Real Estate and Your Life! What you need to know!

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Real Estate and Your Life We all experience ups and downs over the course of our lives. Surprisingly, real estate is often involved in these moments, whether they be good or bad. How so? Well, let’s take a look.

1. MARRIAGE – Among the happiest times in our lives is when we find that special someone, we want to spend the rest of our lives with. So much to do, from setting a date to picking a spot then registering for gifts. Oh, and how about buying a home? Combining wedding nuptials with a home search can be stressful to say the least! Marriage often brings with it the need to find a place of our own to live and perhaps raise our children. Which brings me to life event #2, children.

2. CONGRATULATIONS AGAIN! – The stork will soon be paying you a visit! But, is there enough room in your current nest to accommodate that child/children…. And maybe a new puppy that child will eventually demand? Quite often, couples buy a small condo or townhome to start but quickly find themselves short on square footage, or a back yard once the kids are on the way. What happens next? Yep, you guessed it, time to look at real estate needs again and move.

3. JOB RELOCATION– You’ve been busy adulting, killing it as parents and you love your home and neighbors. You’re even crushing it at work, so much so that the company wants you to relocate for a promotion. You have so much to plan for in the next chapter of your life, and guess what one of the biggest concerns is? That’s right, selling your current home and buying a new one. That doesn’t sound potentially stressful, does it? Lol. So far, we have looked at some of the happiest times in our lives, but as a wise man once said, “Into every life a little rain must fall.” So here a few of the events that try our patience and test our resolve…..

4. DIVORCE – We can pretend it doesn’t happen, but we all know the statistics. Divorce is an all too common occurrence. Joint lives are legally separated, from time with children to diving up assets. The biggest asset most of us have? Yep, you guessed it, our home. In most divorces, at least one party will be looking for a new home. In some instances, the current home must be sold to split the proceeds.

5. SHORT SALE AND/OR FORECLOSURE – How many of us know someone who has experienced a financial hardship? Most of us know someone who has dealt with a job loss, divorce, serious health issue that brought large bills with it, or some other unforeseen problem that had a negative effect on our finances. In order to get out from under water on a mortgage it’s often necessary to move out of the place we have called home.

6. ESTATE SALE – No matter who you are or where you live, you either know someone who has passed away or will at some point in your life. When a loved one passes away their will shall instruct how their assets are divided and disposed. And once again, the largest asset for most of us is real estate, specifically our home. Emotions are raw and we struggle with the loss of a loved one, and now we must deal with what to do with their home they loved so much. I’ve done my best to give you an overview of how real estate is one of the few constants in our lives, through the good times and the bad. Regardless of which one of these life events you are experiencing you need to make some very important decisions. When real estate is involved you are dealing with large numbers and a host of factors that must be considered. The key to making the best decisions for you and your loved ones starts with who you will trust with your hopes, dreams and finances. It is very important you find experienced, ethical and passionate people you can trust to handle your biggest asset. It’s also important that these people are part of a complete team, one that has a specialist for every aspect of buying or selling a home. These team members include a Realtor, mortgage professional, real estate lawyer and home inspector. When interviewing people for the job focus on previous customer satisfaction, responsiveness and above all else, honesty. I hope you’ve enjoyed reading this as much as I have enjoyed writing it. I love everything about real estate, through the good times and the bad!

Joseph M. Savino is a 29-year mortgage expert with 17 years of direct underwriting experience. He is a previous owner of a two top rated correspondent mortgage companies. He is a degreed graduate of DePaul University in Chicago, IL. Currently working at American Financial Network, Inc as a Regional Manager and National Renovation Division Manager. Licensed in all states we are experts in FHA, VA, USDA, Conventional loans, Renovation loans, Reverse mortgages and Non-QM (Qualified Mortgages) including bank statement loans, asset-based loans, and stated income loans for self-employed borrowers as well as hard money loans.

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