It's the day of settlement -- FINALLY!! The buyers and sellers are still talking, the money has been wired in from the lender, the title has been searched, the agents still have most of their hair, and the walk-through was done the day before. During the walk-through by the buyers a small issue arose. The seller had not actually moved their furniture and worldy possessions out of the house. No problem -- actual settlement is not until the next day, and we all assume the seller is clear that the house has to be vacant of their possessions, and broom swept, according to the sales agreement.
Well, I just got the phone call from my agent that most everything was still IN the house and that settlement starts in 5 minutes. The seller, in fact, did not move out. The new buyer will own the house and everything in it after settlement has occurred unless there is an agreement (hopefully in writing) that the original owners have permission to complete the move out.
Well of course we will work something out, but a word of advice to my agents at the next meeting is to be very clear to your seller client that at least here in Maryland, the process is that by the time of settlement, the seller should have moved everything out of the house and the buyer takes full possession.
So, it's just another one of those life lessons -- don't assume ANYTHING!!!
Tuesday, June 30, 2009
Wednesday, June 24, 2009
Free credit report
STARTING THE PROCESS OF BUYING A HOUSE?
HOW'S YOUR CREDIT?
One of the first steps a potential buyer or renter should think about before making the move to home ownership or renting, is to have a clear understanding of their credit report.
To acquire a free credit report, all you need is a computer. Go to http://www.annualcreditreport.com/, fill in the blanks, and you will get your credit information.
Both lenders and landlords will make decisions about your viability as a purchaser or a potential tenant based on this information. It is also helpful to have this information prior to searching for properties with your realtor since it is one of the first questions an experienced realtor might ask. In the quest for home ownership, a buyer/tenant must be "ready, willing and able". The "able" is your past and present financial picture, ie. your credit report.
HOW'S YOUR CREDIT?
One of the first steps a potential buyer or renter should think about before making the move to home ownership or renting, is to have a clear understanding of their credit report.
To acquire a free credit report, all you need is a computer. Go to http://www.annualcreditreport.com/, fill in the blanks, and you will get your credit information.
Both lenders and landlords will make decisions about your viability as a purchaser or a potential tenant based on this information. It is also helpful to have this information prior to searching for properties with your realtor since it is one of the first questions an experienced realtor might ask. In the quest for home ownership, a buyer/tenant must be "ready, willing and able". The "able" is your past and present financial picture, ie. your credit report.
Tuesday, June 23, 2009
Have you considered purchasing a home this year? Were you hoping to take advantage of the federal tax credit of up to $8000 if you qualify as a first time homebuyer? Then please consider starting the process soon.
To qualify for the federal tax credit, you need to have settled on your home by December 1, 2009. This means that your inspections, appraisal, financing, and all negotiations have been competed AND you have completed settlement. In other words, the legal process of property transfer has taken place, all by December 1, 2009.
Why are we talking about this so soon? I mean, it's only June 23rd, right?
Let's look at the process a typical buyer goes through and see how much time you really have left.
The typical homebuyer spends about 6 weeks researching homes for sale prior to contacting a realtor. Most of this is done on the internet (according to the NAR, National Association of Realtors, 87% of buyers start their search on the web -- Zillow, Trulia, Realtor.com, etc.). They might visit open houses, model homes, ride through neighborhoods, etc. Hopefully they have contacted a lender during these 6 weeks to estimate how much home they can afford to buy.
Then hopefully, they contact a qualified realtor who will assist them in identifying a property they love, write an offer, negotiate a ratified contract, arrange inspections, financing, appraisals, final walk-through, and title preparation with the help of a title company or real estate attorney. This process can take up to 45-90 days, depending on which type of financing is involved, and the type of listing chosen (short sales and foreclosures can take even longer).
We do live in a society of procrastinators, so if owning a home is your goal, please start now. If everyone wakes up on September 1st and decides to finally 'get in the game', there will be a terrible crush of activity and lots of anxiety to make sure we get settled and tucked in before December 1st.
Lots of luck and good hunting. Coldwell Banker office in Severna Park, MD stands ready to offer our expertise.
To qualify for the federal tax credit, you need to have settled on your home by December 1, 2009. This means that your inspections, appraisal, financing, and all negotiations have been competed AND you have completed settlement. In other words, the legal process of property transfer has taken place, all by December 1, 2009.
Why are we talking about this so soon? I mean, it's only June 23rd, right?
Let's look at the process a typical buyer goes through and see how much time you really have left.
The typical homebuyer spends about 6 weeks researching homes for sale prior to contacting a realtor. Most of this is done on the internet (according to the NAR, National Association of Realtors, 87% of buyers start their search on the web -- Zillow, Trulia, Realtor.com, etc.). They might visit open houses, model homes, ride through neighborhoods, etc. Hopefully they have contacted a lender during these 6 weeks to estimate how much home they can afford to buy.
Then hopefully, they contact a qualified realtor who will assist them in identifying a property they love, write an offer, negotiate a ratified contract, arrange inspections, financing, appraisals, final walk-through, and title preparation with the help of a title company or real estate attorney. This process can take up to 45-90 days, depending on which type of financing is involved, and the type of listing chosen (short sales and foreclosures can take even longer).
We do live in a society of procrastinators, so if owning a home is your goal, please start now. If everyone wakes up on September 1st and decides to finally 'get in the game', there will be a terrible crush of activity and lots of anxiety to make sure we get settled and tucked in before December 1st.
Lots of luck and good hunting. Coldwell Banker office in Severna Park, MD stands ready to offer our expertise.
Monday, June 22, 2009
Welcome. Real estate has changed!
In the future we want to talk about how the real estate industry has changed, and how we change with it.
We want to provide you with accurate and current information about buying and selling property in TODAY'S MARKET.
Upcoming features:
Day in the life of a realtor
Importance of staging -- before and after photos
Living green -- energy smart tips
Monthly market updates -- listings, sales, settleds
Updates from title and mortgage experts
Foreclosed properties -- are they for you?
What is a short sale?
In the future we want to talk about how the real estate industry has changed, and how we change with it.
We want to provide you with accurate and current information about buying and selling property in TODAY'S MARKET.
Upcoming features:
Day in the life of a realtor
Importance of staging -- before and after photos
Living green -- energy smart tips
Monthly market updates -- listings, sales, settleds
Updates from title and mortgage experts
Foreclosed properties -- are they for you?
What is a short sale?
Subscribe to:
Posts (Atom)