February 2007 - Posts
The thaw is here! Time to get ready! The thaw is coming and Spring is just around the corner. There will be many homes “hitting” the market. Some sellers will remove their homes from the market to take advantage of the winter down time in
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Ah! Could it be? Has old man winter decided he is done for the year? Spring is right around the corner and For Sale signs are beginning to pop up all around! Listings will finally gett the activity they so richly deserve and the market seems to be heading
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Tips on How to Price Your Home Consider comparables . What have other homes in your neighborhood sold for recently? How do they compare to yours in terms of size, upkeep, and amenities? Consider competition . How many other houses are for sale in your
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Does Moving Up Make Sense? Answer these questions to help you decide whether moving up makes sense. 1. How much equity do you have in your home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up
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Understanding Capital Gains in Real Estate When you sell a stock, you owe taxes on your gain—the difference between what you paid for the stock and what you sold it for. The same is true with selling a home (or a second home), but there are some
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What Is Appraised Value? It’s an objective opinion of value, but it’s not an exact science so appraisals may differ. For buying and selling purposes, appraisals are usually based on market value—what the property could probably be sold
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What You’ll Net at Closing To find out how much money you’ll net from your house, add up your closing costs and subtract them from the sale price of the house. Closing Costs for Sellers Mortgage payoff and outstanding interest Prorations for
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Moving Tips for Sellers 1. Give your forwarding address to the post office, usually two to four weeks ahead of the move. 2. Notify your credit card companies, magazine subscriptions, and bank of the change of address. 3. Develop a list of friends, relatives,
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7 Terms to Watch for in a Purchase Contract 1. The closing date . See if the date the buyer wants to take title is reasonable for you. 2. Date of possession . See if the date the buyer wants to move in is reasonable for you. 3. The earnest money . Look
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5 Things to Do Before You Sell 1. Get estimates from a reliable repairperson on items that need to be replaced soon, such as a roof or worn carpeting, for example. In this way, buyers will have a better sense of how much these needed repairs will affect
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Understanding Agency It’s important to understand what legal responsibilities your real estate salesperson has to you and to other parties in the transactions. Ask your salesperson to explain what type of agency relationship you have with him or
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Tips for Packing Like a Pro 1. Develop a master “to do” list so you won’t forget something critical. 2. Sort and get rid of things you no longer want or need. Have a garage sale, donate to a charity, or recycle. 3. Don’t throw
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Common Closing Costs for Buyers The lender must disclose a good faith estimate of all settlement costs. A check to cover your closing costs will probably have to be a cashier’s check. The title company or other entity conducting the closing will
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A final walk-through is not required, however it is strongly recommended. Usually this occurs 24-48 hours before closing and is to insure everything is as it should be. What Not to Overlook on a Final Walk-through Be sure that: § Repairs you’ve
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5 Things to Understand About Homeowners Insurance 1. Look for exclusions to coverage . For example, most insurance policies do not cover flood or earthquake damage as a standard item. These coverages must be bought separately. 2. Look for dollar limitations
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10 Questions to Ask Your Lender Be sure you find a loan that fits your needs with these comprehensive questions. 1. What are the most popular mortgage loans you offer? 2. Which type of mortgage plan do you think would be best for us? Why? 3. Are your
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5 Property Tax Questions You Need to Ask What is the assessed value of the property? Note that assessed value is generally less than market value. Ask to see a recent copy of the seller’s tax bill to help you determine this information. How often
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Hidden Home Defects to Watch For No home is flawless, but certain physical problems can be expensive. Watch For: Water leaks . Look for stains on ceilings and near the baseboards, especially in basements or attics. Shifting foundations . Look for large
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How High Tech Is Your Home? If the latest technology or entertainment options are important in your new home, add the following questions to your buyer’s checklist. Are there enough jacks in every room for cable TV and high-speed Internet hookups?
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10 Things to Take the Trauma Out of Homebuying Find a real estate professional who’s simpatico. Homebuying is not only a big financial commitment, but also an emotional one. It’s critical that the practitioner you choose is both skilled and
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10 Tips for First-Time Homebuyers Be picky, but don’t be unrealistic . There is no perfect home. Do your homework before you start looking . Decide specifically what features you want in a home and which are most important to you. Get your finances
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5 Common First-Time Homebuyer Mistakes They don’t ask enough questions of their lender and miss out on the best deal. They don’t act quickly enough to make a decision and someone else buys the house. They don’t find the right real estate
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7 Reasons to Own Your Own Home Tax breaks . The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes you pay, and some of the costs involved in buying your home. Gains . Between 1998 and 2002, national home prices increased
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How Big of a Mortgage Can I Afford? Not only does owning a home give you a haven for yourself and your family, it makes great financial sense, too. This calculation assumes a 28 percent income tax bracket. If your bracket is higher, your savings will
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10 Steps to Prepare for Homeownership 1. Decide how much home you can afford. Generally, you can afford a home equal in value to between two and three times your gross income. 2. Develop a wish list of what you’d like your home to have. Then prioritize
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5 Reasons You Need a REALTOR Ò A real estate transaction is complicated. In most cases, buying or selling a home requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page government-mandated settlement
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The Pros and Cons of Condos Condominiums and townhouses offer an affordable option to single-family homes in most areas. But consider these facts before you buy. Storage . Some condos have storage lockers, but usually there are no attics or basements
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Tips on Buying in a Tight Market Increase your chances of getting your dream house instead of losing it to another buyer, with these easy steps. Get prequalified for a mortgage. You’ll be able to make a firm commitment to buy and make your offer
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Tips for Finding the Perfect Neighborhood The neighborhood you choose can have a big impact on your lifestyle—safety, available amenities, and convenience all play their part. Make a list of the activities—movies, health club, church—you
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Your Property Wish List While your opinions on the type of home you want to own may change during the homebuying process, use this easy checklist to help you prioritize and make the shopping process less time consuming. How close do you need to be to:
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5 Factors That Decide Your Credit Score Credit scores range between 200 and 800. Scores above 620 are considered desirable for obtaining a mortgage. These factors will affect your score. Your payment history. Whether you paid credit card obligations on
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8 Ways to Improve Your Credit Credit scores, along with your overall income and debt, are a big factor in determining if you’ll qualify for a loan and what loan terms you’ll be able to qualify for. 1. Check for and correct errors in your credit
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8 Steps to Getting Your Finances in Order Develop a family budget . Instead of budgeting what you’d like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors
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UNBELIEVABLY GORGEOUS HOME ON 1.36 ACRES • 3,787 sq. ft., 4 bath, 4 bdrm 5-level split "PROFF. DESIGNED AND DECORATED!" - MLS® $648,800 - The Estates at the Oaks of Highland Lakes, Westerville - UNBELIEVABLE GORGEOUS HOME ON 1.36 AMAZING
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BACK ON MARKET! • 1,500 sq. ft., 3 bath, 2 bdrm 2 story - MLS® $122,900 - LEASE OPTION AVAILABLE! New Albany Park, New Albany Property information
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