Three Things That Can Affect the Selling Price of Your Home

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You know that the size and age of your home, its location, and other factors about your home itself have an impact on the selling price of your home, yet there are several other things that can affect the selling price of your home that you may not have considered. These things are generally beyond your control, but they can have a big impact on the selling price.

The Local Market

How much other houses in the area are selling for directly impacts how much you will be able to sell your home for. The local market can also vary depending on supply and demand. If there are a lot of houses in the area for sale and only a few people looking to buy in that area, houses are going to sell for less in that market. The local market can also determine how quickly your home sells. Read more

What is Title Insurance and Who Needs It

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Buying or selling a home is a complex process, and most people who have never gone through it are unfamiliar with all of the aspects of the sale. One of the things that you may need to have is title insurance. Title insurance protects buyers and lenders, but it is purchased by either buyers or sellers. In some cases, title insurance policies will be purchased by both the seller and the buyer. Here’s what you need to know about title insurance and when to get it.

What is Title Insurance

Title insurance is a layer of protection for buyers and lenders. In order for a property to be legally sold, it must have a clear title. A title search is done in every real estate transaction to ensure there are no liens or tax levies on the property. However, a title search doesn’t always turn up everything on a property. Title insurance protects the buyer and lender in the event that defects in the title arise after closing. Read more

3 Things to Look for in a Real Estate Agent When Selling Your Home

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Selling your home can be a daunting task, and if you aren’t prepared to deal with buyers and negotiations on your own, it can be a good idea to hire a real estate agent. Getting an agent based on selling price or commission rates can be a mistake. Here are three things you need to look for in a real estate agent in order to sell your home successfully.

Educational Background

Ask your real estate agent for their credentials. You will want to make sure that they have the proper education, certifications, and licensures to be a successful real estate agent. They should be familiar with all of the laws and regulations related to selling a home, as well as the entire process from start to finish. Newer agents might not have as much experience, but if they have the required education and certifications, they should be able to do the job. Read more

Selling Your Home Long Distance: Things to Consider

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Selling a home can be stressful, but when you are selling a home long distance it can be even more so. There are a lot of reasons you might be needing to sell your home long distance, such as relocation for a job or to be closer to family in an emergency. Whatever your reasons for needing to sell your home from another city or state, there are some additional things you need to consider before putting your home on the market.

Safety and Security

When you have a home sitting vacant, it can be a safety and security issue. You run the risk of vandals, drifters, or thieves coming into the home and destroying the property. While this is true even if you are in the area and selling your home after moving out, it is even more of a concern when you are not in the area to keep an eye on the property.

One of the best things you can do is team up with neighbors to keep an eye on the property. Enlisting the help of the neighbors ensures that any unusual activity at the house will be noted and reported to the police. Of course, if you send workmen over to make repairs you need to notify the neighbors so that they do not call the authorities unnecessarily. Read more

From Offer to Closing: What Sellers Can Expect

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Many people are now selling their homes as for sale by owner, yet often sellers are not sure what to expect once they get an offer on their home. Getting an offer is just the first step in the lengthy closing process. In fact, from offer to closing day is typically at least 30 to 45 days. Knowing what to expect during this process will help you be better prepared.

Purchase Agreement

After you accept and sign an offer on your home, the next step is the purchase agreement. The purchase agreement outlines things like who gets to keep the appliances, what if anything has to be repaired before closing, the buyer’s inspection, how much the buyer will put down in earnest money, and the closing date. This important document is the basis for the closing on the home. Read more

What to Expect at Closing with For Sale By Owner

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The closing day on selling your home is a big day for both you and the buyer. Closing, also called the settlement, is when you completely transfer the property to the buyer. All the documents and money that need to change hands between you, the buyer, the buyer’s lender, your lender, and anyone else involved in the sale of your house are exchanged between the parties.

Before Closing

It is important that you have all conditions of the contract fulfilled before closing. If there are any repairs that you promised to make before the property changed hands, you must have these completed before closing. You may be able to take care of some repairs after closing if you and the buyer have a separate contract outlining this.

You will also need to contact your lender and let them know you are selling the property. Your lender will be a party to the closing, and they will need to have a representative present. When you are paid for your property by the seller through their lender, you will then have to pay your lender so the title will be clear for transfer.

If you involved any outside companies for title searches, inspections, or other services throughout the purchase process, you will need to make sure they are also aware of the closing date. They will need to be paid for their services and sign off on the sale before it will be able to be finalized. Read more

For Sale By Owner: What You Need to Know About Inspections

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FSBOWhether you sell your house yourself or through a realtor, chances are you will have to deal with home inspections as part of the process. Buyers universally demand professional home inspections before signing a contract. There are a few things you should know about these inspections and how they affect the purchase of your home.

Why an Inspection?

Buyers want a professional inspection of the home for their own protection, and it works to your advantage as well. Professional inspections are not required by law, but they do help protect both the buyer and seller. Buyers want to know that there are no hidden defects in the property before settling on a price and purchase.

For sellers, this means you are protected against future demands. As a seller, you have a responsibility to disclose any defects of which you are aware. But if both you and an inspector do not notice a problem that is found after the purchase, you can easily prove that the defect did not exist or you couldn’t have known about it. This removes any liability from you, and protects you from lawsuits. Read more

The 3 Ways You Can Title Your New Home

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One of the things you may not have considered when purchasing your home is how it will be titled. There are several different ways that you can title your new home. How you title it will affect ownership, how the property can be sold, and how the property is passed down in case of your death. There are several considerations to make when titling your home.

Sole Ownership

Sole ownership is usually the preferred method of title for someone who is single. You may also be able to title a home as a sole owner if you are married, but your spouse would likely need to file a quit claim deed to declare that they have no interest in the property. Sole ownership properties are the easiest to sell, because you don’t have to worry about another party to the sale. It can be problematic when you pass, however, and the property could wind up in probate. Read more

Advantages and Disadvantages of For Sale By Owner

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Many people are now choosing to sell their home as for sale by owner rather than going through a real estate broker. There are several advantages and disadvantages to selling your home in this way. Overall, it really just depends on how much effort and cost you are willing to put forward to get your home out there on the market.

Advantages

There are several advantages to listing your home as for sale by owner. First, real estate brokers may not be working in your best interests. Economists have found that most real estate agents are more concerned with getting a fast commission than a large commission. These agents don’t get a huge boost in commission for every thousand dollars of the offer. It is more important to them to flip a house quickly than to sell it for the best possible price. As a free agent, you only have your own interests in mind. This can often result in getting a better offer for your home. Read more

What You Need to Know About Closing on a Refinance

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You may think that refinancing your home is just a matter of signing a few documents with the bank. However, it is actually a bit more complicated than that. When you refinance your home, you will go through a closing process similar to when you first bought the property. The only difference between that closing and your refinance is that there is no seller or real estate broker involved in a refinance because you already own the home.

Closing Costs

There are closing costs associated with a refinance just as there were when you first purchased your home. Closing costs could include fees for credit reports, appraisals, application fee, loan origination fee, and other fees and assessments. The average closing costs for a refinance in 2017 were about 1.5 percent of the refinanced loan amount.

Your closing costs may not need to be paid up front. For some traditional loans, closing costs can be incorporated into the loan so you don’t have any money to pay up front. There are some loan types, such as FHA loans, that do not allow for this. In those instances, you will need to have a cashier’s check for the amount of the closing costs with you when you arrive for closing on your refinance.

What to Bring

Closing on a refinance usually happens in the lender’s office or business location, although it can sometimes be arranged to occur in your home. You will need to bring a government issued identification card, your closing disclosure to compare with the final documents, and a list of contacts such as your attorney in case questions arise during the closing process.

If you are working on a refinance for your home, or think it may be the right option for you, we can help. Contact us today for more information and an appointment.