One of the biggest challenges when buying or selling a home is understanding the process and some of the intricate details that come with that complex process.  This is why having a reliable experts is so helpful.  It is our job to help educate you through the process and not only get you through it successfully, but inform you along the way.  If you understand the details, you will have a much better home buying or selling experience.

Adjustable rate mortgage (ARM) -
Mortgage loan on which the interest rate falls and rises with changes in prevailing rates. The mortgage rate is tied to a selected index and may be adjusted annually. Also called a variable rate mortgage.

Annual percentage rate (APR) -
Combines the interest rate with other loan costs, such as points and loan fees, into a single figure that shows the true annual cost of borrowing.

Buy-down -
Cash payment to a lender to reduce the interest rate a borrower must pay on a new mortgage loan. Commonly used by builders to sell new homes.

Closing costs-
Expenses over and above the price of property that must be paid by buyers and sellers before title is transferred. Also known as settlement costs.

Counter offer-
An offer made in response to an earlier, unacceptable one; it terminates the original offer.

Escrow -
Money or documents held by a third party until specific conditions of an agreement or contract are fulfilled.

Earnest money deposit -
Money that accompanies an offer to purchase as evidence of good faith. It is almost always a personal check, certified check, or money order rather than cash.

Downpayment -
Initial cash investment made as evidence of good faith when purchasing real estate. It is usually a percentage of the sale price.

FHA -
Acronym for Federal Housing Authority, an agency created within the Department of Housing and Urban Development (HUD) that insures mortgages on residential property, with downpayment requirements usually lower than prevailing ones.

Graduated payment mortgage -
Mortgage loan for which the initial payments are low but increase over the life of the loan.

Homeowner's insurance policy -
Packaged insurance policy for homeowners and tenants that cover property damage and public liability, such as fire, theft, and personal liability.

Installment payment -
Periodic payment, usually monthly, of interest and principal on a mortgage or other loan.

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BUYING A HOUSE

Did you know when buying a house you don't have to pay your agent to work for you?  The agent selling the home pays a buyer's agent.  So, it is free to you!  Buying a home, you need an advocate to negotiate, research, and educate you about the process. To get the ball rolling, here are the steps to buying a house. 

 1.     Get pre-approved with a lender

Typically a ten-minute conversation, pre-approval establishes your price range with a lender.  We work closely with lenders who advise you to a comfortable monthly payment that won't leave you scraping by every month. 

2.     Commit to move

Really hot deals on real estate never last more than a day or two on the market. So, when these opportunities present themselves, you have to act immediately.  Preparing yourself psychologically, and physically will allow you to get in on those really good bargains.

 3.     Identify your needs

What location is good for commute?  How much house can I comfortably afford?  What type of a lifestyle do I want in this house?  Do you know what you are looking for?  Identifying your needs lets us know what exactly you want, and allows us to go find it for you. 

 4.     Write an offer

When you see the house you know is right for you, negotiations begin with an offer from the buyer specifying purchase price, terms, and what items might be included in the sale of the house. 

 

SELLING A HOUSE

Your goal is to receive the highest net dollar amount in the shortest period of time with the most convenience.  How do you do this?  Think like a buyer!  Homes are not sold by luck; they are sold strategically.  Here are components of that strategy. 

 1. Staging    

Home buyers have to be able to visualize themselves living in the home, not see how you lived in the home.  Professional home stagers are a cost effective way to and create a warm, inviting appeal to homebuyers.  Staging a home well, will give you a leg up on the competition.

2. Price    

Price is set by competition.  A competitive market analysis will allow you to see exactly what other comparable homes are available to buyers at your price range, and how you need to posture your home amongst the competition.

 3. Marketing    

First and foremost, marketing has to be strategic, and it has to be effective.  In order to sell a house, the most efficient marketing channels must be used to get your house sold and maximize your profit.