| Did You Know ? |
Did You Know ? Financing & the LenderWhen a lender reviews your financial documents and loan application, they will examine the source of funds to be used as a down payment and closing costs. Be prepared to provide bank or financial statements (directly related to your liquid assets) for the past 3 months. This represents checking accounts, savings accounts, money markets, certificates of deposit, stock statements, mutual funds, and retirement accounts (401K). Sometimes it may be requested by the lender to provide copies of cancelled checks and deposit receipts not shown on the above statements. Your InvestmentReal estate transactions involve one of the biggest financial investments most people experience in their lifetime. Most transactions today exceed $100,000. Securing the help and guidance of our team will ensure that your interests are protected. Real estate transactions involve many critical elements that you must be aware of. Our services are parallel to those of accountants and attorneys in handling income tax and legal matters, respectively. Income Tax SavingsAll of the interest and property taxes in a given year may be deducted from your gross income to reduce your taxable income. Check with your accountant for tax advice. NegotiationThere are multiple negotiating factors, including (but not limited to) price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. We will advise you as to which investigations and inspections are recommended or required. Due Diligence“Due Diligence” is the act of securing inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, etc. (depending on the area and property). We will assist you in finding qualified, responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be complicated by the indications of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. We will help you resolve issues that may present problems at a later date. MarketingThere is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When we market a property, you do not have to allow strangers into your home. We will prescreen and accompany qualified prospects through your property. Approaching the ClosingBetween the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs may be required to obtain financing. A conflict may be discovered in the Title. The required paperwork alone is extensive for most sellers. We will objectively help you resolve ALL issues and move the transaction to closing (or settlement). You may choose to seek advice from an attorney in regard to any legal concerns you may have. FSBOOver 90% of owners who try to sell their own homes decide to list with a professional realtor within 90 days.
|
|
