Memphis Real Estate Blog

What You Need To Know to Get a VA LoanVA loans offer premium benefits over traditional loans for our military members and their loved ones, so it's important for eligible individuals to understand how they work before they apply. Terms can vary based on a number of factors, such as location and military background. See how it works before getting started.

Who Quaifies? VA Loan Requirements

To qualify for a VA loan, Army, Navy, Marines, Coast Guard, and Air Force members needs to have served 181 days during peacetime or 90 days during an active war. If the applicant is in the National Guard or the Reserves, they're eligible for a VA loan after six years of service. VA loans may be granted to the spouses of members who passed away during active duty. Applicants are normally

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What's the Difference Between Buying A Primary Residence and Buying a Vacation HomeOftentimes, homeowners look to purchase a second home or vacation home. In those cases, these owners may be aware of the stark differences between the purchase of one such home, and their primary residence. If not, then they should become familiar with the vacation home buying process. Knowing the difference between a first mortgage and second mortgage, and also considering practical matters like where and what to buy, can help them decide whether or not buying a vacation property is the right thing for them.

Buyers Need a Higher Credit Score to Qualify

Homebuyers may assume that they qualify for a mortgage for a second home simply because they qualified for a mortgage for a primary residence. This is not always the case. Many mortgage

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Four Things to Know About Contingencies Before Buying a HomeIn many cases, there are contingencies that limit what a home buyer is willing or able to do as part of a home sale. These are called “contingencies,” and can be a useful part of the purchase contract. Buyers who understand how to use contingencies can protect their assets during the home buying process.

What Is the Purpose of a Contingent Offer?

When a buyer makes a purchase offer on a home, the offer typically includes an earnest money deposit, which might be 1-2 percent of the home's value. Depending on the price of the home, the deposit could represent several thousand dollars or more of the buyer's cash assets. Although an escrow company usually holds onto these funds for safekeeping during the process, buyers can still lose the money if

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What Paperwork Do You Need to Sell a Home?Paperwork didn't use to be so complicated 30 years ago, but times have certainly changed. To make sure that every common (and not so common) is legally covered, paperwork has to spell out practically every detail related to the home, the buyer, and the seller. The good news is that the more thought and attention goes into the documents, the less likely it is there will be any hassle later on for either the buyer or the seller.

Deed Vs. Title

The title of the home is the document that defines who has rights to the property, and the deed refers to the document that transfers those rights to the new buyer. The Affidavit of Title will need to state any potential claim on the property in the case of a dispute. This could be anything from a lender

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What Do First Time Homebuyers Need To Know About PMIOne of the most common terms that comes up when talking about down payments is PMI, which stands for private mortgage insurance. First time home buyers may be subject to PMI if they do not have twenty percent to put down. Find out how PMI works, who needs it, and how it affects monthly mortgage payments over the life of the loan.

Who Needs Private Mortgage Insurance?

Any home buyer who puts down less than 20 percent needs PMI, as a general rule. Since first-time homebuyers often lack the 20 percent down payment necessary to opt out of PMI, they may be disproportionately affected.

The smaller the down payment, the more PMI is needed to protect the insurer. Additionally, home buyers with lower credit scores may be penalized with greater

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What to Know About Home WarrantiesDoes a buyer really want to worry about items that could malfunction or break in their new home? This is where a home warranty may be useful. First-time home buyers often appreciate the additional peace of mind that comes along with having a home warranty and it may be especially useful in the first year or so of owning an older home.

Learn more about home warranty plans today.

Home Warranty Coverage

There are many home warranties available to choose from but many use common terms and processes. The average home warranty should cover repairs or a replacement of home appliances or home systems.

The process is rather straightforward. The homeowner has an appliance or system which either stops working or malfunctions. They then call the

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How to Decide Between DIY and Hiring a ProPerforming home improvements is something that homeowners often expect to do by themselves. With these common aspects of home upgrades, homeowners can determine which projects could be reasonable to do-it-yourself (DIY), and which ones really need a professional.


Many people who decide that they are going to do a home improvement on their own make this choice out of a desire to save money. After all, homeowners who do not have to pay for labor can save quite a bit, especially on labor-intensive jobs like painting. However, some projects require a lot of money for materials and less for labor. For example, DIY for expensive flooring that is fairly easy to lay might not save people nearly as much money, because the bulk of the cost lies

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Pros and Cons of New ConstructionNew construction is not without potential pitfalls. There are many factors to consider when looking to buy a new construction home. Get an overview of new construction home advantages and disadvantages prior to purchasing a new home today.

Buy New Construction

Many potential homeowners like the idea of being the first to reside in a home and having it constructed in accordance to their personal preferences. In fact, there are many benefits to buying a new construction home. Among them are being outside of the busiest part of a metropolitan area. This often makes for a more relaxing environment to enjoy downtime with family. New construction homes generally offer larger but fewer rooms. Families looking for a large kitchen to act as the hub of

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Buying In A Competitive MarketIn a hot market, it can seem like new properties are snatched up in a blink of an eye. This makes it important for buyers to be in a position to move fast and to know exactly what they want in a home. Wait a few extra days and an available property may already be accepting another offer. What are prospective buyers to do in such a situation?

Learn more about how to grab the house you want in a competitive market today.

Move Quick

There is no time to dawdle when a desirable property comes to the market. A home may be sold in as little as 25 days in certain areas. Buyers need to move faster than the competition to grab the prize. Buyers need to be well-versed with what types of properties may become available and check out houses in the area

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Tips for Selling with Unpermitted WorkWhen it comes to selling property, there may be the risk of selling a home with unpermitted work. Just like ensuring that certain home improvement projects should be avoided when looking to sell a home, unpermitted work is something that one needs to know before moving forward. In order to determine if there was previously unpermitted work done to the property, such as a unpermitted deck, an unpermitted garage, or an unpermitted addition to the home, even a homeowner did not know about it when they purchased the home.

If a homeowner completed the work without a permit during the time that they owned the property, they already know about the work but if this is not the case, they will need to get a report from the local housing department so you

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