Find a ‘Fixer-Upper’ that pays!

“There’s a big difference between a ‘handyman’s special’ and a ‘money pit.'”

Well-located homes in need of tender loving care can be a terrific value. If you’re interested in building “sweat equity” fixing up a home, hire a professional inspector to ensure the home won’t cost you a fortune to refurbish.
A worthy handyman’s special will be structurally sound with all major systems in good working order–heating/cooling, plumbing, electrical, roof. Those are the most costly items to repair or replace. Your time and effort will be better spent painting, making minor repairs, adding or replacing fixtures, sprucing up the landscaping, and accomplishing other low-cost fix-ups.

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Eight Suggestions in Making the Sale of Your Home Easier

Not all home sellers need to go the extra mile to sell at a good price. But where help is needed, there are several things we can consider together to make a tough sale happen. For example:

  1. To obtain your best price, don’t be in a hurry to sell. Allow time for the right buyer to come along.
  2. Decide early what your lowest price will be. On the other hand, don’t hold out for the impossible.
  3. Think of pricing in terms of un-rounded numbers ($99,800, for example instead of $100,000).
  4. Always be ready to allow your home to be shown with short notice.
  5. Be willing to redecorate if necessary, and mention that in your listing.
  6. Reply at once to an offer.
  7. Avoid asking for contingencies if you counter-offer.
  8. Make immediate possession possible on the date of closing.

Not all of these suggestions may be feasible, of course, in your situation. That’s why we suggest that you let us inspect your property and help you decide what might be most suitable for your particular needs. Your e-mail or call is always welcome.

Can You Name a Home-Buyer’s Typical Closing Costs?

Depending on where you live, the price of your home, your lender’s terms, the distribution of fees charged to buyer and/or seller, and other factors, your closing costs on the purchase of a home may range anywhere between 3% and 7% of the home price, sometimes more or less.
Typical buyers’ closing charges include:

  • Loan origination fee, usually 1% of your mortgage amount
  • Discount point (or points), each usually 1% of your mortgage amount
  • Assumption fee (if you assume the seller’s old mortgage)
  • Title search fee
  • Lender’s title insurance fee
  • Owner’s title insurance fee (most often paid for by the Seller)
  • Survey fee (if applicable)
  • Two fees that may have been paid when you applied for your loan:
    • Appraisal fee
    • Credit report fee
  • Lender’s inspection fee
  • Recording fees
  • Prepaid interest on your mortgage, covering the time between settlement and the first regular monthly payment
  • Prepaid mortgage insurance premium
  • Property tax, possible reimbursement to seller and/or payment on future taxes
  • Assessment, possible 1-to-3-month local improvement charge or association fee (especially applicable to condominium buyers)
  • Lawyer’s fees (if applicable)

Your lender must, by law, supply you with a pre-settlement “Good Faith Estimate.” It will not necessarily identify all actual costs. At settlement, however, you receive a “Settlement Statement” that contains all the specific actual charges.
Since occasional unexpected costs may surface at settlement, it is well to be prepared for possible $200 or $300 in extras at your closing. Extra costs usually involve partial payments for items you had not previously considered but, at closing, wish to pay for: fuel oil left in the seller’s tank, firewood, continuation of lawn service, or the purchase of a major appliance.
Since actual costs vary, call or e-mail us for typical figures in your area. Your calls and e-mails are always welcome.
 

Advantages in Purchasing Previously Owned Homes

Although many people prefer to buy new homes, the vast majority of buyers prefer resales. According to the National Association of Realtors, 75% of homes sold are resales.

When home buyers ask us about the merits of buying an “old” versus a newly built home, we show them how resales offer some of the best values in the market today. The news gets better when they see the wonderfully diverse resale selection of appealing styles and sizes in may locations and price ranges. Plus, when the owner goes to sell an “old” home, they have what most buyers are looking for.

Here are some of the advantages that make “old” homes so popular:

Size Appeal

Older homes often have more space inside and out than new homes. Inside, resale homes may have more square footage and higher ceilings; outside, resale lot sizes are typically larger.

Close-in convenience

Many resale homes are in older neighborhoods, which are closer to downtown business districts and shopping. New communities are often a distance away from cities and commute times may be much longer.

Cost savings

Resale homes generally are less expensive than similar new homes. One reason could be that resale sellers have more bargaining room than builders who must make a return on the high costs they recently paid for land and building materials. In fact, a NAR study found resale sellers accepted a median drop of $4,000 from their asking price while builders’ median drop was only $500.

More green space

For tree lovers, resales are a big draw. Older homes typically have mature trees and plantings, unlike what’s found in new neighborhoods.

What you see is what you get

There is no guesswork with older, established neighborhoods. Buyers can research and tour the schools, sample the shopping, and check out the neighbors. In a new-home subdivision, buyers might not want to live with the noise and dirt of construction, may wonder about future development, or deal with possible long bus rides to existing schools and little or no nearby shopping.

Lots of Extras

Many resale buyers cash in on “extras” the owner has already put in, which can save big money. Typical money-saving extras: fenced yards, decks, pools, play sets, window treatments and appliances.

We would be happy to assist you with your house-hunting needs. A resale home can be an excellent value for a buyer in today’s market. Call or e-mail for more information.”

Advantages in Purchasing Previously Owned Homes

Although many people prefer to buy new homes, the vast majority of buyers prefer resales. According to the National Association of Realtors, 75% of homes sold are resales.

When home buyers ask us about the merits of buying an “old” versus a newly built home, we show them how resales offer some of the best values in the market today. The news gets better when they see the wonderfully diverse resale selection of appealing styles and sizes in may locations and price ranges. Plus, when the owner goes to sell an “old” home, they have what most buyers are looking for.

Here are some of the advantages that make “old” homes so popular:

Size Appeal

Older homes often have more space inside and out than new homes. Inside, resale homes may have more square footage and higher ceilings; outside, resale lot sizes are typically larger.

Close-in convenience

Many resale homes are in older neighborhoods, which are closer to downtown business districts and shopping. New communities are often a distance away from cities and commute times may be much longer.

Cost savings

Resale homes generally are less expensive than similar new homes. One reason could be that resale sellers have more bargaining room than builders who must make a return on the high costs they recently paid for land and building materials. In fact, a NAR study found resale sellers accepted a median drop of $4,000 from their asking price while builders’ median drop was only $500.

More green space

For tree lovers, resales are a big draw. Older homes typically have mature trees and plantings, unlike what’s found in new neighborhoods.

What you see is what you get

There is no guesswork with older, established neighborhoods. Buyers can research and tour the schools, sample the shopping, and check out the neighbors. In a new-home subdivision, buyers might not want to live with the noise and dirt of construction, may wonder about future development, or deal with possible long bus rides to existing schools and little or no nearby shopping.

Lots of Extras

Many resale buyers cash in on “extras” the owner has already put in, which can save big money. Typical money-saving extras: fenced yards, decks, pools, play sets, window treatments and appliances.

We would be happy to assist you with your house-hunting needs. A resale home can be an excellent value for a buyer in today’s market. Call or e-mail for more information.”