TIPS FOR NEGOTIATING A MORTGAGE DEAL
Things that buyers should know as they go through the application process:
- Ask for the "Good Faith Estimate" early. It won’t be released until it is officially "complete"and all the questions are answered. Push applicants to find answers right away to all the lender’s questions.
- Suggest they read and ask questions about the fine print. Identifying and negotiating all the fees and charges can cut an applicant’s costs.
- Shop title insurance. Point buyers toward websites, where they can comparison shop.
- Get a commitment. Insist that the lender or loan broker agree that there won’t be any other charges on the HUD-1, which most borrowers don’t see until they are at the settlement table.
- Question flood insurance. If a property requires flood insurance, point buyers (and sellers) toward a civil engineering firm with experience with the Federal Emergency Management Agency’s resources to ensure that they aren’t paying too much. Eligibility for a preferred risk policy can cut costs substantially.
TOP 5 TIPS FOR SELLERS
- Do your homework – research recent sales in the area before you list your property
- Speak with your accountant and lawyer before listing your home to understand the financial and legal impact of the sale
- Understand the current state of the market vs. 6 months ago so you can be realistic in setting a fair market price with your agent
- Find REALAGENTZ that has listed and sold successfully in the area
- Make sure that you are showing your property at its best.Fresh paint,clean surfaces, consider staging or even minor renovations – first impressions are everything
5 WAYS TO ADD VALUE TO YOUR HOME
To make your home more valuable in preparation to sell you may need to upgrade things a bit. Here are 4 ways:
- Upgrade lighting to make sure that the home is bright and cheery. Also have all windows washed to maximize light and views.
- Organize your closets to make them feel spacious
- If old, purchase up-to-date appliances that will make the kitchen look new
- Refinish floors and paint walls where needed
TOP 5 TIPS FOR BUYERS
Ready to buy? Here are our top 5 rules to follow before you sign on that bottom line:
- Get qualified for a mortgage before you start looking
- Interview REALAGENTZ looking for professionalism and expertise – hire one who listens
- Research recent sales of comparable properties
- Ask when the home was last renovated and if there were any major repairs
- Do complete due diligence on the mechanicals to estimate any future expenses – hire a professional home inspector