Archive for May, 2007
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Posted in
Home Buyers
Essential steps every first-time buyer should know
To prepare to own your first home, you should educate yourself about the home buying process. You can take a class or pick up books from the library. Also, read the real estate sections of your newspaper and consumer magazines.
Here are some things you will want to do:
Ask lots of questions
Learn what questions to ask where and when to ask them. When you are interviewing real estate agents your list of questions will be different than those you ask when shopping for a lender.
Prioritize your criteria
Think about what you want and what you need in a new house and prioritize your list.
Study a variety of mortgage choices
Study the available loan options and decide which is best for you. You may want to interview several lenders to learn about the many mortgage products available.
Get pre-approved before you house shop
Get pre-approved for a loan before you start looking for a home so you know how much you can afford to pay. Lock in your interest rate, once you are actively house hunting (if it’s a good one). This will speed up the closing process.
Work with your agent
After you decide on a home, work with your agent on a purchase offer. You should ask your agent for a market analysis to find out what similar homes are currently selling for in your chosen area. Both you and your agent should style the sales contract to suit your needs.
Posted: May 11th, 2007 at 1:17 pm
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Posted in
Home Sellers
A List of Contract Options To Attract Your Buyers If you’re selling in today’s market, you want to make your house outshine the competition. Buyers are most likely to choose your house if it offers something special. Here are some ways to make sure you land a sale.
1. Offer a warranty.
Purchase a buyer’s home warranty to protect against future problems.
2. Help with closing costs.
Cash-poor buyers concerned more with out-of-pocket costs than monthly payments will especially appreciate this one.
3. Consider financing help.
Provide seller financing or buy down the buyer’s mortgage rate for the first year.
4. Help with utilities.
Pay some or all estimated utilities for 6 or 12 months.
5. Help with fees.
Pay a year’s condominium or homeowners association fees.
6. Pre-pay memberships.
Buy a one-year pool or community golf club membership, cable TV subscription, or other recreational activity.
7. Consider a moving allowance.
Pay the buyer’s documented moving expenses, or provide an allowance toward moving costs.
8. Treat them to window treatments.
Offer redecorating cash for new carpet or drapes.
9. Mow down any objections.
Buy a lawn-maintenance service for a year, or offer a riding mower if the lot is large.
10. Give them a dock on the bay.
If you live in a waterfront community, offer to rent a boat slip for a year.
11. Reimburse buyer the cost of points.
This is often a double benefit for buyers, who save both on the points themselves and on their federal taxes. The IRS now allows buyers to deduct the cost of seller-paid points as a Schedule A mortgage expense.
12. Price your home below comparable properties.
Prove your home’s good value by having an appraisal done and setting the price below the appraised amount.
Call on us for more ideas of ways to make your home the sweetest one on the market. We’ll create a customized marketing program to help get your home sold in any market!
Posted: May 11th, 2007 at 1:23 pm
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Posted in
Home Buyers
Location is the most important factor in selecting a house. Be sure that this is the house you want to buy. Check to location carefully and thoroughly.
Consider destinations
How easy is it to reach those places where family members will go from our new home? How close are the schools, churches, shopping malls, grocery stores, medical care, public transportation, and neighborhood services?
Be sure rooms have a view
What is the view from the house and yard? Is the yard right for your anticipated activities? What uses are possible for nearby undeveloped land? Is road work or construction planned for the near future?
Check around the clock
Will special events like local high school games or church picnics impact us significantly? Will rush hour traffic be a problem?
Crash test the driveway
Is getting into and out of the driveway easy?
Be conscious of service
Do you want an all-electric house, or do you want gas or oil heat? What utilities serve this property? Are the rates competitive? Where will you get your mail?
Dig below the surface
Is the soil stable? Is part of the property on a flood plain; and if so, what is the flood history on the property?
Visit the neighbors
Do people seem to be friendly? How will you fit in with the neighbors? Are houses well-maintained?
Read the fine print
Does the community have special by-laws or architectural controls over changes to a house, what are the pros and cons?
Make a list of all aspects of each property, positive and negative. As you tour, assign priorities to important elements of the house’s location.
Posted: May 11th, 2007 at 1:26 pm
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Posted in
Home Buyers
It’s good to know what your next step is after finding the house of your dreams.
With your agent’s help, you submit a signed real estate offer to purchase, with the type of financing you’re comfortable with. Read it carefully and make sure you understand every detail prior to signing. This will be the sales contract once the seller accepts and signs the offer. All agreements should be in writing. If you plan to have a lawyer represent or advise you, retain one as early as possible.
Offers and Counter Offers
After your agent takes your written offer and presents it to the seller, the seller will accept it as written, make counter offers on unacceptable aspects, or reject it. This will then place you I apposition to accept it, counter-the-counter offer, or reject the seller’s counter. The offer to buy becomes a contract when all parties have initialed every counter and signed the offer.
When you sign the offer to buy, you will also have to show that you are sincere about the purchase by presenting a deposit, or also known as earnest money. Contracts are different
Deposit Deposit amount should be stated clear, also including the amount you will pay at time of settlement and your sources of financing. A general purchase deposit in several areas is 1-2% of the purchase price, deposited in escrow.
Financing Contingency - The total loan amount, the date a second or third mortgage is due, and the exact financing terms need to be specifically stated. Many contracts have an alternative financing clause. This allows buyers to accept different financing, as long as it does not have an effect on the seller’s net income.
Inspection Contingency - You can make the contract conditional on a building inspection report. You will most likely have to pay for this inspection.
Repair Work - Typical contracts of sale require sellers to verify that utilities are in working condition at the time of settlement. You should conduct a pre-settlement walk-through inspection several days before or no later than the settlement date.
Personal Property - Specify in writing if items not physically attached to the house are to be included in the sale. These items can include light fixtures, drapery rods, appliances, accessories, and various other pieces of property.
Termites - Depending on the area, the contract may require the seller or buyer to pay for a termite inspection. The results of this inspection may require payment to remove the infestation and repair any resulting damages. You should get a written statement at settlement indicating that the property is free and clear of any active termite infestation. In some areas, well and septic certificates are also required.
Title Attorney or Insurance Company When buying property, you have the right to select the title attorney or insurance company who will carry out your purchasing arrangements. Furthermore, be sure to clear the title company with the lender, whose interests are also concerned.
Closing and Occupancy Date - Include documentation for an arrangement with the seller, such as a daily rent-back agreement, in case they stay in the house past the settlement date. Without a rent-back, the sellers might have to make a double move, first to interim housing and then to a new home. It can be costly to store belongings, and moving twice can be a huge inconvenience.
Posted: May 11th, 2007 at 1:28 pm
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