What’s My Realtor worth?

4               This is probably a question that most everyone asks at some point during their transaction.  Its one that should be asked before entering into an agreement to  sell a property.  And the answer could go on for some time.

In the summer of 2006, Pat Vredebvoogd-Combs testified before the House Financial Services Committee on Housing.  In that testimony, she submitted a list of 184 things that listing agents do in every transaction, and it was stated that most people are unaware of the services that an agent provides during the course of a transaction.

The list is divided into categories such as “Pre-Listing Activities”,  “Listings Appointment Presentation”, “After Listing Agreement is Signed”, “Entering Property into MLS database”,  “Marketing the Listing”, “The Offer and Contract”,  “Tracking the loan process”,  “Home Inspection”, “The Appraisal”, “Closing Preparations and Duties”, and ”Follow up after Closing”.  It shows over 184 individual services that a Realtor performs on behalf of their client, and more are added each day.  This list, developed by the Orlando Association of Realtors, shows the value of a Realtor, and how they provide you with the service you expect.

You can find this list at http://www.RealEstateIntelligence.com and see “Transaction List”.

Not only does a Realtor performs the items in that list, but they also develop a relationship with you.  They earn your trust, your respect and provide you with services that ensure your transaction is handled with utmost professionalism.  They stay abreast of all current legal issues, aspects of contract negotiation, financing requirements, technology and adhere to the Realtor Code of Ethics. Rest assured that your agent is worth every penny and know that you are entrusting one of the most important investments of your life to someone that is indeed, valuable.

A Realtor – Your Most Important Asset

Your first call could be your most important one, your Realtor!

Finding the perfect home and selling your present one can be easy when you’re prepared with the right tools, those tools that your Realtor can furnish you with.

Your Realtor – 

  • Has access to all properties within the Lynchburg MLS, and can located For Sale By Owners
  • Has knowledge of the local real estate market and can provide information on zoning, schools, utilities, subdivision restrictions
  • Can offer objective opinion on properties with regard to value, resale
  • Utilize all means of marketing property to ensure results
  • Prepares/institutes marketing plans to effectively promote your property
  • Can offer you comparison analysis of properties in surrounding areas to assist with pricing and/or contract negotiation
  • Uses expertise to negotiate price, financing, terms, settlement date, inclusions of
  • equipment and performance of repairs
  • Explain forms that are used in the selling or buying process such as disclosure forms, contracts, mortgage documentation, addendums, deeds
  • Ensure that all timelines are adhered to regarding your sale or purchase
  • Obtain homeowners packages and offer assistance in review
  • Advise you in all aspects of the selling/buying process
  • Coordinate all inspections and assist with repair scheduling
  • Furnish you with utility information for the application processes
  • Review the final settlement statement (HUD form)
  • Accompany you on your final walk-thru of the property prior to closing

A Realtor adheres to the National Association of Realtors Code of Ethics which was devised to protect the public and ensure a commitment to professionalism.

Rent to Own!

Buying in today’s market is a definite advantage with low interest rates, available funding and large inventories of homes. However, not everyone is in the position to purchase, sometimes due to debt, credit issues, or lack of available down payment monies. In these situations, a Rent to Own or Lease Option may be the best strategy.

After locating the right property for you, you will enter into a contractual rental agreement whereby the property is leased to you for a specified period of time. You will make monthly payments which are specified in this agreement, and at the end of the lease term, you have the option to purchase the property at an agreed upon price as specified in the agreement. This price will be set and cannot change throughout the term of the agreement. Some agreements may credit a portion of the monthly rental to the purchase if you exercise your option to purchase.

Lease terms are usually for 12 months, and can be renewed, but all terms are subject to change at the time of renewal such as monthly rental, the purchase price of the property and possibly other terms of the rental agreement. Lease agreements may include an option fee which will be charged at the start of the agreement and credited to you at the execution of your option. However, if you do not execute, the option fee is lost to you as its non-refundable.

Your win-win

By entering into a Rent to Own agreement, you have time to correct any credit issues or increase your credit score and save for your down payment
You secure a price on the property you may purchase, allowing you the benefit of any appreciation during the lease term.

You have time to experience home ownership before it actually becomes your own, securing your confidence that you can make regular monthly payments, and by setting aside a little money each month for your down payment, you can also experience saving for any property maintenance issues or upgrades that you may want to make after you exercise your option.

$8,000 Tax Credit to all First Time Homebuyers

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FHA lenders can offer a bridge loan product that enables you to utilize the benefit of the tax credit upfront and use it for closing fees, interest rate buydowns or more than the required 3.5% down payment. A buyer must have the minimum 3.5% down payment verified.

To obtain your credit, close on your home by November 30, 2009 and ensure that you are a qualified applicant under the present IRS guidelines, either choosing 2008 with an amended return or your 2009 tax return.

Obtain form 5405 to determine the amount of your credit, and apply to your return.
Its that easy!

Market Updates

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Is it a Buyers or Sellers Market? You decide….

According to the Lynchburg Multiple Listing Service, this week has been active with both a strong showing of listings and sales. 

 

For the Week of August 15, 2009:

Listings: 

Sales:

Average List to Sales Price Ratio:

Average Days On Market:

Currently, there are ____ properties on the market enterd in the Lynchburg MLS.

Home Warranty

11A Marketing Tool, and coverage too!  Yes, offering a Home Warranty on the home you are selling is a great marketing tool.  Its can be an equalizer in the decision of a buyer to purchase your home over that of a newly constructed one.  Buyers purchase new homes so that their out of pocket expense for several years is less.  You can provide that same peace of mind for a year, time for the new buyer to settle in and enjoy your home.

Home warranties average between $300-400 and cover almost everything. Another advantage to most home warranties is that a seller can apply for the warranty, have coverage on the home while its being marketed and then transfer the warranty to the buyer at settlement.  During the time the home is being marketed, if the warranty is applied for by the seller, any issues that arise can be covered under the warranty for you as well. So, if you heatpump goes out before settlement, you can file a claim with the warranty company and not be out of pocket.

Two good reasons to investigate a home warranty.  It can be a winner for both you and the sale of your home!

Relocation Package

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Moving to the area?  I can help with FREE information on everything real estate in Lynchburg, or the counties of  Amherst, Bedford, Campbell or Appomattox.   Housing of all types, maps, attractions, events, property taxes, schools, historical areas, and all the great things our area has to offer!

Contact me for your FREE individualized packet today!

Moving to another area?  I can help there, too!  I will have a relocation package sent to you with the same information on your new location, or area of interest. I can also have an agent, like myself, contact you with property information, cost of living, and resources for your move.  Again, all at NO COST to you!

What are Closing Costs?

1Closing costs are fees that are charged to you when purchasing a home. They consist of loan fees, property appraisal, lender title insurance costs, title research fees, property recordation fees, personal credit report, and lender escrows for property taxes and home owner insurance fees. Other items that you or your lender may request such as radon or home inspections or survey may also be a part of your closing costs.

When you apply for a loan for a property, the lender will furnish you with a Truth in Lending Disclosure. This form will have all fees that will be charged to you as closing costs, itemized, and should be fairly accurate. With the exception of a credit report fee and/or the appraisal, all closing costs will be paid at the settlement table on the day of closing. If you choose to have a home inspection or other inspections, these fees may be charged at the time the service is rendered.

All fees paid on the day of settlement must be paid with a cashier’s check or wired funds. No personal checks are accepted by the settlement agent.

Mortgage Qualification

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Can you obtain a mortgage to buy?  Don’t keep wondering.  Contact a mortgage loan officer and allow them to qualify you for a home mortgage.  You may be surprised at the options you may have!

After setting your appointment to meet with a lender, gather the following items to take with you that will be helpful in your loan qualification.

Be prepared to pay for a credit report to be obtained by the lender – this could be approximately $35-100. 

 1.  Copies of your last 30 days pay stubs.

2.  Copies of your last two (2) years of W2s.

3.  Copies of your last two (2) months bank statements and/or asset accounts.

4. Drivers License and/or Social Security card.

5.  Copy of your signed divorce decree/property settlement agreement if applicable

6.  Copy of complete Bankruptcy papers along with discharge letter, if applicable

7.  Copies of the last 12 months of cancelled checks or last 12 months bank statements with deposits highlighted, if you are claining Child Support and/or alimony payments.

8.  VA loan applicants will need a copy of your DD214-eligibility certificate

9.  Name, address and phone number for your current Landlord.

These items will be necesssary when applying for the loan, and having them all at this point can alleviate any surprises as you go through the process.

Mortgage Loan Information

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