It is in YOUR best interest to work
exclusively with a professional real estate agent.
They have access to every home that is in South the Multiple Listing
Service and they will be paid only when they find the right home for you (Seller
always pays commission).
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First Impressions Last.
Buyers want to inspect your house and
neighborhood for the things that are important to them. Buyers always over
estimate the cost of painting and repairs. It is always preferable that you
prepare your home to look its best resulting in a faster sale at a higher price.
Leave your house and trust your professional Realtor to show and sell it for
you.
The Front View Greets the Buyer.
Make sure it is inviting. Keep your lawn well
manicured and your gutters cleaned. Power washing the house, sidewalks, decks
and driveways will greatly improve curb appeal. A new coat of paint on the front
door and porch rails will give your entrance a fresh look!
Dust & Dirt Reduce Appeal.
Inspect for cobwebs in the corners, dusty ceiling
fans, dirty baseboards and carpets. A small investment in time and good cleaning
will make your home look its best and give the greatest return.
Make Rooms Look Larger.
Remove excess furniture, pictures and posters. Neat,
orderly rooms and closets will make rooms look larger!
Soft Music and Sweet Aromas are
Inviting.
Have the intercom or stereo tuned to a station of soft
background music. Scented candles and potpourri give the home a pleasant aroma.
Kitchens and Bathrooms Sell
Homes.
Check and repair caulking around tubs, showers, sinks
and countertops. Remove as much from countertops as possible and place remainder
neatly on a tray or in a basket. Make these rooms sparkling clean.
Display the Full Value of Your
Storage Space.
Remove all unnecessary articles from your closets.
Perhaps now is the time to start packing for your move. Neatly stacked boxes
look much better than cluttered shelves and floors.
Pay Attention to Details.
Loose knobs, sticking doors, dirty air return filters,
ovens, and tile grout, loose wallpaper seams and other minor flaws detract from
your home's value.
Let the Sun Shine In!
Open blinds, shades, and curtains to show how cheerful
your home is. Turn on every light in the house. Make sure light fixtures are
clean. When possible, wash windows and remove screens -- this can increase light
by 50%!
Pets in the home?
Many buyers are very pet sensitive. Keeping them out
of the way-preferably out of the house is best. Pay special attention to pet
odors. Removing of pets, beds, bowls and toys will reduce pet odor and buyer
rejection.
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The mortgage process, if handled correctly, can help reduce some of the
stress often felt during the home buying process. However, since there are
several steps to completing the process, a professional can help you
learn more about your options, keep the process on track and on time, and
receive the Guaranteed Lowest Price Mortgage.
Overview of the loan process
If you are buying or refinancing a home
 | If you are salaried: provide two years W-2 and one month
of pay stubs OR if you are self-employed: provide two years tax returns
and a YTD profit and loss statement. |
| If you own rental property, please provide rental
agreements and two years tax returns.
|
| If you wish to speed up the approval process, please also
provide three months bank statements for each bank, stock and mutual fund
account.
|
| Provide recent copies of any stock brokerage or IRA/401K
accounts that you may have.
|
| If you are requesting a cash out refinance please provide
a letter explaining what you plan to do with the proceeds.
|
| Provide a copy of divorce decree if applicable.
|
| If you are NOT a US citizen, provide a copy of your green
card (front & back), or if you are NOT a permanent resident provide
your H-1 or L-1 visa. |
If you are applying for a home equity
loan
| If you are salaried: provide two years W-2 and one month
of pay stubs OR if you are self-employed: provide two years tax returns
and a YTD profit and loss statement. |
| If you own rental property, please provide rental
agreements and two years tax returns.
|
| Please provide a copy of the note on your first mortgage.
This will normally be found in your closing loan documents.
|
| Please provide a signed letter explaining what you plan
to do with the proceeds.
|
| Provide a copy of divorce decree if applicable.
|
| If you are NOT a US citizen, provide a copy of your green
card (front & back), or if you are NOT a permanent resident provide
your H-1 or L-1 visa. |
Get qualified
Getting qualified before you apply for a loan can help
you understand how much you can borrow.
When buying a house, you may get pre-qualified or
pre-approved. You can typically get pre-qualified over the phone or on the
Internet in a few minutes. A pre-qualification is not as beneficial as a
pre-approval where you have to go through a more rigorous process which
includes verification of your credit, income, assets and liabilities. It is
highly recommended that you get pre-approved before you start looking for a
house. This will help you:
- Find out the maximum house you can buy, so you don't
waste time looking for properties you can not afford.
- Puts you in a stronger position when you are negotiating
with the seller, because the seller knows that your loan is already
approved.
- Helps you close quickly, since your loan is already
approved.
Shopping for a loan
- Think about how long you plan to keep the loan. If you
plan to sell the house in a few years you may want to consider an
adjustable or balloon loan. On the other hand, if you plan to keep the
house for a longer time, you may want to look at fixed loans.
- Understand the relationship between rates and points.
Points are considered to be prepaid interest and are tax deductible. Each
point is equal to one percent of the loan. So for example 1 point on a
$150,000 loan is $1,500. The more points you pay, the lower the rate you
will get.
- Compare different programs. Shopping for a loan can be
difficult. With so many programs to choose from, each of which has
different rates, points and fees, it's hard to figure out which program is
best for you. That's where an experienced loan officer can help you make a
decision that's best for you.
Obtain loan approval
Once your loan application has been received the loan
approval process starts immediately. This involves verifying your:
- Credit history
- Employment history
- Assets including your bank accounts, stocks, mutual fund
and retirement accounts
- Property value
Based on your specific situation, additional documents or
verifications may be required. To improve your chances of getting a loan
approval:
- Fill out the loan application completely.
- Respond promptly to any requests for additional
documents. This is especially critical if your rate is locked or if you
plan to close by a certain date.
- Do not make any major purchases. Do not buy a car,
furniture or another house till your loan is closed. Anything that causes
your debts to increase might have an adverse affect on your current
application.
- Do not move money into your bank accounts unless it can
be traced. If you are receiving money from friends, family or other
relatives, please contact us.
- Do not go out of town around the closing date. If you do
plan to be out of town when your loan is expected to close, you may sign a
power of attorney, to authorize another individual to sign on your behalf.
Close the loan
After your loan is approved, you will be required to sign
the final loan documents. This will normally take place in front of a notary
public. Be prepared to:
- Bring a cashiers check for your down payment and closing
costs if required. Personal checks are normally not accepted.
- Review the final loan documents. Make sure that the
interest rate and loan terms are what you were promised. Also, verify that
the name and address on the loan documents are accurate.
- Sign the loan documents.
Your loan will normally close shortly after you have signed
the loan documents. On refinance and home equity loan transactions federal law
requires that you have 3 days to review the documents before your loan
transaction can close.
Having your agent work in conjunction with your lender can take a lot of the
hassle out of applying for a mortgage and also give you more control over the
process.
The bundle of fees associated with the buying or selling of a
home are called closing costs. Certain fees are automatically assigned to
either the buyer or the seller; other costs are either negotiable or dictated
by local custom.
Buyer closing costs
When a buyer applies for a loan, lenders are required to provide them with a
good-faith estimate of their closing costs. The fees vary according to several
factors, including the type of loan they applied for and the terms of the
purchase agreement. Likewise, some of the closing costs, especially those
associated with the loan application, are actually paid in advance. Some
typical buyer closing costs include:
| The down payment
|
| Loan fees (points, application fee, credit report)
|
| Prepaid interest
|
| Inspection fees
|
| Appraisal
|
| Mortgage insurance
|
| Hazard insurance
|
| Title insurance
|
| Documentary stamps on the note |
Seller closing costs
If the seller has not yet paid for the house in full, the seller's most
important closing cost is satisfying the remaining balance of their loan.
Before the date of closing, the escrow officer will contact the seller's
lender to verify the amount needed to close out the loan. Then, along with any
other fees, the original loan will be paid for at the closing before the
seller receives any proceeds from the sale. Other seller closing costs can
include:
| Broker's commission
|
| Transfer taxes
|
| Documentary Stamps on the Deed
|
| Title insurance
|
| Property taxes (prorated) |
Negotiating Closing Costs
In addition to the sales price, buyers and sellers frequently include closing
costs in their negotiations. This can be for both major and minor fees. For
example, if a buyer is particularly nervous about the condition of the
plumbing, the seller may agree to pay for the house inspection.
Likewise, a buyer may want to save on up-front expenditures,
and so agree to pay the seller's full asking price in return for the seller
paying all the allowable closing costs. There's no right or wrong way to
negotiate closing costs; just be sure all the terms are written down on the
purchase agreement.
Prorations
At the closing, certain costs are often prorated (or distributed) between
buyer and seller. The most common prorations are for property taxes. This is
because property taxes are typically paid at the end of the year for which
they were assessed.
Thus, if a house is sold in June, the sellers will have
lived in the house for half the year, but the bill for the taxes won't come
due until the following year! To make this situation more equitable, the taxes
are prorated. In this example, the sellers will credit the buyers for half the
taxes at closing.
Two Months Prior to Moving Day
| Get estimates from at least four moving companies if you will use a mover. |
| Get costs from at least two truck rental companies if you will move
yourself. |
| Create a floor plan of your new home for furniture and appliance
placement. |
| Make an inventory of your household goods and begin to remove clutter
(start with the basement, attic, garage, and other storage areas). |
| Start a file for all your moving paperwork (estimates, receipts, etc.). |
| Arrange to transfer school records. |
| Choose a mover (or truck rental company). |
Six Weeks Prior to Moving
Day
| Obtain and fill out post office change-of-address cards. |
| Subscribe to the paper in your new hometown to learn more about your
new community |
| Make arrangements for storage if necessary. |
| Ask your doctor or health plan for referrals and obtain all medical
records. |
| Have antiques, pieces of art, and other valuables appraised. |
| Clean all closets and drawers. |
| Start using foods and cleaning supplies that cannot be moved. |
Four Weeks Prior to Moving
Day
| Contact all utilities for service disconnection at your old home and
connection at your new home. Be sure disconnect is the day after you
leave and connection is the day before you arrive. |
| Contact all utilities for service disconnection at your old home and
connection at your new home. Be sure disconnect is the day after you
leave and connection is the day before you arrive. |
| If you are moving yourself, reserve a rental truck. |
| If you are packing yourself, obtain packing materials and start
packing items you won’t need until after you arrive at the new house. |
| Arrange for cleaning and repair of furniture, drapes, and carpeting. |
| Arrange for special transportation of your pets and plants if
necessary. |
| Check with your insurance company to see how your possessions are
covered during transit. |
| Make any travel plans necessary for your move. |
| Check to see if you need any moving permits. |
| Plan your moving sale. |
Three Weeks Prior to Moving
Day
| Dispose of items that cannot be moved, such as inflammable liquids. |
| Prepare auto registration for transfer (if moving to another state). |
| If you are moving in or out of an apartment, arrange for use of the
elevator. |
| Make child-care arrangements for moving day. |
| Hold your moving sale. |
Two Weeks Prior to Moving
Day
| Arrange for disposal of anything not sold at your moving sale. |
| Service your car in preparation for the move. |
| Return any borrowed items (including library books) and retrieve any
loaned items. |
| Cancel newspaper delivery. |
| Notify any creditors of your move. |
| Transfer prescriptions and be sure you have an adequate supply of
medications on hand. |
| Assemble a file folder of information to leave for the new owner of
your home.
|
One Week Prior
to Moving Day
| Transfer your bank accounts. |
| Take animals to vet for immunization if necessary. |
| Close your safe-deposit box. |
| Settle any bills with local businesses. |
| Drain power equipment of oil and gas. |
| Drain water hoses. |
| Find new homes for plants that will not be moved. |
| Confirm any travel reservations. |
Two to Three Days Prior to
Moving Day
| Drain your waterbed. |
| Defrost refrigerator and freezer, propping doors open. |
| Let movers pack your belongings (unless it’s a do-it-yourself move). |
| Disconnect and prepare major appliances for move. |
| Set aside anything that will travel in your car so it will not be
loaded on the truck. |
| Pack a box of items that will be needed first at the new house.
Clearly mark this box "Load Last." |
| Obtain cash or traveler’s checks for the trip and pay the movers. |
| Confirm arrival time of your moving van. |
| If moving yourself, dismantle beds and other large furniture.
|
Moving Day
| If using a mover, be sure someone is at the old house to answer
questions. |
| Note all utility meter readings. |
| Read your bill of lading and inventory carefully before signing. Keep
this paperwork in a safe place. |
Delivery Day
| Again, be on hand to answer any questions. |
| Check your belongings carefully and note on the inventory any damaged
items. |
| On an interstate move, be prepared to pay the driver before your
possessions are unloaded. |
| Supervise unloading and unpacking. |
| Be prepared to pay your mover with cash, certified check, or
traveler’s checks unless other arrangements have been made in advance. |
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