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Resources - Real Estate Tips
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Mortgage Fears
It is not unusual for home buyers to feel the lender is being very critical during your loan approval process. The buyer is required to provide all kinds of financial information, and then the lender asks for more. Have you felt they wanted to know everything you did, down to how many pencils you own? If this is your experience, remember that none of this is personal!
Some lenders have more stringent requirements than others, but every lender requires a substantial amount of documentation on a mortgage loan. They must verify employment, credit history, and recent financial transactions involving your liquid assets. If a payment was late, they may ask for a letter explaining why. If you are self-employed, they will ask for tax returns from at least three years and probably a year-to-date profit and loss statement.
Mortgage companies are required to document everything per the Government regulations. The loan officers may even know you and can confirm you are a reliable risk, but the underwriters must be able to defend the loan to a federal bank examiner or auditor.
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The FSBO Myth
For Sale By Owner. Real estate transactions can be tricky. The widespread myth that selling real estate is easy has lured many home sellers into making expensive mistakes by trying (and failing) to sell their own home.
Many people assume that all you need is a sales contract, a classified ad and a "For Sale" sign. But even the most basic step -- setting the correct sale price -- depends on a number of factors. The location, size and condition of your home, the relationship between the local supply of homes, the number of qualified buyers, the recent selling prices of comparable homes in your neighborhood, all affect the market value of your property. Homeowners that sell without a professional realtor often misread the local market and will overprice their home.
Sellers might also mishandle contingencies, home inspections, title clearance, deadlines and disclosures. The advice and guidance of an experienced real estate agent is essential to ensure that you avoid the risk of expensive litigation and ensure a successful home sale.
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If Repairs Needed, Handle In Advance
A chain of events occurs when an offer comes in on a home. After a meeting of the minds, the buyer often brings in a home inspector who may find a few items that need to be repaired. The real estate agent gives the homeowner a list of the requested repairs. What comes next?
In most transactions, the seller usually takes care of any repairs, but may wait until the week before the closing to call someone to do the work. Like most people, we want to be sure before spending out-of-pocket repair expenses, there is no hitch at closing to keep them from getting their money.
If at all possible, try to get repairs complete in advance of the closing date, by professionals who stand behind their work. If the work is done at the last minute and is incomplete or unsatisfactory, it could cause complications at the closing. You should provide the buyers with all the receipts and the names of the persons to contact in case there is a problem with the repairs.
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Houses and Pets
Are you an animal lover? Many agents own and love their pets as well, but we have shared stories of opening the front door only to come face-to-face with “Cujo” or some little furry creature during a showing. They do not want us invading their territory or they may shoot out the door for a mad dash to the nearest busy street.
If you are going to put your house on the market and have pets, be sure to work out the showing arrangements carefully. It is important for us to be able to tell other agents that may need to pass through your front door with a client. It is rare for pets to pose a huge problem, but big dogs can be menacing. Buyers or agents may be allergic or even a little phobic about dogs or cats.
It is difficult to get a buyer excited about your home if the dog is barking constantly and running loose in the home. If your agent knows there might be a problem, they can arrange ahead of time for you to walk the dog, vacuum the cat dander or do whatever is necessary to make sure that the showing goes smoothly.
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The Sniff Test
When prospective buyers walk into a house, they respond more positively if they smell freshly baked cookies instead of the lingering odor of a household pet. The sense of smell is a powerful motivator.
When your house is for sale, ask a friend or neighbor to give it a "sniff test." As the homeowner, you may not notice odors that visitors are aware of as soon as they walk in the door.. If there are offensive odors in your home, how do you get rid of them?
There are a few simple solutions--giving floors and walls a good scrubbing, using the old vanilla-on-the-light-bulb trick, plugging in an essential oil diffuser and throwing out the dog's special chair. You can temporarily declare your home a "no smoking" zone. You may need professional help for cleaning carpets and drapes or deodorizing walls and wood floors. Ask your realtor to provide you a list of cleaning services which can assist you in making your home smell clean and fresh.
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 Wooten Realty & Builders 2008 - 2011 |
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© 2010 Wooten Realtors. ® All rights reserved. It is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status, or national origin. Equal Housing Opportunity
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