For Sellers, a Comparitive Market Analysis prepared by your Wheaton Real Estate agent will provide you with the fair market value of your property, so that you can list with confidence your property is not overpriced.
Buyers can make an informed offer and feel confident about the value of the home by asking their Realtor to provide them with comparable home sales. This will guide buyers in determining a respectable offer. If a buyer is a getting a mortgage, the bank will reply upon a formal
appraisal to determine market value. The bank will not provide a mortgage for more than what the property is worth. Seller will have to come down in price, or buyer will have to contribute additional down payment.
No inspections are required. Sellers can be proactive by getting a home inspection and doing the repairs. Due to the changing septic system laws, if you are unaware of the type of system you have, it is advisable to have a septic inspection. Note: All inspection reports and material facts arising out of any inspections must be disclosed to a buyer. Water tests, Certificate of Occupancy, Smoke Certifications, Septic Certification, Termite Certification all have expiration dates, so it might be wise to hold off on these inspections until a buyer is under contract.
Seller expenses include paying off the mortgage, closing costs, certifications, commission fee, state taxes. See Seller Estimated Expenses
Buyer expenses include down payment money, mortgage fees, closing costs, sometimes certifications and homeowner insurance. After you apply for the mortgage, the loan officer must provide the buyer with a Good Faith Estimate, which will outline fees at settlement. You’re Realtor will also provide you with fees, not associated with the mortgage, which buyer might also be responsible to pay.
It’s the like difference between chocolate and vanilla—what do you prefer?
+ You can pick your model, colors, wood tones, cabinetry, counter tops, etc.
+ Comes with 10 year home warranty
+ Everything is brand new
+ Efficiency up to current standards
– Cookie Cutter design
– Cost of New Construction
– Expensive upgrades
+ Less expensive than new construction
+ Charm of yesteryear.
+ Feeling of well built home
+ Living in an established neighborhood
– Costly cosmetic changes.
– Might need utility and other upgrades
– Lived in by another.
The best time to buy is when you are ready, willing and able. Prices fluctuate according to the economic conditions and demographics. A lot of sellers will list their property for sale in the spring, so the amount of houses on the market will be more than the amount during the winter market. Sellers who are motivated and who haven’t sold in the spring/summer market might be more negotiable in price during the fall/winter months. The fall/winter market is slow for sales, because buyers are usually busy with children getting back to school, holiday festivities, and weather conditions.
The first step is getting pre-qualified . Buyers must provide a pre qualification letter from the mortgage lender, or proof of cash funds, not only to submit an offer to purchase, but also to see a property.
Sellers, being upside/down in a mortgage, means the homeowner owes more on their mortgage than what the property is worth. In order to sell the property, they must sell it “short” of what they owe. For example: Mr. & Ms. Seller owe $225,000.00 on their mortgage. They also took out a home equity loan of $25,000.00. Mr. & Ms. Seller are relocating and must sell their house. Market value of the house is $200,000.00, so it will sell short $50,000.00 of what is owed on the combined mortgages. In order to enter into a short sale, the seller must be “approved to participate” in a short sale. Not everyone qualifies.
For buyers, short sale really means “long sale.” When purchasing a short sale, buyers are at the mercy of the banks final approval. This could take 2 months to a year. An average short sale takes approximately 6 months. NOTE: A buyer purchases the property AS IS and must pay for all inspections, tests, certifications required by governmental agencies and the mortgage company.
In Real Estate it means accepting a property in its current physical condition without anycontingencies.
Sellers who sell their property “AS IS,” generally do not want to do any repairs, or negotiate any repairs. It doesn’t mean the property is in poor condition. Any property can be sold “AS IS.”Legally, the seller is still obligated to disclose all known material deficiencies.
Buyers who buy a property “AS IS,” are accepting that property as they see it, with, or without knowing anything about the property. Some buyers may even have a home inspection, but the result of the inspection are considered for their own knowledge.
These properties have been taken back by the bank, mortgage lender, or government agency in foreclosure actions. These properties are strictly sold AS IS and are rarely in above average condition, which does not always make them the best deal.