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Thu 13 Mar 2008

Ten Signs It's Time to Sell Your Home

Ten Signs It's Time to Sell Your Home

 •1.      The kids have all graduated from college.  You and your husband finally have time to yourselves...then they move back home!



 •2.      You have three spare rooms in a four bedroom house.



 •3.      You have to shuffle your cars each morning to leave for work.



 •4.      You spend more time driving to work than you do with your family.



 •5.      You spend more money each month for storage than you do for your mortgage.



 •6.      Your neighbor found a loophole in the homeowner's association rules and is raising donkeys.



 •7.      You keep hearing faint voices telling you to "get out" and they're getting louder.



 •8.      Grandpa Jed just struck oil while hunting in your back yard.



 •9.      The dog's house doubles as a guest room.



 •10.  You have to take a number to use the bathroom.

 Killeen, Texas real estate professionals on ActiveRain.com

Posted on 2:18PM CDT [ BuyersDirectory | Comments: 0 | # ]

Real Estate Lingo

Real Estate Lingo for the Buyer

Buying or selling a home does not require a real estate license, but first-timers often find real estate lingo confusing and intimidating.  For example, home inspections, home appraisals, and home warranties are all becoming "standard" features of buying a home.  But are these services distinct?  Are they all necessary? Are they all the buyer's responsibility?

       The answer is yes, sometimes.  Still confused?  The key is to understand each feature before deciding weather it benefits your particular transaction.

       Many buyers will not close a deal without a home inspection.  Because inspections tells the buyer exactly what he/she is buying, it is often a contingency in the home purchase agreement.  The seller and the listing agent work to put a home in it best light;  the home inspector shows you the property's true colors.  He does not tell you how much the house is worth, but how well it works.

       "A home inspection is a visual review of accessible property areas at the time of inspection. Generally, a through inspection includes the, plumbing, heating, electrical appliances, air conditioning, interior walls, exterior walls, and structural components of the roof and foundation."

       When choosing a home inspector, look for experience and potential conflicts of interest.  A good inspector will have a strong

background in remodeling or

 contracting.  However, you don't want an inspector examining your new

house for repair work he can do on the side.  To avoid a conflict of interest,  the top inspection companies will not even provide repair referrals.     

       While an inspection looks at

"the nuts and bolts" of a home, an

appraisal estimates the home's overall market value. This analogy may be helpful:  "If your new house were a car, the appraiser would give you its 'blue book' value.  But unlike a home inspector, the appraiser will not 'crank it up' to see how it runs." 

       Is an appraisal necessary if your home is already inspected?  Most financial institutions will not issue a mortgage without one.  It ensures the buyer (and the Lender) the agreed price of the home falls within fair market value.

       To prevent conflicts of interest, and appraiser should not be an employee of a real estate company or a bank.  However, most buyers hire an appraiser recommended by their lender or realtor.

       There is no such thing as a perfect home, which is why many real estate and home inspection companies now offer a home warranty option.  It cannot guarantee buyers a dream house, but it does ensure the next best thing: peace of mind.

       A home warranty usually covers the appliances, heating/cooling and plumbing components of a home. "The structure, or the house itself, is not covered.  A warranty also cannot address long-term problems that may arise, such as settling or undermining of the foundation."

       Many buyers mistake a home warranty as insurance against needing a home inspection.  "They couldn't be more wrong!  Most home warranties do not cover pre-existing conditions a thorough home inspection would otherwise  have caught.

       Home inspections, appraisals and warranties are not "necessary" to buying a house, but they are to buyers who seek the right house at the right price.

Posted on 2:12PM CDT [ BuyersDirectory | Comments: 1 | # ]

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