Porcupine Real Estate


Posted by Mark Warden on 10/8/2015

The real estate industry is once again experiencing change, this time with a new program being enforced by the Consumer Financial Protection Bureau (CFPB). Replacing the Good Faith Estimate, Truth in Lending and HUD-I, the new program is called the TILA/RESPA Integrated Disclosures or TRID. Designed to bring greater clarity to the mortgage process, the new regulations took effect for consumers applying for a mortgage on or after October 3, 2015. 

What does this mean for you? 

  • Longer closing timelines - With a mortgage and the HUD-1, most transactions could be closed within 45 days. With the new regulations, the time from executed contract to closing will be extended, likely to 60 days. Cash purchases will still be able to close in 2-3 weeks.
  • For cases in which there is a power-of-attorney or a spouse on title only, the additional person will have to receive and sign off on the closing disclosure, just like the buyer. 
  • More paperwork - the HUD-1 was 2-3 pages long. The TRID extends to 5 pages. For lenders, there's 1,888 pages of regulations they must follow. 
  • More potential for delays - If any changes need to be made to the TRID, it triggers a federally-required three-day wait before closing can occur. This could prove to be problematic for same-day closings, and cause a domino-effect of delayed closings.

If you have questions on this new regulation, feel free to contact us. 




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Categories: Selling Your Home   Real estate   Financing   Money  


Posted by Mark Warden on 9/30/2015

 When you are buying a home the costs really add up and you may start thinking about where you can save money. One expense that buyers may be tempted to skip is the home inspection. But, take it from us, a home inspection has saved many buyers money in the long-run. How? Well, a home inspection is an objective examination of the home and its systems. The inspection covers the entire house from the roof to the foundation. A home inspection will cover the home's foundation, basement, structural components, roof, attic, insulation, walls, ceilings, floors, windows and doors. It will also examine the heating system, air conditioning, plumbing, and electrical systems. Because a home is often the largest single investment you will ever make, it is important to know as much as you can about the home before you buy it. A home inspection will help you identify any needed repairs as well as what is needed to regularly maintain the home. The home inspection will help you proceed with the purchase with confidence.

When choosing a home inspector, cost shouldn't be your first consideration. Look for the inspector's qualifications, experience, training and compliance with state regulations. Remember, no house is perfect. There are bound to be issues with almost any home, but use the information provided by the inspector to decide if the house is right for you.





Posted by Mark Warden on 9/4/2015

Everyone is talking about it but not many real estate professionals are doing it...social media marketing. The numbers say it works but the competition has yet to embrace the tech savvy marketing that only benefits their sellers. Recent studies show that social media does influence the products we buy. Traditionally, the number one way to market has been word of mouth advertising, but now social media has the power to influence consumers to buy according to what their family and friends like. Social media marketing has become word of mouth marketing on steroids. This chart below shows a study from eMarketer citing the number of internet users who would buy a brand from social media influence. eMarkerter also found that; "while that is a relatively small percentage, younger consumers were more likely to buy because of a “like.” They found that 23% of US internet users under the age of 35 said they would buy a brand because of a friend’s social endorsement, and nearly as many internet users between the ages 35 and 49 would do so. Females and males were about even by this metric, at 18% vs. 17%". What does this mean for sellers? All real estate professionals need to be utilizing social media including blogs, facebook, twitter and more to promote their properties. Not doing this is a disservice to the seller. The National Association of Realtors in 2011, found that 52% of the first time home buyers were between the ages of 24 and 35 years old. First time home buyers made up 37% of all homes purchased. These numbers directly correlate with the study of influence of social media on buying decisions. So when looking to make a decision on who to list your home for sale with make sure your real estate professional is social media savvy.





Posted by Mark Warden on 7/10/2015

You may have noticed that new homes are going up around town again. Along with the sale pending signs on existing homes builders are building again. A national index measuring builder sentiment rose in June to its highest level since May 2007. But is buying a new home right for you? Homebuyers trying to decide between new and existing homes have more choices than they have had in the past. The case for new homes: New homes come with builder warranties. New homes allow buyers to select colors and floor plans. New homes can be easier to insure. Some builders have their own financing divisions, so getting a mortgage from the builder may be easier than from a lender. New homes may have a resale advantage. The case for existing homes: Existing homes may offer more space for the money and a more convenient location. Existing homes can be 10 percent to 20 percent less than new construction for comparable square footage. Existing homes are in established neighborhoods. New homes can take several months or longer to build.      





Posted by Mark Warden on 7/3/2015

Owning your own house or apartment is a gratifying experience, as you not only have a place you can call home, but you also have the freedom to live the way you choose once you enter your domain. However, to find a home that can truly make you happy, there are a few points that you should consider beforehand. The first point to think about is the neighborhood (where your home will be located). This is important, because you need to feel that the area you are living in will be safe from crime, and that it will also be easy to commute to work on a daily basis. In the end, you do not want to spend too much time traveling in the evenings or in the mornings, as this can only make life more difficult. The next point to think about is how much space you want, as well as how many responsibilities you are willing to put up with. In other words, you could either choose to find a home that has a huge garden and a swimming pool, which is perfect if you enjoy gardening and going out for a swim, or, you could decide to do away with these extra bells and whistles if you hate gardening and do not want to spend time cleaning the pool. In other words, you want a home that you can truly feel comfortable living in, as this in turn will ensure that you can keep your life as stress free as possible. Price is always important, and you want to make sure you look for a home that you can afford. There are a lot of other expenses you have to think about, cable TV, insurance, taxes, telephone, heat, electric, maintenance etc. So make sure you factor all of these into your monthly budget. You do not want to be house poor and buying a home that you may fall in love with can in the end be very stressful if you are struggling to pay for it every month. Look for a home at a good value and that may need some cosmetic fix ups and grow into the home with home improvements down the road. This will bring value to your home and in turn be a good invest when you go to sell the home.