Why Use an Agent to Purchase a New Home
December 9, 2008
The advantages of having an agent help you purchase a new home are the same as those for purchasing a resale home…
• Knowledge of the market.jpg)
• Help in finding the perfect home quickly
• Expertise in contract writing/negotiation
• Closing assistance.
The builder has a professional representative watching out for his/her needs, and you need the same expert representation.
Buying a new home is a little more difficult and time-consuming than buying a resale. I can professionally guide you through this process.
It is very important that your interests be professionally represented when you are entering into a contract for a semi-custom or build-to-suit home. These transactions are complex and the contract details must be exact in order to protect you and to ensure you get exactly the home you want!
REMEMBER – the Builder requires that your Agent accompany you on your first visit to the Builder’s sales office, or they will NOT PAY your representative’s fee!
To learn more about what I can do for you visit me, Carol Swain at www.swainsells.com . Also check out current homes for sale in Bucks County, Pa and surrounding areas.
10 Real Estate Loan Commandments
December 5, 2008
1.
1. Thou shalt not change jobs, become self-employed or quit your job.
2. Thou shalt not buy a car, truck or van (or you may be living in it)!
3. Thou shalt not use charge cards excessively or let your accounts fall behind.
4. Thou shalt not spend money you have set aside for closing.
5. Thou shalt not omit debts or liabilities from your loan application.
6. Thou shalt not buy furniture.
7. Thou shalt not originate any inquiries into your credit.
8. Thou shalt not make large deposits without first checking with your loan officer.
9. Thou shalt not change bank accounts.
10. Thou shalt not co-sign a loan for anyone.
To learn more about what I can do for you visit me, Carol Swain at www.swainsells.com . Also check out current homes for sale in Bucks County, Pa and surrounding areas.
Understanding Agency
December 1, 2008
Seller Agency (Single Agency)
• Agent will represent the best interests of the seller
• Agent will owe the seller fiduciary duties
• Agent must give the buyer all material facts so that the buyer can make an educated decision
Buyer Agency (Single Agency)
• Agent will represent the best interests of the buyer
• Agent will owe the buyer fiduciary duties
• Agent must give the seller all material facts so that the seller can make an educated decision
Transaction Broker (Dual Agency)
• Agent represents both the buyer and the seller equally
• Agent’s objective is to get a mutually satisfactory agreement among all parties
• Agent gives all options to the buyer and the seller
• Depending on the local market, all parties may be present at contract presentation to negotiate on their on behalf
• All parties have confidentiality. Agent may do nothing to the detriment of either the buyer or the seller
• Both the buyer and the seller have a right to counsel. Before making any decisions, both parties have the right to seek family, religious, legal, or financial counsel.
In every relationship your agent has the duty to act honestly both with the seller and the buyer.
To learn more about what I can do for you visit me, Carol Swain at www.swainsells.com . Also check out current homes for sale in Bucks County, Pa and surrounding areas.
You Have Purchased a Home…Now What?
November 26, 2008
Now that you have decided to buy your home, what happens between now and the time you legally own the home? A Title Company may handle the following items. NOTE: in different parts of the country attorneys, lenders, escrow companies and other persons who are independent of, title companies perform some or all of these functions.
Earnest Money – An agreement to convey starts the process once it is received at the Title Company. Once you submit the loan application, it is usually subject to a credit check, an appraisal, and sometimes, a survey of the property.
Tax Check – What taxes are owed on the property? The Title Company contacts the various assessor-collectors.
Title Search – Copies of documents are gathered from various public records: deeds, deeds of trust, various assessments and matters of probate, heirship, divorce, and bankruptcy are addressed.
Examination - Verification of the legal owner and debts owed.
Document Preparation – Appropriate forms are prepared for conveyance and settlement.
Settlement - An Escrow Officer oversees the closing of the transaction: seller signs the deed, you sign a new mortgage, the old loan is paid off and the new loan is established. Seller, Realtors, attorneys, surveyors, Title Company, and other service providers for the parties are paid. Title insurance policies will then be issued to you and your lender.
Title Insurance – There are two types of title insurance:
•§ Coverage that protects the lender for the amount of the mortgage,
•§ Coverage that protects the your equity in the property.
Both you and your lender will want the security offered by title insurance. Why?
Title agents search public records to determine who has owned any piece of property, but these records may not reflect irregularities that are almost impossible to find. Here are some examples: an unauthorized seller forges the deed to the property; an unknown, but rightful heir to the property shows up after the sale to claim ownership; conflicts arise over a will from a deceased owner; or a land survey showing the boundaries of your property is incorrect.
For a one-time charge at closing, title insurance will safeguard you against problems including those event an exhaustive search will not reveal.
To learn more about what I can do for you visit me, Carol Swain at www.swainsells.com . Also check out current homes for sale in Bucks County, Pa and surrounding areas.
What Every Buyer Should Know Before Purchasing
November 25, 2008
1. Property taxes and qualified interest are deductible on an individual’s federal income tax return.
2. Often, a home is the largest asset an individual has and is considered one of the most valuable investments available.
3. A portion of each amortized mortgage payment goes to principal which is an investment.
4. A home is one of the few investments that you can enjoy by living in it.
5. A REALTORâ can usually show you any home whether it is listed with a company, a builder, or even a For Sale By Owner home.
6. Working through a REALTORâ to purchase a For Sale By Owner home can be very advantageous because someone is looking out for your best interest.
7. Your Real Estate professional can provide you with a list of items you’ll need to complete your loan application so you’ll be prepared.
8. A homeowner can exclude up to $500,000 of capital gain tax if married and filing jointly or up to $250,000 if single or filing separately. The home must have been the taxpayer’s principal residence for the previous two years.
9. Beginning with May 07, 1997, there is no longer a requirement to purchase another home more expensive than the one sold. Homeowners are free to buy up or down with no tax consequences assuming their gain is less than the allowable amounts.
10. Ask the Real Estate professional if they are familiar with the neighborhoods where you want to live.
11. Ask the Real Estate professional whom he/she is representing in the transaction.
12. Ask the Real Estate professional what he/she will do to keep you informed.
13. Your Real Estate professional should provide you with the highest level of service and advice.
To learn more about what I can do for you visit me, Carol Swain at www.swainsells.com . Also check out current homes for sale in Bucks County, Pa and surrounding areas.
Helping Children Cope with Moving
November 24, 2008
1. Show the children the new home and their new room prior to moving. If this is not possible, pictures or videos will help them visualize where they are going.
2. Assure children that you won’t forget their friends.
3. Make a scrapbook of the old home and neighborhood.
4. Throw a good-bye party. At the party have their friends sign a t-shirt.
5. Have your children write good-bye letters and enclose their new address. You may wish to call the other children’s parents so that they will encourage return letters.
6. When packing, give your children their own box and let them decorate it.
7. Start a scrapbook for your new home.
8. Visit your children’s new school, park, church, etc… Take a camera.
9. Help your children invite new friends over to your new home.
10. Let your children choose a new favorite restaurant. This will help them feel in control of their New World.
11. Encourage them to send letters about their new home to their friends.
12. Involve your children in groups, sports, and activities like the ones they used to participate in.
13. Remember, even if you only lived in a home for a few years, to a young child it is nearly their entire lifetime.
To learn more about what I can do for you visit me, Carol Swain at www.swainsells.com . Also check out current homes for sale in Bucks County, Pa and surrounding areas.
Why You Need a Realtor
November 21, 2008
A licensed real estate professional provides much more than the service of helping you find your ideal home. Realtors are expert negotiators with others agents, seasoned financial advisers with customers, and superb navigators around the local neighborhood. They are members of the National Association of Realtors and must abide by a Code of Ethics and Standards of Practice enforced by NAR. A professional Realtor is your best resource when buying or selling a home.
Let a Realtor Guide br Your Guide:
- A knowledgeable Realtor can save you endless amounts of money, time, and frustration.
- A knowledgeable Realtor knows the housing market inside and out and can help you avoid the “wild goose chase.”
- A knowledgeable Realtor can help you with any home, even if it is listed elsewhere or if it is being sold directly by the owner.
- A knowledgeable Realtor knows the best lenders in the area and can help you understand the importance of being preapproved for a mortgage. He or she can also discuss down payments, closing costs, monthly payment options that suit you.
- A knowledgeable Realtor is an excellent source for both general and specific information about the community such as schools, churches, shopping, and transportation-plus tips on home inspections and pricing.
- A knowledgeable Realtor is experienced at presenting your offer to the seller and can help you through the process of negotiating the best price. By bringing objectivity to the buying transaction, he or she can point out the advantages and the disadvantages of a particular property.
And the best thing about your Realtor is that all this help normally won’t cost you a cent. Generally speaking, the seller pays the commission to the Realtor.
To learn more about what I can do for you visit me, Carol Swain at www.swainsells.com . Also check out current homes for sale in Bucks County, Pa and surrounding areas.
Danger of Overpricing Your Home
November 19, 2008
The Cost of Overpricing in a Shifted Market:
1 – Fair market value declines during market shift.
2- Seller hopes a higher intial price will draw a higher offer.
3 – Market Interest is fragile(with high inventory) and wanes quickly.
4 – Salable Price is impacted by declining market values, “staleness,” and competition.
5- Small price reductions only “chase down the market.”
6- Properties sell when buyers see very attractive prices.
7- The Cost of Overpricing is amplified after;
To learn more about what I can do for you visit me, Carol Swain at www.swainsells.com . Also check out current homes for sale in Bucks County, Pa and surrounding areas.
