FREQUENTLY ASKED QUESTIONS
Table of Contents
What are the specific steps in the home buying process?
The steps in the home buying process is as follows:
1) INITIAL MEETING
This is the time to establish
search criteria and buyer brokerage choices.
2)PREQUALIFICATION FOR LOAN
By getting pre-qualified, you are
basically saying to a seller that you are serious and legitimate when you make an offer,
and this allows more bargaining room for you.
3)MAKE AN OFFER AND NEGOTIATE CONTRACT
After the negotiation and
acceptance, the earnest money is collected and held in escrow.
4)FORMALLY APPLY FOR LOAN
You usually have around seven days to
apply for the loan depending on what is written in the contract.
5)INSPECTION
You usually have around ten days,
depending on what is written in the contract, to inspect the property. You can choose your
own inspector, and afterwards you can renegotiate with the seller what you want done. If
the seller refuses to do the work, the contract is considered null and void.
6) CLOSING AT ATTORNEY'S OFFICE
This is where the papers are
signed, money is exchanged, keys are exchanged, and ownership transferred.
7)CELEBRATE!!
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How do I know I am getting a good value when buying a home?
After you find the home or property that you want to make an offer on, there are two things that should occur that will help you know if it is priced at fair market value. First of all, the agent should pull the comparables of the neighborhood. This tells you what has sold and when, and you can make comparisons. Secondly, after the home goes under contract, the mortgage company requires an appraisal. This ensures the mortgage company that they can get their money back in case of foreclosure, and in doing so, it must appraise for the selling price or above.
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What are the seven most important steps to follow when marketing your home or property?
1) The #1 activity is correct pricing.
A. Competitive pricing helps
more people look at and choose your home in favor over those priced too high.
B. Your time on the
market will decrease and your "carrying costs" will be less.
C. Unlike overpriced
homes, you don't have to worry about your home selling below market value due to
overpricing and hanging on the market too long.
D. How to price your
home correctly:
a. Find out how much the properties sold for in your neighborhood that are similar
to yours.
b. Look at your competition. Would you buy those homes for the asking price?
c. Look at the property as if you were the buyer.
2) People live in homes differently than when they are selling them.
A. Clean up from
top to bottom.
B. Get rid of
junk in basements and attics.
C. Make any
necessary repairs.
D. Trim the
shrubbery! Touch up the paint where necessary.
E. Make the
property eye-appealing!
3) Don't try to "hard-sell" your property.
A. Let your
buyers look through without the distraction of an owner pointing things out.
B. Post a
tasteful sign on your door or wall to point out amenities they might miss.
4) Focus must be on qualified buyers!
Fewer people may see
the home but the ones who do are able to buy. Sunday shoppers with a dream of owning a
home someday with no realistic way to buy take up valuable time and can cost you money.
5) Take time to find out your rights and obligations.
An improperly written
contract can cause a sale to fall through and could cost you thousands of dollars for
repairs. Be certain which repairs and costs you are responsible for!
6) Market and expose your property in the most effective way.
A. Open Houses and
classified "ads" are only moderately effective.
B. Try to be able to
talk personally when the phone rings during business hours.
C. The home must be
available when the prospect needs to see it.
D. Let a Realtor tell
you how to be most effective concerning these important factors.
E. Use technology
wherever possible because it saves time and increases exposure (Example: internet, email).
7) The sale of your home could well be the most important financial transaction
with which you will ever be involved.
The person you select
can make it a satisfying and profitable activity, or a terrible experience. It's your
home, and your money. The choice of your Realtor is up to you. Make that selection
carefully. Be certain your Realtor is committed to staying on course with an effective
plan for getting your home SOLD!
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What exactly are buyers looking for?
Generally speaking, buyers are looking for for five different things (most of
the time in this order):
1) Location
- Obviously you can't control this, but you can help clean up the neighborhood by forming
neighborhood cleanup crews and getting rid of junky eyesores, etc.
2) Price - The market determines the price, so get the comparables and go from there.
3) Appearance - Paint the front, take out furniture to create spaciousness, keep everything immaculate, etc. These are just some of the little things you can do to improve the appearance. I can send you a detailed list of all sorts of tips if you desire. Just email me!
4) Terms - Can you help with financing?
5) Availability - Can the buyer move in right away or do they have to wait? Flexibility in this area makes it easier for buyers to realistically buy the house in certain situations.
I welcome any calls or e-mails
from you and would love to have you as a satisfied client!
neciak2002@yahoo.com
