Posts Tagged ‘Goals’

This article is designed to address what I consider the really “big ticket” items that simply cannot be ignored by either buyers or sellers. These are things that, in my opinion, simply must be done to even start the process of putting a house on the market to sell or to initiate the purchase of a home.

For most of us our homes are the biggest asset we will ever have. Increasingly, it is the one asset by which we have accumulated equity or “wealth” of any significance and by which we can borrow against to restructure debt, use as collateral for lines of credit and even draw on for a retirement fund. Consequently, when we purchase or sell our home it is often now much more than just providing for, or changing the roof over our heads.

Throw into the mix the emotional component of the “home is where the heart is” and you have an extremely complex and layered investment. It is rare the individual that sees the rooms of a house only as a structure rather than the nursery they will bring home their first born, the first place they can call their own where they will entertain friends and family, the “nest” where they will begin a marriage, the room where grandmother will have her own space and be close by to care for, the place where a son or daughter will remember a childhood and yes, the place where sometimes people gather around a bedside to say good bye.

When faced with the sometimes daunting, sometimes exhilarating, sometimes scary, sometimes frustrating task of a home purchase or sale it is often helpful to have a plan of action; a set of goals; a blue print (no pun intended) as it were for navigating the process of purchasing or selling a home. To that end, the following attempts to provide knowledge, advice and guidance gathered and compiled from many professionals, with years of experience.

So, let us begin. Some of it may be repetitious to you as you may already be aware of, or have the knowledge of, the information provided. But, taken as a whole, the intent is to provide a complete picture for a fairly wide spectrum of individual experiences that addresses, at some point, an issue or point of view not only relevant to the reader, but valuable to them as well. It is quite possible, actually probable, that just one point, of and by itself from the list provided here will save you thousands of dollars and/or momentous heartache.

Number 4 – Arrange Your Personal Financial Information in Advance

Raise your hand if you have had to qualify for a home loan before. For those who have their hands raised, you already know the drill and how impersonal, probing and detailed it can become. You have found your dream home, you envision holidays, birthdays, weddings, hopes, dreams, family, friends, love and happiness. Then the screech and collision of qualifying for a home loan meets the dream. A little advance preparation will do wonders for getting one ready for the reality of what to face as well as smooth the process for all parties concerned.

The list provided below is what I recommend first time or anytime buyers to prepare in advance of looking for a home and certainly in advance of talking to a mortgage broker. This information combined with your credit scores and reports, puts you in a distinct advantage when discussing loan packages available, requirements necessary to complete a loan package and time savings if critical to the completion of the purchase. In addition, and maybe even most importantly, having prepared all of this in advance creates the accurate perception by your team of professionals representing you, that you are serious about purchasing a home. I will assure you, commissioned professionals get real serious with people that make their jobs easier and don’t waste their time.

o Last two years of tax returns.

o Financial statement prepared by an accountant if possible.

o If renting, copy of lease and twelve months of cancelled checks showing rent payments on time.

o Copies of last two months utility bills.
o Photocopies of drivers license and social security card.

o The final purchase contract for the house (if applicable).

o If you’re self-employed, the mortgage company may require your personal and business tax returns for the previous two years and your company’s year-to-date Profit and Loss statement.

o Divorce settlement papers, if applicable.

o Updated account statements for listed assets in the application that may have changed in value.

o Information about debts or credit report items that may have been delinquent or not accurate.

o Evidence of your mortgage payments, such as canceled checks.

o An irrevocable gift letter if you are receiving a monetary gift from a relative.

o Your bank account numbers and the address of your bank branch, along with checking and savings account statements for the previous 2-3 months.

o Last two pay stubs, W2 withholding forms, tax returns for two years, or other proof of employment and income verification.

o Credit card bills for the past few billing periods, or canceled checks for rent or utility bill payments, to show payment history and amount of revolving debt.

o Information on other consumer debt such as car loans, furniture loans, student loans and retail credit cards.

Organize and place all of this information in a three ring binder with labeled dividers. Make three copies, one for your mortgage broker and two additional copies, one for yourself and one extra in case it is needed (which more than likely will happen).

Number 5 – Common Sense Do’s and Don’ts For Both Buyers and Sellers

Often, common sense is just not that common. It seems to me, one would want to make the best impression on strangers coming into your home even if they aren’t coming to give you thousands of dollars in exchange for it. I guess sometimes life gets us going round and round so fast, we forget the obvious. To that end, the following is a compilation of good sound advice to spruce up your home when putting it on the market. You can use some of it before Aunt Ethel comes over as well.

o If you are buying a house, for goodness sakes don’t go out and purchase a car or any other big ticket item right before after applying for a loan. This includes applying for credit cards and making credit card purchases. If you have to buy something on a credit card make sure it is less than 30% of the available credit.

o If you are selling a home do clean it up. Slap a coat of off-white paint on the walls, shine the bathroom fixtures, clean the carpet, replace a cat box so that it doesn’t smell, oil the windows and doors so they open easily without creaking, clean the windows, polish the door knobs. Do remove all the appliances and anything else from the kitchen counter to show off the counter space. Do remove all clutter from shelves, closets and store rooms.

o When pricing your house for sale, don’t price it too high. Yes, you can always come down but by that time your buyers may have bought something else. Besides, lowering the price significantly signals desperation or that something is keeping this property from selling.

o Do plant some flowers in the front if at all possible or get potted flowering plants to spruce of the front when selling. Make the front door look as fresh and new as possible. If need be, paint the front door, definitely shine up the door hardware, clean the back yard and do anything possible to make the yard look neat and clean like racking leaves and mowing the grass. Put a plush new door mat at the front door. You can always take it with you but it helps give a good first impression. And, put the toilet seat down!

(Due to space limitations, this is an exert from The Top Five Things You Need to Know if You Are Buying or Selling a Home. If you would like the complete article, please go to our site and we will immediately email you a free copy.)

Pat Hicks is the Managing Partner for http://www.Iwantafreecreditreport.com , a web site providing online shopping, reviews of and links to some of the top web based credit reporting sites.

Author: Pat Hicks
Article Source: EzineArticles.com
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1) Find a local real estate agent when selling a house. Because of all the things that need to be considered and to ensure appropriate research, negotiations, and contracts are handled, it’s strongly recommended that you use a local real estate agent to guide you through the process of selling a house. The benefits of using a local real estate agent are many and will only simplify things if you are not experienced in these matters. A local real estate agent can help you achieve your goals by formulating a real estate marketing plan that meets your expectations and finds buyers that meet your conditions.

2) Identify the current value of your house. Here, you (or your local real estate agent) will research the most recent sales prices of comparable properties in your neighborhood, understanding that the price of a house depends on the interior and exterior conditions of the property thereby helping you identify how to value your house. You can get this information via different websites that offer online home values. A local real estate agent will also be able to gather updated information and determine the right price of your home from other comparable prices in your area.

3) Get it ready to market. Do all the necessary inspections before you put your house on the market. When selling a house, prepare your house to be visited frequently; sometimes investing in simple repairs could increase the value of your house by thousands. “If a car is worth $200 dirty, it will be worth $220 cleaned up,” Donald Trump once said.

4) Make your home price attractive. We all want to get as much as we can for our house. That is why getting a good, realistic valuation is of the utmost importance when selling a house. Once you know the real worth of your home, you can price it attractively enough to sell with the assistance of a local real estate agent. Set the price at an acceptable range, but a little lower than expected so that you can move it quickly. Overpricing a house (led by emotional pride and economic concerns) are easily the two main reasons why homes don’t sell well. You want to attract buyers and make them feel like they can’t pass up the deal. Remember, you have competition from other nearby home sellers. When selling a house, make your option the most attractive in price, reliability, and conditions.

5) Marketing your home. Reaching the buying public and getting the word out that you are selling your house is something that many can do for you, including a local real estate agent. The important part is making sure that the right form of marketing is being used to reach the targeted audience. Different tactics might be needed to make sure your home is seen in a positive way. Things that might seem small like good lighting, pictures, and landscaping go a long way in selling your house to the different types of buyer sets. A local real estate agent is always valuable in this instance for his or her industry expertise when a homeowner is selling a house.

Newspapers, flyers, real estate marketing online, bandit signs, open houses, and the assistance of a local real estate agent will help in the overall marketing plan to make sure the word gets out that you are selling your house and interested buyers stop in.

6) Negotiate and agree on price and terms. Be as clear as you can with the buyer when selling a house. Be specific on how much money you want for your property and try to work out a deal that makes sense for both you and the buyer. Write down all the terms when you accept the offer, including any improvements or repairs that you agree to make.

7) Get the home ready for closing (inspection, appraisal, perform fixes, etc). Once the terms and conditions have been agreed upon and the house is up for closing, make sure all improvements or repairs are complete and that your house is ready for a possible inspection. According to the American Society of Home Inspectors (ASHI), a general inspection includes a thorough evaluation on the following aspects of the house:

• Structural elements: construction of walls, ceilings, floors, roof and foundation
• Exterior evaluation: wall covering, landscaping, grading, elevation, drainage, driveways, fences, sidewalks, fascia, trim, doors, windows, lights and exterior receptacles
• Roof and attic: framing, ventilation, type of roof construction, flashing and gutters
• Plumbing: identification of pipe materials used for potable, drain, waste and vent pipes, including condition
• Systems and components: water heaters, furnaces, air conditioning, duct work, chimney, fireplace and sprinklers
• Electrical: main panel, circuit breakers, types of wiring, grounding, exhaust fans, receptacles, ceiling fans and light fixtures
• Appliances: dishwasher, range and oven, built-in microwaves, garbage disposal and, yes, even smoke detectors

Closing, the last and most important step in this journey. This usually takes place in an attorney’s office where the required documents are signed in order to transfer your property to the new owner. Cash or financing is provided at this point of sale in exchange for a legal title and ownership of the property. Legal rights and responsibility are passed to the buyer at the moment, and hopefully, you will have had the chance to leave behind many great memories from your time there.

Please note that although there are many circumstances to consider when selling a house, using the services of a local real estate agent to make sure research, negotiation, and contract processing is done correctly is of the utmost importance.

Neil A. Terc is the president of YourKasa.com, a feature-rich, online real estate property listings service that offers listings from both realtors and owners. A successful salesman and self-taught real estate professional, Terc put his experience to work over the last seven years, successfully purchasing and selling or leasing a multitude of properties. He created YourKasa.com to help home buyers and sellers overcome some of the common challenges that are faced during the process. To learn more, please visit YourKasa.com.

Author: Neil Terc
Article Source: EzineArticles.com
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