John Lynaugh Real Estate Professional

When selecting a REALTOR you should choose someone who is going to represent your best interest in the home buying process. A REALTOR will help you select a lender who can place you in the best loan program to providing detailed information on any home listing. Your REALTOR represents you as a Buyers Agent.

If at any time during this process you are not sure about any phase of this process ask your Realtor. Your REALTOR is your source of expertise and knowledge throughout this whole process. A Realtor's number one goal is to make you feel as comfortable as possible as you progress through what should be a wonderful experience.

Your agent should be:

1. A full time Real Estate Agent.
2. Able to accurately explain what costs are involved in purchasing a home.
3. Able to provide you a Step by Step outline so you can follow the buying process of purchasing a home.
4. Able to educate you on the varying types of mortgages as well as provide you with qualified lenders. Discuss down payments and earnest money that may be required for the different types of loan programs.

Staging Your Home

The first step for your REALTOR is to recommend improvements that may need to be taken before you list your home for sale. Your REALTOR is going to give you an objective view of what potential buyers are looking for and make suggestions to help improve the show quality of your home. Most improvements are most likely cosmetic and will be relatively inexpensive however you might need major improvements that require time and money.

Your REALTOR will tell you how important curb appeal is. A Buyer's first impression of your home when they pull up is critical. Are the Lawn and Shrubs neatly trimmed? Are there visible crack in the driveway, sidewalks, patio? Does your home need fresh paint? Is the roof missing shingles or moldy? Is there visible trash in the yard? If you address these problems up front, you have a greater chance that a Buyer will want to see the inside of your home. A home that is well maintained will also sell faster and at a higher price.

Now you need to address the inside of your home. There are several critical areas that potential Buyers will look at very closely (Your Kitchen and Bathrooms). It is very important that these 2 areas are as clean as possible. A Buyer will look over both these areas very thorough as they inspect the rest of your home. You will want to remove unwanted clutter throughout your home, Fix cracks or caulk tile, use neutral colors when painting, Shampoo rugs or carpets and clean tile floors, Clean all windows, Dust "everything" in the house. You should also remove all valuables and store them in a safe place. If you have any firearms, it is extremely important to store them in a locked or secure area or remove them from the premises entirely.

Always remember in any type of selling market, you want your home to stand out above the rest. This gives you an advantage above other listings in your area. Making improvements and proper staging will ensure that your home gets noticed above the rest and ultimately will sell faster.

Listing Your Home

What really sells Real Estate? The condition of your property is very important as well as the sales price. Other factors to consider are current market conditions and is your home competing with other listings in your neighborhood.

Your REALTOR has a game plan to effectively market and sell your home. By doing a comparative market analysis your REALTOR will compare your home to other like properties in the same general area. With this information your REALTOR can establish a fair market price for your home. With this information, your REALTOR will list your home in the Multiple Listing System (MLS) along with print advertisement, web sites, and mail outs, open houses, etc.

Now that your home is on the market, your REALTOR will track, coordinate and schedule showings of your property. You will want to tell your REALTOR what times are reasonable to show your home as well as allow a Key Box system for other Realtors to gain access to your home. The more flexible you area with showing times, the greater the chances of a buyer viewing your home and speeding up the sales process.

Your agent will also screen potential buyers as not to waist your time with unqualified buyers. You will also want to provide prospective buyers with insurance information, mortgage or financing options, homeowners association, and utility information. You will also want to locate your Deed, property tax bill and information about special assessments or liens. Your REALTOR can help you organize this information.

Choosing the Right Offer

First you want to sit down with your agent and review the offer. It is important that you understand the terms and conditions that the Buyer is requesting. Do they plan to do a home inspection? What are the financial terms? Have they been pre-qualified by a lender? What kind of disclosures are they requesting? Does the offer price meet your needs?

Once you understand the terms of the buyer you have 3 choices. Accept the offer, modify (Counter-Offer) the offer, or reject the offer. Your REALTOR will help you in your decision by evaluating your closing cost and what you can expect for net proceeds based on what you decide. If and when you agree to all the buyers terms, you sign the offer and send it back to the Buyers agent. At this point the offer is fully executed and your home is now "Sale Pending".

Once both the Buyer and Seller have agreed to sales terms, both parties must perform to meet their obligation for the contract. Most of the responsibility does fall on the Buyer. The Buyer must obtain financing; line up home inspections, termite inspections, property survey, appraisals, and secure home owners insurance. The Seller is responsible for selecting the title company and providing information to them that will show clear title and any mortgage information that will need to be paid off at the closing of this property. It is important for both parties to follow all the time lines specified in the contract. Failure to perform may jeopardize the sale of your home and could result in loss of escrow or other financial penalties. If you are unsure of any language stated in a sales contract, seek legal advice.

Closing Day

A final walk through of the property will be conducted before closing on your new home. This is to ensure that any repairs have been made and that it is in the same condition as when originally contracted. Damage or missing appliances can become an issue and require further negotiations with the Sellers agent and will need to be rectified before the closing takes place.

For the closing you will be required to obtain a Cashiers Check or Certified Funds for any balance that is required to close. Do not bring a personal check as this will delay the closing until certified funds are obtained.

The Title Company will provide you with all the documents that will need to be signed. The settlement sheet (HUD-1) calculates all the fees from the different vendors and lender. Everything at this point will need your signature to be fully executed. Any outstanding balance will then be collected by the Buyer. Any amount that you over pay will be refunded back to you by the title company.

Now you're a home owner!

After closing you will want to store your closing documents in a safe place. You may need them in the future for tax credits, refinancing, homestead exemptions or resale.