“It was my first purchase of a home and Michael guided me through the process and helped me negotiate an excellent price for my dream home. – Katrina Denton, Winston-Salem
The following topics provide you with an overview of the process involved in buying or selling real property in NC. Call or e-mail me for additional information or the answers to your particular questions when you are considering the purchase of a home, planning to sell property or both.
How much is your property worth?
The first thing you want to know when you are thinking of selling you property is “How much is it worth?” The second is “How much will it cost to sell?”
The answers to both questions are free. Contact me for a Comparative Market Analysis (CMA) and an Estimated Net Proceeds (ENP) calculation. Your property will be compared to others of similar construction in like neighborhoods that are presently for sale and those that have recently sold. This information is combined with my knowledge of the real estate market to arrive at an estimated Listing Price for your property.
Based on this List Price, an ENP calculation is prepared with an estimate of all the costs associated with the sale of your house. This calculation provides you with an estimate of the monies you can realize from the sale of your property.
Your CMA and ENP is provided at no cost and with no obligation. To arrange for an appointment to view your property click here.
Preparing your house to sell
A house that is not properly prepared for sale will take longer to sell, if at all, and, if it does, it will sell for 20 to 30% less than it should.
With a listing commitment, you will be provided with a list detailing what needs to be done to ensure your property sells for the maximum amount of money in the shortest possible time. Most of your listing preparation will be cosmetic in nature. For a general list of recommendations that will make your selling experience as brief and profitable as possible click here. (Click here to view list)
The Selling Process
Listing your home with Realty Executives Triad will start the selling process. You will be asked to sign an Exclusive Right to Sell Listing Agreement, terms are negotiable, and required property disclosures. To view sample copies of listing documents click here.
The Realty Executives commitment to you is to sell your property in the shortest time at the best possible price. Your property is immediately placed on the Triad MLS with 30 high resolution pictures. Feeds to all the major real estate web sites, over 70, ensure maximum online exposure. Placement of a Nationally recognized brand yard sign, in house literature and promotion of Open House events, if desired, complete the package.
You property is listed with Centralized Showing Service (CSS), a showing scheduling service, ensuring that no showings are missed. Accessible 24/7, showing appointments can be scheduled on line or by phone. The electronic key box placed on your house provides you with highest level of security recording who accessed your home and when.
All offers are presented along with an Estimated Net Proceeds as soon as possible after receipt. We assist in the negotiation process with our goal being a signed win/win Contract. Click here to schedule a listing appointment.
Most important when you list your home is communication. How many times have you heard of, or perhaps you’ve experienced it personally, agents listing a property and that is their sole contact until the listing expires. I partner with my clients to get there home sold, communicating with them on a regular basis and returning all their calls, texts and e-mails.
Closing on your house
Helping you negotiate a Contract on your property is just the beginning of a successful closing.
The Due Diligence Period gives buyers the right to perform property inspections and to ask for deficiencies to be remedied. Assistance is provided in the negotiation of repairs and an agreement to a bring this process to a successful conclusion. Click to view “Questions and Answers on Home Inspections” brochure.
The buyer schedules closing with an attorney of their choice. Your closing documents can be prepared by your attorney or the closing attorney.
October 3rd, 2015 The TILA-RESPA Integrated Disclosure (TRID) rule became effective. This rule replaces the HUD-1 Settlement Statement with the Closing Disclosure form prepared by the buyer’s lender when their loan has final approval. The good news is that you will have 3 days prior to closing to review the numbers. The not so good news is that this 3 day period cannot be waived by the buyer with the possible result that closing may be delayed beyond the Contract date. The Standard Offer to Purchase and Contract allows a 14 day grace period after the closing date to accommodate any delay.
Your are required to deliver the house fully vacant and clean at closing unless an Interim Occupancy Agreement is negotiated.
Available Mortgage Loans
This abundance of mortgage programs has made it more important than ever to talk with a lender who can provide you with valuable guidance as to which mortgage loan will fit your budget and allow you to buy the home that you want.
Home buyers with little or no money down can still find home loans. Qualified veterans can obtain a VA guaranteed mortgage with no required down payment. USDA offers a similar program to the public for approved properties. The Navy Federal Credit Union offers 100% financing to qualified members.
Borrowers with good credit can make down payments as low as 3 percent with Private Mortgage Insurance, or PMI. For those with imperfect credit histories, FHA loans are an option with a minimum down payment of 3.5%
The most popular loan is the fixed rate mortgage where the interest rate, and principle and interest payment, remains the same for the entire life or term of the loan. Terms can be 30 years, the most popular, 15 or 10 years. The shorter the term the less interest is paid and equity in the home is built much faster.
An Adjustable Rate Mortgage (ARM) offers the advantage of a lower interest rate but the home buyer assumes the risk of interest rates rising during the stated terms of the loan. These loans can be a great solution for home buyers planning to move in a short period of time or paying their loan off early. ARM’s need to be carefully researched as they can pose significant risk for the borrower.
Questions about Buying, Selling or Mortgages?
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