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Quick tidbits of advice and ideas about real estate.

Buying a move-in ready home is appealing, but there are benefits to purchasing a "diamond in the rough" too. Here are the top 5 reasons home shoppers prefer a fixer-upper!

Pro Mortgage Tip: Did you know that there are many home loan programs, especially for buying a home that needs renovation? It's true! Contact Legacy Home Loans to see which option is best for you.

Lower Price Point

Budget-conscious home seekers often check out fixer-uppers first. Properties that need TLC are typically priced on the lower end of the scale, and the slightly lower price may also be just what you need to break into that neighborhood you dream of living in. A word of caution, however. Before making an offer, request quotes from a few contractors to get an idea…

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Thinking about selling your home but not sure if the fall is the right time of year? It’s actually a great time to put your home on the market. Here are some of the benefits of listing your home in the fall.

  • There is Less Competition. Typically spring and summer are high seasons for listing family homes, as people want to move over the summer before the new school year starts, so listings usually decrease in the fall, which means less competition and higher sales prices.
  • Great Weather for Buyers. When the heat of the summer is gone and cool crisp days return, people just want to be out and about more! That may be especially true this year, as we have all spent more time at home during COVID. With precautions put into place, buyers can…

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If you’re seizing the moment this year by purchasing a home in Middle Tennessee, you’ll have dozens of beautiful areas to choose from. The first step toward narrowing down your dream neighborhood is determining whether the city or the suburbs are right for you. Today, we’re examining the pros and cons of life in both the city and the suburbs. 

Depending on what you prioritize at this stage of your life, you will likely feel strongly drawn toward one way of life or the other. Whichever you choose, remember that properties tend to increase in value over time, so if you decide to pack up and move into—or out of—the city, contact Parks Realty for assistance making the leap ASAP!

Pros of Living in the City

1.) Reduced Commute Time

Let’s face…

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Thinking about buying a first home or a second? You have many loan options, and each one varies as far as their down payment requirements. Use this quick guide to get an idea of the amount you'll need to put down on your next purchase.

Is 20% Down Always Necessary to Buy a Home?

The down payment refers to the monies you'll put down during the mortgage closing, and it's often expressed as a percentage of the property price. For example, 20% down on a $200,000 home means paying $40,000 at closing.

20% down can make homeownership feel too out of reach. But take heart, very few loan programs are firm about needing 20% at closing. You can even get a conventional mortgage with as little as 3% down! Read on to learn more.

**Make better…

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With rates at incredible lows, Americans across the country are refinancing their mortgage. But if you have poor credit, you may be wondering if it's possible. 

Refinancing with a low credit score isn't the ideal position, but it is possible. Here's everything you need to know about refinancing into a lower rate mortgage while having bad credit. 

But first, why bother refinancing in the first place? 

Refinancing saves you money because you end up paying less interest over the life of the loan. That can also translate to lower monthly payment, but if nothing else, it means that more of your payment will go to the principal than the lender. 

A handsome prospect for anyone! But for those with less-than-ideal credit, refinancing at a fair…

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Most homes have an element that could use some improvement before putting on the market. Perhaps the wood flooring is looking scratched and dingey. Or the tub and shower are showing their years. Or maybe the shingled roof is making your home look outdated. 

No matter what needs improving, when it comes to selling your home, there's a decision to be made: will you invest in upgrading and repairs, or will you sell as is?

 

Both of these scenarios have their perks, so the deciding can be tough. One the one hand, investing in remodeling and renovation can boost your home's value so you'll likely recoup the money and gain some extra. 

On the other hand, value-minded shoppers aren't afraid of a fixer-upper and may even prefer a home that they…

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The idea of your home getting foreclosed on can send a chill up your spine. It's understandable. Thinking that a bank shuts you out of your home with ruined credit is an awful thought. 

But here's the reality check: Not everything that you've heard about foreclosing is true. Here are the most common misconceptions about the process.

 

Myth 1: Banks want to foreclose on your home

Not true. While the lender has a legal obligation to get back the money still owed, foreclosure is always the last resort. 

Remember that banks get revenue from collecting interest, not owning real estate. 

 

Myth 2: You can't refinance with another lender

Refinancing is one of the ways that many try to avoid foreclosure. But what you may not know…

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For real estate investors, waiting for the market to stabilize is usually the way to go. But considering the current pandemic, stabilizing could take some time. And with so much real estate opportunity on the horizon (and currently), waiting may not be something you want to do. 

If this sounds like you, here are four principles to help guide you through real estate investing during a crisis.

 

1. Be Patient

It's an unfortunate expectation, but with the recent spike in unemployment, it won't be lone before we see homeowners foreclose. As an investor, you need to be patient and be more selective. 

Wait for a property with a large profit margin and can withstand a possible hit in resale value (more on that below). There are still many…

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Springtime is the most popular time for homeowners to list their homes for sale. However, given the health crisis (and financial crisis for many), you may be wondering if it's still a good idea to sell your home this spring. What are the pros and cons of selling your home during the pandemic?

Here are two sides to that coin.

 

Pros of Selling Your Home This Spring

Mortgage rates are currently competitive, and many experts believe they'll hover on the low end of the spectrum. With rates so low, and the uncertainty of when they will rise again, homebuyers will be looking to capitalize on this opportunity. This puts your listing in a great position, and finding a buyer despite the challenges should still be easy. Looking at it from a…

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