The ABc’s OF BUYING And sellIng YOUr home

THe ABC’S Of BUYInG AND SeLlINg YOUr HoMe

BeWARe

CLoSInG COsTs

DOWnPAYmEnT

Lenders need to see a 2 year job history in the

same line of work. Gaps in employment over the past 24 months will need to be explained, and those who

are self-employed may have to provide additional

documentation.

You should have 5-20% of the sale price of your home in cash in order to

qualify for a conventional loan. Expect

to secure mortgage

insurance for any down

payment less than 20%.Getting a mortgage

requires paying closing costs or fees charged by lenders and third parties. Typically, home buyers will pay between about 2-5% of the purchase price of their home in

closing costs.

Buying or selling a home is a major

financial (and emotion-al) undertaking. You

need an expert at your side helping to

negotiate a complex deal and lending knowledge and

expertise throughout the process.

EmPlOYmEnT HIStOrY

Some agents will offer to list your

home well above the selling price of comparables in the

neighborhood. BEWARE! False hope won’t get your home sold

faster. It may even drag out the

process months longer than necessary.

C

GeT YOUr HOmE ReADY

HOmE APpRAIsAL

INsPeCTIoNRealize that

you probably won’t get

everything you want when purchasing a

home. If a house meets most of your needs, look beyond cosmetic flaws. They can be remedied.

A home inspection assesses the safety and structural integrity of a

house, ensuring it meets safety and city codes. ome appraisals

provide an estimate of how much your home is worth on the current market. State licensed experts evaluate the home’s size, type,

condition and the overall real estate market in the

area.

Clean it up! No one wants to buy a dirty

house, so make your

home sparkle with a good, deep cleaning.

h

i

LoCATIoN

The homebuyer can secure an Option

Period for a non-refund-able fee. During this time, the homebuyer may end the contract

for any reason, without penalty.

Different neighborhoods will have different

characteristics. You'll want to pick the one that is the closest fit to your

lifestyle and personality - a place where you'll feel

comfortable. Kid friendly? Lots of green

spaces?

Worried about purchasing your dream home before you’ve sold your current

home? Request a Kickout Option, which allows the

seller to continue marketing the home

while remaining under a contingent contract based on the sale of

the prospective buyer’s current house.

Find a home close to the places you visit frequently,

like your job, shops, grocery stores and

preferred schools. When considering resale value,

ask yourself—is this a place where a wide

variety of people want to live? As the saying

goes, “Location! Location!

Location!”

MoRtGAgE

A mortgage is a loan that a bank or lender gives you to help finance the

purchase of a house. To get the best rates, aim to borrow 80% or less than the value of the house.

MK

oL

G

KICKOUt nNeIGHbOrHoOD

JJUGgLIng EXpeCTAtIOnS

OpTIoN PeRIoD

FInD THe FACtS

Don’t buy a home blindly; have your real estate agent provide

market research so you can have all the facts before purchasing a

home. Seller’s market? Go in STRONG on your offer, or you might lose

the home.

AAGeNt

!

F

PAInT

QUALIfY FoRA LoAN

RePAIrS

SCHoOl DIStRICts

Even if you don’t have kids at home, a great

school district has huge benefits to home buyers.

Not only does a desirable school district

boost your home’s resale value, it also

provides some protec-tion against price fluctuations in the

market.

Making minor repairs before listing your home

can make a major impact. Fix dripping

faucets, replace broken tiles, and patch cracks

and holes in the walls so that your home is ready

to shine.

When trying to sell your home, remember that

color is very taste specific. Avoid alienat-ing potential buyers by choosing neutral hues such as off-white, gray

or light brown.

qApply for your mortgage loan before you begin

your search, so that you know how much you can afford to spend and your paperwork will ready to present with your offer.

VISIoN

WALK-THrOUgH INsPeCTIoN

ZoNInG

There are A LOT of documents required in buying a home. Get all paperwork organized in a folder before meeting

with your real estate agent or lender. For

instance, on closing day you’ll need:

- Proof of home insurance

- Your driver’s license or photo ID

- A certified or cashier’s check

Zoning can be an unexpected headache when neighbors run a

disruptive home business or block your lake view with a second story addition. Find out

about zoning laws before you close and avoid nasty zoning

surprises.

Before closing, you’ll want to take one last

walk-through of the home and make certain that it’s

in the agreed-upon condition. Make sure that

required repairs were made and that nothing

has gone wrong with the home since signing the

contract.

Don’t let horrible paint and bad art distract you from seeing a house with good

bones. Instead, use future vision—seeing the home for what it

could be after you’ve made all of those

cosmetic changes.

Don’t wait to find out if your home is subject to

multiple property tax authorities. States, counties, cities and

special districts—such as water, sewer or schools

organizations—may have taxes of their own.

YEArLY TAX RAtEs

X ALl THe BoXEs

UPDAtEs

Y

TImINg

Work with your agent to understand the timing of paperwork, inspections, approvals, moving dates

and more. Your agent should keep you apprised of progress—every step of

the way.

A few updates can go a long way when selling

your home. Investing in fresh paint or new countertops in the

kitchen may make all of the difference in winning

over hesitant buyers.

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Visit briggsfreeman.com and �nd your luxury home today.