Friday, April 26, 2019 / by Pamela Glende
So, you’ve gone through the process of selling your home. All contingencies have been satisfied and the appraisal has been completed and your listing agent let’s you know that “we are clear to close”. Relief is what you are feeling, then your agent tells you the buyer needs to do their final walk through before signing for the home. The stress returns. It really doesn’t need to be stressful.
Here are some tips that will help you to be prepared:
1. Make sure that you have completed all agreed upon repairs. Supply any receipts for work completed to your agent so she can get them to the buyer’s agent. During the final walk through the buyer will be checking that all agreed upon repairs have been completed. You have until 3 days before closing to complete these repairs. Make sure that if a licensed contractor was supposed to do the work, that you did indeed use a licensed contractor. Other repairs that didn’t s ...
Thursday, April 25, 2019 / by Pamela Glende
It is a strong seller’s market and homes are selling fast. Most homes if priced at market value or slightly below are receiving multiple offers. Currently we have just over a month’s worth of inventory. A balanced market is 5.5 months of inventory. There are more people looking to purchase a home than we have currently for sale on the market. The result is that there is bidding wars on homes.
So, what could happen when you choose an offer on your home which is much higher than market value? If the home doesn’t appraise at the agreed upon purchase price and the appraisal is lower, we have a problem.
These are the things that can be done.
1.You could lower the purchase price to the appraised value.
2. You and the purchaser could meet in the middle. Example the purchase price was $250,000. The home appraised at $240,000. You could reduce the purchase price to $245,000 and the buyer could bring $5,000 to closing from their own funds. Keep in mind tha ...
Wednesday, April 24, 2019 / by Dixie Simon
The decision to sell your home can come with a lot of questions. Real estate agents are here to help make the process a little easier. Here are some of the words that you will probably be hearing during this process. I suggest reading through and familiarizing yourself with these words, so you have background knowledge of what they are. Knowing these terms or refreshing them in your mind will give you more confidence in the process.
1. Inspection: A thorough inspection that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser.
2. Appraisal: A written analysis of the estimated value of a property prepared by a qualified appraiser. Contrast with the home inspection.
3. Closing Costs: Fees paid on the day of closing by both buyers and sellers. These fees cover everything from taxes, lender’s fees, and insurance.
4. Earnest Fees: A deposit from the buyer to the seller ...
Monday, April 22, 2019 / by Pamela Glende
1. Choose a listing agent. Make sure to interview at least 3 agents. Have a list of questions ready to ask them. Find out about how they will market your home. What services do they offer? Do they use professional photography? What do they do differently that makes them stand out? Ask for references. Check their reviews online and the reviews of their brokerage. Pay attention to them, are they listening to you? Are they asking why you would like to sell? Do they seem genuine and caring? Do they have your best interest at heart or are you just another sale? Would they advise you not to sell if it’s not in your best interest? Follow your gut.
2. Find out how much your home is worth. Have the listing agent do a market analysis for your home. What other homes in your neighborhood have sold? How do they compare to yours? It is so important to list at the right price. The last thing you want to do is to overprice ...
Monday, April 22, 2019 / by Pamela Glende
1. Open escrow and title. Your agent will open escrow with the closing company and order a title policy for you.
2. Get ready for the buyer’s home inspection. Make sure that things are out of the way so the inspector can access electrical outlets. Also make sure that the attic and basement can be accessed. Plan on not being there so the buyer can attend the home inspection. After inspection the buyer’s agent will send a list of items the buyer is asking to be repaired. Talk with your agent about the report and have your agent negotiate the best they can for you. Remember the buyer can walk away from the sale if you are unwilling to make the needed repairs. The repairs being asked for should be safety issues and items that aren’t working, not cosmetic repairs.
3. Appraisal. After the inspection contingency is satisfied the buyers agent will orde ...