Making an Offer

Your offer is a written proposal, designed to cover all aspects of the purchase agreement.  Once accepted, it becomes a binding contract.  The offer details the property's address, sale price and closing date.  It must include provisions for any required and requested inspections and clearly state all financial obligations regarding mortgage, deposits and taxes.  Call me, my job is to know the changing laws and requirements.

Check out this article on Realtor.com...

The Basics of Making an Offer on a House
August 5, 2013
By:  The Realtor.com Team



Like marriage, home-buying is one part love, one part legal transaction, and it starts with a proposal. When you’re ready to buy a home, you need to make a written offer: Oral promises are not legally enforceable in real estate sales.

Realtors usually have a variety of standard forms (including Residential Purchase Agreements) that are kept up to date with the changing laws. In many states, sellers must comply with certain disclosure, and a Realtor will ensure that they do, as well as answering any questions you may have during the sale.

If you are not working with a Realtor, keep in mind that your purchase offer or contract must conform to state and local laws. State laws vary, and certain provisions may be required in your area.
Besides addressing legal requirements, the proposal should specify price and all other terms and conditions of the purchase. For example, if the sellers said they’d help with $2,000 toward your closing costs, include that in your written offer and in the final contract, or you won’t have grounds for collecting it later.

After the offer is drawn up and signed, it will usually be presented to the seller by your Realtor, by the seller’s Realtor if that’s a different agent, or often by the two together. In a few areas, sales contracts are typically drawn up by the parties’ lawyers.

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Choosing a Neighborhood

Before deciding on a house, first decide which area is most suitable for you.  Consider the following:  What is the crime rate?  How important is traffic and proximity to schools, shopping and other activities?  Have property values been increasing?  Call me, my job is to know these important neighborhood characteristics.

Check out this article from Realtor.com...

14 Things to Consider Before Buying a Home
August 19, 2013
By:  Realtor.com Team

When you’re buying a home, it’s easy to let emotions get in the way of reality. “Sometimes we want something so badly, we’re not willing to ask all the questions we should,” says Leslie Levine, author of “Will This Place Ever Feel Like Home?” To make sure your dream home isn’t a mirage, follow these 14 tips:

1. Visit at various times of day. The windows that let in so much light during the day may be a peeping Tom’s dream at night. That seemingly quiet residential street may be a noisy, highway-feeder street during morning or evening rush hour. The adjacent school may seem like a nice perk if you’re buying in the summer, but during the school year, daily playground noise and extra traffic may be more than you bargained for.

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Fixer-Uppers

Is a fixer-upper right for you?  Good deals can be found, but make sure that it will not cost you more in the long run.  A home inspection can help identify both major and minor problems.  Work the repairs into a budget and create a timeline of how and when you want to complete them.  Calculate additional financing for problems found along the way.  Call me, I can help you find the potential in a less than perfect house.

Check out this article from Realtor.com...

FHA 203(k) Loans to Fix Your Home
August 29, 2013
by Realtor.com

Want to buy a fixer-upper or rehab a home you already own? The Federal Housing Administration's 203(k) loans are for houses that are damaged or sorely in need of renovation.

If you’re buying a home, the loan covers the cost of both the property and necessary home repairs. The down payment requirement is low — currently 3.5 percent of the combined price of the home and repairs — and eligibility criteria are loose.

If you own a home that needs help, you can refinance with a 203(k). The loan can cover a vast range of repairs, including room additions, bathroom remodeling, roofing, flooring and air conditioning systems.

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September 2013 Real Estate Review

August 2013 Real Estate Review

Budget Home Improvements

Finances may be tight, but don't let your biggest investment take a hit.  The U.S. Census Bureau estimates that improvements and maintenance normally cost about $3,300 a year for the average house.  Prevent small problems from becoming big headaches by keeping up with regular maintenance.  Call me for suggestions on low-cost, high-return improvement ideas.

I recommend reading the following article from Realtor.com.

Home Repairs to Do Before You Refinance

Finance, Refinancing Jun 14, 2013   By: Credit.com 

 

Property values have come roaring back. Many can now refinance their loans by virtue of having additional home equity. And increased property values can also put homeowners in a better financial position to sell their home without entering short sale territory. But the fact remains: Everyone wants to attain maximum value for their real estate and home repairs can help.

So what’s the best barometer of a home’s true worth? Simple: the amount a ready, willing and able buyer is willing to pay at any given point in time. Unfortunately, appraisal estimates can be skewed, especially when not all the home repairs and improvements are taken into consideration. This is why you should weigh all home improvement decisions carefully before you commit.

When You’re Refinancing

Unlike in years past, the weight of an appraisal to determine the home value for the purposes of refinancing a mortgage is based upon the facts (which are primarily based on other homes that have sold) and what the property description is.

Improvements that may help a refinance valuation:

• Additional bedroom or bathroom
• Addition to the lot size
• Addition to the garage
• Improvement that expands the “use” of the home

When it comes to improvements such as landscaping, painting, any home improvement more “cosmetic” in nature, realize that the primary benefit is for the enjoyment of the property, not for trying to influence value.

When Selling
A home buyer is going to take into consideration all of the facts associated with the property, location, lot size, square footage, bedrooms and bathrooms, as well as additional cosmetic improvements that have been done that add to the look and feel of the home.
Improvements that may help a sale price:

• New paint job
• Freshly maintained landscaping
• Remodeled and/or upgraded interior
• Deck and/or patio addition
• Additional bedroom or bathroom
• Addition to the lot size
• Addition to the garage

Read more here...http://www.realtor.com/advice/home-repairs-to-do-before-you-refinance/

Fixtures

The question of whether or not a 'fixture' stays is a common question of buyers and sellers.  A fixture is any item of value that is permanently attached to the real estate.  This includes things such as light fixtures, wall-to-wall carpeting, landscaping and so on.  Kitchen appliances are not always included.  Be safe by ensuring that any item in question is clearly described in the contract.  Call with any questions!

I recommend reading the following article on Realtor.com.

What Goes With You When You Sell Your Home?

May 20, 2013

By: Deidre Woollard

 

 

 

When you are getting ready to sell one of the things you will need to consider is what stays in the home and what goes. There are certain things that are generally considered to be part of the home and others which are often negotiable. Before you put the home up for sale you will want to figure out what things you absolutely want to take with you and what might be up for discussion. If you know where you will be moving to next then you are already one step ahead of the game because you know what is in your new place. If not, or if you are moving far away, it can be trickier to decide what is worth moving or putting in storage and what is worth offering to the buyers of your home.

Read more here:  http://www.realtor.com/advice/what-goes-with-you-when-you-sell-your-home/