Archive for November, 2009

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Buyer Tips: Preparing for Closing

Monday, November 30th, 2009

As the buyer, be prepared to review and sign a large variety of documents related to your loan, and to pay the closing costs. Some of the typical closing costs include (unless you have a Realtor negotiate for the seller to pay for your closing costs):

  • Inspection fees
  • Pest Inspection fees
  • Underwriting fee
  • Tax service fee
  • Prepayment of taxes
  • Attorney’s fees
  • Origination fee
  • Title insurance
  • Appraisal fee
  • Credit report fee
  • Recording fees
  • Interim Interest
  • Private Mortgage Insurance payment

As the buyer, you will receive quite a few documents that you’ll need to review and sign at closing. They are as follows:

  • HUD-1 Statement – This settlement sheet itemizes the services and lists the charges for both the buyer and the seller. You will likely receive this form in advance so that you can have a good idea of what your closing costs will be.
  • Truth-in-Lending Statement – Your lender will have likely given you this document a few days before closing, as it outlines the costs of your loan. It is likely that the APR calculated by the lender will change slightly at closing.
  • The Promissory Note – This is a legal document that basically outlines the buyers promise to the pay the lender according to the agreed-upon terms. It will also detail the repercussions should you not pay on the loan as promised.
  • The Mortgage – Your mortgage is the legal document that basically gives the lender claim against the property if you default on the loan.
  • Seller’s Affidavits – Seller’s affidavits can be numerous and can vary.
  • The Deed – The seller will sign the deed. You, the buyer, should receive a copy of the deed at closing.

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Home Improvement Projects that Pay off

Friday, November 27th, 2009

Even with home values falling off over the last year, it still pays to remodel, renovate and update. After all, there is no better way to instantly increase the value of your Coppell home than through remodeling.

According to REALTOR magazine, homeowners can expect to recoup an average of 67.3 percent of their investment, nationally. Although this number is down about 20 percent from the peak of the housing expansion several years ago, it still reflects that it almost always pays off to remodel your home.

And there are a number of home improvements that almost always enable homeowners to recoup nearly 100 percent (or more!) of their investment. These include:

  • Decks
  • Midrange kitchen remodels
  • Vinyl siding
  • Window replacement

Many exterior home remodeling projects enjoy a nice payback because they increase a home’s curb appeal. With that said, it appears that the only interior remodeling project that pays back close to exterior remodeling projects is a mid-range kitchen remodel.

REALTOR magazine recently highlighted the national average that homeowners can expect to get back on popular, exterior and interior remodels:

1. Upscale fiber cement siding (86.7%)

2. Midrange wood deck (81.8%)

3. Midrange vinyl siding (80.7%)

4. Upscale foam-backed vinyl (80.4%)

5. Midrange minor kitchen remodel (79.5%)

6. Upscale vinyl window replacement (79.2%)

7. Midrange wood window replacement (77.7%)

8. Midrange vinyl window replacement

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Buying in Today

Wednesday, November 25th, 2009

Today’s market presents a unique set of advantages and disadvantages for buyers. However, it is important to understand both the pros and cons of buying in today’s market so that you can make the best decisions for your future and your home ownership goals.

Advantages

  1. There is a great inventory of Dallas County homes on the market. There’s nothing like a buyer’s market when it comes to selection, that’s for sure. This is a prime time for buyers to take their time and find the home that is perfect for them; and with the large selection of homes on the market now, that is quite easy to do.
  2. Prices are lower than they’ve been in quite a few years. Your ability to purchase the home of your dreams is now closer in your grasp than it’s ever been. In fact, many home buyers are quickly discovering that homes that were out of their reach financially just a couple of years ago are now quite attainable.
  3. There are many anxious home sellers reading and waiting. If you’re looking for extra incentives with your home purchase, now is the time to buy. With anxious homeowners waiting on the sidelines, you can expect closing cost assistance, as well as other perks and incentives for buying a Dallas County home. Many home sellers, for example, may be willing to throw in the appliances or the porch furniture with the sale of the home.

Disadvantages

  1. There are many homes in short sale or foreclosure, which may delay your home purchase. Although many home buyers think that purchasing a short sale or a foreclosure is a smart, financial move, the reality is that most homes that are bank owned or under a short sale take much longer to sell because of all the paperwork and red tape that is involved.
  2. Home loans are hard to come by. It’s harder to get a home loan these days because of the strain on the credit sector. Your credit needs to be excellent, your income needs to be adequate and your debt-to-income ratio needs to be impressive.
  3. You may need to present a large down payment in order to secure a home loan. Because of the tight restrictions that many lenders have placed on home loans, you may need to present a large down payment for your home purchase.

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How the Internet has Changed the way we Shop for Homes

Tuesday, November 24th, 2009

Shopping for a new home has taken on a whole meaning through the advent of the Internet; and real estate agents everywhere are now extending their reach and obtaining their buyers using the technology of the Internet.

From the online MLS to virtual tours and real estate blogs, the Internet is simply the best source for all things real estate. As a buyer, you can use the Internet to search for a University Park home, a mortgage, or real estate information. As a seller, you can rest assured that your home is being seen by the widest audience possible at any given time. Real estate agents can now market themselves, their business, and their clients’ homes, in the most effective way possible.

Today’s buyers want real estate information to be available at any time, at a moment’s notice; real estate agents want information to be all-encompassing and wide-reaching; and sellers simply want to sell their University Park home for the highest possible dollar. And, as luck would have it, the Internet accomplishes all of these marketing goals

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Economical Ideas for Sprucing up your Home for Sale

Monday, November 23rd, 2009

We all want to get the most money for our home, but we don’t want to spend a great deal of money to achieve this.

There are certainly many things you can to do prepare your home for sale to ensure that you receive top dollar; however, for the sake of finances, you can often forgo the large remodels or renovations in exchange for simple, and often inexpensive, fixes that will provide maximum impact for a fraction of the cost.

Cost-Effective Measures to Increase your Home’s Value:

  • Scrub it down – This may seem like a no-brainer, but the fact of the matter is that many buyers are turned off by a dirty home, no matter how great the surroundings are. From cleaning the windows inside and out, to scrubbing down the appliances and cleaning the grout in the bathtub, now is the time to give your home a thorough cleaning so that the first thing buyers notice is a well-cared-for home.
  • Clear out the clutter – Potential home buyers can not focus on your Coppell home when clutter is getting in the way. Remember: buyers should focus on your home, not the clutter that they must walk around or look past. There is no better way to make your home show better than to clear out the clutter and present a clutter-free environment to buyers.
  • Remember curb appeal – Perhaps the one thing that many home sellers neglect to focus their efforts on is the exterior of the home. You must remember that your home’s exterior is the first thing buyers will notice when they pull up to your home. If the home’s exterior gives them a bad impression, they may have already made up their mind about your home even before they walk through the door.
  • Painting, painting, painting – Don’t ever underestimate the impact that a nice paint job can have on your home. Now is the time to show your buyers fresh, clean walls, free of marks, holes or other defects. There is no better way to instantly give every room of your Coppell home an instant facelift!

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How to View Homes like a Pro

Friday, November 20th, 2009

If you are new to the new home buying experience, you may become quite a bit overwhelmed at the thought of looking at homes. After all, do you really know what you’re looking at?

For many home buyers, looking at multiple Carrollton homes can be quite dizzying, and can turn a pleasant activity into one that is filled with anxiety and uncertainty. However, there are several steps you can take to make sure that your home buying experience is pleasant and productive, from the moment you step into your first home:

Tips for Viewing Homes:

  • View only a handful of Carrollton homes on any given day. Too many homes are too much of a good thing, as you will likely become tired and quickly overwhelmed.
  • Bring a notebook and a camera along, and record all important aspects of the home. Although the listing agent will likely provide you with information on the home, you may want to write down information that pertains to you or is important to you personally.
  • Get your emotions in check – Although you may simply fall in love with the first home you visit, remember that in order to make a well-educated decision you will need to see several homes in order to weigh your options.
  • Ask questions about the seller – Why is the seller moving? What does he/she like best about the home?
  • Don’t forget the neighborhood – Although you may visit the home of your dreams, the neighborhood in which it is located may be anything but dreamy. Ask neighbors about the neighborhood; consider commuting time to and from work; and find out where the local stores, public transportation and schools are located in relation to the property.
  • Keep a watchful eye – Watch out for obvious problems, such as cracks in the walls or ceilings, uneven flooring, poor water pressure, heating/cooling problems (is it much warmer on the second floor than the first?), moisture problems, or doors and windows that don’t easily open and close.

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Seller Tips: Kitchen Upgrades that Won

Thursday, November 19th, 2009

As you have likely heard before, the kitchen is the centerpiece of most homes these days. It therefore comes as no surprise that kitchens sell homes.

If your kitchen isn’t exactly stellar, but you don’t have thousands to devote to a remodel, don’t despair. There are many ways to update your kitchen before you list your University Park home for sale:

  • Out with the old, in with the new. Outdated lighting does absolutely nothing for your kitchen and, chances are, it is the first thing buyers notice when they walk into your kitchen. Instead of scaring them away with outdated lighting fixtures reminiscent of bad 70s sitcoms, take a walk through your local home improvement center and check out all the newest lighting fixtures. From contemporary to traditional, there are a great variety of lighting fixtures that are sure to suit your style – and your budget.
  • Cover them up and go from there. If you are lucky enough to have wood cabinetry in your kitchen, but they’ve seen better days, there is absolutely no better way to instantly transform them than to give them a quick coat or two of paint or stain. While you’re at it, switch out the old hardware and handles with something more streamlined and clean, and voila, you’ve just updated your kitchen cabinetry for a fraction of what new cabinetry would have cost.
  • Say hello to new countertops. Old countertops that are nicked, scratched or just plain worn out can not be repaired. However, you can replace them with new, laminate countertops. Before you break out into a cold sweat when you hear the word laminate, don’t fret: laminate countertops have come a long way in just the past, few years. In fact, some of today’s laminate countertops are quite attractive, even mimicking granite or marble.
  • Everything and the kitchen sink.

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Seller Tips: How to Handle the Home Inspection Process

Wednesday, November 18th, 2009

A home inspection may be one of the most stressful parts of selling your Coppell home, as a deal essentially comes down to a good home inspection.

The offer has been made and accepted, so now it’s time for the buyer to call in a home inspector to check out your home, from top to bottom. Although it is up to the buyer to hire a home inspector, there are a number of things you can do, as the seller, to make sure the process of inspecting your Coppell home goes as smoothly as possible:

  1. Allow your real estate agent to represent you during the home inspection. Being present during a home inspection services little purpose, other than to make both you and the buyer a nervous wreck. Instead, leave your home in the capable hands of your real estate agent, who can serve as your representative and report back to you about the home inspection.
  2. Don’t take it too personally. Always remember that the job of the home inspector is to inspect your home, not find fault with you. It is therefore best to accept the results of the home inspection and to not get defensive about the findings.
  3. Take the time to review the home inspection report before complaining or fighting the inspector’s findings. The time to negotiate is after the home inspection is complete and the report is in everyone’s hands. Don’t get ahead of yourself and begin refuting the findings even before you have a chance to review the report.
  4. Remain honest. The very best thing you can do is to simply remain honest. If you don’t remember when you last serviced the furnace, just say so. Guessing or fabricating answers will only end up hurting you – and possibly the buyer – in the end.
  5. Remain flexible during negotiations. After the home inspection, the buyer will likely begin negotiating repairs with you. If you become instantly defensive or inflexible the entire deal could fall apart. Try to see the process from the eyes of the buyer, and understand that if you were buying a home you would want to see certain repairs made, as well.

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The Problems with Selling FSBO

Tuesday, November 17th, 2009

It may occur to you, as a seller, that the best thing to do during these tough, economic times is to forgo the services of a realtor in exchange for selling your North Dallas home FSBO. After all, with your home selling for less it only makes sense to save money and sell it yourself, right?

Well, not so fast.

Let me preface this by first saying that some people do successfully sell their North Dallas homes FSBO but, unfortunately, this is not the norm. Most individuals, particularly in today’s market, are better off using the services of a qualified real estate agent, and here’s why:

  • Only licensed real estate agents and brokers can list their home in the MLS. The multiple list service, also known as the MLS, is the industry’s centerpiece when it comes to homes for sale. If you’re selling your home FSBO, you will be left to advertise your home through other sources, most of which simply aren’t seen by home buyers.

The bottom line is that more than 90 percent of buyers who search for a home are going directly to the MLS to do it. And if your home isn’t on that list, the vast majority of home buyers will simply be unaware that you are selling your home.

  • Most real estate agents will not show a FSBO home because they don’t receive a percentage of the commission. Because there is no listing agent for a FSBO home, there is no commission from which to draw from for a buyer’s agent. Some FSBO sellers may offer the buyer’s agent a commission, but the long and short of it is that most real estate agents simply don’t want to be bothered going through a transaction when there is a potentially uneducated seller calling the shots.
  • Many buyers are hesitant to look at FSBO homes. Because the homeowner acts as the listing agent, he or she will likely be present during a showing. Many buyers simply feel uneasy when touring a home with the homeowner present. Buyers may feel quite uncomfortable really looking at a home under the watchful eye of the homeowner, which likely means that the buyer will not take the time to really view the home and appreciate its features.

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Protecting your Pet while Selling your Home

Monday, November 16th, 2009

Your pet is your pride and joy, and is considered a member of the family. It is therefore extremely important to take precautions throughout the home-selling process to ensure that your pet remains safe and protected, and that your buyers aren’t turned off.

The number-one problem with pets when selling your Fate home is what to do with them during a showing or open house. It is important to not only consider the comfort and safety of your guests, but the comfort and safety of your pet, as well.

The following tips can help you protect your beloved pet while showing your Fate property:

  • Consider a back-up location during showings and open houses. Ask a neighbor, friend or family member to take care of your pet during these times, or simply set up kennel time. Although this may not be the most ideal situation, it eliminates any problems with those buyers who may not like animals or those that are allergic to animals.
  • If your pet must remain in the house during showings and open houses, put it in an area of the home where it can’t escape. A laundry room, spare bedroom or the garage are good spots to keep Fido or Fluffy, as long as you aren’t keeping potential buyers from seeing the main areas of your home.
  • Post a sign on the door to the room your pet is staying in to discourage visitors from opening the door.
  • Keeping your pet safely locked in a room – or keeping your pet completely out of the home during the showing or open house – will prevent your guests from tripping over your pet and becoming hurt, and will eliminate the chance of your pet escaping from open doors.
  • If you can, simply take your pet with you during open houses and showings. A walk around the neighborhood or a drive around town during these times is often a convenient and practical solution.

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