Augusta GA Home Search Real Estate Blog

May 16, 2021

Home Buying Process: 10 Things To Know Before Buying Your New Home In 2021

 

Are you thinking of buying a home? You should know that the home buying process can be challenging, especially if this is your first time buying a home, so before buying your dream home you should first consider your budget, the neighborhood you will like to stay.

 

Home buying process is more than just visiting the homes. You also need to check your credit score and financing options, find the best deal and bargain, the realtor to work with, a home inspector to work with.

But wait a minute ask yourself the following questions, whether this is the right time for you to own your dream home

 

          How much house can I buy?

          Will I need to get a loan?

          Do I need a down payment?

          What desired neighborhood can I afford?

          Are home values in the neighborhood rising or falling?

 

 

In this post, we'll work you through all you need to know about the home buying process.

Knowing these steps will give you the confidence in buying your dream homes.

 

 Here are the 10 things to know before buying your new home

1. Check your credit score

Credit reports

Credit reports is a vital document that contains information about you, such information may include your workplace, current debt, crime history, bill payment history, loans and shown whether you have filed for bankruptcy

The credit report retrieve data from three main credit reporting agencies which are TransUnion, Equifax and Experian.  Which is used to calculate your FICO score and your Vantage score.

The information in your credit report is used to calculate your credit score. It's based on the following factors:

·        Payment history

·        Outstanding balances

·        Length of credit history

·        Types of credit

 Credit score: A number that ranges from 300-850.it shows information about your credit history. Your credit score number will help creditors to determine whether to give you credit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Here are few benefits to having a good credit score of 700 above.

·        Get Approval for Rental Houses and Apartments easily

·        Allow you to Pay fewer Interest Rates on Loans

·        Obtain  Approved for Higher Limits

·        Negotiating Power

·        High Chance for  Loan Approval

 

Considering getting a loan?

We have lenders for all types of loans FHA, VA, CONV, USDA, commercial and more

 

2. Determine how much house you can afford

Once you get pre-approved, your lender will tell you the maximum amount you’re able to borrow. 

You have to take into consideration the following criteria such as your annual income, monthly debts and projected down payment amount

Know that your mortgage payment consists of four parts, known as, Principal, Interest, Taxes, and Insurance.

 

Principal and Interest

Principal and interest include your payments toward the loan balance and interest paid to your lender, this contains your basic mortgage payment

 

Taxes

As a property owner, you’re liable for paying annual property taxes to the local taxing authority. This Property taxes range from 1 to 2 per cent of your home’s value annually

 

Insurance

Before you can obtain a mortgage loan you need to insure your home. So no mortgage lenders will give you a loan without carrying insurance on your home.

Consider your budget to fit your taste

after you have come up with a  rough budget of must-have home features. Your price point will likely dictate the size, location and amenities of your future home. Here are a few examples of wish list items to consider:

          Number of bedrooms and bathrooms

          Square footage

          Outdoor space

          Preferred location

          Type of home

          Layout, features and finishes

          School district

          Pet-friendliness

          Work commute

 

3. Find a real estate agent

A real estate agent is a professional who represents sellers or buyers of real estate or real property, An agent that is informed about the area you want to buy your home from will know the worth of the homes there, this will help you to avoid overpaying for a property.

Every neighborhood has its unique qualities that you want to be aware of before you buy.

 Here are few things an agent can help you with.

 Market insights

 Helps to identify home value trends, new developments, buyer demand and the overall state of the market

Offer price

 He finds out what a home is worth and recommends a competitive initial offer amount

Negotiating

 Help to negotiate for a lower price and contingencies and repairs

 Local familiarity

 He has insider tips about the neighborhood and area schools

Professional recommendations

 He provides referrals for a trusted lender, attorney, contractor or other vendors

 Experience

 He makes the process easy by handling hiccups, staying on top of due dates and overseeing paperwork 

Choosing the right Realtor is a step to buying a home that should not be ignored.

Are you considering working with a professional realtor ?

 Then Chris Samuel is the best choice for you.

Chris Samuel serve clients around the globe.

 

 4. Get pre-approved

Before buying your home you need to get pre-approved, because this is very important in the home buying process, this means you should be able to get a loan if nothing changes about your credit score and financial situation.

 You will need to get a pre-approval letter, this will help you compete with another buyer during the home buying process, a lot of sellers Make it compulsory that their buyers get pre-approved because this shows how qualified you are and give sellers confidence that you are not going to be turned down for a loan.

Lenders will verify your employment details, income levels and credit, for you to be pre-approved.

 

5. Start the home search

A lot of buyers including you starts their home buying process online with their first search. Start on Augustagahomesearch.com and search for homes in your target area, then filter by price and your must-haves. And also you can request an agent to send you listings.

 

 

 6: Make an offer

At this stage, you have found your dream home, what next is for you to make an offer, the offer will be based on comparative market analysis and it is calculated based on the market value of comparable recent home sales in the same neighborhood. This will be done by your agent.

Your agent will help you to determine a fair price and advice you on possible terms for negotiation.

 When making an offer is important to consider the following.

Contingencies

It is an agreement stating the conditions that need to be met before a sale can proceed, this agreement usually involves a seller and buyer ( you) or the lender and the buyer. When applying for mortgage loan your lender will demand appraisal contingency to ensure they’re not overpaying you.

 

Closing date:

 Once you’ve decided to buy your home with a mortgage, the process will take 30-45 days after the contract is completed to close on the home,  although you can request a later closing date that will suit your moving schedule when you submit an offer, keep in mind that the seller may reject your request.

 

Down payment

This is a sum of money you’re willing to put down when you make an offer, this will show that you are serious about buying the home.

 

7: Schedule the inspection

Home inspection is a process that uncovers issues with the home itself, it evaluates the home condition from the foundation to the roof, which is usually done by professionals. This will help you to make an informed decision about the home you’re considering buying.

This inspection is usually done within a week of the contract being signed, it is highly advisable for you to attend the inspection because this will reveal hidden information about the home.

 

 

 8: Secure your financing

After you have been pre-approved, that is not the end you will have to submit your mortgage application to your lender and wait to receive ‘’ clear to close’’ this means your lender has officially approved your purchase.

9: obtain a homeowners insurance policy

If you’re a first time home buyer you will need the help of your lender to assist you to bring together a policy that can be paid through your escrow account monthly, because this policy will be needed to close on a home, you may ask your existing agent to help you get  a policy that suits you if you’re not a first time home buyer.

10. Close and move

A day Before closing you will want to work around to see if the property looks the same as when you made your offer and also that the seller completed repairs if agreed on.

Once you are pleased with the property signing of paperwork and payments of the closing cost, which ranges from 3-5% of the sale price is expected to be pay by you. Once you pay both sellers and buyers have to sign and close the deal.

Finally, received your dream home key. You are now a legal owner of the house congratulation

Posted in Home Buying
May 16, 2021

Ultimate Home Inspection Guide 2021

 

 

 

Owning a home is a great asset, often time buyers jump into buying the house without a home inspection and later found out that there is a defect.

After paying a huge amount of money to buy your dream home, you discovered later that the house doesn’t worth it, all the structure of the house needs to be fixed .how will you feel?  Sad right.

In this post, you will learn what a home inspection is, who is a home inspector, why it is important, mistakes to avoid, a list of items to check during an inspection, reasons you should not skip it.

Knowing all this will give you the confidence to proceed without worrying about unexpected repair bills.

 

What Is a Home Inspection?

Home inspection is a process that uncovers issues with the home itself, it evaluates the home condition from the foundation to the roof, which is usually done by professionals.

This will help you to make an informed decision about the home you’re considering buying.

According to a survey by ASHI, seventy-two percent of Americans believed that their home inspection before purchase of their home helped them to avoid potential issues with their home.

 

 

 

Who is a home inspector?

 

 

Source:  Americanfinancing.net

A home inspector is a certified professional that tests the condition of the property, with its heating and cooling systems, plumbing, electrical work, water, and sewage, as well as some fire and safety issues.

 Also, the home inspector will look for evidence of insect, water, or fire damage or any other issue that may affect the value of the property.

 

 

Why home inspection is important

Home inspection reveals the present condition of the house you’re intending to buy and also serve as an eye-opener to prepare you for future expenses

It simply tells you, if the house you’re about buying really worth it or not

 First-time buyers tend to let emotion affects their buying decision and make it difficult to see any problems with their new home.

 Although the home-buying process can be very stressful it really worth your time and money invested in it.

Imagine after purchase you discover that there is a major defect in the property just purchase how will you feel?  Sad right.

Yeah I know, that is the reason why you need home inspection to be done by professionals because this will help you find out if there are major defects with the property you just purchased.

  

 Here is why a home inspection is important.

        Provide you with rest of mind that you’ve made a sound buying decision

        Expose any necessary repairs and investments before you buy

        provide you helpful details about each aspect of your new home

        Help reduce the risk of unwanted “surprises” after you move in

        Ease buyer’s remorse.

        Successfully negotiate needed repairs

 

5   Home inspection mistakes to avoid

1.       Not carry out deep research of the inspector to work with

 While hiring a home inspector to examine your property, it is always advisable to

        Choose someone trustworthily and competent

        Always go with professionals who are licensed and certified by the American Society of Home      Inspectors.

        Don’t choose base on who charges the lowest

        Ask your Agent or nearby Agent to recommend a trustworthy inspector for you, don’t forget to screen them too

   Too many homebuyers hire whoever is recommended to them without doing any research. The inspection is only as good as the inspector doing it, says Troy Bloxom,”

 

2.  Not making yourself present during the inspection

You need to be on the ground during the inspection so that you can ask the inspector questions you don’t understand.

One advantage of being present is you will be able to discuss your checklist and check if issues discovered are big or small to avoid worthless spending in the future

 

3. Not reading the inspection report

Been present during your home inspection is not all you have to take your time to read through and understand the inspection report what is the report telling you, is it telling you to go ahead with the purchase or to back out

Mitenbuler recommends the inspector should be someone that uses clear, concise language in person and in a written report, and you should scan a few reports by checking the inspector’s website or asking for a sample report.

 

4. Pay no attention to the inspector’s recommendations

At times, issues found are not taken seriously due to the cost factor. These issues may also be overlooked during negotiations. It’s very essential you consider all issues your inspector outline and take a follow up on those items discovered during the inspection before investing.

 

5. Not preparing a checklist

Not preparing a checklist: Home inspectors usually don’t check some items such as pipelines, tanks, sewerage systems during a home inspection. It’s advisable to add such items to your checklist while buying a home. If your inspector is unwilling to check these elements, it’s advisable to look for another that’s willing to inspect the elements.

 

Home inspection checklist: 27 List of items to check

Here’s are the list of items to pay attention to during home inspection. Having this checklist will help you to ask the right questions during a professional home inspection.

 

Exterior

        Roof

        Garages and/or carports

        Exterior doors

        Drainage, grading, plants, and retaining walls

        Wallcoverings, flashing, and trim

        Driveways, patios, and walkways

        Balconies, decks, steps, porches, and railings

        Eaves, fascias and soffits

        Downspouts and gutters

Interior

        Doors and windows

        Garage doors and operators

        Installed kitchen appliances

        Walls, floors, and ceilings

        Ductwork

        Cabinets and countertops

        Foundation

        Fuel-burning fireplace and stoves

Plumbing

        Water heater

        Fixtures and faucets

        Sump pumps

        Sewage ejectors

        Drain, vent, and waste systems

Electrical

        Service equipment

        Service cables, entrance conductors, and raceways

        Light fixtures, receptacles, and power switches

        Overcurrent protection devices

        circuit interrupters

        HVAC (heating, ventilation, and air conditioning), including thermostats, vents, distribution systems, access panels, insulation, and vapor retarders

 

5 reasons you should not skip home inspection.

After discovering your new home in a lovely neighborhood, you feel so happy right?

But there are many necessary costs, such as realtor and lawyer fees, after paying all these fees,

 You may be tempted to skip the home inspection, do you think you’re safe?

Oh no, that may not be the best idea. You need a professional home inspector to carefully examine the entire house, checking its systems, structure, and equipment for functionality and potential problems this will save you a lot of stress and thousands of dollars in the future.

 

  Here are 5 good reasons why you should get it done.

1.       It reveals hidden details of the property

 Home inspection can reveal hidden information about the condition of a home and its systems.

This informed and prepared you of what costs, repairs, and maintenance the home may require immediately, and in the future.

 If you aren’t comfortable with the findings of the home inspection, it usually presents one last opportunity to back out of the offer to buy.

This is why it’s very reasonable to do an inspection when purchasing a property because it may save you thousands.

 

2.       Safety

Safety is vital to the occupant of a home and a lot of things can negatively affect your safety. If you want to live in a safe home, you should never skip a home inspection.

You should ensure that your house is tested for things such as mold, gas leaks, carbon monoxide, radon, and electrical failures, all of which can affect your safety.

 

3. Predict Future Costs

After you purchase your home you might think that’s the end of spending on the house…but there is a lot of costs to keep the property to its taste which part of it is the maintenance cost.

 Home inspection reveals the state of various component of the house such as the roof, HVAC system, electricity, plumbing, and even some appliances   

An inspector can estimate their installation age, current condition, and their remaining lifespan of major units so you can plan for future expenses accordingly.

 

4.       Protect your investment

The home inspection is a valuable document prepared by a certified inspector that can suggest tips on how to maintain your home. Knowing those tips can save you thousands of dollar in the future

 

5.       Insurance

 You need a home inspection to be done before your home can be insured, according to  Haskett, Some insurance companies will not insure a home if certain conditions are found, or without the presence of certifications like Wind Mitigation and four-point inspections.

May 16, 2021

Home Seller’s Secret: The Cost of Selling Your Home 2021

 

Knowing the cost of selling your home ahead will save you time and avoid surprises at closing , there is always cost associated to selling your home .

In this post you’ll  know what to expect when selling your home, here are some cost attach to selling your home.

 

 

Mortgage Balance.

This is the remaining balance on your home loan. You will need to pay off your mortgage in its entirety when your home is sold. You or your title company should order a payoff from your lender when the home is listed for sale.   This includes any 2nd Mortgages and home Equity loans.

 

Prepayment Penalties .

 The lending institution that currently owns your mortgage may assess a pre-payment penalty. You  should speak to your lender now, ask if they plan on assessing a prepayment penalty, and figure out exactly how much that amount is.

Outstanding Liens

Any outstanding liens against the property must be paid before title can be transferred to the new owners.  Examples of outstanding liens are: tax-liens, Mechanic’s Liens (for unpaid contractors who’ve don work on the property), Judgments, Office of Recovery Services (for past-due child support payments)

A title company will be selected when you decide to sell your home.  A Property Report (PR) is ordered at the beginning of the transaction to identify all liens against the home.  If you believe any of these liens are invalid, your Title Company & Escrow Officer will assist in getting them removed before the sale date

 

Closing Costs

Buyers & Sellers each have their own, separate Closing Costs.  All closing costs associated with the sale of your home will be listed for you on your Settlement Statement.  Closing costs for the Seller include:

 1. Title costs for documents and services fees, Recording/filing fees 

 2. Title Insurance Policy,

 3. Prorated property taxes.

 

Taxes & Real Estate Sales.

The money that you make from the sale of your home is considered capital gains. The good news is that these profits can be excluded from your taxable income, up to $250,000 for an individual or $500,000 for a married couple, as long as your home was your principal residence. These numbers change and are not guaranteed.  Please consult with your CPA

To exclude the full portion of those gains, you will need to have lived in your house for at least 24 months in the 5 years previous to the sale date of the property. This is considered the 2 in 5 rule.

If you do not meet the minimum occupancy requirement you still may be able to exclude a  portion of  your gains if you are selling your house because of circumstances related to your health or to your job.

 You should speak with your accountant or a certified tax specialist  if you  believe you fall under one of the exclusions or need help in reporting your capital gains after the sale of your home.

If this property is a real estate investment your profits will be considered taxable income and  will  be subject to  state, federal and self-employment  taxes. 

 You  can  defer all capital gains   taxes in a 1031 exchange, if you are planning to reinvest the proceeds of your real estate sale into a new property.

Again, in this circumstance you should speak to a financial specialist who can help you fully understand  and minimize your tax liability.

 

 

 

5 reasons you should list your home for sale now.

1.     Demand Is Crazy

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country.

These buyers are ready, willing and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home.

 You should take advantage of the buyer activity currently in the market.

 

2.     There Is Less Competition Now

Housing inventory is still under the 6-month supply that is needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased.

Historically, the average number of years a homeowner stayed in their home was six, but has jumped to an average of almost nine years since 2008. There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.

The choices buyers have will continue to increase. Don’t wait until this other inventory comes to market before you decide to sell.

3.     The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford before home shopping.

4.       There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move-up! The inventory of homes for sale at these higher price ranges has forced these markets into a buyer’s market. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly AND you’ll be able to find a premium home to call your own!

Prices are projected to appreciate by 5.2% over the next year according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market.

Perhaps the time has come for you and your family to move on and start living the life you desire.

That is what is truly important

 

 

 

Demand Is High & Inventory Is Low!

 

The Joint Center of Housing Studies (JCHS) at Harvard University recently released their State of the Nation’s Housing Study.

The first two revelations centered around the shortage of housing inventory currently available in both existing homes and new construction.

Regarding Existing Home Inventory.

“For the fourth year in a row, the inventory of homes for sale across the US not only failed to recover, but dropped yet again. At the end of 2016 there were historically low 1.65 million homes for sale nationwide, which at the current sales rate was just 3.6 months of supply – almost half of the 6.0 months level that is considered a balanced market.” Regarding New Home Inventory:

“Markets nationwide are still feeling the effects of the deep and extended decline in housing construction.

Over the past 10 years, just 9 million new housing units were completed and added to the housing stock.

This was the lowest 10-year period on records dating back to the 1970s, and far below the 14 and 15 million units averaged over the 1980s and 1990s.”

 

What Is your Home Worth?

Here’s the great news, your home really may be worth more than you are expecting.

So, the question becomes, how much is my home worth.  Many factors impact the value of real property.  Below is a list of some of the things that will affect your home value:

FACTORS THAT IMPACT YOUR HOME VALUE: 

        Local Market Conditions

        Comparable Home Sales

        Buyer availability For Your Home

        Interest Rates

        Inventory Levels

        Condition of home & improvements

        Location

 

 

What is A Comparative Market Analysis (CMA)?

A CMA is a comprehensive examination of what homes that are similar to yours, have sold for in the last 0-100 days.  You can go back 180 days, but appraisers prefer to stay within a 90 day window.

A good CMA will also take into account homes that are currently Under Contract & actively for sale in order to evaluate the market.  It also allows you to spot ‘pricing holes’ that you may be able to exploit. 

 

 

 

 

 Pricing Strategies: One Offer Or Multiple Offers?

 

Every homeowner wants to make sure they maximize their financial reward when selling their home. But how do you guarantee that you receive maximum value for your house? Here are two keys to ensure that you get the highest price possible.

 

1. Price it a LITTLE LOW

This may seem counterintuitive. However, let’s look at this concept for a moment. Many homeowners think that pricing their home a little OVER market value will leave them room for negotiation. In actuality, this just dramatically lessens the demand for your house (see chart below).         

 

2 .  Use a Real Estate Professional

This, too, may seem counterintuitive. The seller may think they would make more money if they didn’t have to pay a real estate commission. With this being said, studies have shown that homes typically sell for more money when handled by a real estate professional.

A new study by Collateral Analytics, reveals that FSBOs don’t actually save any money, and in some cases may be costing themselves more, by not listing with an agent.

In the study, they analyzed home sales in a variety of markets in 2016 and the first half of 2017 . The data showed that :

“FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.”

 The Role Access Plays In Getting Your House Sold!

There are three  key  elements that affect how quickly your house will sell and how much it will sell for.  They are: Price, Condition & Access.  It’s seriously inconvenient to have people coming through your home, but if you do it right…you won’t have to do it for long!

Here are some things to DO…and some things to NOT DO! 

 DO Put A Secure Realtor Lockbox on the Door

Only Realtors & approved partners of the Local Board of Realtors can access this box. It allows Buyer’s Agents to show the home at their convenience. The box will also record the time & date it was accessed and all of the agent’s information.  We ALWAYS know who has come through your home.

DON’T Use A Contractor’s Lock Box

These boxes are easy to break into and impossible to track. They operate like a simple combination bike lock.  You can’t tell who’s used them.  And ANYONE with the combination can get into your home. 

DO Step Out During A Showing

Although the buyer’s agent & Buyer may be friendly, they need privacy to discuss your home’s features & benefits.  You may also inadvertently say something harm your ability to negotiate a full price offer.  

DON’T Wait Too Long To Respond To Showing Requests

Respond to showing requests quickly.  Don’t give that buyer an opportunity to write an offer on someone else's home!

DO Use A Showing Service

 Ask your agent if they use a showing service.  This is a service that answers the phone 24/7 to take showing appts.  Don’t miss out on showings because your agent wasn’t available to take the call!  (The Service will confirm the appointment with you first, so you always know when showings are scheduled). 

In a competitive marketplace, access can make or break your ability to get the price you are looking for, or even sell your house at all.

 

Do Home Improvements Pay Off?

When it comes to listing your home, there’s no single set of rules regarding property improvements. 

The question to keep in mind is will you get a return on your investment?  As a general rule, you will not recover 100% of your costs on big-ticket improvements. 

Most big home-improvement projects will only recoup 70-90% of their cost, so what does that mean to you?  It may not be worth it.

 Here are a few improvements that can pay off:

Paint A Neutral Color

Provides a clean canvas for the new buyers and gives the open a bright, open feeling.

Repair

 No one wants to inherit someone else's do-do list.  Make sure all minor repairs have been done before buyers view your home. 

New Carpet

If professional cleaning just isn’t going to do the trick, it may be worth investing in new carpet.  Especially, if that’s the only way to address lingering pet odors!

New Front door/Garage Door

Replacing either or both of these can dramatically change the appearance of the home.   

 

 

DON’T CONFUSE HOME IMPROVEMENTS WITH HOME STAGING!  Getting your home ‘ready’ for sale is different from remodeling your kitchen!  There are specific, low cost things you can do to dramatically change the appearance of your home. 

 

Expect the unexpected with home inspections.

Home inspection reveals the present condition of the house you’re intending to sell  .  It’s a great way to get any issues addressed ahead of time!

the key is to find out what, if any, of these repairs are really necessary in order to proceed to the closing table!

Here are some of the things a home inspector will be checking:

 

        HVAC Systems – They will inspect your furnace/boiler, Air Conditioning Unit, & Water Heater along with all duct work.

        Plumbing  – They will inspect all of your plumbing, check the pressure in the pipes, and look for any evidence of current or past leaks and water damage. 

        Electrical – They will check outlets, wiring, and inspect the electrical panel.  They will be looking for double-tapped breakers, faulty wiring, etc.  

        Structure – They will inspect the roof, foundation, windows and interior structures of the home.

        Hazardous Substances – It’s also very common now for home inspectors to test for the presence of mold, methamphetamine, and radon gas.

You can save yourself a lot of headaches and hassle by having your home in good repair before any inspections take place.  You may even consider having home inspected prior to  listing.

 

 

 

How An Agent Can Help When Selling Your Home

 

 

When a homeowner decides to sell their house, they obviously want the best possible price with the least amount of hassles. However, for the vast majority of sellers, the most important result is to actually get the home sold.

A Realtor is a Consultant, a Contract Negotiator and a Marketer all rolled into one.  What you may NOT know, is that your Realtor is very similar to your Attorney. 

Like an Attorney, your Realtor has a Legal Fiduciary Duty to look out for your best interest (even over their own) throughout your transaction with them. 

You also need to consider that most Buyers will be represented by a professional.

Buyers may search for a home online, but 96% of buyers purchased their home through a real estate agent/broker or from a builder or builder’s agent. Only 2% purchased their home directly from a seller whom the buyer didn’t know.

Every year, the laws and contracts that govern the sale of real estate change.  (And they’re NOT getting simpler!) 

It pays to have a dedicated professional to Connect-the-Dots for you throughout the process. 

Bottom Line

If you are thinking of selling your home, don’t underestimate the role that a real estate professional can play in the process

 

 

 Understanding Offers

it may impact the sale of your home; not someone only interested in trying to sell you on how great they are. Request our list of ‘Insider Questions To Ask When Interviewing Listing Agents”.

It would be great if closing a real estate transaction was like buying a new bike or TV, just cruise through the aisles, pick your favorite model and head for the register. But this just isn’t the case.

 Real estate transactions are complex and involve as many  as twenty  different players including real estate brokers, buyers, sellers, attorneys, inspectors, appraisers, lenders, and often contractors. Because of this, even the simplest transaction today typically takes between 30 and 45 days to close.

Here's an overview of how the process will typically work once an interested buyer has submitted an offer.

1.     Dealing With Offers

When a buyer or a buyer's agent makes a formal offer we will review the offer in its entirety together. It will include the offer price, as well as the terms and conditions of the offer.

Offers will come on a legal form, and if accepted, you will be entering into a legal contract with the buyer. (Keep in mind that there are still lots of ways ‘out' for both you and the buyer at this point.)

 2.   When we evaluate offers we'll of course consider the offer price, but we also need to review the following:

        Terms & conditions of the offer, such as deadlines, and any personal property they may be asking to be included in the sales price

        Their pre-approval letter and the strength of their loan qualification.

        Compare to any other offer on the table that may be a better fit. 

 

After a buyer submits an offer you can accept, reject, or counter offer. We will prepare any counter offers together, and I will submit that to the buyer's agent or the buyer and guide you through the negotiations.

 

Once You’ve Accepted An Offer

Once we’ve  received an acceptable offer and entered into a contract, there  are several steps that will need to be completed before the transaction and transfer of your property is complete.

 The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory.

This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 8% over the last 20+ years.

During the time between Acceptance & Settlement a number of items will be completed, including home inspections, appraisals and negotiating any repairs items the buyer may request. 

Understanding Property Discloses  (YES, You Must Disclose!)

When you list your home, you will be asked to fill out a 6-page disclosure statement that  will list "material  facts" about problems you are aware  of regarding the condition and history of  your home.

  Both federal and state laws govern what must be disclosed during   a property sale and as the homeowner you must be the person to complete these disclosure forms.

 The general rule of thumb is that you must disclose anything that you have direct knowledge of.

As you fill out these forms just remember, you should strive to answer all of the questions to the best of your ability. Don't sweat the small stuff, but make sure you disclose everything that you'd want disclosed to you if you were the buyer. 

If you  don't  know the  answer to  a  question  (such as  exact  age  of  the  roof  if you're  not the original owner or the  like), answer  "Do Not Know." But not having precise facts about defects you know exist does not permit you to answer "Do Not Know" to every question. This will always raise a red flag.

 

If  you  feel like you  don't  properly  understand the  disclosure  requirements, you  should  consult your Realtor.

I’m sure you have questions and concerns…

I would love to talk with you more about what you read here, and help you on the path to selling your house. My contact information is below. I look forward to hearing from you…

 

Chris Samuels

GA / SC Agent

Roman Realty

Csamuels10@aol.com

AugustaGaHomeSearch.com

706-564-5885

Posted in Home Selling
Oct. 22, 2014

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Posted in Home Selling