Smooth Real Estate Transactions

Buying a home can be chock full of complications and setbacks, or it can go remarkably smooth and fast if it is planned carefully.  The Realtor needs to stay focused and be the voice of reason as they facilitate the process at closing and make sure all parties have completed all unfinished business prior to coming to the “closing table”. Here’s a quick list that Realtors can use to ensure a smooth closing. 

Repairs: The Realtor should check on the status of all repairs that were to be made on the home the day before closing. If there was an agreement that something needed to be fixed by closing, make sure that it is. If there was an arrangement for repairs to be taken care of after closing, make sure all the necessary paperwork shows this as fact.  A final walk-through should be done with the buyers. The sellers should make sure, with their Realtor, that the property is in the condition promised and all of their personal items are removed. 

Title Insurance:  All of the title work should be checked to ensure clear title and that the property can be transferred without any obstructions.  Should there be any title issues that might include judgments or liens,  they must be settled prior to the hour of closing.  The moment of truth in a real estate transaction happens at the closing table. Title First Agency will work hard to ensure a seamless experience for you and your clients. From contract to closing, we handle all the details to help a transaction run smoothly and close on time. 

Financing: The lender should be contacted the day before the closing to be certain that all the documents they need have been received. Occasionally, the closing is delayed due to one document or one final verification.  The interest rate for the loan should be locked as well as the final mortgage and monthly payments.  The Realtor should make sure the buyer has all the funds available and ready to close.  Having everything in hand the day before gives both the buyer and the seller 24 hours to review everything and have any questions ready, errors noticed or points not understood addressed. 

The Bottom Line: A thorough Realtor will make sure the buyers are ready for the closing. First-time buyers may not realize all the people that could possibly be at the closing table, and all the paperwork there will be that needs their signature. The buyer needs a cashier’s check or arrangments made to wire the closing funds to the escrow company.  The seller should bring all the keys, garage door openers, alarm codes and any other controls to the settlement. The Realtor should make sure and confirm that all utilities have been disconnected by the sellers and set up ready for the buyers upon closing. 

Share This Post

Is It Time To Sell Your Home?

Are the walls closing in on you in your home? Are you feeling cramped? Maybe you have TOO much space and have launched all of your children and are ready to downsize. Are you ready to find your next home? Are you on the fence whether it’s a good time to sell or not? Of course, you want top dollar. So what are some of the signals that now is the time – or not?

  • Positive Equity:  The current market value of your home, less what you owe. If you can sell your home for more than you owe, you will benefit from positive equity. This can enable you to have enough money for closing costs and putting money down on your next home. At the very least, you want to be able to sell enough to cover the current balance of your mortgage. If none of this applies to you, there are many things you can do to improve the equity of your home, including home improvements. Speak with a skilled Realtor to know what you should repair, replace or upgrade.
  • Strong Market: You probably have a general idea of what is going on in your neighborhood – what the trend is; who is selling; what has sold and for how much. But, call your local Realtor and get the comps and find out exactly how hot the market is. You’ll be able to learn how long a home was on the market until it sold, what the price per square foot has been and if that number been increasing or decreasing. If it’s been low average days on market, it’s a pretty positive sign the market is hot for sellers.
  • Remodeling Won’t Raise The Value: Sometimes it’s beneficial to make updates in your home and you know that updating your kitchen or adding another bathroom will help you sell your home for top dollar.  But, making an appointment with a reputable Realtor to find out if adding money to your home will be worth it. Depending on the real estate in your neighborhood and what buyers are looking for, doing less may be more. Your Realtor will help you to understand what the market is doing – the rule of thumb is not to raise your home’s value any higher than 10 percent of the average cost of homes in your neighborhood.

The Bottom Line: Is it finally time to sell? There are many signs, we’ve just listed three. Talk to a Realtor, meet with a financial advisor or mortgage lender and make sure it makes sense financially. Being house poor is a reality, and as much as you want a larger home – or even a smaller home – it might not be the right time for you.

Share This Post

Upgrading a Home To Sell

builder titles

There are certain things buyers want in a home when househunting. There are renovations and upgrades that owners can put money into if they want to sell fast and can be confident knowing that they will get that money back in the sale of their home. With a remodeling budget, what should owners focus on renovating?

Laundry Room: A separate laundry room topped the National Association of Home Builders’ (NAHB) list of most-wanted home features by buyers.  Carrying loads of laundry to a basement and then back upstairs again is a thing of the past. Now, buyers want their laundry rooms in a convenient area – near the kitchen or bedrooms with plenty of folding space and cabinets.

Exterior Lighting: This is the most-wanted outdoor feature, according to the NAHB. Adds to the curb appeal as well as a security feature.

Windows: Big ticket items buyers want is new energy efficient windows. Not only are they a great selling point, but they will also save the owners money on energy bills while they occupy the home.

Ceiling Fans: The most-wanted decorative home feature by potential buyers, according to the NAHB. Ceiling fans can be inexpensive and practical – they keep the air moving with the air conditioning or the heat. Plus, now they have reversible controls that allow the air to be drawn up, or blown down.

Hardwood Flooring: A cleaner look, easier to maintain and more durable than carpet. If hardwood floors are already in the home, get it sanded and refinished to make it like new again. If there is carpet – it could increase your home’s selling price by 2.5%.  according to Realtor.com

Appliances: Old appliances, especially in kitchens can turn a buyer off. Even with limited funds, a seller can create beautiful kitchens using Energy Star-rated appliances. A Realtor can get a comp report from the neighborhood and see how other homes have sold and what is on the market to know if a seller needs to update appliances or not.

Fresh Walls:  Take the wallpaper down. One of the easiest and most cost-effective ways that can help to increase a home’s value is also one of the simplest.  Freshly painted walls. Neutral colors are best and can make it easier for a potential buyer to see themselves in the home.

The Bottom Line: A home is a person’s biggest investment, so doing what can be done to upgrade it to boost its value, makes sense. Not all renovations will have the same impact. The best advice a person can get is from a knowledgeable Realtor in the location of the home. Have comps pulled, and find out what upgrades will give the home the most bang for the buck.

 

Share This Post

The Importance of Title Insurance

No one gives much thought to the importance of title insurance. Something that can protect owners of real property events and matters that can be brought up form the past. But what happens when an old title issue surfaces and a claim is made on a policy? Many homeowners decline title insurance but once they know how it is created to protect them from unknown claims against their property that can pop up years down the road.

Title insurance is much more than a lender requirement. It’s knowing that what you are buying is free of any third party claims to ownership or use of any part of it. It assures the homeowner that they are clear of anything that would affect the ability to sell or borrow against their new property.  After thousands of real estate closings here at Title First, we can give you a rundown of the most common issues we can save you from:

  • Mistakes on titles, especially lately, that are transferred through a sale of foreclosure without certain rulings met, thus making the transfer of the title invalid.
  • Mistakes within all the paperwork brought to a closing, somewhere along the line there may be a forged signature or recorded documents signed by people without legal authority.
  • Mistakes made during the probate process for the previous owner that overlooked someone else’s rightful claim (undisclosed heirs) to the property or someone else’s interest in the property. Misinterpretation of wills and deeds.
  • Mistakes made in the description of the property.
  • Mistakes missed where claims, tax information or easements have not been recorded properly in the public record.
  • Mistakes missed of liens on the property or judgments against the previous owner.
  • Mistakes in unpaid taxes or mortgages and unpaid debts.

Investors need to be alert when protecting their investments. Title insurance assures the homeowner that the title to the property purchased is free of any defects and is “clear to close”. It is a guarantee that all matters of record that could harm the title of the new property have been disclosed and resolved. Title insurance protects the homeowner against any potential claims should an undisclosed event threaten the ownership of the property. Give us a call today at Title First Agency: 1-866-320-8400

Share This Post