Welcome to Aberdeen, the third largest city in the State of South Dakota!
Here, you'll discover the perfect blend of small-town charm and big-city amenities.
Experience the enchantment of Storybook Land, take a leisurely cruise or paddle on the serene Mina or Richmond Lake, enjoy bird hunting adventures, and much more!
Take a virtual journey to uncover the wonders of our beloved town, Aberdeen.
When discussing local lenders, it's important to emphasize their commitment to the community, personalized service, and the benefits they offer in terms of flexibility, local knowledge, and support for the local economy. Local lenders play a crucial role in supporting the community and facilitating financial opportunities for individuals and businesses.
Local Lenders Offer:
Personalized Service: Local lenders pride themselves on delivering personalized and attentive service. They take the time to understand their customers' unique financial needs and provide tailored solutions that align with their goals.
Community Involvement: Local lenders are deeply invested in the communities they serve. They actively participate in local events, support charitable causes, and contribute to the overall well-being of the community
Local Knowledge: One of the key advantages of working with local lenders is their in-depth knowledge of the local market. They have a better understanding of the specific challenges and opportunities in the area, allowing them to provide valuable insights and guidance to borrowers.
Visit this link to listen to Jess Nilson Talk with a Local Lender Chad Vetter about home buying, market trends and more!
Visit this Link to learn more about our local lenders!
https://northrealty.org/local-support
Visit these links to learn more about Earnest Money and Down Payments!
Down Payment: https://youtu.be/ATUJUgLR9lw
Earnest Money: https://youtu.be/k1oHxwPpJww
Earnest money: also known as a good faith deposit, is a sum of money provided by a buyer to demonstrate their serious intent to purchase a property or enter into a contractual agreement. By providing earnest money, the buyer indicates their willingness to proceed with the purchase and assures the seller that they have a genuine interest in acquiring the property.
The specific amount of earnest money varies depending on the market, the purchase price of the property, and local customs. It is typically a percentage of the purchase price, such as 1% to 3%, although it can be higher in certain situations. The exact details regarding the earnest money deposit, including its refundability or potential forfeiture, are typically outlined in the purchase agreement. If the transaction proceeds smoothly and the sale is completed, the earnest money is usually applied towards the buyer's down payment or closing costs. In case the transaction falls through due to a breach of contract or certain specified contingencies, the earnest money may be returned to the buyer or retained by the seller as compensation for damages.
Down Payment: A down payment refers to the initial payment made by a buyer towards the total purchase price of a property or a large-ticket item. It is typically paid upfront at the time of closing the transaction. The down payment represents the buyer's own financial contribution to the purchase, with the remaining amount often financed through a mortgage or loan.
Here are some key points about down payments
Purpose: The primary purpose of a down payment is to reduce the loan amount needed to finance the purchase. By making a down payment, the buyer demonstrates their financial capability and commitment to the purchase.
Mortgage Lenders: Lenders often require a down payment as a condition for granting a mortgage. It serves as a safeguard for the lender, reducing the risk associated with the loan. The down payment provides a level of equity in the property, giving the buyer a stake in the investment and reducing the chances of default.
Percentage: The down payment is typically stated as a percentage of the total purchase price. The specific percentage required can vary depending on factors such as the lender's requirements, loan type, and the buyer's financial profile. Common down payment percentages range from 3% to 20% of the purchase price, but higher down payments may be required for certain loan programs or to secure more favorable loan terms.
Visit this link to learn more about writing offers!
When writing an offer to purchase a house, there are several key elements and steps to consider.
Here are the basics:
Begin with a clear and concise introduction stating your intention to make an offer to purchase the house.
Include the full legal address of the property, the names of the buyer(s) and seller(s), and the date of the offer.
Purchase Price: Specify the amount you are offering to purchase the house for. This should be a specific dollar amount, and you can indicate whether the offer includes any contingencies or conditions.
Earnest Money Deposit: State the amount of earnest money deposit you are willing to provide as a show of good faith. This is a sum of money that demonstrates your commitment to buying the house and is typically held in an escrow account until the closing of the transaction.
Contingencies: Outline any contingencies or conditions that must be met for the offer to remain valid. Common contingencies include obtaining financing, satisfactory home inspection results, appraisal value, or the sale of a current home. Specify the timeline within which these contingencies must be satisfied.
Closing cost or Cash to Close includes all cost involved to purchase a home including: inspection, appraisal, home owners insurance, title search, deed transfer, taxes, down payment etc.
Down payment is the amount the bank requires you to have available to put towards the balance of your loan at the time of closing.
Financing: Indicate how you plan to finance the purchase, whether it's through a mortgage loan, cash, or any other arrangement. If you are seeking a mortgage, include information about the type of loan, the down payment amount, and the timeline for obtaining financing approval.
Closing Date: Propose a closing date for the transaction, which is the date when the ownership of the property is transferred from the seller to the buyer. This date should be agreeable to both parties and allow sufficient time for necessary preparations, such as inspections, title search, and loan processing.
Inclusions and Exclusions: Specify any items that you expect to be included in the sale, such as appliances, fixtures, or furniture. Conversely, you can also specify any items that you expect to be excluded from the sale.
Other Terms: Include any additional terms or conditions that are important to you, such as repairs to be completed by the seller, a home warranty, or specific requests related to the transaction.
Deadline for Response: Set a deadline for the seller to respond to your offer. This provides a clear timeframe for the seller to accept, reject, or negotiate the terms of the offer.
Signature: Sign the offer document to indicate your agreement to the terms and conditions outlined. Ensure that all parties involved, including co-buyers, sign the offer as well. Remember, writing an offer on a house is just the initial step in the negotiation process. The seller may accept the offer, reject it, or counter with their own terms. It's important to remain flexible and be prepared to negotiate to reach a mutually beneficial agreement. It's also advisable to work with a real estate professional or attorney to guide you through the process and ensure that your offer adheres to local laws and regulations.
Homeownership offers several benefits that make it an attractive option for many individuals and families.
Here are some key benefits of homeownership:
Equity and Wealth Building: When you own a home, you have the opportunity to build equity over time as you pay down your mortgage and the property value appreciates. This equity can be a valuable asset and can contribute to your overall net worth.
Stability and Security: Homeownership provides stability and a sense of security. You have control over your living space and don't have to worry about rent increases or the possibility of eviction. Owning a home can also provide stability for families, as it allows them to establish roots in a community and provide a stable environment for children.
Investment and Tax Benefits: Real estate can be a good long-term investment. Historically, property values have tended to increase over time, allowing homeowners to benefit from capital appreciation. Additionally, there are tax advantages associated with homeownership, such as deducting mortgage interest and property taxes from your taxable income.
Pride of Ownership: Owning a home often brings a sense of pride and accomplishment. You have the freedom to personalize and improve your living space according to your taste and preferences, which can enhance your quality of life.
Potential Rental Income: Homeownership offers the potential to generate income through renting out a portion of your property. This can be particularly beneficial if you have additional space, such as a basement or an extra unit, that you can rent out to help offset your mortgage costs.
Long-term Cost Stability: Unlike renting, homeownership allows you to lock in your monthly mortgage payment, providing more stability in terms of housing costs. While property taxes and insurance may increase over time, they are often more predictable than rental costs, which can rise with inflation or market demand.
Community and Social Benefits: Homeownership can foster a sense of belonging and community engagement. Homeowners tend to be more invested in their neighborhoods, participating in local activities, supporting local businesses, and forming long-lasting relationships with neighbors.
Potential Home Equity Loans: As a homeowner, you may have the option to leverage your home equity through home equity loans or lines of credit. These can be useful for major expenses, such as home improvements, education, or medical bills, offering a source of low-interest financing.