Seller Paid Closing Cost?

More and more buyers are short the cash they need for the down payment and closing costs. One way to overcome this cash shortage is for the seller to pay a portion of the closing costs. How much the seller is allowed to contribute depends on the type of mortgage loan. When you ask the buyer to pay a portion or all of your closing costs, in essence you are financing the closing costs. This is because the seller’s contribution is typically offset by a higher purchase price. And it is this higher purchase price that is financed with your mortgage loan.

Sellers Net

When people are getting ready to sell a home, I am often asked, ” how much money will we make when we sell our home”? A seller’s net sheet is a list of the expenses that they will likely incur when selling their home. Make sure to provide your licensee with an accurate loan balance to provide a clear picture of what your net proceeds will be. Don’t forget to mention if you have a 2nd mortgage or a line of credit on your home as well. If you don’t receive a net sheet when you are signing your listing contract, be sure to ask for one, so nobody is surprised when it comes to sign the final paperwork.

Renting vs. Buying?

The prospect of buying your first home can be an intimidating one! The decision to buy vs. renting is not a simple decision to make. There are many pros & cons for each and all should be evaluated. One factor to consider is how long will you be in your new home? If you plan on being there more than a few years then buying might be right for you. With interest rates still at near all time lows & the market shifting to a buyer’s market, now is the perfect time to start looking for your first home.

Advantages for Renting

• Fixed cost for rent.
• No Maintainece to take care of
• No unexpected expenses.

Disadvantages of Renting.

• You don’t build equity
• Making somebody else’s payments
• No tax advantages.
• Unable to personalize

Advantages of Buying

• Building equity
• Ability to personalize property
• Tax advantages
• Over time property will be completly paid for

Disadvantages of Buying

• Repairs are made by you or paid by you
• Larger initial investment, downpayment

Give us a call at Crane & Associates Realty if you would like help figuring out if buying or renting is best for you!

Selling before your home is ready.

Often times sellers will make the mistake of putting their home on the market before it’s really ready to be shown. They will have 90% of the projects done, but are still lacking on a few details. Those few details are what will set your home apart from all the others on the market. Buyers will remember the negative details about your home, such as the house needing new trim paint or the almost finished flooring, instead of the house with the spectacular new flooring or the home with the sparkling new paint.

Do a drive by First!

One of the biggest mistakes that buyers make when looking for a new home, is not becoming familiar with the neighborhood. Before you set up a showing with your REALTOR®, ask for printouts of the listings that match your criteria and include the driving directions. Then take a drive by the properties that are of interest to you and view the home and the surrounding areas. That way you don’t waste everybody’s time, including yours, looking at homes that are in areas that you don’t like.