Great Retirement Communities        

Great Retirement Spots

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In each new issue of Top Active Adult Communities, we bring you new and established active adult communities from across the country.  Not all of these developments are age-restricted - some of them attract singles and families - but many of them offer the amenities and lifestyle sought by retirees and empty-nesters.

Two for Sale by Owner Deal Killers, continued....

Termite Inspection. Depending on your state's laws either you or the buyer could be responsible for the termite inspection. If it is your responsibility as the seller, then you must have a letter from a licensed pest control company that states your home does not have any termites. Whether you or the buyer pays for the inspection, it is your duty to clear up the problem before closing.
Roof Inspection. Should the roof inspection result in repairs to be completed, you are required to cover the repairs.
General Inspection. This is an inspection of major appliances, air conditioning, heating, plumbing, and electrical systems. As the seller, you are required to repair or replace any of these items that fail inspection.
Avoid inspection problems by having your own inspection completed before you put your home on the market. That way you have time to make the repairs before a buyer's inspector catches them.

Alternatively, you could sell your home "as is." Such a stipulation must be included in the sales contract and lets the buyer know that you won't be fixing any problems that may arise from any inspection.

The major drawback to selling your home "as is" is that any potential buyer will assume that you know of problems in your home that are too expensive for you to fix, thus making them extremely reluctant to want to even make an offer. If they do, don't be surprised if it's significantly lower than your asking price.

Mortgage Pit Falls

Your buyer's ability to purchase your home is contingent upon his or her approval for a mortgage. If the buyer does not get approved for a mortgage that's large enough to purchase your home, the deal will fall through unless you're willing to lower the purchase price. Without financing, it is impossible for the buyer to purchase your home.

What can you do to avoid this problem? Make sure all buyers are pre-qualified before you begin negotiations. Ask prospective buyers for a pre-approval letter from a lender. Serious buyers will already have gotten pre-approved for a mortgage. Make sure the amount the buyer has been pre-approved for will cover the sales price of your home.

You might also work with the buyer to obtain financing. If you are working with a real estate attorney, he or she might be a resource that can assist the buyer in contacting a lender or mortgage broker. Alternatively, you can contact a local real estate agency to get recommendations on lenders or brokers.

Just because they've been turned down by one lender doesn't mean that another won't approve them for a loan. Be patient and keep working.

As a Realtor I've seen my fair share of home sales fall through because of failed inspections and lack of financing.

As an owner, you're in control of the inspection. You can choose to fix any and all problems that an inspector finds.

Financing on the other hand requires a significant amount of faith, and often times hope. So while you're waiting for the a buyer's financing to be approved keep your home on the market and continue to work for offers in the hope that you can end up with a secondary offer that you can fall back on if the original offer falls through.

~And finally, when you finish selling your current home, contact your local First Weber Mauston Realtor to begin looking for your new home. Looking for something fun to-do the first weekend in May? Check out the annual 100mi garage sale WI and MN. You won't be disappointed.  Article Source: http://EzineArticles.com/?expert=Adam_E._Holberg.  Article Source: http://EzineArticles.com/6948582

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Paying for Retirement

As we retire, stop working and grow older, we still need to pay for expenses, which, in some cases, may still include paying a mortgage. Many seniors will rely on Social Security, although that proposition looks less secure as time goes on, and Social Security was never designed to support retirees for 20, 30 or 40 years. Others seniors will tap into pensions, 401Ks and other retirement plans, and others will need to work part-time. There are some other ways to pay for retirement and related issues that will arise, including the cost of health care.

Buy long-term care insurance. LTC plans typically cover assisted-living, independent-living and nursing-home costs, and depending on the plan, in-home care. The best plans have inflation riders and guarantees that the premiums will not rise unreasonably. These plans are not cheap, but the younger you are when you buy one, the less the premiums are each month, and considering that a nursing home can cost up to $15,000 per month, they are very often worth the price.

Tap into a reverse mortgage. These have changed a lot in the last two decades; the coverage has gotten better and the fees have lessened. If you own your own home, have equity and are at least 62 years of age, then these mortgages are a way to access cash, stay in your home and eliminate your mortgage payment, if you have one. The mortgage company will buy the note on your home and then give you a lump sum of money or a monthly check, depending on the amount of equity you have in the home. This money is yours to do with as you please and does not have to be paid back. When you die or leave the home, it is then sold to pay off the loan (this is when the mortgage company makes its money). The downside is that the home cannot be willed to heirs since it must be sold to pay off the loan, and the loan amount has been increasing since the loan was originally purchased by the reverse mortgage company. The chances are slim that there will be extra money to will to heirs after the home is sold.

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