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Hi! I'm Shannon Ross, a real estate agent in SWLA. Also, I am a Cost Analyst by day and somewhere in between I conduct mortgage signings as a Louisiana Notary Public. Hard work has been the story of my life and its one of the things I'm most proud of. I would love the opportunity to represent you as either a buyer or seller (or both). My
Hi! I'm Shannon Ross, a real estate agent in SWLA. Also, I am a Cost Analyst by day and somewhere in between I conduct mortgage signings as a Louisiana Notary Public. Hard work has been the story of my life and its one of the things I'm most proud of. I would love the opportunity to represent you as either a buyer or seller (or both). My desire is not to be well known, but known well. I want to make EVERYONE feel like a ONE! My goal as your real estate agent is to do everything within my reach to help you have the best possible experience in your real estate transaction.
I am sponsored by Exit Realty Southern, Josh Foster.
3 Bedroom, 1 Bath 1,225 sqft, $125,500
If you would like to see any of these homes, please give me a call/text!
Shannon Ross, Realtor
📱 337-309-5659
💻 LagniappeRealtor.com
If you would like to see any of these homes, please give me a call/text!
Shannon Ross, Realtor
📱 337-309-5659
💻 LagniappeRealtor.com
If you would like to see any of these homes, please give me a call/text!
Shannon Ross, Realtor
📱 337-309-5659
💻 LagniappeRealtor.com
If you would like to see any of these homes, please give me a call/text!
Shannon Ross, Realtor
📱 337-309-5659
💻 LagniappeRealtor.com
Nervous about your property adventure? Don’t be. Whether you're getting ready to buy or sell, in the middle of it, or just looking for some answers, I am here to you get the best experience possible. It’s what I love to do.
While you might think you’ve found your dream home, have you considered everything? There could be some hidden issues that will make your time living in the neighborhood unhappy.
Unless you are very familiar with the area, there could be some unpleasant surprises waiting. But when you are deciding where to live, doing some research into the neighborhood can save you from making a big mistake.
Research if there are any property covenants
If you move into a home only to later find that there are rules that restrict how you use your property, you wouldn’t be happy. But if there are restrictive covenants on the property, you could find your new home isn’t suitable for your needs.
Covenants are rules about the land or the house that state what can and can’t be done by the owner. There could be rules about:
These rules are attached to the property deed, perhaps by a previous owner or the builder. The restrictions could apply to the subdivision and might mean you cannot use the home in the way you expect.
A real estate attorney will be able to help with the research. They will check the property deed and carefully read the real estate disclosure to make sure there aren’t covenants on the property. And if there are covenants, are they going to be too restrictive?
Like easements, covenants will stick with a property for a very long time and possibly forever.
Research whether there are any sex offenders in the neighborhood
If you have young children, finding out if there is a sex offender in the neighborhood will be something you want to do. While this isn’t something you will want to think about, it should be a consideration when looking for your new home.
With more than three-quarters of a million sex offenders in the United States, you should make sure there are not any in your neighborhood.
Every state has a register of sex offenders that you can search to check your area. You can check for offenders in your city, zip code, and even within a certain radius of your home.
You can also check the offender map on the Family Watchdog website. This will give you the details of the offender and the charges against them, and you can even sign up for notifications for your area.
Research the local crime rate
If you are unfamiliar with a neighborhood, researching the local crime statistics is a must. Everyone wants to feel safe in their home, and when you live in an area with a lot of crime, it won’t be a pleasant experience.
Fortunately, it is very easy to check crime stats, with a few different options for online services that track data and add it to mapping. Websites like SpotCrime.com and CrimeMapping.com allow you to run free checks on neighborhoods you are considering living in.
Research what the rules are when an HOA exists
If your potential new home is within an HOA, you need to find out what rules will need to be followed. If you don’t find this out before making an offer for a home, you could find yourself in a difficult position later on.
Both condos and townhouses will almost always have an HOA.
The HOA will have governing documents which include covenants, conditions, and restrictions, as well as any other regulations the community must abide by.
These rules have been created to maintain the development and the value of the homes within it. While the intention is to create a better community, these rules can seem overly strict.
Rules might include restrictions on the changes you can make to the exterior of the home, when you are allowed to make noise, and the standard of maintenance required. If you don’t stick to these rules, you could face being fined by the HOA.
Make sure you review the HOA rules before you buy the home. Your real estate agent should be able to get the documents for you, or you can contact the HOA directly.
Take the opportunity to find out about any special assessments that are pending, and read the minutes of meetings to understand how well the association is operated.
Final thoughts
Buying a home is a big financial and personal commitment to a neighborhood, so you need to know what you are letting yourself in for. Many things can negatively influence home values.
Though you might not like the idea of doing research, making some relatively simple checks could prevent you from buying a home you will regret.
https://www.rismedia.com/2022/12/01/things-research-before-buying-neighborhood/
In keeping with its mission to ensure that every Louisiana resident is granted an opportunity to obtain safe, affordable, energy-efficient housing, the LHC offers several programs to assist homebuyers with a down payment on their new home.
Find the program that’s right for you below.
Market Rate GNMA Program - This program offers 30-year, fixed-rate FHA, VA or USDA Rural Development mortgages at favorable interest rates. Amount of assistance ranges between 2-4%.
Market Rate Conventional Program - This program offers a conventional mortgage that allows for a higher loan value than FHA. Amount of assistance ranges between 3-4% and this program can help reduce PMI.
MRB Home and Assisted Programs - These programs are designed to help prospective homebuyers meet down payment and closing costs on their new home. Amount of assistance for the MRB Assisted Program is 4%. Assistance for the MRB Home program ranges between 5-9% depending on loan amount.
Resilience Soft Second Program – This program offers up to $55,000 Soft Second Assistance for down payment and up to $5,000 for Closing Cost. The program offers 30 year, fixed-rate FHA, VA, USDA, and Conventional loan products at favorable interest rates. Available in parishes affected by the Great Floods of 2016. Assistance is provided on an as needed basis.
LHC Soft Second Program – Provides Soft Second Assistance for down payment up to $30,000 and up to $5,000 Closing Cost Assistance. This program is available in designated disaster areas affected by Hurricane Isaac. Products include FHA, VA, RD and Conventional with a 30 year fixed interest rate. Assistance is provided on an as needed basis.
Freddie Mac has announced the launch of a new feature to the underwriting process, designed to increase homeownership opportunities. Underwriting will now include a review of a borrower’s bank account data to identify a history of positive monthly cash flow activity as part of its technology’s loan purchase eligibility assessments, the company stated. The new feature will be available to mortgage lenders nationwide through Freddie Mac’s automated underwriting system, Loan Product Advisor® (LPASM), beginning November 6, 2022, they said.
“With the addition of positive monthly cash flow data, our underwriting system can help with more accurately predicting a borrower’s ability to pay their mortgage because it uses a comprehensive view of how personal finances are managed over time,” said Terri Merlino, Freddie Mac Single-Family senior vice president and chief credit officer. “Our latest innovation levels the playing field and helps make homes more accessible to borrowers whose lenders might not have qualified them with traditional methods of underwriting. This should particularly help first-time homebuyers and underserved communities.”
According to Freddie Mac, with the borrower’s permission, lenders and brokers can submit financial account data for LPA to identify 12 or more months of cash flow activity for inclusion in the tool’s risk assessment. Data can be obtained from checking, savings and investment accounts, including those used for direct deposit of income and monthly bill payments, such as rent, utilities and auto loans. The account data submitted can only positively affect the borrower’s credit risk assessment. To help identify opportunities, LPA will notify lenders when submitting additional account data could benefit a borrower, they said.
For more information, visit www.freddiemac.com.
(Information gathered from Freddie Mac and RISMedia)
Let's face it ... Looking for a new home can be overwhelming. An open house gives you, the buyers, an opportunity to browse through a prospective home in a stress-free environment. Whether you bring your real estate agent or not, you do not have to feel much pressure about interacting with a listing agent at an open house. Typically, you will be able to roam through an available home at your own pace.
Open houses are stress-free for you, the buyers, because you do not have to worry about scheduling an appointment. Instead, you have an hours-long window to view a home at your leisure.
An open house benefits you, the buyer, because it allows you to be able to leisurely look around neighborhoods that interests you. Even if you are not 100% interested in the home itself, it gives you the opportunity to spend some time in a neighborhood you're attracted to. You can see the types of home and neighbors, so you will have a better idea of what life there could be like. In addition, touring through a home in an area you are interested in can reveal certain features you may or may not like in a prospective home.
Lastly, open houses give you, the buyers, an awesome opportunity to connect with a realtor that could be perfect for you. Many buyers come to open houses without the representation of a real estate agent, because they simply do not have one. If you have a good connection with a home’s listing agent, you may just find the partnership you’re looking for!
(Preferred Realtor)
When it comes to buying a home, there are numerous perks that come along with just the house itself; financial stability, financial strength, tax deductions, a permanent home, and a sense of belonging in your community.
Homeownership may seem like a daunting task, but the payoff is highly rewarding!
Because of inflation the prices of rent have increased as a homeowner with a fixed-rate mortgage, you have a set monthly mortgage payment that will not change, regardless of inflation.
Contact me today if you have any questions - Shannon Ross 337-309-5659
REALTORS® are not paid an hourly rate, instead relying on commissions when the home is sold. This means that they could be going without income for weeks or even months until the sale closes.
The commission for REALTOR® involvement in your house sale can vary, but typically it is around 6% of the purchase price of the home. But this money doesn’t go directly to the selling agent, instead being split between the brokerages of the buyer’s agent and the seller’s agent. In this case, it also doesn’t mean that the selling agent will get the full 3% (half of the 6%), as their broker will take a percentage of the commission.
Paying the real estate commission is normally the responsibility of the home-seller. Even when the buyer has a real estate agent, the seller will have to pay their commission along with the REALTOR® fees of the listing agent who was working on their behalf.
(Some information was provided by RISMedia)
Even amid a favorable seller’s market, there may be reasons why it makes sense to hold off on listing a home for sale. Here are some common factors that might make prospective sellers hit the pause button:
(bankrate.com)
You're OK Waiting for the Right Buyer
There’s a lot of discussion about buyer demand dropping as high home prices and high interest rates put pressure on affordability across the U.S. However, the U.S. is still seeing positive home price growth. The median home sale price in August was $406,890, according to Redfin, which is a 7.1% increase from August 2021. Where sellers will notice a difference is the amount of time a home sits on the market. A year ago, multiple offers on the first day a home hit the market were common. Today, there are fewer offers and at a more leisurely pace. Redfin reports homes had a median of 26 days on market for properties in August, nine days more than August 2021. “If your house is totally turnkey, if it looks great online, it’s got the premium finishes that most buyers who actually want to live in the home are looking at, you’re still going to be in a pretty good position. Gone are the days of the house that needs a little bit of work still going for a premium,” Hata says.
You Need to Move
If you need to move for any reason, it’s still possible to sell your home and find a new one. If you lost your job, you may be worried about your ability to continue to pay your mortgage. If that’s the case, selling may be a valid option. But plenty of others are opting for a life change that involves moving to another state, more room for a growing family or a bigger footprint needed for permanent work-from-home space. A profitable sale and purchase of a new home is still possible – but proper preparation and realistic expectations are key. “Some homeowners may find it’s time to downsize, or they may need to relocate to another city or state. It can be risky to try and time the market, so when it comes to making the decision to sell or buy, it’s important to have a budget and a plan in place,” Kushi says.
(rocketmortgage.com)
Pricing your home correctly will put more eyes on the home and bring a buyer sooner. We are slowly moving out of the Pandemic Era and getting back to "normal". According to Genelle Geronsin, if you want to price your home correctly look at how homes were priced in 2018, 2019 and early 2020 (pre-pandemic). The truth is high mortgage interest rates and heavily inflated home prices will not mix. I am NOT saying give your home away but be smart with your pricing and be patient as you wait on a buyer.
A conventional mortgage loan is a “conforming” loan, which simply means that it meets the requirements for Fannie Mae or Freddie Mac. Fannie Mae and Freddie Mac are government-sponsored enterprises that purchase mortgages from lenders and sell them to investors. This frees up lenders’ funds so they can get more qualified buyers into homes.
One type of common non-conforming mortgage is a jumbo loan, which is a mortgage that exceeds conforming loan limits.
Because there are several different sets of guidelines that fall under the umbrella of “conventional loans,” there’s no single set of requirements for borrowers. However, in general, conventional loans have stricter credit requirements than government-backed loans like FHA loans.
It’s possible for first-time home buyers to get a conventional mortgage with a down payment as low as 3%. However, the down payment requirement can vary based on your personal situation and the type of loan or property you’re getting:
If you’re refinancing a conventional loan, you’ll need more than 3% equity. In all cases, you’ll need at least 5% equity. If you’re doing a cash-out refinance, you’ll need to leave at least 20% equity in the home.
A mortgage calculator can help you figure out how your down payment amount will affect your future monthly payments.
3701 Maplewood Drive, Sulphur, Louisiana 70663, United States
Open today | 09:00 am – 05:00 pm |
Monday - Friday: 9am - 5pm
Saturday: By Appointment
Sunday: By Appointment
Shannon N. Ross
LREC License ID: 995712280
337-309-5659 Cell
EXIT REALTY SOUTHERN
Josh Foster License ID: 995702707
3701 Maplewood Dr. Sulphur, LA 70663 | 337-287-9500 |
https://www.exitrealtysouthern.com
Each office is Independently Owned & Operated.
Licensed by LREC.
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