HIRE THE BEST Real Estate Professional

Do Your Research!

Finding the right real estate professional requires doing a little research and asking a few questions. You need to know everything about the selling process. 

• What is the marketing strategy? 
• What kind of advertising will be done? 
• Is the Real Estate Professional capable and willing to communicate effectively? 
• Can the Real Estate Professional effectively present and sell the less-noticeable assets of the property?

Look for an agent who...

Is knowledgeable about the community. They need to have a feel for the history of the area and the approximate price that people will be willing to pay. 

Also, real estate agents should know what the competition is and how much it will effect your sale.

NEVER choose a Real Estate Professional on price alone. Remember that a Real Estate Professional cannot magically raise the selling price of the house. Consider the buyer. The purchaser won't willingly pay too much; it's most likely that he or she will do research on the market and try to find the best product for the best price. The facts simply cannot be changed, no matter which Real Estate Professional you select. In spite of these unchangeable factors, the Real Estate Professional you select must still be diligent and knowledgeable.

Location, Location, Location...Price, oh and the condition of home all matters!

If your property does not elicit attention within several weeks, the cause can most likely be attributed to one of these three factors: location, condition, and price. The location obviously cannot be changed. You should consider examining the conditioning of your property and reevaluating the marketing strategy. Ask your Real Estate Professional to offer an explanation of the competition and your pricing strategy.

I kind of cheated....

I cheated for this blog post: I got the material from my website at this link:http://www.camillekooi.com/34/Buyer-Report/60 but I did throw just enough CamilleEstate spin on the info, right?!

Find out what others have said about ME!!

http://www.camillekooi.com/102/Working-With-Camille

Shameless plug to get you to my website! 

*Disclaimer: I do not claim to be a professional writer nor am I am proficient in where to place commas, when to italicize (or is it appropriate to italicize or use parenthesis?) and that my sentences are grammatically correct. I am merely releasing all the thoughts that are in my brain and sharing them with you. If you enjoy my posts GREAT but I know they are written with many errors. Taking a creative writing class or a grammar class is next on my “to do” list. I promise. I also like to use double exclamation points!!!! (sometimes more than 2 and sometime a question mark and exclamation point!) I am NOT a licensed mortgage lender, property manager, credit expert, professional negotiator or anything of that nature.. This is strictly "good info" to know regarding Real Estate as I learn it on the job!

Connect with me for more FUN!

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And...another blog: camillekooidotco.com

BINSR, SPDS & CLUE, OH MY!!

So often in a real estate transaction, you will hear your Realtor talk about a BINSR or a SPDS (pronounced SPUDS). Do you need to know these terms? Not really, but yah, you probably should! You will most likely hear your agent call these reports by those names when talking with other industry professionals who are working on your transaction. For example, the title company, your lender, a handyman, your home inspector and now YOU (Yay!) will use these terms quite a bit.

So what's the lowdown with these acronyms? Every industry has their lingo. Your doctor, nurses and pharmacists all have yet another language that they use and even teachers and school administrations have their own language. Have you heard of a Dibbles test? If not, ask your child's teacher! Have you been 86'd from a bar or restaurant? (I hope not!) Maybe you have heard a server yell "86 the onions" meaning, the restaurant is out of onions OR the order you are taking doesn't want onions. If you have been 86'd from the restaurant or bar, it means you have been removed! LOL!


I digress!! BINSR means Buyer's Inspection Notice Seller's Notice. Once you have an accepted offer on a house you are buying, your real estate agent will set up a home inspection. The home inspector will give you a detailed report with all items that he deems necessary (of course, these are state rules and regulations that the inspector abides by) to bring to your attention. You and your agent will sit down and decide which items to put on this document. When you do this, you are asking for the items to be repaired. This document is called the BINSR. Your agent will write the BINSR up on your behalf and send it over to the seller's agent. Then, the seller's agent will show the document to their clients and then they decide if they will make the repairs, not make the repairs or offer money in lieu of repairs.


Now the SPDS! SPDS means Seller Property Disclosure Statement. This is a pretty good document. When you are selling your house, this is the document where you want to disclose everything. It will be provided to you by your Realtor during your listing appointment OR shortly after that appointment. This is the time to dislose whether or not you hear trains at night, write that in the document. You saw a scorpion once in 20 years that you lived there, write it down. Your hot water doesn't work on the right hand side sink in the master bathroom, ya' get my drift. Write it down! Disclose as much as you can to protect yourself. Your real estate agent can not fill it out for you, you have to do the heavy lifting on this document; but for your protection, disclose, disclose, disclose!!

Get a CLUE!! Technically, CLUE stands for Comprehensive Loss Underwriting Exchange. This is just fancy for a five year insurance claims history report from you homeowner's insurance provider. If you have had multiple insurance carriers in the past 5 years, you will need to request a CLUE report from each company as long as you go back 5 years. Sounds cray cray, right? Not really. This just lets the buyer know what they are buying. For example, you had a water pipe burst in the house and you had to call the homeowners insurance to get someone out to your house to clean up that mess. Well, my friend, you just made a claim on your insurance policy. This will stay on the permanent record of the house. It's kind of like carfax for your car, but this is giving you the history on the house. So, you can see how if you don't disclose the water pipe that burst in the SPDS that it will show up on the CLUE report. When an agent receives both documents from the seller, chances are that they will read them pretty thoroughly. AND (pretty important here) your home inspector will also report that he has noticed past water damage and remediation as well in his/her report, so you want to disclose as much as you can in the SPDS because chances are that if you don't, it will show up on your CLUE report or the inspector will find evidence of a past issue during the inspection.

My best advice to you friends is if you are selling your home, disclose what you know. It might be a good idea to go over this report with your spouse or whomever has lived in that house as long as you have. You might be immune to the loud train horms blaring at 3 am every morning, but someone who is a light sleeper will flip out if this wakes them up every morning at the same time! (not that I have experienced this, Jeff Kooi!)

On the flip side, if you are buying your house, utilize your 10 day inspection period--or due diligence period--to get as many inspections done on your house as you see fit. This is the time to test for mold, test the HVAC system, call a pool inspector to check out the cracks on a 10 year old pool. You never want to skimp out on this time to do all of your research on the home

Did this information make sense? It is always my goal to write these blogs as clearly as I can. It is my job to exceed the expectations of those I work with whether I am representing the buyer or the seller in a transaction. If you have questions or comments please holla'! Contact me CamilleKooi@gmail.com or 480-226-7436!


Until Next Time Peeps!


Camille

Find More Real Estate terms click here:

 http://www.camillekooi.com/37/Real-Estate-Glossary. 

Shameless plug to get you to my website! t

*Disclaimer: I do not claim to be a professional writer nor am I am proficient in where to place commas, when to italicize (or is it appropriate to italicize or use parenthesis?) and that my sentences are grammatically correct. I am merely releasing all the thoughts that are in my brain and sharing them with you. If you enjoy my posts GREAT but I know they are written with many errors. Taking a creative writing class or a grammar class is next on my “to do” list. I promise. I also like to use double exclamation points!!!! (sometimes more than 2 and sometime a question mark and exclamation point!) I am NOT a licensed mortgage lender, property manager, credit expert, professional negotiator or anything of that nature.. This is strictly "good info" to know regarding Real Estate as I learn it on the job!

Connect with me for more FUN!

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And...another blog: camillekooidotco.com

What is an Appraisal?

Often times home buyer's are confused between a home inspection and an appraisal. Easy way to remember the difference between the two is that a home inspector reports on the condition of the home and an appraiser determines the value of a property. 

An appraisal can make or break a real estate transaction.  So many things go into pricing and selling a home which will hopefully result in receiving a solid offer. It seems like the stars have to be aligned just perfectly for all these things to happen and it all can come to a screeching halt by the appraisal. An appraiser can take down a real estate deal in a blink of an eye. Super frustrating for everyone involved in the transaction. Relatively speaking, real estate agents and appraisers are using the same data when determining value of a property. With that being said, there are many opinions in any given transaction as to the true value of a home. There is the price the seller wants to get for the home, the value the listing agent (seller's agent) will determine by data available from the MLS, the price the buyer's will pay for the house, the price the buyer's agent will try to get for the house and then that of the appraiser. 

So, who hires the appraiser?  Your lender. The appraisal is needed to determine value which in turn tells the bank how much to let your borrow. In other words, the appraisal will reassure the lender that the property you are buying is truly the real value of the home, thus determining the risk the lender (bank or investor)takes in lending their money for this property. This is why is it so important for the appraisal to meet the agreed upon sales price or exceed that price. When the appraisal comes in lower than the contract price, this is when s**t hits the fan. Especially if the buyer is depending on financing the home purchase.One would think that if two real estate agents can provide comparable properties that have recently sold in the same geographic area for about the same price in the past three months that the appraisal will be right around the contract price. Not always the case.  Lately, I have heard many many real estate agents and lenders seeing appraisals coming in $5000 to $20000 less! That is crazy. All that we have learned as real estate agents on how to price homes seems to be thrown out the window. 

So why would a LOWER price cause such an issue? Because often times the buyers, sellers and their real estate agents have come to an mutual decision of the value of the home.  A seller won't want to take $20,000 less than the contract price and then the buyer loses out on a house because an appraisal can not support the contract value. Even if the real estate agents dispute the appraisal with the data they used to price the home it is rare that appraisers will change the value of the home after the appraisal has been submitted to the lender. And, certain appraisals stay with the property for 6 months so that puts the seller in a bind as well because they can not get financed! UGH. 

Knock on wood out of four transaction currently in escrow I had an issue with one appraisal coming in under the contract price. Fortunately, the seller's agreed to come down in price so we could proceed with the transaction, but I know that I was VERY lucky in that situation.

If I can be of assistance to you in your next Real Estate transaction or just have questions contact me right now at camillekooi@gmail.com! 

Find More Real Estate terms click here:

 http://www.camillekooi.com/37/Real-Estate-Glossary. 

Shameless plug to get you to my website!

*Disclaimer: I do not claim to be a professional writer nor am I am proficient in where to place commas, when to italicize (or is it appropriate to italicize or use parenthesis?) and that my sentences are grammatically correct. I am merely releasing all the thoughts that are in my brain and sharing them with you. If you enjoy my posts GREAT but I know they are written with many errors. Taking a creative writing class or a grammar class is next on my “to do” list. I promise. I also like to use double exclamation points!!!! (sometimes more than 2 and sometime a question mark and exclamation point!) I am NOT a licensed mortgage lender, property manager, credit expert, professional negotiator or anything of that nature.. This is strictly "good info" to know regarding Real Estate as I learn it on the job!

Connect with me for more FUN!

Facebook/Personal Page
Facebook/ Business Page
Twitter
And...another blog: camillekooidotco.com

Eight Tips to get your Home Ready to Sell

Selling your house takes patience. It also takes a few good de-cluttering days, rearranging furniture, a coat of paint and clean floors. If you have lived in your house for a while, chances are you have some clutter. Even those who profess they are minimalists, will have some clutter somewhere in their house, it's almost inevitable if you actually live in the house!

I have been really lucky with the home sellers that I have worked with. (Ugh, so hate to end a sentence with a preposition, but I could not avoid it this time!)  I sold two houses for one couple and both times we got feedback on what great staging we had in the homes. We didn't have a home stager nor did I ever have to make ONE suggestion about how to showcase these houses. The seller just knew how to prepare a home for a showing. She would vacuum, light candles, turn on music, open blinds and turn on all the lights and turn the water feature on the pool prior to potential buyers arrival. She had very tasteful home decor, no clutter (not even in linen closets, the pantry or kids rooms) and her houses sold. One house sold for more than the appraised value! No thanks to me, but they knew what they were doing!  These particular home owners are super, super clean. I am sure if I stopped by their house right now, unannounced that it would be "show" ready.   Here are some tips that I learned from these sellers: 

1. Remove all Clutter

The biggest culprit of clutter that I notice is mail and kids homework/artwork:

Put your items in a covered box, get a cute decorated box from Michael's or Hobby Lobby and throw mail in there until you have time to sort your piles. Make cute labels and name the boxes: Mail Inbox, Kids Artwork or whatever you want, but the point is to get rid of want you don't need and contain/organize the stuff you do need. These are the type of boxes I am referring to: Decorative boxes If you find that this is just too big of a task for you, there are professional organizers who will can do this work for you.  

2.  Clean Windows, Inside and Out

Believe it or not, the windows looks so much better when there isn't any dust on them. We live in Arizona and there is a fine layer of dust on everything all the time, so it is wise to clean your windows (inside and outside) right before your house is listed for sale. If you have pets or kids (or both haha) clean your sliding glass doors for your listing pictures and before potential buyers visit.

3. Clean All Flooring

If the carpet hasn't  been shampooed professionally in a while, I highly suggest getting this done. Even if your carpet is builder grade carpet, it will clean up well when done professionally. If your carpet is torn or worn you will want to replace it before selling as well. I have tried to sell a home and offered a "carpet allowance" and all of the feedback on the property was "need new carpet." This might have been unique to the area because so many investor flips were being sold at the time, but nonetheless, the carpet had to be replaced even before the house could be rented.

 In addition to carpet, if your house is predominantly tile, get a tile person in there to clean grout and seal the grout if need be. These small investments will help you get your house sold. Buyer's will eventually make the house their own, but they want to be able to move in without having do to major demolition right away. So, the cleaner the better. Make sure your baseboards are without dust and possibly put another coat of paint on them so they pop!

4. Make Beds

Believe it or not, there are times I show a house and the beds are not made. These are the times that I know the seller could care less if their house sold or not. Your rooms do not have to look like a "Homes and Garden" magazine, but just the basic things like making a bed can really improve first impressions. 

5. Laundry 

OHH EMMM GEE. I can not say enough about laundry. If you are a home seller and are always doing laundry or on the flip side, never doing laundry, find a way to keep it contained. I kid you not, there was a house I was showing to a client and as I am walking through the house, I had to casually kick clothes out of the way to make a walking path. I am not sure, but can pretty much guarantee that this wasn't clean laundry.  And to top the situation off,  this was a house that I had to make an appointment to see, so it wasn't like I called the owner and asked to stop in as I was driving by. It's one of the times that I felt like I needed to run home, shower and start my day over. If I felt that way, you know my client did too! ( So yah, we didn't put an offer on that house!)

6. Home Decor

I have heard real estate agents tell clients to remove all personal pictures from shelves and walls before the list their house. I have mixed feelings on this tip. I think if you have minimal items on the wall and personal photos are the decor, than it is fine to display the pictures.  I think this all goes back to clutter. If you have a ton of small framed pictures all over the house, I might suggest putting those in a box while you have people going through your house. What if you can't judge if you have too much stuff on the walls or it doesn't match? First, ask your real estate agent. He/she sees enough homes to tell how potential buyer may react.  Even if you prefer a shabby chic decor an the house you are walking through is contemporary, as long as it done tastefully and the house is clean, it will sell!

7. Home Odors

You know how every house has it's own smell? If you haven't noticed, every house does; whether it is a pleasant smell or not is the difference. Some homes that you walk into will smell clean. Some smell like they just baked cookies and some just smell like the pets who occupy the house. Because I am so allergic to cats I can smell within nano seconds if a house I am showing has cats. It will be just a few minutes before I find the litter box, even if they use the super duper heavy duty fragrance free odor eliminator.  

In addition to pets, real estate agents know unless it states the house is vacant that someone lives and cooks in the house. If you make salmon for instance, you might want to air your house our before the next showing. If you love to cook with garlic, you may want to make sure your house is aired out prior to showings so look into air odor neutralizers. These help tremendously.  Check out this link!

8.  Miscellaneous Items

this is a category that had too many loose ends to post on their own section, so here is a list of items that you shouldn't overlook either: 

• Face-plates around your on/off switches and electrical outlets (change these out so they are all the same color, not cracked or have paint on them)
• Put large unused furniture in the garage to give the illusion of more space in the house
• If your house needs a fresh coat of paint inside, paint it
• If you take nails out of the wall, fill them
• Do not keep dirty dishes out on the counter, put in dishwasher or put away
• It's ok to have folded laundry in a basket, but keep in laundry area. 
• If you can keep the appliances to a minimum on the kitchen counters, do it. The less stuff the better the potential buyer can envision their stuff in that space
• Keep your back yard and front yard free of Fido's waste 

Seriously, I could write a book on this topic! But, you get the drift, keep it simple, clean and clutter free and you will be on your way to a quick sale of your home. Listen to your real estate agent, you chose her/him for one reason so take their advice. They are truly only helping you achieve your goal of selling your home and moving on to your next big adventure. Not all real estate agents are great at staging homes, so hire a friend or a professional home-stager if you can't tell what to de-clutter or which furniture to move around. You will be amazed at the minimal investment and time it will take to do these items and you will sell your house faster and at a price that makes you feel good! 

Until next time peeps....
Camille

*Disclaimer: I do not claim to be a professional writer nor am I am proficient in where to place commas, when to italicize (or is it appropriate to italicize or use parenthesis?) and that my sentences are grammatically correct. I am merely releasing all the thoughts that are in my brain and sharing them with you. If you enjoy my posts GREAT but I know they are written with many errors. Taking a creative writing class or a grammar class is next on my “to do” list. I promise. I also like to use double exclamation points!!!! (sometimes more than 2 and sometime a question mark and exclamation point!) I am NOT a licensed mortgage lender, property manager, credit expert, professional negotiator or anything of that nature.. This is strictly "good info" to know regarding Real Estate as I learn it on the job!

House Hunters in Real Life

Don't you just love HGTV?  If you are not obsessed with at least one show on that network, then ask your neighbor, cubical mate, friend at the gym, your bartender, hairdresser whatever, they can tell you their favorite HGTV show! Try it, you will be amazed at how everyone knows the shows on that network!

I am no different. I love House Hunters. In fact, I have had dreams (don't get ahead of your self here)  that Jonathan, the contractor, has come to my current house and added walls, removed a fireplace, replaced flooring, reconfigured my master bath and the list goes on. I really wish I could win a house makeover with Jonathan. I am not too sure what I want from Drew because I am a Realtor so maybe I will take him on listing appointments. Wouldn't that be great? 

Actually, House Hunters really isn't too far off as far as reality shows are concerned. What rings true is that buyers are not always sure of what they need and want until they start seeing homes that are available to them in their price range.  It is very typical for couples to think they are the same page as far as needs and wants but that changes many times over during the process. Sometimes I can take buyer clients to three homes and they will be able to make a decision on a property, we submit the offer and boom, they have a new house.  Then again, there are couples who will see 20 properties and still not be able to agree on a home. The amount of homes and time spent looking at homes really varies from couple to couple or person to person.

So, why do some people take so long to find their home and others can find it quickly? I think it comes down to a couple of things: one being budget and two compromise.  There are many many many compromises you make as a couple when making an investment such as a home. When my husband and I were looking for the house we were in, I felt that I liked it enough to put an offer on it. Jeff, liked the house because he felt it was perfect for our budget and it hit many of our wants and needs.  I didn't fall in love with the house right away.  I liked that I wouldn't have to pay rent anymore.  I liked that it had a pool. I liked that the floor plan was split and felt like it would be a good home in a decent area for this stage in our lives. All compromises!

There really are different types of buyers. For starters, there are first time buyers where most often it is finding them something they like for a price they can afford. First time buyers seem to be a bit more savvy than we give them credit.  Many first time buyers I have worked with have been approved for WAY more then they actually spend on a house. I believe they watched many people lose their homes over the past 10 years or so and have learned a valuable lesson. The lesson would be to NOT overextend yourself. If you are comfortable paying $1000 rent plus utilities, car and any other bills you have a month, then don't make a huge house purchase that will double what you are currently paying for rent. I worked with a first time buyer who was approved up to $280 thousand dollars but didn't want to pay that mortgage based on that loan amount. So, his first house was more like in the $180K with a very manageable mortgage payment. I always tell buyers to make sure you are able to maintain the same lifestyle as a homeowner as you did while renting. You don't want to make too much of a change in your spending habits because you don't ever want to have to walk away from your home while the bank takes it over. That is not a  good feeling on many levels.

Next, there are the buyers who are on their second or third time purchasing a home. A couple of things could have happened here from the first time they bought a home. Most often a couple buys their first home and they don't have children. Add children to the equation and now you need room! It's amazing at how much space these kids need.  Living situations change all the time whether it is having children, your children moving out, parents moving in, divorce, your college graduates moving back home and so on. This group of buyers is pretty specific as to why they are buying based on budget, wants and needs!

I love house hunting. I love to work with people and help them make the BIGGEST purchases in their lifetime!  I love to see the look in a homeowner's eyes when I can give them the keys to their new home. Seriously, it is really such a joy. Heck, I get excited when I can get an offer accepted on behalf of my clients so you should see me when I get to hand the keys over to them! During the home shopping/hunting stage we really form a great relationship, then they buyer's are "stuck" with me for at least another 30 days while we are going through the home buying process. Actually, those I have worked with in purchasing or selling a home are pretty much stuck with me at some level! Lucky them, huh?!

If you have a PhD in HGTV or you never have watched any shows on that network, call me. I would love to be your real estate agent in your next purchase or sale of your home. It is really my goal to make the process as stress-less as possible for you. I can't guarantee you won't experience some stress but I can guarantee that I will always try to reduce stress by providing guidance, data and resources to help you make the best and biggest financial decisions!

A funny for you! Funny...but true for most of us!!



Till next time peeps! 
Camille

*Disclaimer: I do not claim to be a professional writer nor am I am proficient in where to place commas, when to italicize (or is it appropriate to italicize or use parenthesis?) and that my sentences are grammatically correct. I am merely releasing all the thoughts that are in my brain and sharing them with you. If you enjoy my posts GREAT but I know they are written with many errors. Taking a creative writing class or a grammar class is next on my “to do” list. I promise. I also like to use double exclamation points!!!! (sometimes more than 2 and sometime a question mark and exclamation point!) I am NOT a licensed mortgage lender, property manager, credit expert, professional negotiator or anything of that nature.. This is strictly "good info" to know regarding Real Estate as I learn it on the job!

Gettin' a Mortgage Loan

Buying a home will most likely involve getting a mortgage loan. To get a mortgage loan, you need to work with a mortgage loan officer. This mortgage loan officer will need a handful of documentation from you to basically give you the biggest credit card that you will ever get to shop with!! Really, who else gives you a couple hundred grand and tells you to find the home of your dreams?!! So, to get that big a&$ credit card, you need to prove that you can pay it back on a month to month basis; thus the need for the amount and type of paperwork. (Digression: Have you read, If You Give a Mouse a Cookie? Doesn't this paragraph remind you of the book?!!)

Here is what I recommend, find a great mortgage loan officer. Don't choose your neighbor's sister-in-law's-second cousin by marriage because you feel that you HAVE TO (don't do this with your real estate agent either...chose who is a fit for YOU!).  Ask around for a few referrals. If you have a friend who recently bought a house, ask them who they worked with on their mortgage. If they were happy with their lender/mortgage loan officer, get the contact info; because chances are that if your friend is happy with their lender you will be too. Ask your real estate agent as to who has a great reputation in the mortgage industry. Your real estate agent will be your best resource on many things, so pick their brains, and use them to find not only your home but people they have experience working with. Feel free to ask for a couple of names of different lenders so you can interview the lender. Buying a home is a HUGE investment obviously, but also a huge time and emotional investment. Work with someone you are comfortable with on the real estate side as well as the financial side. Your lender is HUGE in making sure your transaction closes in a timely manner. So choose wisely my friends. 

To get pre-approved for a mortgage loan, your lender will ask you for various documents that will prove you can afford the payment. The more organized that you are with your documentation, the better they can serve you. If they have to wait on documentation from you, it will hold up the whole process. Your lender is there to help YOU get the best loan program at the best rate for you so when they ask you for documentation, they are not compiling the info for any other reason than to help you get into your dream home.  To prove you can pay back the mortgage, the loan officer will ask for these documents:

• Where the down payment is coming from (checking account, saving account, gift?)
• Last Two Years of your W-2's
• Last Two Years Personal Tax Returns filed with IRS (all schedules)
• Thirty Day Current Pay Stubs
• Two Months Current Bank Statements for ALL accounts (all pages)
• Investment Accounts/401k and Retirement Statements (most current, all pages)
• Homeowners Insurance Agent Name and Number
• Copy of Mortgage Statement
• Proof of Taxes/HOA-other properties

And if any of these apply, you will need to supply this documentation as well: 

If Retired

• Social Security Award Letter
• Pension Award Letter
• Last two years 1099s

for a VA Loan:

• Copy of DD214 
• Certificate of Eligibility 

For USDA Loan:

• Proof of Income for Non Borrowing Household Members

BUT WAIT, there's more: 

• Copy of Mortgage Note/Agreement for Sub 2nd
• Copy of Permanent Resident Alien Card (s)/ Visa
• Divorce Degree
• Child Support Order
• Bankruptcy Papers and Discharge Notice
• Rental Agreements for all Properties Owned
• Copy of Drivers License

So, there is a theme here. To get a mortgage loan, you will have to show documentation that proves you can pay this loan back on a monthly basis. The mortgage loan officer/lender/insert your favorite title here, is working on YOUR behalf.  Do your research, interview real estate agents, mortgage loan officers and get your paperwork ORGANIZED and ready to roll. The more YOU are on top of the game, the better everyone working on your behalf can do their jobs. 

It is always my goal to make this process as painless and stress free as possible, but, I, along with your lender, will NEED you to be Johnny-on-the-Spot getting this documentation in!! And, if you are not in the best place financially, or need to know how to fix your credit so you can be in a position to purchase in your near future, call me and I will help you get on the right track! 

Till' next time peeps! 

Disclaimer:  All information listed in the bullet points came straight from a  Guild Mortgage handout I received on April 21, 2015. If you would like a copy of this flyer, let me know and I will get it to you!

And my normal disclaimer:
*Disclaimer: I do not claim to be a professional writer nor am I am proficient in where to place commas, when to italicize (or is it appropriate to italicize or use parenthesis?) and that my sentences are grammatically correct. I am merely releasing all the thoughts that are in my brain and sharing them with you. If you enjoy my posts GREAT but I know they are written with many errors. Taking a creative writing class or a grammar class is next on my “to do” list. I promise. I also like to use double exclamation points!!!! (sometimes more than 2 and sometime a question mark and exclamation point!) I am  NOT a licensed mortgage lender, property manager, credit expert, professional negotiator or anything of that nature.. This is strictly "good info" to know regarding Real Estate as I learn it on the job!

Real Estate Transaction In Bullet Points

So often I work with new home buyers or people who haven't purchased a new home in a very long time so here is a quick guide to the real estate transaction. Feel free to share this with your network of friends! 

 Real Estate Transaction In Bullet Points

• Once the purchase offer is submitted by buyer, the seller has a chance to say Yes or NO
• If NO/NOT accepted, then there isn't else to to do. Finito!
• If the answer is YES then the seller signs the contract, sends it back to the buyer. 
• The earnest money is submitted to the title company by a cashiers check or wire transfer, within the time-frame that is agreed upon on the contract.
• Within  10 days of the offer being accepted by the seller, the buyer will have the home inspected by a licensed home inspector. This is the time for the buyer to all their research on the property. Research includes but is not limited to: schools, crime rate, evidence of mold, evidence of termites AC/HVAC inspections, pool inspections, etc. 
• The home inspector will provide a report, which then will be reviewed by your real estate agent and ask the seller to make some repairs
• Right after the home inspection, the appraisal will be ordered by the lender. As long as the appraisal comes back at the sale price or above the sales price, you are good to continue on in the transaction. If the appraisal comes back lower, there are a few negotiations that will come into play.  
• If the transaction is going smoothly, the next step is that of the lender. She will send loan documents to the title company. The title company will schedule times with the both the selling party and buying party to sign all documentation for the transaction. 
• Once the documentation is signed, the title company sends the signed paperwork back to the lender and the lender "funds" the loan. (ie., the seller gets paid, or the mortgage loan is satisfied!)
• Once funded, the title company takes the whole package to the county recorders office. 
• The county recorder records the deed in the county records and we have a closed transaction! The county communicates with the title company that the deed has been recorded, the title company calls the buyers and sellers real estate agents and the buyer's are handed the keys to their new home!

Sound simple? It can be, but that is not always the case!

Please know this is a VERY BRIEF OUTLINE of the real estate transaction. A real estate transaction is not, by any means,  simple. You should always consult a licensed Realtor for your particular situation. Your Realtor will work on your behalf to make sure the transaction is handled professionally and legally. A real estate transaction is very layered and is interpreted differently by everyone involved in the process. 

*Disclaimer: I do not claim to be a professional writer nor am I am proficient in where to place commas, when to italicize (or is it appropriate to italicize or use parenthesis?) and that my sentences are grammatically correct. I am merely releasing all the thoughts that are in my brain and sharing them with you. If you enjoy my posts GREAT but I know they are written with many errors. Taking a creative writing class or a grammar class is next on my “to do” list. I promise. I also like to use double exclamation points!!!! (sometimes more than 2 and sometime a question mark and exclamation point!) I am  NOT a licensed mortgage lender, property manager, credit expert, professional negotiator or anything of that nature.. This is strictly "good info" to know regarding Real Estate as I learn it on the job!