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Help me a Buyer understand what closing cost is when buying a property in Georgia…

January 9, 2012 By
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I got off the phone explaining to a frustrated buyer what is closing cost. She was  because  no one had   taken he time to explain to her what fees  are include in  closing cost .

She was educator a teacher.  I proceed to explain to her closing cost was the cost associated with closing a loan. I told  her   take it from the perspective of homework ssign to her  students, all the components of homework for the students to complete .  Closing cost are all the components paid to close a real estate transaction.

The lender through out  astronomical figures on what the closing cost fees of loan would be.  My response to her is ask the lender to   explain  the range   of    the difference cost of the  fees associated   with closing a loan.  Then do a comparison between several lenders on the fees associated   with   closing   cost.

Some of the fees to close a loan are:Settlement Statement

Origination fee: 1%-1.2/%% average

Intangible taxes

Attorney fees: 450-650

Settlement Statement

Title Examination: $150-300

Owners Title Insurance

Lenders Title Insurance

Mortgage Insurance Premium (MIP) FHA loan

Flood Life

Tax Service Fee

An average closing cost in Georgia runs between 3%-3.5percent.

When you a buying a home asks the lender what there average closing cost fee is too closed on loan.They cannot give you a specific fee until you have executed sales contract. Fee on closing cost are  Higher on lower price loans those loan fewer than 85,000 could run up to 4.5% to close a loan. Happy House shopping.

 

 

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Secrets To Happy Closed Shortsale!!!

November 15, 2011 By
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Chase approved the Short sale in three weeks. Everyone was happy to get this Short sale Closed  buyers and sellers were full of laughter.  It is truly a joy to sell a home to buyer’s  that are happy to  move into a home they truly want to own and can afford.

My Buyers closing was all smiles and laughter.  The buyer’s purchased a home that they were looking  forward to move into.  The sellers were happy because theywere able to move forward with their lives in another home. The sellers had tried to modify their loan several times but were unsuccessful. Chase finally agreed to allow them to Shortsale their home, since their value were underwate. Chase was happy because they help  to stabilize a neighborhood by preventing another foreclosure.

The buyers went under contract.  Chase approved the Short sale in three weeks and we closed 30 days later   Short sales can be successful when the Bank is willing to work with the seller.  When the paperwork is submitted  completely to the lender it is easier to process. When the Selling and Listing agent work together to achieve  the   same result get the house sold and family in a home. The end result a successfu1l Short Sale.

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Help Your Home Appraise for the Most Value….

October 25, 2011 By
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In the current Real Estate, real concern exist about homes not appraising.  I recently spoke to a loan officer, He shared with me that two buyers  properties did not appraised. This is concern of most homeowners and buyers in the current real estate market today.

Real Estate values have decline  drastically in the last 4 years that lenders and appraiser are Paranoid that the value does not exist in a property. In the old days the house was worth what a buyer was willing to pay providing there were sold properties to back up the value.

In some neighborhoods the real estate values encompasses so many REO (Bank-Owned) or Short Sale properties being sold. It is hard to ascertain a true value when they is little Fair market property that has sold.

Some buyers prefer to buy a house that has been renovated or updated. A picture is worth A thousands more than words. If  buyer goes in home that is more desirable they can picture themselves living in that house.

Today the market is more active with buyers, but the lenders and appraisal have not caughtup  in some areas. All real estate and areas are not equal in value.

Here are Five Tips on helping to get a Higher Appraised Value

  • Provide a list of Home Improvements for the Appraiser
  • Have a list of comparble homes within mile that are similar to your property
  • Home Improvements that add value:Granite Countertop;New Countertops,Hardwood floors
  • Ceramic Tile,New Cabines, New Stainless Steel Appliances,Light fixtures;Faucets
  • Additional Square Footage:completion of bonus room;attic
  • landscape lawns and painted front entrance: curb appeal

The Best defense is to be prepared when you meet the appraisal. So you or your  real estate agent can provide this information to the appraisal.

 

 

 

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5 Tips To Selling Your Home In Bad Economy

October 21, 2011 By
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Tip 1: Price your home correctly.  The market has nothing to do with what you need to net from the sale of your home. The value of your home is what it is currently selling for in the market.  You are in competing with Bank Owned properties.  It also important when looking at value to begin looking at what homes sold for in the last 6 months and then expand to yea,r this will give you a good understanding of value.

Tip 2: Make your home shine.  Buyers today that are willing to look at the regular homes are looking for a home that is in good condition. There is a saying a little make up goes a long way. When your Home has some makeup such as fresh paint and new carpet if needed,it appears a lot fresher.

Tip 3: Remove all the clutter. May be this will be a good time to have a garage sale.  If your home have too many items stack in a room, buyers cannot get a feel for your home.  A buyer needs to walk in home that is DE clutter so that they can start picturing they furniture in the house.

Tip4:  Groom Your Lawn: First appearance says a lot for a home. When a person walks up to your Door it should be door that they would like to walk in to and explore the inside. The lawn needs to be cut and the hedges trim. The exterior needs to look fresh and inviting paint if necessary you only have one opportunity to make a good first impression.

Tip 5: Update if Necessary: If your countertop is avocado green or personalize blue or you need some new light fixtures. If you can afford Granite this will give you a good return on getting your home sold. Spend some money and change these items.  This may make the difference in buyer purchasing your home.

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Will Home Improvements Help Sell My Home?

October 14, 2011 By
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How would you feel if you enter a home filled with clutter?  Would this home capture
your attention to buy?

When you enter a home and the setting is serene and peaceful your mood is Tranquil, you’re able to picture yourself in that home.  A home that is sold that is clutter free will sell quicker. A Buyer can picture themselves living in home that is clean and free of
debris and junk.  With all cards being equal  this is card that needs to be played in your favor.

You may say to yourself my carpet of 15 years is just fine. The Blue countertop
in my kitchen matches my décor. The countertop is your choice, but will it really fit
in the color scheme of new buyers decor. They is saying beauty is in the eye of the
behoder are you the beholder of this beauty.

Is your carpet really in good shape or is little worn. I can’t afford to make any improvements?  How will your real estate compete against  Bank Owner Houses and Short sales?

Your home must be priced correctly.  It needs to shine with upgrades to
stand out in the current market. Are you asking yourself can you afford to to make improvements?  You simply can’t afford not to make improvements, if you want to sell your home.  Some improvements to make your home shine is new carpet, fresh paint, new light fixtures and updated countertops.

If you planning on moving within the next couple of years start today,so that you can reap some of the benefits of your improvemts.

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