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Understand the Process
Whether a first-timer or seasoned home buyer, your home buying and selling
process can be as challenging as learning a new language. Before you make your
move, it's important to first understand the steps involved and the buzzwords of
the "deal" to ensure the smoothest transaction possible.
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The Loan Process
Finance FAQ
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New to home finance? Learn the answers to these fundamental
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The silver linings that are emerging for buyers as a result of the changing
housing market are greater selection, fewer competitive offers, and less
pressure to make a snap decision. However, you should still be thinking of
putting your best offer forward, since there may not be a lot of room for
negotiating the price and terms. Having a knowledgeable agent who can pinpoint
what amount will be met with serious interest on the seller's part is half the
battle.
During the negotiation process, you have the right to include a home
inspection to uncover any serious flaws in the structure. At the same time, you
should appeal to the seller's desire for a quick and uncomplicated sale by
coming close to all the reasonable terms of the closing requirements. Moreover,
avoid sticking too many conditions in your offer. One big advantage for you as a
buyer is to have preapproved financing so that the seller knows that you have
the necessary funding to complete the transaction. Again, your agent can be your
"wingman" as you make the "offer-to-purchase" run.
For a homebuyer, closing on a property means finally having the flexibility
to build and create your own living space and, as homes typically appreciate
over time, some measure of financial security.
Unfortunately though, closing also means having to comb over pages of legal
documents, budgeting for closing costs, and finalizing your home financing. By
being prepared before moving day, you'll make sure there are no surprises.
Paperwork
Some of the legal documents you'll need to look
at on closing day include estimates, contracts, title searches, appraisals, home
inspection summaries, and financial documents. Your real estate lawyer and/or
sales associate should make these services available to you.
A week before you take ownership, consider coordinating a meeting where all
respective agents, vendors, buyers, and your attorneys finalize closing details
and documents. This step will help you avoid any surprises the day of, and
ensure all paperwork is complete prior to taking possession.
When you close, also make sure to obtain the deed to your property.
Payments
Your mortgage is far from the only cost you
should expect to pay when purchasing property. Other expenses may include legal
fees, insurance, appraisal fees, moving fees, utility hook-ups, and depending on
what state you live in, land transfer taxes.
Once you've been pre-approved for a loan, begin discussing closing costs with
your Better Homes and Garden Real Estate sales associate. If you need more cash
on hand for anticipated closing costs, this may force you to adjust the terms of
your home financing. Putting down a smaller down payment is one way to free up
some additional cash; however, it may make it more difficult to obtain financing
from your lending agent. Also, consider that a smaller down payment may mean
higher monthly mortgage payments. Carefully weigh these options with your sales
associate and consider the length of time you intend to stay in your new home.
Additional Closing Costs
Land transfer taxes are costs
many first-time buyers may overlook when purchasing a property. Whatever the
amount, the trick is to be prepared.
Ask your sales associate to look at comparable sales in the neighborhood.
With that information, he or she should be able to provide a fairly accurate
cost estimate that will help you budget more effectively before taxes.
Adjusting to life in a new neighborhood can be stressful enough; the physical
act of moving shouldn't make it worse. Ironing out the details weeks in advance
will help make sure you and your prized possessions arrive at your new home in
one piece.
Organizing the move
According to the US Census Bureau, an
estimated 39 million Americans relocate annually, while half of all moves occur
between May and Labor Day. If you're planning to move in during that time, make
sure to book movers well in advance to avoid having to make arrangements around
the schedules of others.
Before signing a contract, however, insist on getting in-home estimates from
at least three reputable companies. While estimating your home's contents over
the phone may seem like a simple way to obtain a quote, it often winds up
costing more in additional fees, a scenario that can be easily avoided by
scheduling face-to-face appointments.
Packing
Weeks before you move, start collecting boxes and
gathering any necessary supplies (packing tape, sharpies, etc). Ideally, the
boxes will be uniform so that they are easily stacked and stored prior to the
day you close on your new home. When you start packing, work your way through
your home, room by room, to make the task seem less onerous. If possible, spread
out heavy items like books in several boxes as you may be the one lifting them.
Before buying loosefill peanuts or other packing materials, first consider
what you have around the house for this purpose. Linens are excellent for
wrapping and insulating delicate items, while old newspaper will help cushion
plates, mugs, and cups and will more than likely ensure they arrive intact at
your new home.
Insurance
Before movers start angling your widescreen TV
down narrow hallways, make sure most, if not all, contents in your home are
properly insured. If you're unsure, contact your insurance provider and get a
list of what is covered under your home insurance. Does it cover items in
transit? If not, most moving companies offer additional insurance, something you
may want to consider purchasing for added peace of mind.
Also, few, if any, reputable moving companies will be held liable for the
safe transport of important documents, jewelry, or currency. Pack those items
yourself, and, along with any other precious keepsakes, keep them in your car to
ensure they arrive safely.
Last minute
When moving, you'll likely discover items
around the house that have been dormant for years. Heirlooms, collections, and
other possessions with sentimental value aside, this is an ideal opportunity to
clean up and donate any unwanted or unused items to a local charity. You'll not
only be giving these items a second life, you'll also be limiting the time you
spend creating space for them in your new home.
Common Questions to Consider When Buying Your Cabin in the Woods
 |
 |
Make informed decisions so your dream property lives up to its potential
Read the Article
|
Easy outdoor staging tips to make the right first impression
Key Questions to Ask Potential Real Estate Sales Associates
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Questions you should ask a potential agent to ensure the quick and problem-free sale of your home.
Read the Article
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Selling Tips in a Buyer’s Market
How The First-time Home Buyer Tax Credit Works For You
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Get a tax credit of 10% of the purchase price of your next home up to $8,000 when you buy a principal residence
Read the Article
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Pricing Your Home Right: Art or Science?
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When you and your REALTOR® sit down to analyze comparable homes and recent sales, you may find that prices of homes similar to yours can be thousands of dollars apart.
Read the Article
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Should you buy a home now or wait?
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Housing prices are at their most affordable in a decade, but suddenly, mortgage interest rates are rising.
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Showing Your House
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So the day has come to show your house to perspective buyers. The REALTOR® has called and said the showing is in a few hours. You want to make sure your home is ready to get the best price from that perfect buyer.
Read the Article
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Getting Ready to Sell Your Home
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Getting your house ready for sale does not have to be a stressful event.
Read the Article
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Moving with Young Children
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How to introduce your child to the moving process and new surroundings.
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Pricing Your Home For Sale
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Find out how to set a price for your home so you can get the best deal in the current housing market.
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Understanding Today's Home Buyers
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If you’re a home seller, you need to know what buyers are facing in today’s real estate market, so you can do the one thing that will help the right buyer buy your home.
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Understanding CMA – Comparable Market Analysis
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No two homes are alike, which is why pricing a home for sale can be so challenging.
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Homebuyer Tax Credit Extended, Expanded
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Quick action by Congress and President Obama has extended the first-time homebuyer tax credit to April 30, 2010
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How-to’s: How Much Home Should You Buy?
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Should you buy as much home as you can afford, or just what you need?
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How-to’s: Should You Have An Open House?
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With so much information available online, do you still need an open house?
Read the Article
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How-to’s: What to do if your home doesn’t appraise at the price you want to sell?
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There are more choices than amending the contract to the appraised price, or losing the buyer
Read the Article
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Finance FAQ
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New to home finance? Learn the answers to these fundamental questions.
Read the Article
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The Loan Process
Your Credit
The Right Mortgage
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Options, options and more options. How to choose the "right" mortgage for you.
Read the Article
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Purchase Checklist
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With so much to think about, working from a checklist can keep you on track.
Read the Article
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Private Mortgage Insurance
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Find out about Private Mortgage Insurance (PMI) and how it compares to other loan insurance programs such as FHA loans.
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How-to’s: Understanding Your Credit Scores
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When you apply for a mortgage loan, one of the first things your lender will do is check your credit history
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What Makes For A Winning Offer?
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Congratulations! You and your sales associate have searched the listings, looked at properties and found your potential dream home. How can you tender an offer that closes the deal?
Read the Article
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Finance FAQ
|
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New to home finance? Learn the answers to these fundamental questions.
Read the Article
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The Right Mortgage
|
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Options, options and more options. How to choose the "right" mortgage for you.
Read the Article
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Moving with Young Children
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How to introduce your child to the moving process and new surroundings.
Read the Article
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