Buyer & Seller Information

Buyer Information

Buying a home can be one of your most significant investments in life. Not only are you choosing your dwelling place, and the place in which you will bring up your family, you are most likely investing a large portion of your assets into this venture. The more prepared you are at the outset, the less overwhelming and chaotic the buying process will be. The goal of this page is to provide you with detailed information to assist you in making an intelligent and informed decision. Click on any of the categories for in depth information about the listed subcategories. Remember, if you have any questions about the process, I'm only a phone call or email away! 

Benefits of Owning Your Own Home
The Best Investment, Income Tax Savings, Stable Monthly Housing Costs , Forced Savings , Freedom and Individuality, More Space

Important Things To Avoid Before Buying a Home
Don't Move Money Around, The Effect of Changing Jobs, No Major Purchases of Any KindDon't Buy a Car - or Did You Already Buy One? Debt-to-Income Ratios and Car Payments, How Buying a Car Reduces Your Purchase Price

The Business Cycle and Buying a Home
Recession and Expansion, Supply and Demand, Should You Try to "Time the Market"?

Comparable Sales and Your Offer Price
Determining Your Offer Price, Comparable Sales in the Public Record, Comparable Sales in the Multiple Listing Service, Comparable Sales - Pending Transactions, Other Factors Influencing Your Offer PriceMajor Factors Influencing your Offer Price, How Property Condition Affects Your Offer, How Home Improvements Affect Your Offer, How Market Conditions Affect Your Offer, How Seller Motivation Affects Your Offer, The Final Decision on Your Offer Price

Offering to Purchase Real Estate- the Basics
Introduction and Overview, Contingencies in a Purchase Offer, Earnest Money Deposit, The Closing Date, Transfer of Possession, Writing an Offer - Safeguards Regarding the Property, Disclosures From the Seller, Condition of the Property Upon Transfer, Inspections You Should Require, Final Walk-Through Inspection

How Financing Details Affect Your Offer
Down Payment,Interest Rates,Closing Costs and Financing Incentives,Seller Financing,Cash Offers,Other Financing Details in Your Offer, How FHA and VA Financing Affects Your Offer,Extra Costs for the Seller,VA and FHA Appraisals

Seller Information

Get the House Ready
A house that "sparkles" on the surface will sell faster than its shabby neighbor, even though both are structurally well-maintained. From experience, REALTORS® also know that a "well-polished" house appeals to more buyers and will sell faster and for a higher price. Additionally, buyers feel more comfortable purchasing a well-cared for home because if what they can see is maintained, what they can't see has probably also been maintained.

In readying your house for sale, consider
How much should you spend, exterior and curb appeal, preparing the interior

How Much Should You Spend
In preparing your home for the market, spend as little money as possible. Buyers will be impressed by a brand new roof, but they aren't likely to give you enough extra money to pay for it. There is a big difference between making minor and inexpensive "polishes" and "touch-ups" to your house, such as putting new knobs on cabinets and a fresh coat of neutral paint in the living room, and doing extensive and costly renovations, like installing a new kitchen. Your REALTOR®, who is familiar with buyers' expectations in your neighborhood, can advise you specifically on what improvements need to be made. Don't hesitate to ask for advice.

Maximize exterior and curb appeal
Before putting your house on the market, take as much time as necessary (and as little money as possible) to maximize its exterior and interior appeal.

Enhance your Home ’s Exterior By

• Keep the lawn edged, cut and watered regularly.
• Trim hedges, weed lawns and flowerbeds, and prune trees regularly.
• Check the foundation, steps, walkways, walls and patios for cracks and crumbling.
• Inspect doors and windows for peeling paint.
• Clean and align gutters.
• Inspect and clean the chimney.
• Repair and replace loose or damaged roof shingles.
• Repair and repaint loose siding and caulking.
• In Northern winters, keep walks neatly cleared of snow and ice.
• During spring and summer months consider adding a few showy annuals, perhaps in pots, near your front entrance.
• Re-seal an asphalt driveway.
• Keep your garage door closed.
• Store RVs or old and beaten up cars elsewhere while the house is on the market.
• Apply a fresh coat of paint to the front door.

Enhance your Home ’s Interior By

• Giving every room in the house a thorough cleaning, as well as removing all clutter. This alone will make your house appear bigger and brighter. Some homeowners with crowded rooms have actually rented storage garages and moved half their furniture out, creating a sleeker, more spacious look.
• Hiring a professional cleaning service, once every few weeks while the house is on the market. This may be a good investment for owners who are busy elsewhere.
• Removing the less frequently used, even daily used items from kitchen counters, closets, and attics, making these areas much more inviting. Since you're anticipating a move anyhow, holding a garage sale at this point is a great idea.
• If necessary, repainting dingy, soiled or strongly colored walls with a neutral shade of paint, such as off-white or beige. The same neutral scheme can be applied to carpets and linoleum.
• Checking for cracks, leaks and signs of dampness in the attic and basement.
• Repairing cracks, holes or damage to plaster, wallboard, wallpaper, paint, and tiles.
• Replacing broken or cracked windowpanes, moldings, and other woodwork. Inspecting and repairing the plumbing, heating , cooling, and alarm systems.
• Repairing dripping faucets and showerheads. Buying showy new towels for the bathroom, to be brought out only when prospective buyers are on the way.
• Sprucing up a kitchen in need of more major remodeling by investing in new cabinet knobs, new curtains, or a coat of neutral paint

Quick Tips for Getting Ready for a Showing

• Keep counter tops cleared
• Replace all burned out lightbulbs
• Open all drapes and window blinds
• Put pets in cages or take them to a neighbor
• No dirty dishes in the sink
• No laundry in the washer/dryer
• Clean or replace dirty or worn carpets
• Put on soft music
• Burn wood in the fireplace on cold days, otherwise, the fireplace should be clean

Preparing Your Home for an Inspection
As a general rule, it is unwise to try to anticipate the results of a home inspection, or to make any last minute corrections. It might be a good idea to reattach missing gutter downspouts, reposition splash blocks, or replace missing electrical cover plates. Such detailed corrections may give the house a neater appearance, but are unlikely to effect major findings about drainage systems, electrical wiring, or the life expectancy of a roof system. Some last minute corrections, such as the painting of basement walls to cover water stains, or the use of caulking to reattach loose bathroom tiles, may provide the experienced inspector with additional clues to possible problems. Making the house accessible and easier to inspect would help the inspector. It will not change the material findings of the inspection, but could eliminate some unnecessary aggravations.

• Remove any furniture and stored material from access panels to crawl spaces, electrical panel boxes, furnaces, and spa pump motors.
  
• If the access panel to the attic crawl space is in a closet, you might remove the clothes from that closet, or cover the clothes with a sheet, in order to protect them from bits of insulation and debris that fall down in the process of removing the access panel.
  
• Overly friendly or unfriendly dogs can complicate the inspection process and are best kept away from the house during the period of an inspection.
  
• A copy of building permits, construction contracts and drawings, septic tank service reports, utility bills and similar documents can be helpful to an inspector. If you have such documents, you may want to collect them prior to the inspection and have them available at the time of inspection. If you do not have such documents, don't go out of your way to search for copies.
  
• Most inspectors will perform the inspection in the company of the prospective buyer. This is a time for the buyer to take another look at the house and discuss various items with assistance, and then provide full access to the house. It is customary and recommended that the seller be absent from the house during the actual inspection, or remain in portions of the house not being inspected.
  
• The ASHI Code of Ethics clearly states that the inspector must have prior permission from the customer to discuss the inspection report with a third party. As such, it would be best to refrain from asking the inspector about the inspection report, unless you have contracted for the report.

 
All articles © 2000 RealEstate ABC