The Edinburgh Move – Trade in program
By Eric Kistner
Introducing the “Edinburgh Move.” This program allows qualified homes to be “traded” for a new Maverick Home! You as the client have the luxury of not having to move twice; your new home is built while you still live in your existing home. It is now simpler than ever to buy a new home in Kingsport!
With historically low mortgage rates, this program further enhances the clients’ opportunity to purchase now and take advantage of these awesome rates, and lower building costs.
It’s simple. You work with Edinburgh Homes’ professional home designer to create your dream home. Once your new home is complete, Edinburgh Homes buys your existing home for a pre-agreed price, and you close on your dream home the same day.
Edinburgh Homes has three communities to choose from, or will work with you to find just the lot to suit your needs. An extraordinary opportunity exists in the marketplace. Low mortgage rates, low building costs and the opportunity to sell your existing home is why we created the Edinburgh Move Program.
Visit us today to determine if your home and home purchase criteria qualify for the “Edinburgh Move” trade program.
Check out our website at edinburghcommunity.com or give me a call at 423-366-0431
Showing posts with label edinburgh south. Show all posts
Showing posts with label edinburgh south. Show all posts
Wednesday, April 6, 2011
Tuesday, February 22, 2011
Trading Homes Is Easy
Trading Homes Is Easy
One of the largest hurdles families face in the search for a new home is what to do about the home they are currently living in. We hope these next few blog post helps illustrate how trading a home can benefit a family.
The first of this series discusses the most common hurdles families face when seeking to move to a new home. The second part will discuss how a new home builder offering a Trade In Your Home program can help overcome these challenges. The third part will discuss how a trade program works.
The challenges of buying a new home while living in your old home
Two Mortgages
Some families will move into a new home then sell their old home. This option does allow for a family to move at their own pace without being rushed however they do have the financial burden of two homes.
These costs can include mortgage payments, taxes, insurance, utilities and upkeep. In addition to the costs you must also work to clean up the old house and take care of all those unfinished projects that must be completed before putting the home on the market. Once all of that is completed, the selling ritual of pictures, Realtors, showings, negotiations, offers and counter offers begins.
While all of this is in progress, your family is still placing demands on you to help get settled into your new home. Then all those other pesky little aspects of life keep eating up your time, work, school, children’s events, etc…
I have built custom homes for clients who have tried this and although it is convenient, I can attest that once you are about 99% moved out of the old house, the last 1% can be a drag. The work and time it takes to get the old house ready to sell WHILE you are trying to get your new home ready to live in can be stressful and it does take some of the joy/excitement from the move into a new home.
Two Moves
Other families resign themselves to selling their home first then moving into temporary housing (apartments, rent house, in-laws) and placing their belongings in storage until they can find a new home.
This method allows for a family to take their time in the search for a new home, however, the costs associated with a double move and storage of one’s personal items can add up. Often the temporary housing is smaller and less comfortable than living in true home.
We are also hearing from families that their children do become restless as they are not settled into a permanent environment. Once the families become restless the pressure to “just buy something” becomes intense and families may settle on a home or location that is not their first choice.
Sell & Search
The most common approach which we have witnessed is a family selling their home and then making a mad dash to find what they a new home once their home sells.
Often in the rush they have to settle for what homes are available in their budget. More often than not we find these families settling for a home and then spending tens of thousands of dollars to try to fix the home to get close to what they were hoping to find.
This rushed approach to finding a new home is always tempered by the stress and pressures of making sure the contract on their existing home settles up. We have heard stories of buyers who use the family’s contract on their new home as a tool to get greater concessions out of the family on the contract on their existing home.
Common Factor
The common factor in all of these scenarios is that the family is at the mercy of outside forces and either has to spend time and money to cover additional costs, put themselves under undo pressures, settle for a house that may not have been their first choice or all of the above.
The next part of this series will discuss how a builder offering a Trade In Your Home program can offer an easier less stressful path to your family’s new home.
Thank You
If you have a question on how to a trade program works, please feel free to email your questions to our offices. The Edinburgh Group is a full service building and land development firm serving the Upper East Tennessee Area. We offer new luxury homes, premium remodels, green building/remodeling, home care services, storm/roof repairs and commercial building contracting.
Please feel free to leave your comments, drop us an email at edinburghhomes@gmail.com or call our office at 423-366-0431. I also encourage you to visit www.edinburghcommunity.com to learn more about our homes,
If your family is not quite ready for us at this time, we will be at your service when you are in need or wish to request our assistance. If you know a family or client who may be in need of our services, we welcome and honor your referrals.
One of the largest hurdles families face in the search for a new home is what to do about the home they are currently living in. We hope these next few blog post helps illustrate how trading a home can benefit a family.
The first of this series discusses the most common hurdles families face when seeking to move to a new home. The second part will discuss how a new home builder offering a Trade In Your Home program can help overcome these challenges. The third part will discuss how a trade program works.
The challenges of buying a new home while living in your old home
Two Mortgages
Some families will move into a new home then sell their old home. This option does allow for a family to move at their own pace without being rushed however they do have the financial burden of two homes.
These costs can include mortgage payments, taxes, insurance, utilities and upkeep. In addition to the costs you must also work to clean up the old house and take care of all those unfinished projects that must be completed before putting the home on the market. Once all of that is completed, the selling ritual of pictures, Realtors, showings, negotiations, offers and counter offers begins.
While all of this is in progress, your family is still placing demands on you to help get settled into your new home. Then all those other pesky little aspects of life keep eating up your time, work, school, children’s events, etc…
I have built custom homes for clients who have tried this and although it is convenient, I can attest that once you are about 99% moved out of the old house, the last 1% can be a drag. The work and time it takes to get the old house ready to sell WHILE you are trying to get your new home ready to live in can be stressful and it does take some of the joy/excitement from the move into a new home.
Two Moves
Other families resign themselves to selling their home first then moving into temporary housing (apartments, rent house, in-laws) and placing their belongings in storage until they can find a new home.
This method allows for a family to take their time in the search for a new home, however, the costs associated with a double move and storage of one’s personal items can add up. Often the temporary housing is smaller and less comfortable than living in true home.
We are also hearing from families that their children do become restless as they are not settled into a permanent environment. Once the families become restless the pressure to “just buy something” becomes intense and families may settle on a home or location that is not their first choice.
Sell & Search
The most common approach which we have witnessed is a family selling their home and then making a mad dash to find what they a new home once their home sells.
Often in the rush they have to settle for what homes are available in their budget. More often than not we find these families settling for a home and then spending tens of thousands of dollars to try to fix the home to get close to what they were hoping to find.
This rushed approach to finding a new home is always tempered by the stress and pressures of making sure the contract on their existing home settles up. We have heard stories of buyers who use the family’s contract on their new home as a tool to get greater concessions out of the family on the contract on their existing home.
Common Factor
The common factor in all of these scenarios is that the family is at the mercy of outside forces and either has to spend time and money to cover additional costs, put themselves under undo pressures, settle for a house that may not have been their first choice or all of the above.
The next part of this series will discuss how a builder offering a Trade In Your Home program can offer an easier less stressful path to your family’s new home.
Thank You
If you have a question on how to a trade program works, please feel free to email your questions to our offices. The Edinburgh Group is a full service building and land development firm serving the Upper East Tennessee Area. We offer new luxury homes, premium remodels, green building/remodeling, home care services, storm/roof repairs and commercial building contracting.
Please feel free to leave your comments, drop us an email at edinburghhomes@gmail.com or call our office at 423-366-0431. I also encourage you to visit www.edinburghcommunity.com to learn more about our homes,
If your family is not quite ready for us at this time, we will be at your service when you are in need or wish to request our assistance. If you know a family or client who may be in need of our services, we welcome and honor your referrals.
Saturday, September 25, 2010
What Borrowers Should Know about FHA Loans
What Borrowers Should Know about FHA Loans
1. FHA loans are not only for lower-income borrowers. FHA loans are available to everyone. There is no maximum income restriction associated with FHA loans, but borrowers do need to substantiate income and assets by submitting proper documentation. This requirement ensures that borrowers are well-vetted and truly able to afford their future homes.
2. FHA loans are not only for first-time buyers. Many people believe FHA loans are available only to first-time home buyers, but this is not the case. Whether borrowers are making their first home purchase or their fifth, they can look to FHA loans as a home financing option.
3. FHA loans are not just small loans; in fact, loan amounts can be as high as almost $800,000. The government recently raised the maximum loan amount from its original cap of $362,790 to $793,750 as a way to help stabilize the housing market. The amount a buyer can borrow varies from county to county, though. Later this summer, condo buyers interested in FHA loans can visit www.checkfhaapproval.com to instantly identify FHA-approved condo associations and review maximum loan amounts for a given location.
4. FHA loans are not affiliated with the Section 8 housing program. While both programs are administered by the U.S. Department of Housing and Urban Development (HUD), FHA loans have nothing to do with low-income subsidized housing. FHA loans are simply mortgages insured by FHA. This insurance provided by the federal government allows lenders to lend more freely by assuring them that they will be repaid in the event of default. Most traditional lenders, including Wells Fargo & Co., JP Morgan Chase and Citigroup are able to provide FHA loans to their customers.
5. FHA loans are often more affordable than conventional loans. While FHA loans typically offer the same interest rates as other loans, borrowers benefit from a much lower down payment of as low as 3.5%.
6. FHA-approved condo developments are more desirable to buyers. With 87% of home buyers indicating that they plan to use FHA loans, condo associations that are not FHA approved are missing out on a significant pool of prospective buyers. Under rules in place since February 2010, an entire condominium development must now apply to HUD and be granted FHA approval before a buyer can purchase a unit in an association with an FHA loan or before an existing unit owner can refinance into an FHA loan.
Due to the general challenges with today’s lenders extending credit with respect to conventional loans, many borrowers may find that FHA is their best bet. Lenders don’t mind lending when the federal government (FHA) assures them of repayment.
Homeowners associations (HOAs) should note that although FHA-insured mortgages might be easier to obtain, they are not “risky” loans, due in large part to the strict “full documentation” requirements placed on borrowers. Individual buyers or sellers can initiate the approval process or current owners can encourage their HOA to apply.
7. FHA loans are assumable. In addition to lower down-payment and credit-qualifying requirements as compared to conventional loans, FHA loans are assumable. This means that when a seller with an FHA loan sells his or her property, the loan and its financing terms (interest rate) can be transferred to the new buyer. This unique feature will certainly make a property more valuable in times of rising interest rates.
Both Edinburgh and Edinburgh both fully qualify under FHA guidelines. Call Eric Kistner with Keller Williams/The Edinburgh Group to learn about all of your financing options. 423-218-2008 edinburghhomes@gmail.com
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