Setting the Record Straight: Top Home Buying Myths

Setting the Record Straight: Top Home Buying Myths
Whether you’re a real estate professional or first-time home buyer, the home buying process and real estate transactions can be stressful.  There tends to be some common misconceptions in this process, so it’s very important that you’re well informed of what is fact and what is fiction.  We’re here to set the record straight.

Myth #1:  You don’t need a REALTOR®.

Before you bravely take on one of the biggest purchases or sales of your life, remember this: it’s not as easy as it looks.  REALTORS® know all the ins and outs of the local area as well as the market in which you’re looking to buy or sell.  Picking up the phone and calling a REALTOR® may be one of the best decisions you’ll make.

Myth #2:  The bigger the downpayment, the better off you’ll be.

Buyers’ immediate reflex is to put as much cash down as they can when buying a new home because they’ll borrow less, lower the monthly mortgage payments, and won’t need to buy mortgage insurance.  However, putting 20% down is not a requirement and it’s not for everyone.
Thanks to Federal Housing Administration Loans (FHA Loans), you can put as little as 3.5% down.  With this method, you’ll potentially have a lower interest rate, giving you more flexibility.  Your money is not all tied up in your house like in a traditional down payment that can leave you with little or no extra cash to spend on home care, improvements, or any other unforeseen circumstances.

Myth #3:  Appraisers set the value of a home.

The role of the appraiser is to produce a credible opinion of value that reflects the current market.  Appraisers are not responsible for setting the value of the home and they also do not confirm a home’s sale price.  According to David S. Bunton, President of The Appraisal Foundation, “Appraisers provide an analysis of the collateral, so that lenders understand the value of a property when making the loan decision.”

Myth #4:  You need perfect credit.

Most people assume that you must have absolutely golden credit in order to get a loan, but that just simply isn’t the case.  If buyers have less than perfect credit, lenders are often willing to work with them to get the best possible loan.
Credit is not the only thing that lenders look at when deciding to approve a loan, but your score will have an effect on the interest rate on your mortgage.  Make sure you review your credit report and if any errors are found, they should be reported to the credit reporting bureaus before applying for a mortgage.

Straight from The Real Estate Book: http://blog.realestatebook.com/2014/03/26/setting-the-record-straight-top-home-buying-myths/

Have You Thought About Taking the JO?

I have never thought about the JO (Bus) but have noticed they recently updated the amount of stops around the Johnson County Area and made the pick up shelters pretty nice. I received the Johnson County Government Magazine in the mail with additional reasons to use the JO.  I thought I would share because not a lot of people know much about the JO other than seeing the buses around town.

Things you might not know:

*Jo Trax gives you the current location of the buses so you can see where they are in proximity to your location
*They have created an online savings calculator that allows you to see how much money you can save by using the JO
*On Orange and Red Ozone alert days, fares are only $.75
*They often have FREE coupons on the back of receipts from HyVee and Price Chopper
*All buses have FREE Wi-Fi
*The JO Xpress can travel on the shoulder of I-35 when traffic is below 35mph
*Bikes can travel with you on the bus
Check out their website for more info

How to Save Money by Cutting Energy Use

*Clean or Replace Your Air Filters Monthly
*Have Your System Checked Once a Year By a Professional
*Place Plastic Over Windows (if you don't have double pane or energy efficient windows)
*Shut Doors to Rooms That You Do Not Use on a Daily Bases
*Close Vents in Rooms That Are Not Used or Used Very Little
*Utilize Ceiling Fans As Much As Possible
*Make Sure the Shades are Down During the Day (the heavier material the better)
*Unplug Items You Are Not Using (even though items maybe off, if they are plugged in they still draw electricity)
*Use Natural Light Instead of Turning Lights On During Daylight
*Reduce Oven Use
*Purchase Energy Efficient Appliances if Possible
*Use Cold Water (for laundry, showers, dishwasher- skip the drying cycle)
*Program Thermostat to Automatically Change the Temperature (have the temperature rise a little while at work or away, allow it to cool down in the evenings)
*Plant a Tree for (future)Shade
*Add Insulation (attic, walls, ceilings)

Fair Housing- Sellers/Landlords Are You Following the Law?

1968- Fair Housing Law- Unlawful to discriminate on the sale or rental of real estate based on:

Race
Color
Religion
National Origin
Sex
Handicap
Familiar Status

The following groups are exempt per Career Education Systems:

*A seller or landlord selling their own residence as a FOR SALE BY OWNER and the owner doesn't own more than three properties at once

*An owner renting a 1-4 unit property, where the owner is an occupant of one of the units, has to rent on their own- no agent involved

*A religious organization working as a non profit can only discriminate based on religion

*Retirement type properties can discriminate on familiar status (not allowing families with children under 18) if the unit is more than 80% occupied by residence 55 years or older, or all occupants are 62 years are old.

Even with the above exemptions you can NEVER discriminate on RACE no matter the circumstances, owner occupant or not, with or without an agent.

Always use third party services when finding renters, such as credit reporting agencies.  This way you have someone else providing information- less likely to discriminate on the protected classes if you base your decision off the third parties findings.

To learn more or to obtain additional details regarding Fair Housing Click HERE.

Happy Fourth of July!

Places to head to watch some spectacular firework displays:

Star Spangled Spectacular- 7/4- 4-11PM
Venue: Corporate Woods, 8717 W. 110th St., Overland Park, KS
Each year thousands of people attend the Star Spangled Spectacular at Corporate Woods in Overland Park. This annual event is sponsored by Overland Park Rotary, Corporate Woods, and the City of Overland Park, co-sponsor the event, which benefits local charities while offering a salute to our nation's veterans. RAIN DATE: Saturday, July 5. There will not be vendors or other activities, but the fireworks will go on - same time and place.
Admission: FREE

Celebrate Olathe- 7/3 9AM-10PM
Venue: Mahaffie Stagecoach Stop & Farm, 1200 Kansas City Road, Olathe, KS 66061
Celebrate the grand opening of the Olathe Community Center and end the festivities with 19th century fireworks at Mahaffie Stagecoach Stop and Farm at 9:30pm. Special activities take place at 4:00pm and 1860's living history occurs all day. The Olathe Civic Band plays at 7:30pm followed by special music and a reading of the Declaration of Independence.

Celebrate America- 7/4-7/5 10PM
Venue: Worlds of Fun, 4545 Worlds of Fun Ave., Kansas City, MO 64161
Worlds of Fun lights up the sky with a huge fireworks show on Friday, July 4 PLUS every Saturday in July including July 5!! Fireworks begin at 10 pm. July 4th Twilight ticket: $36.99 plus tax Please Note:On Friday, July 4th, Worlds of Fun Avenue will be closed from 7:30 p.m. to Midnight. The pick-up and drop off area will be moved to Oceans of Fun's parking area and will be accessible to guests of both parks.

KCRiverFest- 7/4- 4-11PM
Venue: Richard L. Berkley Riverfront Park, 1298 Riverfront Dr., Kansas City, MO 64101
KCRiverFest brings our community together for a fun, family celebration on our nation's birthday. Located at Richard L. Berkley Park, KCRiverFest has become Kansas City's Riverfront Tradition, known as the only place in downtown Kansas City to celebrate Independence Day weekend with fireworks and family entertainment. Enjoy great rock, alternative, country and ragtime music, delicious food, carnival rides and games, and one of the largest fireworks shows in the area. The festival also includes a special pecial children's activities in the Kids Zone. Come early before 3 p.m. either day and enjoy FREE admission!
Admission: $5

Longview Lake Shelter #13- 7/4- 5:30-10PM
Venue: Longview Lake Shelter #13
Celebrate your Fourth of July with “The Big Bang” – the largest and most colorful fireworks finale in the Midwest! Longview Lake's Shelter #13 is the site for this year's spectacular. Enjoy sweeping water views, sky divers, a kid's carnival with games and inflatables, military tribute, and a FREE CONCERT with rising country rockers Backroad Anthem. No outside coolers, pets or fireworks! TUNE YOUR RADIO TO 94.9 KCMO FOR THE LIVE SIMULCAST OF THE FIREWORKS MUSIC PROGRAM!
Admission: FREE

HAVE A SAFE FOURTH OF JULY!

Things To Do In Kansas City 6/27-6/29

Royals Games June 27-29:

Friday: 7:10 PM- Ladies Night/Cowboy Hats Given Out/Buck Night/Fireworks Friday
Saturday: 1:10 PM- James Shields Bobble Head/ 610 Sports
Sunday: 1:10PM- K-State Day/Family Funday Sunday

T-Bones June 27-29

Friday: 7:05 PM- Star Wars Theme- BOGO/Fireworks/Skydiving
Saturday: 7:05 PM- Military Appreciation Night/Boy Scott Campout/Fireworks
Sunday: 5:05 PM- Frank White Mini Figurine Giveaway

Lenexa BBQ June 27-28:

The 2014 Great Lenexa Barbeque Battle will be held June 27 and 28 at Sar-Ko-Par Trails Park. The two-day event, which includes children's activities and live music, attracts cookers from all over the country who compete for the coveted title of Grand Champion of the Great Lenexa Barbeque Battle, Kansas State Championship. Prizes and ribbons are awarded for the top 10 contestants in seven categories and top three overall winners.

Maker Faire KC June 28-29:

Kansas City celebrates things people create themselves — from new technology and electronic gizmos to urban farming and “slow-made” foods to homemade clothes, quilts and sculptures. This family-friendly event demonstrates what and how people are inventing, making and creating. It brings together Makers, Crafters, Inventors, Hackers, Scientists and Artists for a faire full of fun and inspiration.

Overland Park Arboretum: Stems: A Garden Soiree June 28th 7-11PM

Experience inspiring arrangements of fine wine, music, dance and art, all against the backdrop of the Overland Park Arboretum & Botanical Gardens, at Stems: A Garden Soiree.
Our gardens will blossom with food and entertainment stations for you to explore and enjoy at this popular social party (rain or shine

Other:
Legoland
KC Sea Life Aquarium
KC Zoo
Farmers Market June 28th- most cities
Worlds of Fun
Schlitterbahn

Building Your Own Log Cabin

If you own land with an abundance of trees, this might be your next project.  If you want to attempt to build a log cabin like the old days you will need minimal tools and lot of strength, patience and time.  The tools  you will need: a large hand saw, an axe, mallet, ogger, chisel, knife/blade sharpener and a pencil.   With a lot of HARD work and DEDICATION you can build your own Log Cabin the old school way.  If you aren't up for as much manual labor you might want to invest in some power tools: chain saw, hammer, sawza, and anything electric or battery powered that might assist at making the job easier and quicker!  I vote number 2!  See the video below for the old school way.  If you want to see him make his own hand tools you will want to start around the 4:00 minute mark. If you want to get right into the log cabin building, you will likely want to start around the 5:00 minute mark.  This is one guy building an entire cabin on his own with tools he made himself!  Its amazing to think he did everything by hand. Enjoy