To continue with the post I made a few days ago, I wanted to give you a few more questions you should ask your mortgage lender to ensure you’re not being taken for a ride.
What’s my minimum required down payment?
This one’s kind of important since it will tell you exactly how much money you’ll need to put down in order to get into your dream home. Different lenders have different requirements, as do different lending programs, so the only way to find out is to ask.
Will there be prepayment penalties?
This is another big one since many people plan on paying off their mortgage early. It’s much better to find out right now if you’re going to have to worry about paying prepayment penalties for getting it paid off early, than to breathe that big sigh of relief as you write what you think is the last check, only to find out you’re going to get hit with massive penalties.
How long will it take to close the loan?
The average closing is typically between 30-45 days from the time the final offer is accepted, but it is possible to close much faster. It really comes down to all pertinent parties involved, the buyer, the seller, and the lender. If you need to close in 10 days, even though it’ll be a mad dash to the finish, it’s certainly a possibility so be sure to ask your lender how quickly you can take care of things.
Is there anything that might delay my loan?
This is a question that will help you avoid a lot of stress, head aches, and heart ache during the loan origination process. Asking your lender what they need upfront, and then following up to find out if there’s anything that might delay the load is simply a good idea so you can avoid any unnecessary delays in getting to the closing table.
What documentation will you need?
This is another one that will simply save you time, headeaches, and hassles as the lender works through their process. Also, it’s extremely important (and relevant) for you to stay in touch with your realtor during this time in case something comes up that they need you to provide. Although you should have a good indictation as to what documents might be missing.
Overall, the process of buying or selling a home can be quite stressful. But being an informed consumer can really help you feel more confident about the process AND make sue you’re banking a good future.
Filed under Carolina Real Estate, Credit Repair, FSBO's, Home Sellers, Marketing, Mortgage Rates by 
In today’s challenging real estate market, home sellers are willing to do just about ANYTHING to sell their properties. While the most important key to selling your home quickly, for maximum value (especially here in the Rock Hill, Fort Mill SC area) is to list your home according to what the market dictates , there’s always a few zealous people willing to go above and beyond with the crazy promotions.
Here are a few incentives home sellers have managed to come up with recently:
An Upside Down Auction – The owner is calling it the “Bothell Countdown”. Each week the price on this home goes down in increments of $5-10K. As a potential buyer, you can sign up for email updates to keep track of price reductions and other updates.
Win A Home For $200 – All you have to do is write a 100 word or less essay about your dream of owning a beach home on the Oregon Coast, pay a $200 entry fee, and the home could be yours!
Buy One House, Get One Free – A developer in the San Diego area recently offered home buyers a free, 2,000 square foot home in Escondido if they purchased a home in the Royal View Estates development in the San Pasqual Valley of San Diego.
Jump On The Foreclosure Tour Bus – Spend the day on bus looking at Foreclosed properties. This tour operator currently covers five states. For a limited time they have reduced the cost of admission from $297 to $97. Looks like you can not only get a bargain on a home, but on ticket prices as well.
Go Green, Get A Prius – If you buy a green home in Encanterra (AZ), from Shea Homes, you get a free hybrid Toyota. Hurry, this offer only good thru June 15th!
Finally, my personal favorite…
Stake Your Life On Your Home – The buyer of this home will be the named beneficiary to a 10-year, $500,000 term life insurance policy. If the home owner dies in the next 10 years, the price of the home ($498,900) is covered. In case you are a betting person and wondering about odds, the owner is 69.
Then of course, there are the incentives. While this isn’t anything new for, particularly for builders, home owners are now also testing this technique. An article ran in the Boston Globe a few months ago quoting an agent who has sellers giving away things like: four sixth-row tickets facing the Lakers bench, VIP parking, and use of the “Royal Room” private lounge; a Harley-Davidson; a year’s pool service; and association dues for a year.
This information is courtesy of Sara Bonert and her ActiveRain Blog.
Filed under Home Sellers, Marketing by
Even though the Rock Hill/Fort Mill, SC real estate market remains strong in comparison to other areas of the country, there’s no doubt it’s currently a buyer’s market. So if you have a home you’re thinking about selling or already have on the market, here are a few suggestions to help you get the quickest sales, at the highest price possible.
First, take a look at what else is on the market and figure out what you can do to make your’s stick out. If 9 out of 10 homes aren’t selling, look at the 1 that is and do what they did. In most cases, I imagine it’s selling because it’s in the best condition, has the fewest repairs needed, or does the best job of helping potential buyers living there without too much hassle. Your home needs to match that criteria.
Second, be sure to get high quality photos that really highlight your home’s features. Nowadays, roughly 85% of home searches begin online and in most cases, the homes that have the most pictures available are the ones that get the most action. That’s because people like to do as much work online as possible before actually hitting the pavement.
If you only have one or two pictures, they’re not very high quality, or they don’t do anything to excite potential buyers, chances are your home will sit on the market longer than it should.
Third, price your home to sell. Don’t make the mistake of thinking you need to price your home high in order to get the most at the closing table because again, it will end up sitting on the marketing longer than it should.
To avoid overpricing your home, take a look at comparable properties that have sold recently in your area. Then take into account any positives or negatives that could impact the price. Negatives include bad locations (next to a busy intersection, liquor store next door, etc.), a bad layout, or a high foreclosure rate in your neighborhood. Positives could include recent upgrades like hardwood floors or granite counter tops, a neighborhood pool with low home owner’s dues, or a quiet neighborhood with close proximity to local ammenities.
Fourth, employ a multi-faceted marketing plan. There isn’t one single marketing tool that is guaranteed to sell your home so it’s important to employ many different tools and methods. Some people will find your house simply driving around your neighborhood, some will find it via online searches for ‘Rock Hill Fort Mill SC homes’, and others will find it through the classified ads in the Saturday paper. Because of all the different ways people search for homes, it’s critical to make sure your home can be found in these locations.
Finally, consider listing your home with a qualified, experienced real estate agent. A good agent will have access to all the tools and resources necessary to sell your home quickly and for top dollar. Just as potential home buyers find homes in different ways, there are different types of agents. Each agent will have her own style and methods so it’s important to carefully interview any agent you’re considering to ensure a good fit.
Selling your home during a buyer’s market can a huge challenge. But with the right knowledge, you can create a ‘home selling action plan’ that produces results quickly and profitably.
Contact Me to learn how I can help you sell your Rock Hill, Fort Mill, or Tega Cay, SC home quickly for top dollar!
Filed under Carolina Real Estate, FSBO's, Home Sellers, Marketing by
In today’s tight housing market, every little bit helps get your home sold. And I do mean EVERY little bit.
When you’re selling your home, you need to take your own emotional attachments out of the picture and view things from the perspective of your prospective buyers.
Love that deep red color on the walls of your bedroom? Great, but the potential buyers walking through your house might despise the color red because they went to UNC and can’t stand NC State.
You think your collection of Pez dispensers makes a wonderful display in your living room. Unfortunately, most people viewing your house will think it makes the room look smaller than what it probably is and as a result, will walk away with a negative impression of your home.
Ultimately, if you want your home to sell fast and for top dollar, you MUST do everything possible to help your prospective buyers picture themselves in your house, not you.
Here’s a fantastic article that offers several great pieces of advice on how to prep your home for maximum impact when showing it to potential buyers:
Dress to impress: Local staging company helps home sellers put their best foot forward
