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  1. 21 QUESTIONS THAT HELP MAKE A HOUSE SELL FASTER
  2. CREDIT REPORTING AGENCIES
  3. OUR PROGRAMS
  4. SELLER’S EXPENSES
  5. Working With Your Lender!
  6. Negotiating like a Pro!
  7. POINTS EXPLAINED
  8. Repair Check List
  9. What is a Comparative Market Analysis?

 

21 QUESTIONS THAT HELP MAKE A HOUSE SELL FASTER
(Will the answers to these questions help me get more cash for my home in a shorter period of time and with the greatest of ease?)
1. Does the house or any part of the house need painting?
2. Shall I reseed the lawn and get my landscaping in top shape?
3. What about the screens? Any holes? What about the windows? do they work well or do they need attention?
4. Does the carpet need cleaning? How about replacing?
5. Are pets under control at all times?
6. Are all appliances in good w orking order?
7. Should I stay out of a prospective buyer’s way?
8. Do I have time to dedicate in entertain the buyers?
9. What is the buyer’s first impression of the exterior of our house?
10. What can I do to improve it?
11. What is the buyer’s first impression as they step inside my house?
12. What can I do to improve it?
13. Since the buyer will be looking in the closets, should I take some of the clothes out to make them look roomier?
14. Can I take items from kitchen cabinets to make them more spacious?
15. Is there any furniture I could store or dispose of to make rooms appear larger?
16. Do any cabinets need to be touched up or refinished?
17. What about the doormats? Should I replace them with new ones that are neutral and omit our family’s name?
18. Should I remove an ornate item that a buyer may want as part of the house? For example; the special chandelier or wall system?
19. Is the price and terms offered going to appeal to most of the buying public in my price range?
20. Do I need to be aware of other houses similar to mine also being offered for sale?
21. Are the garage and storage areas as clean and neat as they should be?
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CREDIT REPORTING AGENCIES

EXPERIAN INFORMATION SERVICES
701 EXPERIAN PARKWAY
P.O. BOX 2002
ALLEN, TX 75013-0036
1-888-397-3742

EQUIFAX INFORMATION SERVICE
P.O. BOX 740193
ATLANTA, GA 30374-0193
1-800-685-1111

TRANS UNION
P.O. BOX 2000
CHESTER, PA 19022
1-800-916-8800

Please include the following information:

1. Name
2. Address
3. Social Security Number
4. Date of Birth
5. Home Phone Number
6. Employer’s Name
7. Name of the company you have the dispute with (from your credit report)
8. Account Number of the disputed item (from your credit report)
9. Reason for your dispute (such as, it is not your account, you have paid the account, ect.)
10. Any corrections to your personal information (address, phone number, ect.)
11. Include any copies of proof that you might have to prove that an account has been paid.

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OUR PROGRAMS
FHA RATE AND TERM REFINANCE
203K REHABILITATION CASH OUT REFINANCES
NEHEMIAH  
VA  
CONVENTIONAL  
HOME STYLE REHABILITATION  
ARM PRODUCTS  
SONYMA  
   
ALTERNATIVE LENDING PROGRAMS

NO INCOME ASKED

5% DOWN NO DOC
EXTENDED RATIOS
STATED INCOME
NO INCOME VERIFICATION
NO ASSET VERIFICATION

  

AVOID MORTGAGE INSURANCE WITHOUT 20% DOWN

80/10/10
80/20

  

NO MONEY TO BUY

NEHEMIAH
FHA
103% FINANCING
100% FINANCING
80/20

  

BECOME A LANDLORD

10% DOWN INVESTOR
CASH OUT INVESTOR
NO INCOME VERIFICATION

  

NEED CASH??

CASH OUT REFINANCED
125% LOANS

  

BUYING FROM A RELATIVE

GIFT OF EQUITY

  
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SELLER’S EXPENSES

Deed Stamps: Purchase price multiplied by four dollars per thousand.

Abstract Bring down: Prior to closing, it is required to bring down the Abstract of Title. Fees will vary, depending on the last time this was completed. The average cost is approximately $350.00.

Survey Update: The lender requires that the survey be updated within 6 months prior to closing. It is cost effective to use the same company that completed the original survey. The average update cost is approximately $200-300.

Well/Septic: This typically is a seller’s expense. Depending on the type of mortgage that your buyer is obtaining will dictate what tests need to be completed.

VA and FHA loans:
• Water: Lead, Nitrate (as Nitrogen), Total Nitrate/Nitrite, total Coliforms & Fecal Coliforms (or E. Coli).
• Septic: You must supply Commonfund with a written certification from your local Health Department or licensed plumber or septic installer of the adequacy of the system.
Conventional:
• Water: Coliform
• Septic is not required

*** Well tests can be no older than 30 days at time of closing.***

 

Repairs: If the lender requires any repairs, the seller will be responsible for the percentage (or amount) as stated in their purchase offer, unless otherwise agreed to. These costs may vary from state to state. This information is only indented to be for information only and do not represent exact figures.

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Working With Your Lender!
The right or wrong decision when signing your home mortgage can mean thousands of dollars difference in interest paid. There are very important considerations to evaluate before you commit to a 15 or 30-year note. For many of us our mortgage payment is the most important financial decision we’ll ever make. Doesn’t it make sense to know as much as possible about the financing of our home? Take the time to thoroughly investigate all of your options! Unbelievably many of us sign the first mortgage placed in front of us. Typically the excitement of the new home purchase reduces the mortgage to not much more than an afterthought. What you read here could save you hundreds or even thousands of dollars. Your real estate professional has established relationships with the top lenders in your area. By aligning yourself with a professional agent you ensure that all the financial steps are taken care of properly and economically.

1. Utilize a Lender With Established Ties to an Agent- Lenders are much more flexible with the real estate agents who have done business with them previously. This relationship then establishes them as a team. The lender and agent work effectively together, referring each other business. That’s why a good agent can make substantial difference in setting up the most economical financing. And the right financing can, literally, save you tens of thousands of dollars over the life of your loan!

2. Don’t Attempt Paperwork Alone- All the paperwork required to complete the purchase of a home can be quite intimidating and frustrating for a homebuyer; Make sure you have your lenders help you with all the paperwork. Get help from your team, your lender and agent. Their expertise will help alleviate the stress and it will prove to be invaluable before you sign your mortgage.

3. Look at All Your Options- Make sure you see at least 5 loan programs for your mortgage. Lenders have at least 10 programs and should work with you and your agent on deciding what is best for your circumstances. Evaluate all your options. After all it’s your money you’re spending - not theirs!

4. Demand Service- There is little difference between a bank, savings and loan, or a mortgage broker when it comes to the competitiveness of their loan rates. The difference is in the service they provide. It is their job to serve you! You want to get the loan approved and move into your new home as quickly as possible, but don’t overlook the fact that you are the one spending the money and they are the ones who should cater to your needs. Don’t let the process become so intimidating that you lose that understanding.

5. Stay in Complete Touch- You should receive a written report from your lender about every step. This will ensure that no details are overlooked and there will be no surprises.

6. Negotiate a Flexible Loan- Don’t just accept the terms they lay down in front of you. Lenders are in the business of loaning money and they want your business. Make sure you examine every option available to you. If you negotiate a variable rate loan, many lenders have the ability to move you into a fixed loan if rates start going up. Make sure that you understand whether or not that is an option in the package you are looking at.

7. Don’t Give Up on the First No- Initial decisions are not always final decisions. Going to a higher authority can sometimes get you the loan, but do so with the assistance and compliance of your lender and agent. Many times special circumstances when explained properly to the person in charge, will win you the loan.

8. Don’t Wait for the Bottom of the Market- The odds of you hitting the bottom of your market are about like the odds of you hitting your state lotto! You will almost never hit the bottom of a market. And trying to time it exactly right is often costly. It usually causes a person or family to miss out on the opportunity to purchase a very nice property. You’re better off simply negotiating the best rate and terms you can at the time you find a property. If interest rates go down, you can refinance. This is a much better approach because you won’t miss out on the property you’ve spent so much time locating.

9. Be Honest With Your Lender- Your lender wants to help you with your loan. The only time they get paid is when you get approved. The more information (good or bad) you provide your lender, the easier it will be for them to get an approval. It helps them present the loan in the best light. This in turn helps the loan get the highest approval rating.

10. Become Completely Educated- Pick your lenders brain. Lenders will teach you all about your various options, even if you haven’t found the right property yet. They will be very patient with you while you are looking, especially if you have aligned yourself with the right agent. They understand all the up-front work will pay off in future business. Your agent will then continue to refer people to the courteous and service minded lender on down the line.

11. Get Pre-qualified- Lenders will provide you with a certificate of pre-qualification. By getting pre-qualified you know exactly what financial parameters to stay within. Your agent and lender will consult with you and help you get qualified for the loan that best fits your needs. Many times they are able to get you a larger loan than you may have thought possible.

Getting approved for a loan is often times much easier than you might have previously thought. We sincerely hope this brief report has been a help to you. If you would like a FREE consultation call our office at:

Get Pre-approved Today!
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Negotiating like a Pro!

• Never appear too keen or too negative.
• Always take time to review the offer.
• Always expect the offer in writing from the buyer.
• Make sure your attorney will approve the contract.

Let the buyer know your terms before they prepare the offer (time for closing, who will hold the deposit, etc.)
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POINTS EXPLAINED
WHAT IS A POINT? One point is equal to 1% of the NEW Loan Amount.
WHY DO LENDERS CHARGE POINTS? Whenever government regulation, state usury laws and/or competitive practices prohibit the lender from charging a rate of interest which would make the real estate loan competitive with other fields of investments, the lender must seek some method of increasing the yield for the investors. By charging “points”, the lender can bring the real estate loan up to those other investments.
ARE POINTS CALLED BY DIFFERRENT NAMES? Yes. Loan Origination Fee, Commitment Fee, Discount Fee, Warehousing Fee, Funding Fee, etc.
WHO MUST PAY THE POINTS? FHA: The buyer is usually charged with the Loan Origination Fee; Buyer or Seller can pay the Discount Fee.
VA: The Buyer is usually charged with the Loan Origination Fee and the Funding Fee. Discount must be paid by the seller.
Conventional: Points can be paid by the Buyer, the Seller, or split between the two. State terms on Purchase Contract.
City/State/State government sponsored loans: As published by them.
DO THE NUMBER OF POINTS ACTUALLY CHARGED FLUCTUATE? Yes. If rates on mortgage loans are lower than other investments (such as stocks, bonds, etc.), then funds will be drawn away from the mortgage market. Also, when there is a heavy demand upon the money market because of business needs military requirements or other government borrowing, the result is that the money for home mortgages becomes scarce and more expensive. When this occurs, more points can be charged. Points balance the market. Points are not set by government regulation but they each render individually.
ON VA LOANS, IS THERE ANY WAY TO LOCK IN THE NUMBER OF POINTS? Not without jeopardizing the sale. Even when a lender stipulates in writing the number of points to be charged, that guarantees states “if the interest rate is not changed by the government.” Points charged on FHA or conventional loans are usually not changed from commitment time to settlement.
IS FHA OR VA FINANCING UNFAIR TO SELLERS? No. Homes can sell faster because more buyers can qualify with the lower down payment requirement and lower interest rate – long-term loans with lower monthly payments. Sellers receive all cash for their equity to reinvest in a new home or other investments. The purpose of these loans is to provide purchasers the opportunity to buy homes with minimal cash investment thus providing a bigger market for sellers.
ARE POINTS DEDUCTABLE FOR INCOME TAX PURPOSES? Points on a home mortgage (for the purpose or improvement of, and secured by, the taxpayer’s principal residence) are deductible currently if points are generally charged in the geographical area where the loan is made and to the extent of the number of points generally charged in that area for the home loan. If you are in doubt about points being deductible you should contact your tax return preparer.
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Repair Check List
Exterior:
1. How is the condition of the paint?
2. Doorknobs polished and working properly?
3. Any doors that “stick” when opening?
4. Stucco or Siding free of cracks?
5. Bricks firmly in place?
6. Front entry clean (including entry rugs)?
7. Doorbell in good condition?
8. Gutters Clean?
9. Roof in good repair?
10. Windows cleaned, caulked and working properly?
11. Window screens in good condition?
12. Exterior lights working?
13. Fence paint attractive?
14. Sidewalks free of clutter, toys, etc.?
15. Trash cans out of sight?
16. Lawn green, mowed and trimmed?
17. Trees and shrubs trimmed?
18. Flower beds need sprucing up?
19. Garage clean and clutter removed?
20. Workbench free of tools, etc.?
21. Garage door working properly?
22. Driveway cleared of vehicles?
23. Auto stains in driveway?
24. Pool and spa clean and in good condition?
25. Pool equipment working properly?
 Inside The Home:
1. Paint on ceilings and walls in good condition?
2. Flooring in good condition?
3. Window treatments (draperies, etc.) freshly done?
4. Room cluttered?
5. To much furniture?
6. Fireplace clean with wood stacked neatly?
2. Paint on walls and ceiling in good condition?
43. Too much furniture in room?
44. Flooring in good condition?
45. Draperies freshly done?
46. Light fixtures clean and shiny?
47. Room uncluttered?
48. Washer and Dryer neat and free of dust?
49. Floor clean?
50. Light working properly?
51. Furnace and air conditioning in good condition?
52. Furnace and air filters replaced?
53. Hot water heater clean?
54. Paint in good repair?
55. Draperies fresh?
56. Light fixtures make the room appear bright and airy?
57. Flooring clean and in good repair?
58. All door hardware in good condition?
59. Excess furniture removed?
60. Closets neat and clean?
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What is a Comparative Market Analysis?

A service normally provided by real estate agents prior to either listing a property or prior to making an offer to purchase a property on the behalf of a purchaser.

The true purpose of a CMA is to establish current estimated value of a similar property. This is accomplished by researching both: the currently listed properties and the most recently sold properties, in the same area, with as similar characteristics as the property in question. This information is usually provided to the property-owner to help them establish a fair market price or it may be given to a prospective purchaser to help guide them in a proper offer to make to the owner.

Some real estate agents perform this service for FREE others may charge a fee for this information. A lot depends on who is doing the CMA and also how detailed the information provided.

Order a CMA Now!
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