Buying A Home Before Marriage

Is buying a home before marriage a good idea?

Buying A Home Before Marriage

The answer: It depends!

Long ago, couples married first, then bought a home.

Fast forward to 2019 and things have changed!

It’s now common for unmarried couples to live together before marriage.

A Coldwell Banker Real Estate survey revealed that 1 in 4 married millennials purchased a home together with their current spouse before marriage.

Unmarried partners considering buying a home should consider the following.

Put It In Writing

Hire an attorney and prepare a written agreement that covers all of the details and consequences if your relationship fails.

Who Will Qualify For Financing?

It’s likely that you and your partner will have unequal incomes and credit scores.

Both of those factors will affect qualifying and your interest rate.

They might even cause one partner to not qualify for the financing.

Be sure that you both understand and agree on how to structure your financing.

Who Will Pay For Housing Expenses?

Be sure to decide who will pay for specific housing expenses if the percentages of ownership are unequal.

You should consider setting up a separate checking account to pay for planned, and unplanned, housing expenses.

Who Will Own The Home?

Get legal advice on the various ways you can take title to the property.

Plan for all outcomes, including the death of a partner, rights of survivorship, and other important legal issues.

Understand the differences between Joint Tenancy, Tenants In Common, and other options for taking title.

What If You Break Up?

Love doesn’t conquer all and couples do break up.

  • What will you do if your relationship fails?
  • Will you sell the property?
  • Will one partner buy out the other partner?
  • What if one partner stops paying their share of the housing expenses?
  • What if the property is lost through foreclosure?
  • How will you handle personal property that was jointly-purchased?

A few final thoughts  .  .  .

  • Buying a home before marriage is not a casual undertaking.
  • Take your time and carefully think things through before you buy a home with your partner.
  • Buying a home together isn’t necessary to cement your relationship!
  • Plan your (mutual) exit strategy upfront; just in case things don’t work out
  • Legal Stuff
  • Both partners should have a will or a trust.
  • A will or trust will allow an estate to be settled based upon pre-planned outcomes developed before the death of a partner.
  • Settling the estate of a partner lacking a will or trust will probably be determined by a judge.
  • That judge may make decisions that create outcomes you don’t like.

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Meridian Idaho Homes Under $400,000

Are You Looking For Meridian Idaho Homes Under $400,000?

Meridian Idaho Homes Under $400,000

Up until a year or so ago, that would have been easy.

With the Meridian Idaho average price at $361,762, it’s more difficult today.

Here are some typical MLS searches I’ve recently completed for buyer clients.

View All Meridian Idaho Homes Under $400,000

Or, maybe you’re interested in a single-level Meridian Idaho home?

View All Meridian Idaho Single-Level Homes Under $400,000

You might also be looking for a NW Meridian home with more than 1,600 sq. ft.

View All Homes in NW Meridian With More Than 1,600 sq. ft.

As you can see, I have deep MLS search capabilities allow me to refine my MLS searches for your specific wants and needs.

My deep broker-level search capabilities far exceed what you can accomplish by searching Zillow on your own, especially if you lack the context that’s necessary to understand what you see online.

Working with buyers is challenging and similar to solving a puzzle.

Each buyer client has unique wants, needs, likes, and dislikes.

If we choose to work together, I will help you define your home buying criteria, then apply my extensive market experience to find the best options for you.

Sound interesting?

Check out About Phil Hoover and How I Work With Buyers for more information.

Then, give me a call @ (208)938-5533 or e-mail me so we can get started.

No sales talk, no closing questions, no drip marketing, and no team of junior agents.

Just plainspoken, straightforward advice to help you make informed decisions.

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How Real Estate Auctions Work

The Inside Story About How Real Estate Auctions Work

Hey Bidder, Bidder!

I’ve long been curious about how real estate auctions work.

My curiosity got the best of me recently, so I spoke with a respected local real estate auctioneer to learn more about real estate auctions.

Here’s what I learned: (other than the fact that auctioneers talk funny)

Type of Sale

  • Real estate auctions are usually “live” onsite auctions with buyers present during the auction.

General Process

  • Buyers must register and provide proof of funds or pre-approved financing.

Earnest Money

  • Winning bidder must submit 5% non-refundable earnest money.
  • Earnest money is held by a designated title and escrow company.

Contingencies

  • Real estate auctions are “absolute” with no contingencies.

Inspections

  • Bidders may have the property inspected at their own expense prior to the auction.
  • The property is transferred “as is” with the seller making no repairs.

Financing

  • Bidders may arrange financing, but they must provide a non-contingent loan commitment prior to bidding.

Commissions

  • The seller pays the auctioneer a commission.
  • The auctioneer pays the buyer’s agent commission if the bidder is represented.
  • If the bidder is unrepresented, the auctioneer receives the buyer’s agent commission.

Buyer Premium

  • The successful bidder pays the auctioneer a premium (of the purchase price) at closing.

Agency Representation

  • Bidders can be represented by their own agent at the auction.
  • The auctioneer pays the buyer’s agent commission.

Summary

Real estate auctions aren’t for everyone, but they provide immediate sales results and closable sales without the uncertainties of traditional real estate transactions.

You should have your own agent when buying at auction.

I can represent you, as a bidder, at a real estate auction.

My auction services include:

  • Market Analysis
  • Coordinate inspections
  • Provide market insights
  • Contract review
  • Coordinate escrow processing
  • Review closing documents
  • Attend closing appointment

For more information, please call me at (208)938-5533 or e-mail me.

Free Advice: Don’t raise your hand if you don’t want to buy the property!

__________________________________________________

Stated terms above were obtained from one specific auctioneer.

Other auctioneers may have different terms and/or policies.

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Just Listed: Alpine Pointe Home With 52′ RV Garage

Stunning Alpine Pointe Home With 52′ RV Garage!

Alpine Point Home

Alpine Point Home

  • Alpine Pointe Home w/52’ RV bay (14’ door), water, 50-amp power, and dump station.
  • 1/3-acre corner lot with rear yard privacy.
  • 5 minutes to Village At Meridian and I-84.
  • 2,524 sq. ft. of finished living area.
  • Single-level floor plan w/upstairs bonus room.
  • Three bedrooms, three baths, office inside entry, and a big bonus room over the garage.
  • Gleaming hardwood flooring (recently refinished).
  • Chef’s kitchen with custom Alder cabinetry, double ovens, slab granite counters, overlooking the private rear yard.
  • Luxurious master suite with tile shower, separate vanities, and HUGE walk-in closet.
  • 3rd bedroom with adjoining bathroom is ideal for separate living quarters or guest quarters.
  • Simpli-Safe® security system and Ring® doorbell.
  • Covered patio with near-new Hot Spring® spa.
  • Covered gazebo.
  • 3-car garage and 52’ RV bay!
  • Lush landscaping with pressurized irrigation.
  • Full vinyl fencing.
  • Storage building in the rear yard.
  • Hot Spring® spa, kitchen fridge, washer, dryer, garage fridge, garage freezer, and garage storage units included.
  • 2019 Zamzow’s lawn program included.

Offered At $540,000

Call For Your Own Private Showing

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Eagle, Idaho Homes On Acreage

Eagle, Idaho Homes On Acreage Offer Breathing Room!

Eagle, Idaho Homes On Acreage

Eagle, Idaho is the ideal location for home buyers seeking country living while enjoying nearby shopping, restaurants, health care, and an abundance of recreational opportunities.

View All Available Eagle, Idaho Homes On Acreage

Eagle’s population is around 24,000 friendly people now.

I still smile when I see Eagle residents hold a door open for the person behind them, or wave other motorists through four-way stops while patiently awaiting their turn.

I moved to Eagle in 2001 after researching the entire Treasure Valley real estate market.

I chose to build in Brookwood, a stunning planned community with abundant common areas, lakes, streams, and walking paths located about a mile from downtown Eagle.

View All Available Brookwood Subdivision Homes

From my home, it’s a five-minute drive to Albertson’s, WinCo, The Home Depot, several banks, health care, and numerous eateries.

A trip to downtown Boise takes about 20-30 minutes, depending upon the time of day and our ongoing road improvement projects.

Portland and Salt Lake City are both about four hours’ driving time, depending upon traffic, weather, and other variables.

My favorite nearby stress reliever is a leisurely drive up nearby Highway 55 on the Payette River Scenic Byway.

Current home prices for Eagle Idaho homes on acreage range from $425,000 to $3.6 million.

Listing inventory for Eagle ID homes on acreage is always scarce and desirable properties often sell quickly.

View All Available Eagle, Idaho Homes For Sale

Thinking of moving to Eagle, Idaho?

  • I live in Eagle and know the market inside out.
  • I work with a few clients at a time to ensure exceptional service.
  • No sales talk, no drip e-mail marketing; just the truth and useful information.
  • Think of me as your personal real estate consultant!
  • No team of junior agents; I will personally work with you.
  • References (lots of them!) available upon request.
  • My 47 years’ experience is your assurance of competent, responsive service.

Give me a call at (208)938-5533, or e-mail me, and let’s talk!

Eagle ID Community Information

Tour of Eagle Video

Eagle Country Lifestyle Video

Data pertains to Eagle, Idaho single-family homes on acreage (1+ acre lot size).

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