Joanne Tilford

OPEN HOUSE 3920 HAWTHORNE DRIVE OWENSBORO SUNDAY FEB 27TH 12:30 - 2:00PM

JUST REDUCED TO $99,900

3 BEDROOMS

1 1/2 BATHS

1491 SQUARE FT

BUILT IN 1963

LOT SIZE 65 X 141

DETACHED GARAGE

FORCED AIR GAS HEAT

CENTRAL ELECTRIC A/C

RANGE, REFRIGERATOR, DISHWASHER & MICROWAVE STAY

HARDWOOD FLOORS

FAMILY ROOM WITH FIREPLACE

NEW PAINT

FENCED BACK YARD

LARGE DECK WITH LOTS OF SHADE

COME BY AND CHECK IT OUT.

IF YOU ARE LOOKING TO BUY OR SELL YOUR HOME IN THE OWENSBORO KY AREA PLEASE CALL JOANNE TODAY. 270-929-8454 JOANNE.TILFORD@REALLIVING.COM WWW.JOANNETILFORDREALTOR.COM

3330 JEFFERSON STREET OWENSBORO KY

$81,900

3 BEDROOMS

2 BATHS

EAT IN KITCHEN

APPLIANCES STAY

NATURAL WOOD CABINETRY

LIVING ROOM

DOUBLE CARPORT

PRIVACY FENCE

STORAGE BUILDING

STORM DOORS AND REPLACEMENT WINDOWS

COME CHECK IT OUT. CALL JOANNE TODAY IF YOU ARE LOOKING TO BUY OR SELL YOUR HOME IN OWENSBORO KY. 270-929-8454 JOANNE.TILFORD@REALLIVING.COM

How Much Does it Cost to Refinance a House?

Usually people refinance to lower their interest rate. However, people don't realize that there are several refinancing cost that are associated with doing so. This is a list of fees that can be associated with refinancing.

1. Mortgage Application Fee - This is a fee that the lender will charge you for taking your application, checking your credit score and other tasks associated with the application process. It may cost you $100 to $350.

2. Origination Fees - This is a percentage of the loan amount (not the purchase price) and usually is around 1% of your loan amount. For example if you take out a loan for $200,000 one point would be $2,000.

3. Attorney Fees - You may or may not have to pay attorney fees. That depends on the lender but if you do it could cost between $400 and $500.

4. Title Search and Insurance - This is the cost for the lender to make sure you own the property. Your lender will search at public record. This fee has a formula and it is $3.33 per $1000 for the first $50,000, $275 per $1000 for the next $50,000 and 2.20 for all over $100,000 plus 6% tax.

5. Prepayment Penalty - You may or may not have to pay this fee depending on the type of loan that you took out originally. You should check your loan documents and if you have to pay a prepayment fee associated with paying it off early it should state the amount of the fee in your loan document.

6. Appraisal Fee -You will need to pay an appraisal fee for the new loan. They want to see how much equity is in your current home and make sure it is worth your collateral price. This fee can cost you $350 to $400.

7. Other Refinancing Costs - You should always ask your lender what costs will be associated with your loan. They should provide you with a Good Faith Estimate to make you aware of any associated fees.

When a sale is pending a contract has been signed and is expected to close but has not closed yet. Many things could happen in this case.

•· Buyer's Remorse. The buyer could get cold feet and back out of the deal.

•· Home Inspection. The home inspection could find something wrong with the home and the buyer and the seller may not be able to come to terms on who should pay for the repairs. Or the buyer may decide that it is something that they just don't feel comfortable moving forward with.

•· Loan Appraisal. The bank won't loan the buyer the amount that they need to close because the appraisal did not come in high enough.

•· Mortgage Loan Rejection. Often this can happen because the buyer takes out other loans while waiting for the mortgage to close. Such as a new auto loan or a loan for furniture. This could increase their debt ratio.

•· Contingent of Buyers Home Sale. Normally a time frame is associated with this and if the buyer's home does not sell in the time specified in the contract the buyer or the seller can walk away.

•· The House Closes. This is best of all the situations and what all parties hope for.

Buyers and sellers should not be unreasonable when it comes to repairs found in the home inspection.

Buyers should always consult a real estate professional when making an offer on a home. They should look over the comparable sales in the area and make their offer based on them.

Buyers should be advised not to take out any other loans or use any savings to make big purchases while waiting for the mortgage to close.

Buyers should have a back-up plan if they have a home they need to sell. They could apply for a bridge loan that would allow them to move forward with the purchase.

IF YOU ARE LOOKING TO BUY OR SELL YOUR HOME IN THE OWENSBORO KY AREA PLEASE CALL ME FOR ALL YOUR REAL ESTATE NEEDS. Joanne.Tilford@RealLiving.com 270-929-8454

What Does Broker Price Opinion (BPO) mean? It is the estimated value of a particular piece of property or real estate determined by a Qualified Real Estate Broker. It is based on the characteristics of the property being evaluated.

The broker will consider the following when determining the value of the said property:

•1. The value of similar homes in the area

•2. Sales trends in the neighborhood or area where the property is located

•3. The costs associated with getting the property ready to sell or the cost of needed repairs

•4. The age of the home

It is similar to an appraisal in the fact that they will use comparable houses that have sold in the area which meets the same criteria as the house that they are evaluating. They normally will choose three properties in the area and adjust up or down in value for differences in the homes.

Examples would be things like a fireplace, the number of bathrooms, family rooms, 2 car garage compared to a one car or no garage and the upgrades to the home. They may also adjust up or down for the age or the home and the condition that the houses are in. They try to determine the value of the property by adding value and taking value away from the comparable properties.

It is important not to confuse it with an appraisal. It is often used for a foreclosure or short sale. It also may be used when you are taking out a Home Equity Loan or Home Equity Line of Credit. The reason lenders often use a BPO is because it is a lot less expensive than an appraisal.

Sometimes BPO's can be controversial if the Broker is not real familiar with the neighborhood or location the said property is in.