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.

Summer Home Maintenance Tips

Summer has finally arrived and its a great time to catch up on home maintenance projects that you would rather not do during the cold winter months. Keeping up on maintenance can prevent unforeseen issues that might come up, when it comes time to sell, and helps your home maintain or even increase in its value. Just like your car needs routine oil changes & other maintenance, your home requires on going repairs as well.

Bonus Tips

One of the first things you should check is your roof system. Check for any cracks or missing shingles or other signs of damage. This would also be a good time to remove any moss that has built up on your roof. While you are up on the roof, this is a great opportunity to check you gutter system for any debris or blockages that could keep the water from draining like it should. Don’t forget to check you chimney and have it cleaned as well.

Next you will want to check your deck for rotten or warped deck boards that might need to be repaired before you treat your deck. Check you forecast to make sure you will have enough time to get your deck repaired, cleaned and treated before any inclement weather reappears.

Your heating system will not be getting much use this time of year, so now would be a great time to do any repairs that may take some time. Better to get them repaired now when you won’t need your heat as opposed to waiting until its -30 out!

Buying the first home you see?

The average home buyer will look at 15 homes before they pick one and make an offer. Some people know exactly what they are looking for and others are unsure and figure it out at as they go. If the first home you look at is your dream home, then by all means make an offer on it before somebody else does. If you are unsure of what exactly you are looking for, then continue looking and narrowing down your list of homes that will work for you. Some people just know when they have found their new home, whether it’s the first home or last one that they are shown.

Moving on or adding on?

A crossroad that many home owners face when they have outgrown their current home is to either buy a bigger home or add-on/remodel their existing home. First and foremost, is how will you pay for the addition vs. buying a new home. Do you have the cash in the bank or other sources to pay for an addition, or perhaps a home equity loan? If you decide to buy a new home, do you have enough money for the down payment & closing costs? Will you have to sell your current home first before you can buy another? Will it be cheaper to add on or to buy another home with the features you desire? Contact Crane & Associates Realty to help you analyze your situation and select the best option for you.

The American Dream!

One of the great freedoms we enjoy in America is the opportunity to pursue the American Dream of owning a home. On July 4th 1776 the Declaration of Independence was adopted declaring our freedom from Great Britain. We continue to enjoy those freedoms today because of the sacrifices made by the men, women & families of our armed services. Now is the perfect time to pursue your dream of owning a home, interest rates are at historic lows and home inventories are up. Have a safe & fun 4th and show your support for our troops!

Take a Summer Photo

You have spent your every waking minute grooming your lawn, spent hours on your hands & knees hunting dandelions and other pests. After all this hard work, nobody will ever get you to leave! Guess again, life changes and usually when you least expect it too. For those times when life throws you a curb ball, be prepared and take a summer photo of your home when everything is looking its best. It’s much easier to look at a photo taken during the summer than a photo that has 3 feet of snow on it, leaving the potential buyers wondering what surprises await them come spring!