Posted by Eric Scroggin on Friday, August 27, 2021 at 5:28 PMBy Eric Scroggin / August 27, 2021Comment
We get this question from time to time, and I always tell my clients the same thing: Yes. Basically, if you aren't sure, disclose it. Disclose, disclose, disclose.
For one, it's the right thing to do. Really, that's enough said.
But other than that, it's unlikely that you'll get away with not disclosing something. When the buyers apply for homeowner's insurance, that insurance company will pull a report that is very much like a Car Fax, showing any claims made against that property in the past. If something is on that report that isn't on the seller's disclosure, much of the trust needed for a successful transaction will be eroded.
However, even if undisclosed damage stays hidden throughout the entire transaction, the buyers are going to literally live in this home, so they will soon become intimately familiar with every nook and cranny, and there are...
Posted by Scroggin Team on Tuesday, July 3, 2018 at 1:50 PMBy Scroggin Team / July 3, 2018Comment
Here are some fun facts about the Declaration of Independence that aren't as self-evident...
When the United States truly needed to protect the original Declaration of Independence, it called on Louisville, KY. On December 23rd, 1941, roughly two weeks after the attack on Pearl Harbor, uncertainty over the likelihood of a direct attack on Washington, DC led officials to evacuate the Declaration of Independence from its public display and store it in a secure location. The document was pad-locked in a specially made container, encased and sealed with lead, then placed once more into another larger, sealed container; all told, 150 pounds of protection surrounded those immortal words. Along with other...
Posted by Eric Scroggin on Monday, April 23, 2018 at 3:00 PMBy Eric Scroggin / April 23, 2018Comment
When most families decide to sell their home, their first step in the process is contacting an agent, though seldom without first sparing a thought to listing without one. In 2016 and 2017, for-sale-by-owners (FSBO’s) accounted for 8% and 7% of home sales, respectively. Though only a small piece of the proverbial pie, when you factor in the ~5.5 million existing-home sales in the U.S. each year between 2015 and 2018, that 7-8% begins to look fairly significant—roughly 300k to 400k homes per year. I understand their decision to list their homes without an agent. Sellers decide to take this road less traveled for a variety of distinct reasons, and for me to dismiss them as without merit (as many agents will do) would be both condescending and, frankly,...
Posted by Eric Scroggin on Sunday, January 22, 2017 at 7:45 PMBy Eric Scroggin / January 22, 2017Comment
There are many potential homebuyers, and even sellers, who believe that they need at least a 20% down payment in order to buy a home or move on to their next home. Time after time, we have dispelled this myth by showing that many loan programs allow you to put down as little as 3% (or 0% with a VA loan).
If you have saved up your down payment and are ready to start your home search, one other piece of the puzzle is to make sure that you have saved enough for your closing costs.
Posted by Eric Scroggin on Wednesday, January 18, 2017 at 8:00 AMBy Eric Scroggin / January 18, 2017Comment
A recent study of more than 7 million home sales over the past four years revealed that the season in which a home is listed may be able to shed some light on the likelihood that the home will sell for more than asking price, as well as how quickly the sale will close.
It’s no surprise that listing a home for sale during the spring saw the largest return, as the spring is traditionally the busiest month for real estate. What is surprising, though, is that listing during the winter came in second!
“Among spring listings, 18.7 percent of homes fetched above asking, with...
Posted by Eric Scroggin on Saturday, January 14, 2017 at 11:00 AMBy Eric Scroggin / January 14, 2017Comment
If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interest at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.
Ask yourself the following 3 questions to help determine if now is actually a good time for you to buy in today’s market.
1. Why am I buying a home in the first place?
This truly is the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money.
For example, a recent survey by Braun showed that over 75% of parents...
Posted by Eric Scroggin on Thursday, January 12, 2017 at 12:00 PMBy Eric Scroggin / January 12, 2017Comment
There is no doubt that mortgage credit availability is expanding, meaning it is easier to finance a home today than it was last year. However, the mortgage market is still much tighter than it was prior to the housing boom and bust experienced between 2003 - 2006.
The Housing Financing Policy Center at the Urban Institute just released data revealing two reasons for the current exceptionally high credit standards:
Additional restrictions lenders put on borrowing because of concerns that they will be forced to repurchase failed loans from the government-sponsored enterprises or Federal Housing Administration (FHA).
The concern about potential litigation for imperfect...