Sharing Closing Costs

After signing the paperwork to sell their home, sellers usually subtract their loan and commission from the sales price and figures that’s how much they will get. Few sellers give much thought to closing costs. But they are an important and usually unavoidable part of the transaction.

Closing costs refer to all of the taxes, fees and costs required to close a real estate transaction. Who pays what in closing costs not only varies from state to state but can also differ within a state.

Ask your agent for the traditional breakdown of what you are expected to pay in closing costs and what portion the buyer pays when you list your home. You’ll want this information handy when you consider an offer so you can calculate your net proceeds.

 

Written By: Rick Hazeltine. If you would like to continue reading, click here.

Secrets to a Successful Move

Planning to move this summer? You’re not alone — summer is the busiest time of year for professional movers, according to the American Moving and Storage Association. It’s an arduous process, but these tips will make your transition much smoother.

If you’re planning to use a moving company, call now. As busy as they are, they usually need plenty of notice — often at least six weeks or much more if you’re moving a long distance.

Be sure to build in some overlap between the closing/possession date of your new home and the last day of the lease on your rental (or closing date of your current home). Moving always takes much longer than you think. If you want to make any changes to your new home — for instance, paint some walls, put in new carpeting or refinish wood floors — plan enough time to do it BEFORE you move in so your furniture and belongings are not in the way.

 

Written By: Diane Benson Harrington. If you would like to continue reading, click here.

Saving the Best for Last

The end of the year is a great time for renters to become homeowners, growing families to move to more accommodating homes, and baby boomers to find houses that fit their evolving lifestyles.
Benefits to buying at the end of the year include:

Tax savings. Closing on your new home by Dec. 31 means you can deduct mortgage interest, property taxes and points on your loan on your income tax return. You can also deduct the interest costs associated with a home equity loan. These deductions are significant, especially in the early years of your loan when you are paying off so much interest.

Sellers might be more motivated. Many sellers will also be anxious to sell by the end of the year so that they, too, can enjoy tax savings on the next home they purchase. That means you may have more leverage during negotiations and they may be willing to accept lower than their listing price.

 

Written By: Michele Dawson. If you would like to continue reading, click here.

Renting to Own

A good option for first-time homebuyers?

When Chris and Sarah Kane of Visalia, Calif. decided to purchase their first house, their hopes of becoming first-time homebuyers were nearly dashed by ever-soaring prices and a down payment out of their reach.

“We found a home we really liked for $221,000 and figured we would just have to rent it,” said Chris Kane. “But as we thought more about it, we knew we didn’t want to spend over $2000 a month on a home with nothing to show for it.”

Instead, they took a different tack with the seller.

 

Written By:Suzanne L. Coates. If you would like to  continue reading, click here.

New House or an Old One?

Consider the pros and cons to each

As you embark on your venture to buy a home, one of the first decisions to make is whether to buy new or purchase an existing home. Each choice has its advantages, and there is no single answer that works for everyone.

You may be drawn to the shiny new, energy-efficient appliances, the great room, and the beautiful master suite offered in a new home. But you may also like the charm, the canopy of trees that drape over the sleepy neighborhood streets, and the increasing value of an existing home you’ve been eying.

 

Written By: Michele Dawson. If you would like to continue reading, click here.

Make Them An Offer They Can’t Refuse

Follow three key steps to buy your house

Two people shaking hands
Once you’re preapproved for a loan and you’ve survived the rigors of house hunting, the time will come when you find a house that you’d like to call home. But first, you’ll need to make an offer.

The offer is the first step in the negotiation process. A good basic offer includes the price you’re willing to pay for the house, your financing terms, and contingencies, such as specifying what will happen if negative findings come up during the inspection.

Purchase contracts vary from state to state. Regardless of where you live, if you’re making an offer, you want it to be carefully worded and well thought out.

 

Written By: Michele Dawson. If you would like to continue reading, click here.

Inspecting Your Home Inspector

While most people (almost 80 percent) have their homes inspected prior to purchase, just who is it that is inspecting the inspector? We’ve all seen those hidden-camera stories of home inspectors missing major defects, glossing over major problems or finding problems that they then offer to fix (for a charge, of course).

Since the industry isn’t closely regulated, it is important to make sure your home inspector is well trained and insured, especially since you are relying on the home inspector’s professional assessment to help decide on the biggest investment of your life. To help make sure your professional home inspector is just that— “professional”— the National Institute of Building Inspectors (NIBI), a leading home inspection training organization, offers the following tips to help “inspect your inspector:”

 

Written By: Realtor. If you would like to continue reading, click here.