When purchasing a new home, it’s important to do in-depth research on all facets of the homebuying process. One thing you’ll need to understand is how to best protect yourself and your investment if anything were to go wrong. Check out the information on home insurance versus home warranty below to educate yourself on your options.

Home Insurance
Homeowners insurance pays for any accidental damages and loss that are caused by fire, lightning strikes, windstorms, and hail, however, damage from earthquakes and floods is typically not covered. It also covers the replacement of personal property in case of theft or damage and liability if a person were to get injured in your home or on your property. According to American Home Shield, the average annual cost of a homeowner’s insurance policy ranges between $300 and $1,000, and the bank usually asks you to obtain a policy before the mortgage is issued. Make sure to keep in mind that each type of coverage in the policy is subject to a limit and, in most cases, you will have to pay a deductible.

Home Warranty
A home warranty is designed to cover the cost of repairs and replacements of larger appliances and crucial systems in your home that may fail or break due to age and wear and tear. This includes but isn’t limited to HVAC, electrical, or plumbing components, kitchen appliances, and your washer and dryer. With a home warranty, you are required to pay premiums year-round, even if you do not use it, and it won’t cover damages if appliances were not maintained properly or if the damage is from a fire or other disaster.

Although this pandemic has had an extremely negative effect on our lives, from a real estate perspective, it has created a great opportunity for those who are interested in buying a property. If you are in the market to buy now, very soon, or sometime in the future, it is wise to start looking at your credit.  Your credit mix is an important factor a lender/underwriter is reviewing when trying to qualify you to buy a home.  Just having the right credit score will not guarantee approval, your credit mix is just as important.  The term ‘credit mix’ encompasses the items that make up your credit as well as the age of your credit report.  

 

Your credit lines (or tradelines) are very important; generally speaking, a good mix is 2 – 3 unsecured tradelines lines, i.e. credit cards, lines of credit etc….; 1 – 2 installment loan(s), i.e. a car loan and/or fixed-rate loan with the occasional student loan mixed in for a good number of us!  For your credit lines, you should try and keep your balances at 10% – 30% of the line amounts.  An example of this is you have a credit card with a limit of $2,000, you want to keep the balance at no more than $200 – $600 while you are shopping for a home. 

The age of your report is also important, you may have a great score and all the tradelines lines needed, but if your credit is only 1-year old, additional questions may be asked and you may not qualify because you haven’t established your credit.  To verify your credit’s age, confirm how old your oldest tradeline is, which will determine the age of your credit.

Lastly, but most important, Do Not Use Your Credit While Homebuying! I can’t stress this enough to my clients who are buying.  One inquiry could make the difference in you being in contract to purchase your new home, the lender pulls your credit again at closing, and your score dropped because of that inquiry and you do not qualify anymore.  This is a sure-fire deal killer and I have seen it happen.  Don’t let it happen to you!

 

Do you love the exciting and fast-

paced atmosphere of real estate? Bascomb Real Estate Group is hiring a Real Estate Broker to join our team and add value to our and your business. You will be tasked with educating our clients on the homebuying process; growing our customer base by generating leads; counseling clients on market conditions; home buying strategies; and contributing to the continued growth of the firm. You will also be in charge of creating lists of real estate properties and presenting purchase offers to sellers. This is a great opportunity for someone looking to grow their career in real estate with a brokerage that is focused on the value and commitment we offer our clients.

 

Real Estate Broker Responsibilities:

• Provide guidance and assist sellers and buyers in marketing and purchasing property for the right price under the best terms.
• Generate client leads to buy and sell property.
• Determine clients’ needs and financial abilities to propose solutions that suit them.
• Intermediate negotiation processes, consult clients on market conditions, prices, mortgages, legal requirements and related matters, ensuring a fair and honest dealing between buyers and sellers.
• Perform comparative market analysis to estimate properties’ value for sellers.
• Serve as a buyer’s agent providing the required support needed to ensure the client finds the home they seek.
• Prepare necessary paperwork (contracts, leases, deeds, closing statements etc.….) as needed.
• Create lists for real estate sales, with information location, features, square footage, etc.…..
• Cooperate with appraisers, escrow companies, lenders and home inspectors.
• Develop networks and build a list of resources to include: attorneys, mortgage lenders, contractors, inspectors and partner brokers.
• Promote sales through advertisements, marketing, open houses and listing services.
• Remain knowledgeable about real estate markets and best practices.
• Ensure continuing education is always current including state and local licensing if applicable.

Real Estate Broker Requirements

• Must be a licensed real estate broker.
• Strong customer service skills.
• Must be in good standing with the local Realtor board, or an inactive broker who can immediately move his/her license.
• Experience with sales.
• Strong interpersonal skills.
• Good knowledge of the local markets and properties.
• Possess a valid driver license.
• Must be willing to work with first time homebuyers and low to moderate income communities in addition to ‘traditional’ homebuyers.
• Must adhere to the mission and values of the brokerage.
• Must have possessed your broker license for at least one year.
• Able to work independently and in a professional manner.

Real Estate Broker Desired Skills and Qualifications:

• Prospecting Skills
• Problem Solving
• Territory Management
• Legal Compliance
• Negotiation skills
• Lending background a plus
• Spanish speaking a plus

Bascomb Real Estate Group is a certified black/woman owned business committed to our communities and the positive growth of its citizens.  Our brokerage is dedicated to providing a positive and productive place to work and grow for our brokers and staff, while serving out the mission of the company.  As a growing firm, we are looking for dynamic brokers wanting to be a part of an amazing team making lasting impacts in the community.

This position offers a very competitive commission split; access to an expanding network; flexibility around scheduling including working part-time; work virtually with no desk fees; continuing education opportunities; and the opportunity to join a dynamic, growing brokerage.

We have seemingly reached the end of our summer, which we don’t need a date on the calendar to let us know here in the Pacific Northwest. Our constant companion the rain has returned to the region to welcome us into fall.

I don’t dread the rain and cold, I am a sweater, coat and boots kind of woman; but I must admit, I do like seeing the sun a time or two during the fall and winter.  But, don’t let the disappearance of the sun stop your spirit of motivation!  The coming of fall tends to start the hibernation process for folks, particularly in this region.

Don’t let the weather derail the great plans you put in place during the spring and summer. Continue to work on the to-do lists you have created and long and short term goals you put in place, including buying a home!  The fall/winter brings a slowing in the market a people don’t like to buy homes in the rain and shorter days, but this is the perfect opportunity for buye s as there is less competition in the marketplace.  Sellers, you too have an opportunity during this time to sell your property without the worry of inflated offers a lender may have a problem with or aggressive buyers and agents.  This is the time where the savvy buyer and seller thrive, so give us a call and make the fall/winter your time to act!

In my first post about #LIfeGoals, I discussed things that I needed to do but just hadn’t, because…. well….procrastination, I have to keep it real!  But, I am most certainly in the holding myself accountable phase and wanted to report I have installed my chandeliers!! Up next, bathrooms and kitchen!

 

 

In my first #LifeGoals post, we started with small goals, but that phrase can be very intimidating.  In American in general and the black community in specific, we are taught to be better.  Not just better, but exceptional just so you can be on equal footing with your non-black counterparts because, well, we live in America.

This notion framed my professional development in my youth (my 20’s and early 30’s), as I am from the generation of the serious hustle! Nobody is going to do it for you, so get out there and make it happen!  But I realized as I got older, I had no definitive goals for my life that I could articulate.  I was always and forever grinding, without a clear path for the grind; seems counterintuitive but all you grinders know what I am talking about, you just do!

Wisdom is a valuable teacher, the bible has an entire book, Proverbs, dedicated to it.  There is nothing like it, and as my wisdom enhanced through prayer, intuition and, paying attention, I realized I was on a hamster wheel.  So, I began the journey toward #LifeGoals, what was I given this life for and how can I use it to move people and live this life to its fullest?  If you sincerely and earnestly ask, The Father will answer, and for me the answer was entrepreneurship and sharing through that platform. That is my current big #LifeGoal and all roads lead to it!  I want to enrich our community with black homeownership so that we can all begin to share in the American dream! Homeownership is never out of reach, maybe you aren’t ready today, but you can be fully prepared for a year from now.  It is all about preparation and that is what I do, work with and prepare my clients for the now or later, whatever is best for you!

If we are so blessed to continue the journey, you most certainly don’t have to relegate yourself to one #LifeGoal; this is my current one not my last!  What are your #LifeGoals? Share with the community, maybe you will spark someone else’s thought process as that is how community works! Until next time.

Our weather gets a bad wrap up here in the Pacific Northwest.  It seems the dreaded gray takes over a good portion of our time here!  But this week has provided some much-needed sun (it is indeed spring in Seattle), along with longer days and the opportunity to get outdoors and see what our region has to offer.

Here are a few things you can get out and do now that the sun has reminded us it still cares:

1. If you have a yard, I am certain your grass mysteriously took over your yard over night like mine has. This is a great opportunity to get some gardening started (or have someone start it for you).
2. Take a walk; this is such a novel idea for some of us who are not the outdoorsy type, I NEED THE SUN!
3. Take a ferry ride; this can be a great, quick, inexpensive getaway on Puget Sound. If you ride at dusk, the city skyline is such a beautiful site as you sail into the harbor.
4. Buy A House! With spring in the air, we are moving into a very healthy market.  You can be in a new home before the summer is out.
5. Sell Your Home! If you are looking to upgrade due to life changes, or you are ready to downgrade as empty nesters, now is the perfect time to start!

Bascomb Real Estate Group

This Wednesday we are going to wrap up our discussion on credit and cover the do’s and don’ts around your credit when purchasing.

DO’s:

1. Pull your credit to see where you stand, every consumer in America is entitled to a free credit report every year www.annualcreditreport.com.
2. Contact a credit repair company if you feel you need a little extra help (we have great referrals).
3. Contact the three bureaus – Experian, Trans Union & Equifax if you find an error to begin making corrections.
4. Pay all your credit lines and loans on time.
5. As questions of your real estate broker and/or lender if you are unsure.

DON’Ts:

1. Have your credit pulled (inquiries) for any reason while you are purchasing a home, only your lender should be accessing your credit during this time.
2. Open new accounts of any kind for any reason.
3. Buy any large items either using your credit (auto loan purchase); or your current credit cards or lines (large purchase charged on your account). Wait until your transaction is closed and you have your keys in hand before making any purchases.
4. Pay your bills late.
5. Co-sign for anyone for anything, this will end up on your credit report.
6. Use Your Credit During Your Purchase!

We hope this segment was useful, if you have any questions feel free to leave a message in the comments section or shoot us an email at customerservice@bascombrealestate.com. Have a great week!