RES Luxury Group

Understanding Loan Information: What You Need to Know by Ruth Squires - RES Luxury Group of EXP Realty Are you planning to finance a home but unsure about the loan process? Many buyers are unaware of the money needed to buy a house or the different types of lenders available. In addition, terms like PMI (Private Mortgage Insurance) can be confusing. In this article, I'll break down these important loan details to help you navigate your options. How Much Money Do You Need to Buy a House? When it comes to buying a house, the amount of money needed varies based on individual circumstances. Here are some key financial aspects to consider: Earnest Money Deposit When you make an offer to purchase a property, it's customary to provide an earnest money deposit. This deposit, usually around 2% of the purchase price, demonstrates your interest and commitment to the seller. However, the deposit amount can range from $500 to $50,000 depending on your situation. Home Inspections...

4 Costly Mistakes to Avoid When Buying a New Build Home 4 Costly Mistakes to Avoid When Buying a New Build Home By Ruth Squires Welcome to RES Luxury Group! We want to ensure that you make informed decisions when purchasing a new construction home. Our team is here to guide you through the process and provide you with white glove service and red carpet treatment. When it comes to buying a new build, there are four costly mistakes that you should avoid: 1. Understanding the Builder's Contract Many builders have their own contracts for purchasing new build homes. These contracts differ from standard real estate contracts, so it's crucial to thoroughly read and understand them. If you're unsure about any terms or have questions, consult a trusted attorney who specializes in real estate. Our team can connect you with real estate attorneys who can assist you. 2. Knowing the Difference Between a Spec Home and a Custom Home A spec...

R.E.S. Luxury Group Monthly Gatherings R.E.S. Luxury Group Monthly Gatherings Hey, R.E.S. Luxury Group friends and family. Ruth Squires here, and I'm excited to announce a new series of activities that we are going to be hosting. We are capping off 2023. It's August already. I can't believe there's so few months left of the year, and we want to make this year go out with a bang. We thought it would be fun to host monthly gatherings where we all get together, we just enjoy each other's company, and have a good time. So the first of the series is going to be this month, August 23rd, from 2 to 4 p.m., and we will be going to downtown Inverness to the Depot. If you're not familiar, the Depot is the new park in downtown Inverness that was just renovated, I believe it was last year or the year before. Inverness did a beautiful job, absolutely incredible park. So we're going to gather there. We're specifically going to the train s...

Three Important Resources for Buying a Home | Ruth Squires Three Important Resources for Buying a Home So you've found your trusted local realtor, but what other resources do you need when buying a home? Here are the top three: 1. Financial Person Whether you're financing or paying cash, having a resourceful and expert lender or banker is crucial. They will help orchestrate the money and ensure the smooth financial aspect of the transaction. Connect with your financial advisor or your bank institution representative to be prepared. 2. Quality Title Company A reliable title company plays a critical role in guiding the transaction. They handle timelines, title search, and ensure everything is in order with the property's history. They are also the fiduciary of the money, holding the escrow deposit until closing. While sellers typically choose the initial title agent, it's advisable to request your trusted title agent for a smoother ...

Buying Tip #10: Limit Your Purchases Experts recommend avoiding large purchases 3 to 6 months leading up to your home purchase which could effect your credit score. Lenders are looking for reliability and a clear paper trail so that they can get you the best loan possible. For instance, if you currently rent, make sure you're paying by check or money order so your payments can be tracked and verified. So plan ahead and avoid taking on new debt, new credit cards or any other big ticket items to ensure the loan process goes as smoothly as possible.  Buying Tip #9: Get Pre-Approved for a Home Loan There’s a big difference between a buyer being pre-qualified and a buyer who has a pre-approved mortgage. Anybody can get pre-qualified for a loan. Getting pre-approved means a lender has looked at all of your financial information and they’ve let you know how much you can afford and how much they will lend you. Being pre-approved will save you a lot of time and energy so ...

7 week blog series Tip #7  Contract to Closing Once you have an acceptable offer, here's what you do: Send the contract to your designated title company that will handle the closing  Create a checklist for the timelines of the contract Escrow deposit deadline  Loan application, loan commitment, TRID 3 day closing disclosure  Inspection period  Title commitment  Closing date Be prepared with vendors for any repairs that might come up during the inspection period  Handyman  Electricial  Plumber  Roofer, etc.  Go to closing and celebrate a successful sale! Please call me if I can be of any assistance with referrals to title company or tradesmen. I work with some highly respected and trusted professionals and I am always happy to share! I hope this information was helpful and let me know if there’s anything else I can be doing for you.  For more tips and market updates visit & s...

7 week blog series Tip #6 Disclosure Pertinent facts that affect your home must be DISCLOSED: It is recommended to utilize a Sellers Property Disclosure form to disclose all pertinent facts about your home to potential buyers.  Buyers should sign the sellers property disclosure upon making an offer on your home.  Home inspections do not waive your requirement as the seller of the home to disclose your history and knowledge with this home.  Changes in property condition should be updated and disclosure throughout the time you have the home for sale including during a contract period.  Please call me if I can be of any assistance. I am happy to provide a copy of the Sellers Property Disclosure form for your convenient. Call me at (352) 476-3303.  I hope this information was helpful and let me know if there’s anything else I can be doing for you.  For more tips and market updates visit & subscribe to my YouTube Channel  Real...