Don't forget to check your HUD (RESPA) form when preparing your income taxes. Some closing costs, prorated taxes and prepaid interest can be deducted. These figures will probably not be shown on any other statements.
Submitted By:
LINDA PREVOST,KELLER WILLIAMS RLTY-PLYM MARKET CENTER
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When selling your home, have your home in broom clean condition when showings are done to create a more open feeling for the potential buyers.
Submitted By:
Jack Brown,Edward Surovell Realtors
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To prepare your home for sale: The way you live in your home and the way you market your home are two different things.
De-clutter and simplify! You're moving, so start packing now!
De-personalize! Limit family photos and dust collectors. Buyers want to visualize their own belongings in your home.
Submitted By:
CINDY DOTSON,REAL ESTATE ONE-NOVI
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There are different levels of home staging—from a thorough cleaning to a complete remodeling. The more you do to stage your home, the better the chances of securing a quick sale. A house in good condition demonstrates pride of ownership. This is definitely one of your best sales tools.
Submitted By:
MARGIE KELLY, Realtor,COLDWELL BANKER WEIR MANUEL-ROCHESTER
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Reasons To List Your Home During The Winter
Fewer Showings - Yes there are fewer buyers, but those buyers that are left are usually very serious about making a purchase. Less Competition - Most people wait until spring and summer to list their home, which means during the winter you will have far less competition than at any other time of the year.
Submitted By:
LEAH FRITCH,COLDWELL BANKER T & C REAL EST
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Choose a tech-savvy agent. The Internet has changed how buyers shop for homes and is necessitating that agents market homes online. Studies show 74% of today's home buyers now search for homes on the Internet. We also know Internet buyers look at fewer homes before buying and spend more vs. non-Internet buyers. Whether you’re thinking about buying or selling or simply want to stay informed about the real estate market, using new technology helps the tech-savvy agent consistently provide you with timely information and outstanding service.
Submitted By:
RANDY GLOTH,REAL ESTATE ONE-MILFORD
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When selling a home, take out all excess clutter, organize closets and the basement, and make everything "squeaky" clean and neat.
Submitted By:
AAREN CURRIE,STATE WIDE R E-LIVINGSTON
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The Crucial First Impression- The front of your home is the first thing a prospective buyer sees, make sure it is presentable.
The lawn should be freshly cut, the walkway swept and any lawn equipment should be put away.
Submitted By:
ANN MARIE BURNS,PRUDENTIAL HWWB
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Sellers must study market data when determining the market value for their home. Real estate has never been valued based upon "what the sellers needs are" but rather by "what the market will bear." If you must sell your home in a highly competitive market, you have to price it right in the first place.
Submitted By:
JANICE L. DANIELS,CENTURY 21 TOWN & COUNTRY-TROY
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Interview 2-3 different real estate companies, ask to see their marketing plan.
Submitted By:
RICK FINLEY,TEMPORARY INACTIVE AGENTS
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Don’t make the mistake of not getting pre-approved for your loan. Pre-approval at your bank is fast, easy and free. When you have a pre-approved mortgage, you can shop for your home with more freedom and security, with the knowledge that your money will be ready for you when you find your dream home.
Submitted By:
DAVID P WHITE,REAL ESTATE ONE-ANN ARBOR
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In addition to looking at proximity to schools, work and shopping, before you choose your next neighborhood, you may wish to also consider your future property taxes. The State of Michigan provides a great property tax estimator that will allow you to ballpark your property tax costs for your new home.
Submitted By:
MAUREEN FRANCIS,SKBK SOTHEBY'S INTERNATIONAL REALTY
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Make a short list of things you REQUIRE in a home -- things that you would like and things that you do not want. This will help you to think past the basics like number of bedrooms, number of baths, etc.
Submitted By:
Mary Novak,RE/MAX Platinum
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Don't switch banks or move money around. As your lender reviews your loan package, you will likely be asked to provide bank statements for the last one or two months on your checking accounts, savings accounts, money market funds and other liquid assets. To eliminate potential fraud, most loans require a thorough paper trail to document the source of all funds. Changing banks or transferring money to another account - even if it is just to consolidate funds - could make it difficult for the lender to document your funds.
Submitted By:
MARY BANN,PRUDENTIAL HWWB
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Determining Your Offer Price
When you prepare an offer to purchase a home, you already know the seller's asking price. But what price are you going to offer and how do you come up with that figure?
Determining your offer price is a three-step process. First, you look at recent sales of similar properties to come up with a price range. Then, you analyze additional data, such as the condition of the home, improvements made to the property, current market conditions, and the circumstances of the seller. This will help you settle on a price you think would be fair to pay for the home. Finally, depending on your negotiating style, you adjust your "fair" price and come up with what you want to put in your offer.
Submitted By:
Gordon Johnson,COLDWELL BANKER PREFERRED, REALTORS
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Saving funds for a down payment should be part of an overall program to get your finances in order prior to shopping for a home.
Submitted By:
TRACYE ROBINSON BLOUNT,ROBINSON REALTY GROUP, INC
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Choose a REALTOR® that you can trust. A trustworthy REALTOR® will set aside enough time to answer the questions you have. Do not rush into a Buyer Agency Agreement until you are comfortable that the REALTOR® understands your needs and will work hard to meet those needs.
Submitted By:
MATTHEW WOODS,MUTUAL REALTY, LLC
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OFFER YOUR SELLERS A TAX DEDUCTION!
The #1 hurdle for qualified buyers to overcome is money for the down payment. Have your sellers enroll their home in the AmeriDream Down Payment Assistance Program (DPA). Sellers who participate in the program typically do so because of the larger number of potential buyers that become available. More qualified, potential buyers are likely to mean less time on the market for a property.
Submitted By:
WILLIAM MELDRUM,MICHIGAN PROPERTY OWNERS ASSOC
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When you apply for a loan your lender is required by law to give you the following: Truth-in-Lending Disclosure, A Home Buyer's Guide to Settlement Costs, ARM Disclosure, and Your Annual Percentage Rate or "APR". Make sure you receive these documents and read them. When you apply for a loan the following will be done by your lender: an appraisal of the property you wish to buy, review of your credit history, employment and bank account verification.
Submitted By:
ROBERTA RASMUSSEN,ADVANTAGE REALTY, INC
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Don't go on a spending spree using credit if you are thinking about buying a home, or in the process of buying a new home. Your mortgage pre-approval is subject to a final evaluation of your financial situation.
Every $100 you pay per month on a credit payment could cost you about $10,000 in home eligibility. For example, a car payment of $300/month could mean that you qualify for $30,000 less in a mortgage.
Submitted By:
MICHAEL J MARTIN,MJM GRAND PROPERTIES
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