Who’s Responsible for Keeping Up a Property While It is Under Contract?

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Once a property goes under contract it is a unique state of limbo. But that doesn’t mean that the ownership has been transferred as of yet. One of the most frequently asked questions (and often a misconception) is “who is responsible for maintaining the property while it’s under contract?”

The answer is simple. Until it changes hands, the seller is required to keep everything in the same condition as when the buyer first viewed the property. This means that if a glass breaks the seller will need to fix it. If the furnace breaks down, the seller will need to have it repaired. If storm or other damage occurs, the seller will bear the responsibility to rectify the problem.

Through the closing date, it is the seller’s responsibility to maintain and upkeep all aspects of the property, including keeping utilities on and in working order. In fact, as a buyer it is important to arrange the transfer of utilities on or the day after closing to avoid any gaps in service.

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There are lots of questions that go unanswered unless you have a trusted real estate advisor to turn to. We invite your questions, concerns and comments plus of course interest in buying, selling or investing in a home. Call us today!

Website Offers Instant Access to Amenities Within Walking Distance of a Property or Location

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One of the things that a lot of buyers overlook when they are considering a home to purchase has to do with the amenities that extend beyond the home itself. Whether that means the area parks, nearby shops, access to highways, restaurants, trails or other things – you want to know what’s out there.

Consider this: if you had a way of knowing what all is within walking distance of a prospective home, wouldn’t you want to know before you bought the property?

Well, we found a great website to help you do just that. It’s called WalkScore.com and it’s very simple. Just put in an address or location and you’ll be given a list of amenities that are nearby, the average distances to each from your entered location and a score on a scale of 1-100. The score corresponds to a ranking ranging from “Car Dependent” to “Very Walkable”.

This little nugget is especially useful for high foot traffic areas where walking to a nearby place is part of the lifestyle and the site offers a guide into what you can find nearby. One of the ways we use the site is to market listings that have walkable features.
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Keep watching our blog for more tidbits, tips and tricks on all things real estate!

How To Navigate Your Home Search To Avoid Paying Too High Property Taxes

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Believe it or not, there are some neighborhoods that are right next to each other with completely different property tax rates. You might expect a slight change from one area to the next but the reality is that there can be as much disparity to cause a huge impact on your monthly payment.

Depending on the locale of choice, you may even have to pay for additional taxes such as for city-dwellers that have to pay city taxes. This typically is on top of the municipal taxes that are already a part of owning a property in the area. Factor in special assessments or other taxpayer expenses and it can get even more expensive.

To help avoid our clients getting into situations where the taxation puts a burden on their monthly payment and ultimately their affordability of a home, we like to help navigate through some of the more affordable areas. Sometimes that information is not as readily available as it should be and without some extra digging you may not even be aware of the vast difference in taxes between one local area versus the next.
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Please call us today! We’d be happy to help you in your home search and in the process, will make sure that you find the best home, with the least amount of hassle and of course with your affordability and convenience in mind. We look forward to hearing from you today.

Two Things to Know When Buying Foreclosures

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Buying a foreclosed home can be bittersweet.  If you are not careful you stand to face a great deal of financial risk, not to mention the frustration of wanting and pursuing a home that could be lost to you in the end if precautionary measures are not taken. These steps can and will protect you from unforeseen circumstances that have often come back to bite less-than-careful buyers of foreclosed home. 

A Good Deal Can Come At a Steep Price If You’re Not Careful

For all the satisfaction of getting that great deal on a foreclosed home, the single most frustrating thing about buying foreclosures is the inability to communicate directly with the seller.  The purchase of a home is usually the largest financial transaction in many people’s lives and the fear of the unknown should definitely not be a factor.

In normal sales important details must be revealed by sellers through a formal disclosure statement.  The homeowners must divulge any and all information about the home that can impact the buyers’ decision, especially aspects that can affect the property’s value or desirability. In fact, in many states it is illegal to conceal major defects whether structural or cosmetic, prior to sale. 

With foreclosed properties the disclosure statement is extremely limited so the prospect of learning significant financial or personal safety risks in advance is imminent.  Property transactions should not involve a lot of guesswork unless you are able to invest in the property and manage issues that may come up later.

WHAT TO DO TO PROTECT YOURSELF
The amount of money saved on a foreclosed home is worth the extra expense you will have to incur to make sure your dream home is a reality.  Hire an experienced inspector or licensed general contractor that can investigate all aspects of the home in advance.  By weeding out any potential problems ahead of time, you will be able to make an informed decision about the purchase rather than signing the dotted line in the dark.  Major problems such as plumbing and electrical issues, foundation concerns or roof leaks will be investigated and other potential pitfalls that could cost you a sizable amount in the long run will be mentioned. 

Since most lenders require a home inspection to take place prior to financing you may be able to utilize the same inspection results by choosing an inspector recommended by your bank.  Though most home inspections average about $300-$350 the cost can go up depending on the size and complexity of the home.  One of the biggest mistakes many buyers commit is to opt for less expensive inspectors with murky credentials or none at all. 


Make Sure You Are In the Clear Before Saying “Yes!”

Like with any major financial transaction, there are many steps to take when finalizing the process.  One important step is drawing up a title policy as per the bank’s requirements.  Especially in light of recent tightening of lender practices banks are being extra cautious when processing mortgages.  Sometimes they will require that the title policy be done using a company located outside the local area.  It is essential that you follow through all possible scenarios when confirming the title is free and clear of all liens and/or encumbrances otherwise you risk delaying the transaction while waiting to clear up any mishaps.  You could also potentially lose the sale if the title is not verifiably free and clear.

After your title company has come up with the title policy for your foreclosed home, it’s a good idea to check with a local lien company and request a preliminary report on the property.  This allows a more interactive investigation of the title’s condition as opposed to an out-of-town company doing the legwork. Any outstanding liens that may not have shown up on the out of town title company’s report may appear on the prelim report from the local (second opinion) title company.
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Foreclosures are a great way to get a great house without breaking the bank – and if you play your cards right, there is no reason why there can’t be smooth sailing throughout the process.  With just these two important precautionary measures, you can save years of grief and thousands of dollars of pocket pain – all worth it at the end of the day when you live in your dream home at a fraction of the cost of a conventional sale.

Seller Paid Closing Costs Help Homeowners Yield Top Dollar

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When you’re selling your home, there is one thing that matters and usually it’s just that one thing; your financial bottom-line. And in today’s marketplace, we are seeing a lot of sellers begin to have the upper hand with fewer and fewer homes available for sale compared to the high demand for homes.

Many sellers are thrown off by buyers’ requests to assist in their closing costs – because it may seem the buyer is well qualified in every way yet sellers don’t understand why they need help. Often, buyers are able to shoulder a mortgage but may lack the cash needed to close on the transaction. In other cases, it’s simply a negotiating tactic.

The important thing to keep in mind as a seller is how the final net proceeds look. When buyers that may not have enough cash on hand present an offer requesting sellers’ help toward points, pre-paids or closing costs – many times they are conversely able to offer more on the home.
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If you would to see some scenarios on paper to see how this would pan out on the sale of your home, contact us today. We’d be glad to show you how it won’t affect your bottom-line.

Pockets Listings; An Ideal Solution for Buyers Seeking “Untouched” Homes

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It takes a lot out of homeowners to sell a home, especially in today’s fast-paced world. That’s why a lot of times people that would otherwise like to sell their home try to get around selling in the traditional way. They want to avoid having to go through multiple showings, the open house routine or keeping the home in tip-top tidy shape around the clock.

How do they do it?  They let their real estate agent know the home is for sale and then sit back and go on about their busy daily lives until the right buyer comes along.

What does this mean to you as a buyer in today’s very competitive market? It means that if you’re looking for something in particular – we may have access to your dream home.
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Call us today and we’ll match you up with one of our “hidden” sellers. We look forward to helping make your real estate dreams become a reality!

Searching Online For a Real Estate Agent Can Backfire

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In today’s technology-centric age, most of the world relies on the Internet as a primary source of information and it is only natural that as one begins a home search, particularly in an area away from their current location, the first place they turn is online. But unless you are careful you could end up with a less-than-perfect match.

Buying a home is the largest financial transaction in a lifetime for most people and you need someone that is reliable, dependable, experienced, and most importantly someone that you connect with. These days, there is a growing trend among real estate agents to pay for online leads that connect them with buyers that are looking for homes. Those agents then market themselves to these buyers and regardless of their skills or specialties unsuspecting buyers often end up with agents that might not be the best pick for them.

To avoid all this, the next time you hear of someone in your immediate circle that is looking to buy a home, let us know. We have a wide network of business associates, colleagues and fellow top-producing agents around the country. We’ll introduce you to someone that will work well in your home buying endeavor.

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As always, we invite you to contact us for any real estate inquires you may have. It’s a great time to sell your home now, with inventory levels continuously dwindling and an increasingly high demand for new homes. Buyers are still able to lock in very low interest rates that have yet to be rivaled in housing market history. We look forward to hearing from you!