costs. This is used to help guide you at the very beginning stages after a contract is accepted.

Home Buyers: Here’s Why I’m YOUR Expert!

Buying a home is one of the biggest and likely most $$EXPENSIVE$$ purchases you will make in your life. As a REALTOR®, I do NOT take that lightly and want to ensure that I can represent my clients in the best way possible by being knowledgable and experienced. To ensure that I can be YOUR home buying expert, I completed a designation course to become an Accredited Buyer’s Representative (ABR®). In order to become an ABR®, a REALTOR® must complete training that is specialized in understanding a home buyer’s perspective and promoting and protecting the buyer’s interest.

While through experience and time as a REALTOR® you learn the ins and outs of representing a home buyer, this ABR® designation teaches you so much more. I joined a network of ABR® designees across the nation and we worked in groups on scenarios and how to better help our home buyers. I also took an additional course on New Home Construction to help assist my buyers that are looking to possibly build instead of buy and learned building process from beginning to end. I am here to help my buyers make informed decisions!

So what can I do for you as an ABR®? I can assist you…

With needs and wants, and locate properties appropriate for buyer’s specifications
Help determine budget (pre-qualify)
Accompany in showing properties
Assisting in creating offer
Negotiation strategy for home buying
Vendor referrals (inspector, lenders, etc.)
Buying process from beginning to end in transaction – to closing and after!

All buyer’s representatives are NOT EQUAL! With my knowledge as an experience agent and as an agent that has earned the Accredited Buyer’s Representative designation, I have made the extra effort to raise the bar with additional training and education. I am confident that you’ll receive the HIGHEST level of buyer representation because I have taken the time to expand my knowledge in real estate and the home buying process.

If you’re interested in buying a home, I would LOVE to help guide you in the process. Feel free to email me at bethanybreannenolan@gmail.com or call at (903) 738-8858.

Listing Your Home? Here’s What You Can Do Now

Making moves? Then it’s probably time you start thinking about putting your home on the market. Now it’s not as simple as one, two, three… but it’s not as scary as it seems. I’ve pulled together some simple steps to take care of before you put your home on the market.

Deep Clean

Do it yourself or hire a professional. From the baseboards to every corner in the home, dust should go POOF! One man’s trash is not another man’s treasure in this situation. Potential buyers are looking at EVERY corner of your home, so keep it clean.

Declutter

Clean out your shelves, pantry, countertops and the bottom of your closet! When people come in to look at your home, you want them to see the bare minimum. If it doesn’t add to the aesthetic of the home, it needs to go.

Move Those Family Photos

Yes, you’re proud of you family or significant other, but they need to go! You don’t want your family on display for your pictures on Realtor.com and you probably would prefer that the potential buyer isn’t concerned about who currently lives in the home instead of seeing the beauty of the home. Depersonalize!

Inspect Your Home

This is not a requirement, but it could show you potential hiccups or issues that could come up once you get an offer. An inspector can point out some big or small issues that you can fix before putting your home on the market.

Curb Appeal

Pull out those weeds, rake those leaves and sweep that front porch. Curb appeal is EVERYTHING! Does the outside of the home need some love? A good power wash could do the trick or even a fresh coat of paint on the trim or shutters. A lot of potential buyers will make their rounds to check the outside of the home before they asking their Realtor to show it to them.

Freshen Up That Paint

Keep it neutral and keep it cute. If you have the funds and the time, cover up that lime green or bubble gum pink room and paint over an spots or scratches and definitely think about replacing that wallpaper. This makes a bigger difference than you would imagine. A lot of potential buyers want move in ready and having a great, neutral paint color throughout the home can be just what they want.

Find Those Documents

Your Listing Agent is going to ask for any documents that you have involving the home. This includes any existing surveys, restrictions or manuals on an fixtures for the home (operating manuals for appliances, security system, etc.). If you can’t find everyone, no worries! Your Listing Agent can help you gather details from your local title company or other resources.

And finally….

Call Me!

Don’t blindly hire an agent. Let me help you list your home and market it to the right clientele. I specialize in social media and marketing, helping me direct your property to people in the area and outside of our area. I also happily meet with clients before listing to help guide with any updates needed in the home. I never recommend throwing a ton of money in updates unless it is NECESSARY, so consult an agent first.

Not in the East Texas area? I can refer you to the top agents in your area and ensure you’re listing with an agent that specializes in residential or land sales in your community. I refer friends and family to clients in large and small cities that help market and SELL properties!

Looking to buy a property? 5 Things to Do Before You Call A Real Estate Agent

Is buying a new property or home on your horizon? It’s the most exciting, stressful time and likely the biggest purchase of your life! There’s no doubt that the whole process of buying a home or property can be overwhelming. Luckily, real estate agents and brokers provide local expertise and are a great resource to help you find exactly what you are looking for.

Select an agent with the right credentials for your buy. While you may want to immediately pick up the phone and call me to help find your DREAM HOME, there is some groundwork that can be accomplished beforehand. Here are five things that you can do before calling a real estate agent:

1. Get pre-qualified for your loan.

Hands down, this should be your first step as it is the most important! Getting pre-qualified means that a lender (your bank) has looked closely at employment history, credit reports, income, etc. The lender will then determine loan programs that you qualify for and find what works best for your financial situation. Basically, you can’t go spending more than your credit limit will let you!

Going through the pre-qualification process helps your real estate agent find a property that is in your price range. Most of the time clients get very eager and want to look at homes before speaking with a lender or bank, but I prefer not to show them homes without knowing their limits. You can really sour the house hunting process by showing a home out of a client’s price range, letting them fall in love, only to realize that they can’t afford it. Getting pre-qualified can be as simple as a phone call so it doesn’t have to take up your whole day. I do highly recommend meeting with the lender in person just to make the initial connection and help build a relationship.

If you don’t know where to start or who to call to get qualified, I can guide you in the right direction to help find a mortgage lender or bank that fits your needs.

2. Know the area that you want to purchase.

When it comes down to it, you need to know the location or area of where you plan to purchase a property. This decision can come down to the school districts, access to hospitals, or dining. Determining the location of the property helps the real estate agent zero in on where the buyer is focused on living or investing and eliminates questions about other locations. Real estate agents have great programs in the MLS systems that allow us to map out or search specifically by district.

Knowing the location you want to purchase a property in may take some time. I always recommend that my clients take a cruise in the areas they’re leaning toward in the morning and evening. It really helps you get a feel of the neighborhood. Wanting a neighborhood perfect for a growing family? Take a look and see if there are kids playing basketball outside or families going for walks in the evening. Looking for something quiet like a retirement community? Do a night drive by to see if the nightlife is popping in the neighborhoods you’re interested in. These little cruises can really cut down the house-hunting search. There’s nothing worse than when a real estate agent takes a client to a home they requested to see and the client pulling up and not even wanting to look inside the home (that you made clients leave so you could show) because they’re not a fan of the neighborhood. Yes, your agent is there and happy to help you in the elimination process, but help them out too!

3. Study the market.

Look at the economic situation that surrounds you. Research the market for homes in the area where you want to purchase. While a real estate agent can share the length of time homes have been on the market and estimated closing costs, research done ahead of time gives buyers expectations of costs in the location area of where they want to purchase a property. It can also help you see when the competitive times are in the market (typically in the spring/summer).

4. Know the usage of the property that you plan to purchase.

Typically, I’m searching for residential or luxury homes for my clients. So while is seems like an obvious answer that most clients want a subdivision, your real estate agent needs a little more information than that. Clarifying the usage of the property can narrow down the selection to more ‘prime’ choices. Do you want a minimum of five acres so you have room to breathe? Do you want a property where the Home Owner’s Association (HOA) takes care of the lawn? These little tid bits of information can really help narrow it down for your agent’s search.

Another potential deterrent can be deed restrictions on some properties. Some clients want to build a shop or add a pool to their backyard. Having those deed restrictions let’s you know what you’re allowed to build and add-on in neighborhoods. It can really make or break a decision.

5. Research your real estate agent.

Shopping for a real estate agent can be time-consuming, but knowing that you are using the right person for the type of property you want can help make the buying process a breeze. When looking to purchase a property, look at what your agent has listed or helped buyers purchase in the past. I’ve listed and helped as a buyer’s agent in luxury, residential, waterfront, commercial and other types of properties. Having an agent that has knowledge and a proven background in what you want to buy ensures a smooth process. It also doesn’t hurt to check out an agent’s Zillow or Facebook pages to see what properties and clientele they work with to find the right fit. Reviews can also be useful! But, trust me; I know I can help you find the PERFECT property!

Buying a property brings in a roller coaster of emotions. Doing homework ahead of time and keeping expectations clear between the buyer and the real estate agent can make this exciting journey a simpler one. These five simple steps to take care of before calling me to be your real estate agent helps set you, the buyer, up for success when looking for a property. Call Bethany Nolan with Murray Real Estate Services, LLC to get started on your house hunting today!

Meet Bethany: Realtor®, Consultant and East Texas Native

Hello! Howdy! Hi there! I am Bethany Nolan, a Realtor® and Consultant, with a lot on my mind! Starting a blog has always been an aspiration for me, but finding the time and narrowing down content that I am passionate about has been my struggle. Before we get into all of that fun, here’s a little bit about me:

I’m a ninth generation Texan with seven generations in Upshur County. Growing up in rural Gilmer, Texas was always a treat and I’m a proud Gilmer Buckeye and alumna. After high school, I obtained a Bachelor of Science in Agricultural Communications and Journalism at Texas A&M University and a minor in Horticulture with an Event Planning Certification. Upon completion at Texas A&M I moved to Lubbock, Texas to receive a Master of Science in Agricultural Communications. Once all of my fun schooling was over, I moved to Houston and began working for a public relations firm specializing in their food, agriculture and beverage department focusing on media relations and social media. Working in public relations gave me a great background to transition into opening up Bethany Nolan Consulting, LLC, to assist clients with their social media, media relations and more. Unknowingly at the time, but my background serves as an advantage for marketing and selling real estate. Summed up in a nutshell… that’s a little bit about ME!

Now that you have a little bit of a backgrounder on ya girl, here are some fun little tid bits to get to know me a little better:

Hobby: I love to bake and test out new recipes; it’s a great escape for me!
Favorite Movie: Son-In-Law, Troop Beverly Hills and Heavyweights
Favorite TV Series: Hart of Dixie, Gilmore Girls and Gossip Girl
Biggest Pet Peeve: Smacking… GETS. UNDER. MY. SKIN!
Biggest Fear: Needles, just can’t shake the fear

I’m excited to take a deep dive into real estate, consulting and the life of Bethany! My hope and plan is to help guide you in the home buying process, preparation tips for preparing your home for the market or the holidays and even give some insight on social media marketing that I use to guide my consulting clients. Follow along, subscribe and enjoy the ride.