Len Sangster's Blog

Life and your dreams

Len Sangster (William Davis Realty) — Sun, 27 Jan 2008 18:07:35 -0800

A home is not a home because of its room dimensions or the color of the walls. It is about how you feel when you walk through the front door. And the way you can instantly envision your life unfolding there.

This is about more than real estate. It is about your life and your dreams.

www.lensangster.com

Home showing tricks

Len Sangster (William Davis Realty) — Tue, 14 Aug 2007 18:42:57 -0700

SHOWING YOUR HOME TRICKS

When you have your home on the market, it needs to be ready to show at all times. Now of course you won't have someone showing up at 7:00 a.m. or 10:00 p.m., but during reasonable hours, your home could be shown multiple times through the day and evening.

Having your agent put a lock box outside will allow them easy access without bothering you. Lock boxes contain a house key, and only licensed agents will have access.

If you have indoor pets or some other situation where a lock box wouldn't work, agents can schedule appointments, which gives you a little advanced notice. Keep in mind that they could call 10 minutes before a showing although usually you will get an hour or two notice. Therefore, the best plan of action is to be prepared at all times. If an agent requests a showing and you refuse, instead of rescheduling, more than likely the potential buyers will just move on to the next house, meaning you've lost a possible sale. You never know what a showing will turn into a contract.

Stay away

If possible, don't be home when agents show your home. This allows the prospective buyer to look around at leisure and ask questions without pressure. If you're home. For example, in the middle of cooking dinner, stay out of the way and don't volunteer any information unless directly asked a question. Otherwise, let the agent do the talking.

Environment

If your home is being shown in the summer, make sure your home is cool on the inside just as you would keep it warm in the winter. You want to do everything possible to make your home feel like a home, which is what appeals to potential buyers and it leaves a lasting memory.

Cleanliness

Your home doesn't have to look like it just came off the cover of Better Homes and Gardens, but you should do your best to have it clean and tidy. Make sure there are no papers scattered about, the sink is empty of dirty dishes, toys are picked up and put away, and things are dusted and vacuumed.

Lighting

When you know someone is coming, ensure that appropriate lighting is on. At night, this would include front and backyard lights. This provides a cozy feeling and makes your home more inviting.

Repairs

If you notice rooms or areas that need paint touch-up or complete repainting, this is the time to do it. Make sure there is no torn wallpaper, gouges in the wall, etc. These types of things should all be fixed prior to your home going on the market.

Fragrances

Try to avoid scented sprays such as room fresheners or carpet deodorizers. Even if you use these products on a normal basis, to the buyer, it might appear as though you're trying to mask some other type of odor. If you do want to have a nice fresh fragrance, consider fresh cut flowers, potpourri, or a soft-scented candle. A great home remedy is to mix one tablespoon of each - nutmeg, cinnamon, ginger, and pumpkin spice. Pour all into a small saucepan filled with one cup of water, blend well, and simmer. Another option is to place a couple drops of vanilla extract directly onto the stove burner and heat quickly. The aroma is wonderful. Either option will give your home the fragrance of a nice home-cooked meal. Just don't use anything too overpowering since you don't know if the potential buyers have allergies or not.

Visuals

Set a bowl of colorful, fresh fruit out on the kitchen table. Perhaps a soft throw blanket over the back of a recliner, magazines neatly fanned on the coffee table, or a couple candles glowing in the bathroom. These things make your home more homey and inviting. Just take a quick look around each room and see if there are things you can do to add a nice, finishing touch. If you need more ideas, look through some home decorating magazines for quick ideas.

Trash

Make sure the trashcans in all rooms are kept emptied, especially the kitchen trash where food items are thrown, and bathroom trashcans that might contain personal items. When people look at your home, you want to leave a positive impression. Seeing overflowing trash isn't the way to go about it.

Don't forget the garage

Make sure you don't forget the garage. Keep your tools and storage items neatly arranged. If there are oil stains on the garage floor, use some sand and newspaper to wipe it up. This is just another room of the house and it should get the same level of attention.

Pets

This can be a little tricky. Make sure your listing mentions that you have pets. First, you don't want them to accidentally escape and second, you want people who might have allergies or be fearful of pets to be aware they're in the home. If possible, remove your pets prior to the showing. If you can't do this, try to put them in a kennel, the backyard, or garage where they will be out of the way.

Tips for Single Homebuyers

Len Sangster (William Davis Realty) — Tue, 14 Aug 2007 18:39:45 -0700

TIPS FOR SINGLE HOMEBUYERS

There are probably few things in life that are as exciting--or as nerve-racking--as the search for a house. With an organized home buying plan, you can minimize a great deal of the emotional impact. By determining your buying power, your wants and needs, and having an organized search plan, your chances of a stress-free experience are much better.

Certain types of homes may appeal a bit more to some single homebuyers. For example, since most of the maintenance will be done by one person rather than two, many single buyers prefer homes such as townhouses and condominiums where some or all of the exterior maintenance, landscaping, snow removal, etc. is handled by the homeowner's association. In addition, some single buyers prefer the community aspect of these types of homes and the sense of safety that may be conveyed by having neighbors close at hand.

Many single homebuyers are single parent families, and a common mistake made is to tailor their purchase too closely to their current needs and not enough to future resale. For example, a one bedroom, two-bath single-family home with a huge great room and kitchen may be perfect for you, but it could be next to impossible to sell. It would be far better to have an additional bedroom or two sit empty (use as an office, exercise room, etc.) than to not have it at all.

Gertrude Singer, a Realtor with National Realty in Palm Bay suggests that single buyers consider a few issues when preparing for and purchasing a home. According to Singer, the single homebuyer should:

· Run before walking. This is easy to do once the decision to buy a home has been made. It means rushing off looking at homes, surfing the web or calling on advertisements before doing some up-front preparation.

· Don't over-buy the first time. A large and beautiful home with little or no furniture tends to be empty and cold. A life where almost every dime of your earnings goes to the support of your house wears thin very quickly and is a frequent cause of family stress. Leave yourself some breathing room!

· Compare mortgages. Don't simply accept the first plan presented to you. Spend time comparing to get the most advantageous plan for your requirements and financial situation

· Get mortgage pre-approval. Pre-qualification and pre-approvals are a necessary part of the home buying process. Not only will it give you an exact price range for your purchase, pre-approval will add a great deal of strength to your offer.

· Don't wait for the "perfect" home. Many first time buyers make the mistake that they will, if they look around long enough, find a home that has a full 100% of their needs and wants. Instead, it makes sense to determine the most important of your needs and the most desired of your wants and selecting a home that meets the majority of them.

· The inspection process. This can involve skipping a whole house inspection completely in order to save the relatively small amount of money involved, or it may involve using a friend or relative with limited experience to conduct the inspection. In either case you run the risk of not exposing potentially expensive--or even hazardous--defects in the property. Protect yourself by investing the $200 to $500 for a professional inspection.

John Kuehne, a Realtor with Pruitt Real Estate, Inc., advised that once the decision to buy a home has been made, you take the time to prepare before you go on your home search.

· Get your financial house in order first!

· Determine what your budget will comfortably allow and stick to it.

· Get pre-approved for a mortgage.

· Get familiar with the different housing types available to narrow your search.

· Determine your minimum requirements (needs) as well as any desired (wants) additional features-(your needs and wants).

· Take note of any items that you don't want in a house.

· Determine the desired location (schools, work, public transportation, etc.)

· Choose an agent that you feel comfortable with and who understands your needs.

Kuehne also suggests that as you are searching, you use a scorecard to compare homes. "A scorecard is a great tool when it comes time for comparisons (and for remembering which home had which features)."

First-time buyers often find out too late that buying a home can be an emotionally charged experience. Once they plunge into the process, they find out how addictive it can be. So when it comes time to make an offer, they can hardly think straight.

Here are some tips for first-time buyers on how to handle some of the most common emotional and family-related problems that crop up in the home-buying process.

* PROBLEM: Should I buy or should I rent? Even if you know you would be better off financially if you buy a home, you might still be better off renting. Here are some legitimate reasons to rent: You don't know where you want to live, the neighborhood you want is too expensive, you're at risk for a job transfer, your company seems to be on shaky ground, if you carry a large amount of personal debt (credit card, car or school loans) or if you don't have enough cash for a down payment. If you can't deal with the potential risk of an investment in real estate, you should also consider renting for a while longer.

* PROBLEM: I feel like I'm being talked into buying a home I can't afford. The idea behind homeownership isn't to bankrupt you. If you do it right, you can set yourself up financially for years to come.

The answer is to "under-buy." Basically, you spend less than you can afford to spend. That will leave you with more cash for other investments and to treat yourself and your family to a few meals out and perhaps a vacation or two.

* PROBLEM: It's depressing to save for my down payment. While many first-time buyers can afford to make the monthly mortgage payments on a home, they find it difficult to save cash above and beyond their monthly payments for a down payment. If you regularly (every week or every paycheck) pay yourself first, you'll soon start to see your house fund rise in value.

* PROBLEM: My divorce wrecked my credit. Unfortunately, rarely does a divorce end happily for all. More likely, everyone ends up with tattered emotions.

The first thing you should do is to purchase a copy of your credit report from each of the three major credit-reporting agencies (Experian, Trans-Union and Equifax). Start writing to creditors and try to negotiate an end to the finance charges and a schedule for working things out.

If you haven't canceled your joint cards, do so immediately. Pay off whatever bills you can. If you owe spousal or child support, continue making your regular payments or you could find yourself in even worse trouble.

* PROBLEM: I have a great job and lousy credit, and my spouse has great credit and a lousy job history.

Mismatched careers and credit histories are more common than you think. In the real world, rarely do spouses or partners bring in the same amount of money. The best thing you both can do is to stay put at your jobs for at least a year and work on improving the credit history that needs help.

* PROBLEM: I don't know how to approach my partner about a partnership agreement. Find a quiet, relaxing time to bring up the issue of a partnership agreement. Together, you should find a real estate attorney who can review your various options and help you outline the goals of the partnership. If the conversation gets sticky, and you find yourself unable to resolve even the most simple of conflicts, you may want to rethink your choice of a home-buying partner.

* PROBLEM: We can't agree on what we want to buy. You and your spouse or partner should each write up a wish list and a reality check. A wish list is everything you've ever wanted in a home, from size, shape and amenities to school district and the ideal commute to work. The reality check is everything you can't live without. Once you've completed your separate lists, sit down and put them together.

Want to pass Inspection?

Len Sangster (William Davis Realty) — Sun, 05 Aug 2007 14:42:45 -0700

Want to pass inspesction?

You've basically sold your home, and the only thing that's left in the process is the final home inspection. Everything looks decent on the surface, but the "what if..." questions begin to plague you. Since most homebuyers want their new home to be inspected before the closing, you mind as well be prepared. Don't let any deal-breaking flaw wait for the inspector. Do you want to go through the entire selling process all over again? Remember that an inspector may uncover the flaws you tried to hide from the homebuyer.

There are a few basic elements that inspectors look closely at. The major ones that you are likely aware of are the wet basements, mold and mildew issues, or faulty plumbing. If you haven't had problems in the past with these issues, if you've maintain your home well, and if you don't see issues from the surface, you shouldn't have a problem with these areas.

The inspector will come with a list of structural components and systems that need to be in good working order - not perfect. Thus, if you have an older roof that doesn't leak, you do not have to replace the roof. If by chance the buyer comes into the house with a long list of repairs they feel should either lower the price or be repaired before the settle, you may want to rethink whether or not the deal is worth it for you. Now, read over the list below and then walk through your home with a pen, a pad of paper to take notes, and "the inspector's eye" to see what repairs you should do before the final inspection.

Mold, Mildew Stains, Dampness, and Bad Odors
Seeing mold and smelling odors will scare off buyers. And seeing as black mold has been such a hot topic of discussion, you may want to get rid of the mold issues in general. If, by walking around your home, you spot mold areas, usually this means your basement has too much moisture. Obviously if you have a wet basement, inspectors are going to have something to complain about. However, you may have a serious drainage issue that may have also caused other damage to the foundation, floor joints, or rafters. But perhaps you may only have a ventilation problem that can be fixed with a dehumidifier. An inspector may even take a moisture test, because if there is too much moisture in the basement, you can attract insects as well as cause damage to the building materials of your home.
If you have exposed soil in your basement, cover the area with plastic to eliminate some of the moisture in the air.
If you see major leaking issues in the basement, you can do one of three things. You could fix the issue, which would definitely cost you. You could lower the cost of the house upfront with the understanding that the price was lowered for that issue. Or you could give the homebuyer an allowance to make repairs with after the closing.

Damaged Roof
Inspectors are looking for more than just leaks when it comes to a roof. They look for water stains, the condition of shingles and other roofing materials, gutters, and downspouts. The gutters and downspouts need to be free from debris. Also, make sure that the downspouts are positioned to run water away from the house. The flashing, which seals the roof around the chimney, bricks, and mortar also need to be leak free. Flashing is not very expensive to fix, but if the roof is in need of repair, you may be putting out some money.

Leaky Windows and Doors
Well, if you find that your windows and/or doors have been leaking, there is good news and bad news. The good news is that replacing the caulking or weather stripping doesn't usually cost that much. The bad news is that if the leak has been going on for a while, the damage caused by the leak may cost you. Look around the windows and doors on both the inside and outside of the house to see what you can find.

Plumbing
Inspectors do not slide anything through the pipes to make sure they're clear and leak free. They do however examine for corroded pipes by checking each faucet's water pressure as well as by testing appliances such as the dishwasher and washing machine. They do this by turning on multiple faucets and flushing toilets at the same time. So, if your appliance hardware matches the old age of your pipes, you may want to change the faucets and knobs.

Electrical System
Electrical standards need to be met. Make sure that the wiring, electrical panels and circuit breakers meet current codes. A 200 amp electrical panel will be needed for most homes. Take a lamp with a working light bulb around and make sure all the sockets are in working order as well. Some of the ground receptacles (with 3-pronged plugs) will be checked to make sure they are grounded properly.

Heating and Cooling Systems
Heating and cooling systems are checked but not with the same eye as the roof. Why? Well, yes, heating and cooling systems are important, but they are less disruptive than totally rewiring your house. But unfortunately, both can be extremely expensive.

Structural Problems
One of the major issues that could make or break a sell is on the structure of your home. Look for cracks in the walls or foundations, uneven floors, or a sagging roof.

Environmental Issues
Most homebuyers will want to know the quality of the water from the tap, if there is lead-based paint, asbestos, or formaldehyde insulation. Many of these qualities are characteristic of 1978 homes. Inspectors will also check smoke detectors.

Lastly
Don't get discouraged if the report comes up with negative statements. Every house has issues. However, there may be some expensive repairs that need to be attended too in one way or another

New Construction in Mckinney, TX (Price Reduced)

Len Sangster (William Davis Realty) — Wed, 25 Jul 2007 17:14:21 -0700

Spec Home - Price Reduced

Located just north of Virginia Pkwy. on Custer Rd.............

*           McKinney Schools

*           Membership to "Lifetime Fitness"

*           Large Lots

*           3 Car Garages (standard)

*           Granite Kitchen and Master Bath Counters

*           Hand-scraped Hardwood

*           Two inch Blinds

*           Iron Stair Rails

*           Much Much More.

4820 sq ft / 4 beds, 3.5 baths, plus study, game and media...............$475,990 REDUCED!!

Free MLS Searching

Len Sangster (William Davis Realty) — Tue, 24 Jul 2007 18:16:04 -0700

FREE MLS Search - View Current Homes for Sale
Search the local MLS and find the homes for sale in your desired area. Stop looking through 3 different newspapers, get the whole list here for FREE. Plus receive daily updates via email, for any new listings. All for FREE - no strings attached!

Keys To Finding The Right Agent

Len Sangster (William Davis Realty) — Sun, 22 Jul 2007 12:08:33 -0700

WHY MOST PEOPLE FAIL TO FIND THE RIGHT AGENT

If you're considering buying a home, you may have a number of things on your mind: finding a house that suits your budget; locating a house in the right school district; deciding on the right floor plan. While all of these things are important, the single most critical decision you have to make when home-shopping is which Realtor you will choose. It's true, you could go it alone, but without proper representation, you'll be at a distinct disadvantage, not only in negotiating a deal, but also in finding the right house.

For your sake and the sake of your family, it's best if you work with an agent. An agent can help you locate properties for sale in the neighborhood you desire. He or she can also provide valuable advice during the "looking stage"; your agent is likely to notice things that you don't and therefore could end up saving you a great deal of money. In addition, since chances are the seller will be represented by an agent, you'll want an agent there to look out for your best interests.

Once you make the decision to retain an agent, the next decision you'll have to make is whom to choose. This is not as easy as it might appear. You'll want to do more than just flip through a phone book to find a name. You'll need to do some homework to make sure you select an agent who's right for you.

Given this fact, there are a number of questions you should ask when agent-shopping. Some agents work as "Exclusive Buyer Agents." These are agents who represent buyers and buyers alone. They do not list properties; therefore there is no danger of a conflict of interest. However, you can retain an agent who also sells property, although you might want to ask whether the agent will be showing you properties that his company is also selling. It's best to know these things in advance, so there are no misunderstandings down the road.

Find out how long the agent has been in the field. A more experienced agent is likely to give you better service and greater attention to detail. Also, ask how much of the agent's work involves representing buyers. This will give you a clue about whether the agent is likely to ask the right questions throughout the buying process.

Ask for references, specifically, the names and phone numbers of about a half-dozen buyers the agent has represented in the last six months. If the agent is readily willing to give you this information, it shows his or her confidence and provides some indication of trustworthiness. Once you have the contact numbers in hand, be sure to follow up by making calls. You can find out whether the agent was responsive, helpful, and knowledgeable. And who would know better than the clients he or she has represented?

Also, ask the agent if he or she will have information about "For Sale By Owner" properties. You'll want to ensure that you get a chance to view a wide variety of properties so that you can make an intelligent decision about which home is right for you.

In addition, ask the agent about credentials. Has the agent had specific training related to the unique needs of buyers? Does he or she hold special accreditation? Any agent who is not willing to share this information with you is probably not worth dealing with.

Also, make sure you settle financial matters with the agent before you look at your first house. Find out whether he or she will receive a commission on the purchase of a house, or whether he or she works on an hourly basis. Obtaining answers to such questions now will eliminate headaches in the future.

Another important question is whether the agent has a list of lenders, home inspectors, and contractors that he or she likes to work with. It will certainly save you time, and probably money, if you can rely on your agent to supply this information rather than trying to hunt it down yourself. The answer to this question will also give you an idea as to whether the agent is knowledgeable about the community.

Finally, be sure to interview at least three agents before deciding on one to represent you. You'll be able to do comparison shopping this way, and you're more likely to find the right agent if you have a pool of applicants from which to choose.

How To Sell Your Home

Len Sangster (William Davis Realty) — Mon, 09 Jul 2007 18:50:46 -0700

HOW TO SELL YOUR HOME

"No matter what I do, I just can't sell my home," you exclaim!

Actually, most homes can be sold in today's market in a reasonable amount of time, generally within two or three months, and most sellers are getting close to their asking prices.

There are nine steps in selling a home. If you're having a problem selling your home, review the following to try and determine where the problem lies:

* STEP 1 - ANALYSIS: The critical element is to correctly predict the price your home will bring in current market conditions. When you get the expected value of your home wrong, you're in for trouble from the start. The typical problem is that a home is priced too high for the market. This is the case for the majority of homes currently for sale. It is either the fault of the agent, the seller or both. You decide.

* STEP 2 - MULTIPLE LISTING SERVICE WORDS AND PRICE: The data entered into the Multiple Listing Service computer will affect the number of times your home's information appears in other agents' computer searches of properties to consider. It will also determine whether your home will be shown to a prospective buyer. Carefully review the words and the price.

* STEP 3 - TRAFFIC: A home needs at least three or four showings weekly in order to confirm that it is "in tune" with the market. If few agents call to show your home, the problem is certainly in steps 1 or 2 above.

* STEP 4 - REMEMBERING: It is important that the buyer is able to remember your home. The brochure he or she has picked up in your home will help. It is critical at this stage for the buyer to rank your home among the best of the 30, 40 or 50 he or she has seen and to keep it under active consideration. Be sure your home's brochure is well prepared.

*STEP 5 - RETURN FOR A SECOND VISIT: If the buyer decides to return for a second visit, either he or she has forgotten some detail or, more likely, your home is on his or her "short list." It is most important to alert your agent promptly and to put your home's best foot forward at such a critical time.

* STEP 6 - THE OFFER: When you receive a written offer, your home is almost sold: At this point most buyers have decided your home is the one. But be careful: Many will have a second choice, and a good buyer-broker will not forget to mention this when the contract is presented.

* STEP 7 - AGREEMENT: Assuming you have a serious buyer and you have avoided an emotional conflagration, you will come to an agreement. What is said during negotiations is often less important than how it is said. What is not said can be critical.

* STEP 8 - REMOVAL OF CONTINGENCIES: Although you can hit a bump or two at this stage, they normally are not fatal. Possible problems that can surface very late in the game are a low appraisal or lack of loan approval. While these are serious problems indeed, especially in the week or two before settlement, they can usually be resolved with the help of experienced agents.

* STEP 9 - FINAL INSPECTION AND SETTLEMENT: When you get to the settlement table, the only issue remaining is usually the result of the buyer's final inspection. Any findings are customarily minor. At this point significant problems are unthinkable, so relax and keep signing.

So there you have it. There's no excuse for not selling your home. You and your agent should be able to pinpoint and resolve any problem. Save time and fix the problem today.

The Home Buyer Process

Len Sangster (William Davis Realty) — Fri, 29 Jun 2007 21:20:29 -0700

THE HOME BUYER PROCESS
You are ready to buy, so let's talk about what to anticipate and how to be ready for the road ahead!

Steps:
1. Make a decision to buy
2. Get organized
3. Shop for a home
4. Make an offer
5. Get a loan
6. Close on the home
7. Prepare to move

Decide to Buy
You are ready to purchase a home. Identify what you want and why. Below are a couple of questions to answer, before you begin.
1. What are your future plans?
a. Do you anticipate on having a family, growing as a family or maybe reducing the size of your family with kids moving out? These questions need to be answered, so you can identify the house of your desire and ensure it meets your needs.
2. Do you have enough cash for a down payment?
a. Identify how much you can afford for a down payment.
3. Can you afford your desired home?
a. This is a key question that only you can answer. Will your current spending habits allow you to live comfortably with a new mortgage, or will it cause you to struggle?

Get Organized
Now it's time to gather key information and educate yourself for the process. First, check your credit rating to ensure that nothing is outstanding, which would prevent you from obtaining a mortgage. This can be done by contacting one of the three largest credit bureaus: Trans Union Corp., Equifax, and Experian (formerly TRW).

Next make sure that you have the loan capability for a mortgage. Contact a loan officer and get pre-approved. This will help you identify your available loan size and provide you with your affordable target range. For pre-approval, you will need to know:
· Cash available for a down payment
· Cash available for closing costs
· Current income
· Job status
· Estimated assets
· Estimated debts

Shop For a Home
Decide how you want to proceed with this process. When purchasing a home, you often will not have to pay for an agent. This is the seller's responsibility. For your benefit, let an agent do the legwork for you. Do your homework when selecting an agent though, because you want to make sure you find the ideal home and not an overpriced lemon.

When evaluating a home that you like, have a list of questions ready to fire off. Your questions might include the name of the school district, what type of taxes are paid, why is the seller selling, what is the neighborhood like, and how are the neighbors. You might also want to know the condition of the house, the age of the mechanical systems (heat, plumbing, air conditioning), the amount of necessary house repairs or replacements, the builder, and date the house was built.

Next, research the neighborhood. Walk around and converse with the neighbors. Find out if the atmosphere fits your needs and family's desires.

When you find the home you desire, prepare an offer.

Preparing Your Offer
This is when you need an agent. You want to place a bid on the home, but do not want to pay too much. An experienced agent will be able to help gage a fair price and will negotiate with the seller and seller's agent for you. Before you prepare to start bidding, identify the maximum amount you can afford. This will prevent you from getting overly excited or making too high of a bid, which will then fail to satisfy you later.

Prepare your offer and ensure that it's within your price range. To add strength to your offer, because others are likely to be bidding also, include the letter of pre-approval from your lender. If you have contingencies or conditions, attach them to your offer. Be ready to include a deposit with your offer, which will be part of the down payment if the deal goes through.

The seller may accept, reject, or counter your offer within hours or days, depending on the quality of your offer and the seller's desire to sell. You can then accept the counteroffer or "counter the counter." Once the seller accepts, a third party (a lawyer, an escrow, or title company) completes the transaction with your lender.

Time to Get a Loan
If you're not pre-approved, it's time to get approved. You will have the choice to get a loan from the company who gave you the pre-approval or to shop elsewhere. This can be done through a lender or mortgage broker. A mortgage broker acts as a middleman between the borrower (buyer) and the lender. Do not take this process lightly! Examine the different types of available loans. Find the best rate, compare, and be well educated on your decision.

Close the Deal
Speak with an accountant if your closing date is near the end of the year. Your accountant will identify future savings with owning a home and will recommend a future closing date or earlier date for tax purposes.

Be sure that you estimate all your closing cost to avoid any surprise. Costs range between 2-7 percent of the purchase price of the home.

Prepare a walk through, to ensure the seller has completed any repairs specified in the purchase contract agreement and has completed any other contingencies found in the agreement.

It's now time to close the deal. It is closing day and the seller officially signs the house over to you. Before signing any paperwork have your agent discuss each detail. From the day of signing the paperwork, it could take between 10 to 100 days to move into your new home, depending on the complications of the deal.

Avoid a Lemon

Len Sangster (William Davis Realty) — Thu, 28 Jun 2007 19:12:11 -0700

AVOID A LEMON: KNOW WHAT TO LOOK FOR WHEN BUYING A HOME

Whether you are considering buying a house or selling one, conducting a rundown of property items could make all the difference in the world. Although not all things will require costly repairs, some might, which is why it's important to be prepared. Before you head out to look at homes or before you put your home on the market, check out these items to ensure they are in proper working order:

Look for settlement cracks on the wall, floor, or ceiling. Every home, at one time or another, will get a settlement crack, so if you find a few, there's no need to panic. However, if you notice major cracks, this could be a sign of structural problems. Mark down the location of where you find cracks and make sure they are pointed out to the inspector to determine the degree of damage. If they are small cracks, they can easily be filled with plaster and repainted.
Look for any leaks. If you notice any water damage marks on the walls, floors, or ceilings, this could simply be from a bathtub or toilet that might have overflowed, or, it could be serious and be due to a leaky roof or poor plumbing. Also, check the tile in the bathrooms and kitchen for any indication of behind the wall leaks, such as mildew or loose tiles.
Open and close all the doors and windows. Listen for squeaks or sticking. In most cases, this is simply a matter of spraying some lubricant such as WD-40, but it could also be another indicator of settlement.
If there is an outside deck, check for rotted wood, which could be a sign of termites or it might just be old wood needing to be replaced.
Check all of the electrical outlets. You can simply take a working nightlight with you to plug in. This will tell you if any of the outlets are not working properly.
Check the garage doors, if applicable. Make sure they run smoothly on the track and that the openers are in good working order.
Look for pests such as termites or ants. The best place to look is around the foundation, wiring, pipes, and doors or windows.
Look at the grading of the yard, both front and back, to ensure that run-off water flows away from the house.
Look at the gutters to ensure they are properly installed and that water flows out adequately.
Check the driveway to look for crumbling concrete, pockmarks, or holes that would need to be fixed.
Have the roof looked at by a professional. Make sure the turbans are installed correctly to eliminate any leakage and that no portions of the roof need to be fixed or replaced.
Carefully check out the heating and cooling systems. These can be high dollar expenses so it's important that they are running properly. Often, these items are covered under a warranty so if there is a problem, see if you have warrant coverage.
If there are any fireplaces or wood-burning stoves, make sure that the chimneys are clear of debris and that the flues are working properly.
Caulking and weather stripping are important as well. Improper coverage will cause air leaks into the home, raising utility bills and causing unwanted drafts.

The good thing is that everything can be fixed. The bad part is that some items are costly, which is why it's so important to ensure you keep operating systems of the home in good working order.

If you are buying a house, a good inspector should find all of these items and work with the seller to ensure most or all are taken care of.

If you are selling your home, having these things working properly will put you in a much better position of getting a good price out of your home.

The Resort at Eagle Mountain Lake - Ft. Worth, TX

Len Sangster (William Davis Realty) — Wed, 27 Jun 2007 20:45:14 -0700

Lakeside and Golf Course Living at it's Best!

Beautiful Custom Homes nestled amongst 18 holes of golf, and the shores of Eagle Mountain Lake.

Gallery Custom Homes

Luxury Homes from the very low 200's.

Contact me for more information

Len Sangster / 214-995-7257

The Resort on Eagle Mountain Lake is a luxury residential community on the shores of Eagle Mountain Lake.

With winding canals, an 18-hole championship golf course, and vacation-style amenities**, The Resort is on of the hottest spots to live in DFW.

Located in Northeast Tarrant County, The Resort is served by the highly respected Eagle Mountain/Saginaw ISD.

After a long day at the office, you'll be only minutes from home while working at major area employers such as Lockheed, Martir, BNSF Railway, or one of many area airports.

Do You Need A Realtor? - The Truth!

Len Sangster (William Davis Realty) — Wed, 27 Jun 2007 17:29:10 -0700

DO YOU NEED A REALTOR? - THE TRUTH!

You are selling your home, and you want to get the best price you can to maximize your profit. Do you need a Realtor? Can't you sell it yourself and save on the commission?

It's best to have an agent on your side who will coach you through the process, be your advocate in negotiations, advise you on preparing your home for sale - and provide access to the most powerful home-selling tool of all. That tool is the database of homes for sale, locally called the MLS.

What's an MLS? When you hire a Realtor to sell your house you sign a contract to sell the home, and your home is "listed." Locally, most of these are exclusive arrangements, meaning the sale of the home will result in the Realtor getting paid.

A multiple listing service (MLS) is what it sounds like - a collection of thousands of listings in one database. The service allows Realtors to see what's available throughout a region. Moreover, such Internet sites as Realtor.com offer nationwide listings, exploding the power of the MLS.

How can a sign in your yard and some ads in the newspaper compare with thousands of Realtors seeing your house in that database? How are all the potential buyers working with buyer's agents going to find out about your house?

Today's market is very hot, and it does favor sellers because of the low number of listings and the large number of sales each month. So you might be able sell on your own, but for how much and after how long?

The advantage of the MLS is exposure. By letting a large number of people know about your home, you are more likely to get a good price for it in a reasonable amount of time.

But is it worth 6 percent? Sellers pay the entire 6 percent or 7 percent commission on the sale of a home, which consumes $12,000 of the profit on the sale of a $200,000 home. So, is it worth it?

Well, what if you didn't sell the house at all? You might try in vain month after month to sell, and miss out on that great home you wanted to move up into, just so you could save a bit. Worse yet, you might buy that perfect house assuming you would sell yours soon and wind up paying two mortgages for awhile.

Who Pays the Commission? Besides, the commission is really paid by the buyer. How can that be possible? It winds up in the seller's column on the settlement sheet, but buyers pay commissions in a certain sense.

Consider this: An automotive manufacturer sells cars to dealers, who then sell them to consumers. Consumers pay for the car, plus they pay the dealer. The dealer's profit is built into the price listed on the window. This practice is so common, we don't think we are paying the cost of the car plus the dealer's profit. We just consider the price vs. the value of the vehicle and, after a little negotiating, pay for it.

In a similar way, the 6 percent or 7 percent commission is really built into the price of the home. Because Realtors' fees are such standard practice, a 6 percent commission probably was included in the price of your house when you bought it 10 years ago. Now you are selling it, probably for a fair bit more, and that 6 percent is still built into the home's value and price. And it is the buyer who pays that price, which includes the Realtor's fee.

Finally, if you want to sell your home quickly, safely and for a good price, nothing beats listing it with a Realtor.

Steps You Must Take To Close On Time

Len Sangster (William Davis Realty) — Tue, 26 Jun 2007 22:59:16 -0700

STEPS YOU MUST TAKE TO CLOSE ON TIME

In addition to the stress involved in the actual house hunting process, there is also the stress associated with closing the contract. To help reduce the level of frustration, we've provided some tips and information.

To begin with, once a contract has been signed to buy a house, now the settlement portion, also known as the closing, starts. This settlement, or closing escrow, is when the title of ownership is transferred from the seller to the buyer.

However, before you can go into the settlement process a few things need to take place.

Secure Financing

In order to buy a house, you must first secure financing, which means taking out a mortgage loan. The lender will require specific financial information such as a credit report, proof of income, current expenses, current appraisal, property survey, and in some cases, an inspection to check for termites, radon gas, etc. Because of competition among lenders, approval should not take more than a few days.

Homeowners Insurance

You will be required to purchase hazard insurance or what's called homeowners insurance, which protects the lender should anything happen to the house such as fire, flooding which requires a special policy) or some other type of disaster as covered by the policy.

Choosing a Settlement Agent

As soon as possible, you will need to find an experienced and reputable settlement agent and then provide the name to your real estate agent. Most agents will provide you with names of settlement agents that they have worked with in the past and will set this up for you. Make sure you obtain all settlement costs and associated fees. If you feel more comfortable in having an attorney get involved with the settlement phase, you should do so one to two months in advance since they will also need time to look at the property and review all documentation.

The settlement agent will require information from both buyer and seller to include a copy of the contract and the names and contact information of any other parties involved in the sale or purchase of the house. In addition, you will need to provide the settlement agent with a paid receipt showing you have secured a minimum one-year hazard or homeowner policy.

It is your responsibility as the buyer to stay in contact with the settlement agent and make sure they order specific things such as a property survey, title insurance, title examination or search (to ensure there are no other liens on the property), and a payoff notice of the seller's mortgage. You should also consider purchasing homeowner's title insurance. In addition, it's important to confirm that the seller has conducted any required inspections (termite, structure, etc.).

Property Condition

It is recommended that you set some basic minimum standards as to what condition you expect of the property the day you move in. For instance the seller or the neighbors could start using the back yard as a trash dump. You may also want to include some statements in your offer like the roof doesn't leak, there are no broken or cracked windows, sump pumps are in working order, there are no plumbing leaks and the yard has been kept up.

Closing Costs

Within a couple of days before the settlement, you should receive an estimate summarizing all settlement costs to include pro-rated homeowner dues, utilities, etc. To help the process move along smooth and quickly, it's a good idea to request copies of the basic settlement forms a few days before the actual settlement since there is usually a lot of information to read through and this provides you a good opportunity to thoroughly read everything and come prepared with questions.

Walk-through

Prior to the settlement being finalized, you will need to do a walk-through inspection of the property with a licensed inspector, to ensure there are no major problems. If there are problems found, you will need to notify the settlement agent immediately.

Settlement Day

In addition to a loan commitment letter, you will also be required to bring with you to the settlement a certified or cashier's check for the down payment plus any other costs due as outlined to you relating to the settlement. These extra costs might include escrow for property taxes and insurance, recording fees, first payment due, etc. It's probably also a good idea to bring your personal checkbook or extra cash with you just in case there are any other fees that come up that you weren't aware of.

The settlement agent is responsible for explaining everything to you in detail. They should also double check all figures to ensure there are no errors.

If everything checks out, you will do a final review of the documents, sign the documents, and pay the money. Once that's done, the settlement is complete and the keys to the property are handed over to you. Finally, you will receive a copy of the recorded deed and title insurance policy, if purchased.

If for any reason, you are unable to attend the settlement in person, be sure to notify the settlement agent in advance, so a Power of Attorney can be prepared.

Now the only thing left to do is move and enjoy your new home!

In addition to the stress involved in the actual house hunting process, there is also the stress associated with closing the contract. To help reduce the level of frustration, we've provided some tips and information.

To begin with, once a contract has been signed to buy a house, now the settlement portion, also known as the closing, starts. This settlement, or closing escrow, is when the title of ownership is transferred from the seller to the buyer.

However, before you can go into the settlement process a few things need to take place.

Secure Financing

In order to buy a house, you must first secure financing, which means taking out a mortgage loan. The lender will require specific financial information such as a credit report, proof of income, current expenses, current appraisal, property survey, and in some cases, an inspection to check for termites, radon gas, etc. Because of competition among lenders, approval should not take more than a few days.

Homeowners Insurance

You will be required to purchase hazard insurance or what's called homeowners insurance, which protects the lender should anything happen to the house such as fire, flooding which requires a special policy) or some other type of disaster as covered by the policy.

Choosing a Settlement Agent

As soon as possible, you will need to find an experienced and reputable settlement agent and then provide the name to your real estate agent. Most agents will provide you with names of settlement agents that they have worked with in the past and will set this up for you. Make sure you obtain all settlement costs and associated fees. If you feel more comfortable in having an attorney get involved with the settlement phase, you should do so one to two months in advance since they will also need time to look at the property and review all documentation.

The settlement agent will require information from both buyer and seller to include a copy of the contract and the names and contact information of any other parties involved in the sale or purchase of the house. In addition, you will need to provide the settlement agent with a paid receipt showing you have secured a minimum one-year hazard or homeowner policy.

It is your responsibility as the buyer to stay in contact with the settlement agent and make sure they order specific things such as a property survey, title insurance, title examination or search (to ensure there are no other liens on the property), and a payoff notice of the seller's mortgage. You should also consider purchasing homeowner's title insurance. In addition, it's important to confirm that the seller has conducted any required inspections (termite, structure, etc.).

Property Condition

It is recommended that you set some basic minimum standards as to what condition you expect of the property the day you move in. For instance the seller or the neighbors could start using the back yard as a trash dump. You may also want to include some statements in your offer like the roof doesn't leak, there are no broken or cracked windows, sump pumps are in working order, there are no plumbing leaks and the yard has been kept up.

Closing Costs

Within a couple of days before the settlement, you should receive an estimate summarizing all settlement costs to include pro-rated homeowner dues, utilities, etc. To help the process move along smooth and quickly, it's a good idea to request copies of the basic settlement forms a few days before the actual settlement since there is usually a lot of information to read through and this provides you a good opportunity to thoroughly read everything and come prepared with questions.

Walk-through

Prior to the settlement being finalized, you will need to do a walk-through inspection of the property with a licensed inspector, to ensure there are no major problems. If there are problems found, you will need to notify the settlement agent immediately.

Settlement Day

In addition to a loan commitment letter, you will also be required to bring with you to the settlement a certified or cashier's check for the down payment plus any other costs due as outlined to you relating to the settlement. These extra costs might include escrow for property taxes and insurance, recording fees, first payment due, etc. It's probably also a good idea to bring your personal checkbook or extra cash with you just in case there are any other fees that come up that you weren't aware of.

The settlement agent is responsible for explaining everything to you in detail. They should also double check all figures to ensure there are no errors.

If everything checks out, you will do a final review of the documents, sign the documents, and pay the money. Once that's done, the settlement is complete and the keys to the property are handed over to you. Finally, you will receive a copy of the recorded deed and title insurance policy, if purchased.

If for any reason, you are unable to attend the settlement in person, be sure to notify the settlement agent in advance, so a Power of Attorney can be prepared.

Now the only thing left to do is move and enjoy your new home!

LEAD GENERATING WEBSITE

Len Sangster (William Davis Realty) — Sun, 24 Jun 2007 17:05:49 -0700

Website that generates leads

If you're wanting to build your business and need help getting leads then this site is for you. I was introduced to this website a month ago by a fellow agent who had experienced great results. If you've been in the business a long time or even just a short while, you should know that the webpages you get from your broker are 95% NOT Lead Generating. Many agents in my office already use this site and find it truly effective. It's called Web Agent Solutions. The site is cost effecient and you get two sites; branded and unbranded. Interested Sellers & Buyers search the web buy using key search words which will draw them to your site. Once on the site, there are lots of information for both buyers & sellers which all they have to do is register to access the free information like mls searching, home buying and selling techniques, etc. Once they've registered, the site automatically adds them to a client database for you which you will have full control. The clients are automatically setup to receive emails based on the information they've input. The best part is that you can be notified immediately by text message on your cell phone when clients sign on. This way you can contact them right way and thank them for visiting your site and offer your services. Clients are amazed!

Visit my website and take a look: (branded site) www.lensangster.com (Unbranded) www.dallasfreereports4u.com .

Call me at 214-995-7257 and I will have the rep contact you for a free online demo of the site and all that it can do for you. YOU WILL WANT TO SEE THIS!

Tips For Moving

Len Sangster (William Davis Realty) — Fri, 22 Jun 2007 20:19:59 -0700

TIPS FOR MOVING

Once you have located your new home, now comes the fun part - moving. Whether you are moving two streets over from your current home, from one side of town to the other side, or clear across the country, you have two options for moving - using professional movers or doing it yourself.

There are pros and cons of both choices, so first sit down and decide how much you can afford to spend, and what option you feel works best for you. Let's look at what those differences are:

Professional Movers

Professional movers come in many different forms. There are those on the less expensive end of the system, consisting of two to four people with a truck, all the way up to the executive level of packing and using a huge semi-truck to delivery your belongings. Usually, what you pay for is what you get.
Most moving companies provide sturdy, reinforced boxes. The cost of these boxes is included in the amount quoted for the move. · Professional movers use padded blankets to protect your furniture. These blankets are secured with rope or bungee cords to ensure no damage occurs. · If you are doing the packing, make sure you carefully mark each box, specifically pointing out to the movers the boxes that contain fragile items. · In most cases when using professional movers, you don't have to worry about the weight of the boxes in that they know how much to pack and use dollies.
If working with professional movers, one semi-truck may contain several households so your belongings may not be the first on their route. Talk to the movers and determine when they are targeting arrival at your new home. Keep in mind that traffic, construction, weather, can all be factors in delay. For this reason, it's important to have phone numbers and e-mail addresses for not only the movers but also the main office should your belongings not arrive on time. In addition, make sure they have phone numbers where you can be reached as well. If the schedule shows arrival for 5:00 p.m., have someone at the house from 4:00 p.m. until the truck arrives.

Self-Moving

By visiting your local grocery or business dumpster, you can find all the boxes you need. Many businesses throw out boxes in all sizes, which are also industrial strength. Cost - nothing. · You can use old blankets, pillows, or towels, or, some rental companies will rent padded blankets to you for a very small fee. Just be sure that you wrap breakable items carefully and don't stack boxes of breakables on top of each other.
Mark all boxes carefully. Separate your breakable items and you might consider moving those in your car instead of loading them into trucks with your other items.
When packing your boxes, keep the weight of the box reasonable. If you can't pick it up, it's too heavy.

Basic Guidelines

Before moving, consider having a garage or yard sale. This is the perfect opportunity for cleaning out the old and eliminating all those unwanted items from being packed and moved
Carefully mark the boxes containing towels, toiletries, sheets, etc., so you can unpack those first and at least be able to make your bed and take a shower.
Other boxes that you want to get into as soon as you arrive at your new home can simply be marked with "Open me first." This might include coffee, eating utensils, or clothing that you've packed separately to cover a few days.
If you have children, let them help in writing out the labels. This will free you up to do other things and, it will help them get used to their new address.
If you have cats or other small curious animals, make sure you keep them closed off from packing as well as the moving day activity. Pets can easily get into boxes without anyone knowing or, they can quickly run out a door and be lost.
Allow anything electrical to return to room temperature before plugging it in. For example, if it's extremely cold outside, condensation could develop. Then, when you go to plug them in, you could get shocked.
Take phone books with you and notify old neighbors and friends of your new address and phone, if you already have the number.
Don't pack food that could spoil. Refrigerator items such as mayonnaise, butter, milk, etc. should be placed on ice in a cooler and then moved or given away. If moving across the country where boxes will take days to arrive, don't pack any perishable foods at all.

Making the Right Down Payment?

Len Sangster (William Davis Realty) — Thu, 21 Jun 2007 17:05:34 -0700

ARE YOU MAKING THE RIGHT DOWN PAYMENT?

Okay, you're getting ready to look at houses to buy.

You have a pretty good idea what price range you need to look in, but what about the down payment?

How much will you need to be prepared to put down and what should you put down?

The standard in buying a house is between 5% and 10% down payment. For example, if you were looking to buy a$100,000 house with 5% down, which would be $5,000, the remaining$95,000 would be financed with a mortgage company. Let's say you have owned that house for one year and the property appreciates in value by 10%, making it's value at $110,000. What that means is that you have gained $10,000 on your initial investment of $5,000. That is considered high-leverage and is a great return on borrowed money.

However, with any investment, especially real estate, profits can go up and down. Going with this same example of a $100,000 house and a 10% down payment, if the value of the house goes down in that first year by $10,000, you now own a house worth $90,000, meaning you have lost 100% of your investment. Just remember, that if value does go down, there are several factors that can just as easily bring it right back up.

The more you put down, the less money will be financed in your mortgage, meaning your monthly payment will be lowered. If you can put more down, the better. However, not everyone is in that position so rather than putting yourself in a tight financial situation each month, you might consider waiting another year to save a little more.

Remember, if your down payment is minimal, the choice of loan problems will be limited. In addition, if you are using a gift as your down payment, there are other limitations, and if you need the lender or seller to help cover some or all of the closing costs, there will be even further limitations. Finally, if you plan on using money from your 401-K or retirement plan, there will be different loan programs and rules.

In addition, be sure you account for all your expenses. Whether you buy a new or used home, there will be expenses once you move in. For new homes, there are appliances, draperies, and for used homes, there are usually repairs. When deciding the amount to use toward a down payment, just keep in mind that you should have a little tucked away for those other expenses.

If you aren't sure about which direction to go, you can always take some time to meet with a loan officer or financial consultant to determine how much of a down payment is best for your specific situation.

To Rent of Not to Rent

Len Sangster (William Davis Realty) — Wed, 20 Jun 2007 23:25:29 -0700

To Rent or Not to Rent

Renting definitely has benefits that cannot be overlooked. You can usually walk away from a rental at little to no cost with a 30 days notice. Renting costs also appear to be less per month. And you may not have to deal with the cost of utilities breaking or mess with mowing the lawn and keeping up the flowerbeds.

However, renting has deficits. In the end, you will have nothing but receipts to show for the money you poured into renting. Rent payments also elevate with inflation, where mortgage payments are fixed. Your redecorating and renovating options are limited when you rent, and even if changes are made, the landlord is the one that benefits. Your fear of not being able to pay the mortgage bill equally applies to renting because a lack of money in either situation means no roof over your head. Either way you have to pay someone for a space to occupy. And even if you have the money to pay rent, your landlord may ask you to leave for any given reason; after all, he has the ability to kick you out.

Even the thought of purchasing your first home can be overwhelming for renters. But the old saying remains true, "When you're renting, you're just throwing your money away." The largest part of your paycheck will either go toward your mortgage or to your landlord. Maybe the time has come for you to start investing your hard earned dollar into a home. Think about it this way, buying a home is like putting money into a savings account.

The three main factors that you need to take into consideration when deciding to buy or rent are monthly expenses, rate of the property's appreciation, and length of term that you plan on staying in that home.

First, realistically choose an option that you could rent and an option that you could buy. Then, sit down and list the expenses you will have for renting. Do the same for buying so that you can compare them objectively.

Next, find the appreciation rate of your desired home to try and determine what the home's value will be in the future. This will help you see how your money is truly being invested. Check Case Schiller for the tables that show changes of house prices in your region.

And the last major factor that only you can determine is how long you plan on staying in that residence. Six months? Six years? 40 years? The longer you desire to hold a home, the less appreciation you need in order to beat renting.

What are the Advantages of Buying a Home?

q On average, home prices have gone up 7% over the last 30 years, making home buying a great investment.

q Your mortgage interest and real estate taxes are tax-deductible. So before the government takes taxes out of your paycheck, your house payment is subtracted, allowing them to only tax what remains. This saves you a lot of money.

q Your mortgage payment is fixed, rather than following inflation like renting.

q Interest rates are the lowest they have been in thirty years, making now the ideal time to invest.

q You will be able to enjoy the sense of ownership.

q You have the freedom to renovate and decorate as you wish.

q Over time your mortgage balance decreases and equity builds.

q You have stronger property rights, which gives you more privacy and control over who enters your home.

Don't Have Money for the Down Payment?

There are programs available for first-time homebuyers that meet all sorts of needs and offer incentives. Some programs offer down payment or closing cost grants. Others give discounts on monthly house payments, which can save you thousands of dollars. There are also programs that offer money for the down payment at zero interest, allowing the homeowner to pay off the owed balance when they sell the house.

How To Identify The Best Season To Sell Your Home

Len Sangster (William Davis Realty) — Tue, 19 Jun 2007 14:30:32 -0700

HOW TO IDENTIFY THE BEST SEASON TO SELL YOUR HOME

Realizing the time has come to sell your home can create mass confusion. Timing is everything in real estate; however, some also believe one season is better than another to sell your home.

If you ask a real estate professional when you should sell your home, most will say, "Now is the best time to sell your home".

Real estate today is a year-round business, and most agents will agree that they do nearly as much business in December as in June.

If that is the case, then how do you decide which is the best time of year to list your home? Each season has its own characteristic. Let's review each one.

According to most real estate professionals, spring is the busiest time of the year for buyers and sellers -- spring offers the opportunity to showcase their home at its best. There's always something nice about listing your home when it's not too hot or too cold out and the air is fresh.

If you have a green thumb, summer might prove to be the best time to show off your garden. Potential buyers come through houses looking for such amenities as a well-cared-for garden. Also, if your kids are away for the summer, you might be able to keep their rooms clean from one showing to another. If you have central air, this season is also a great time to show it off. This is also a great time to boast about any access to summer recreational activities such as a beach, a lake, or community tennis courts or swimming pools.

A possible downside to showing a house in the summer is that most kids are home, and you'll have to work harder to ensure their rooms are maintained clean enough for buyers to get through them.

Even though falling leaves could make for extra work in the fall, with children back at school, daytime showings might be easier to accommodate. The tax benefits of homeownership can be a push for homebuyers to get into a new home by December 31.

Fall is historically a shorter selling season. A home that doesn't sell in the fall can be stigmatized as being held over on the market until the New Year. An old listing number in the MLS can give buyers the misleading impression that a home has been on the market for a long time and the seller might be willing to accept a lower offer.

Real estate professionals agree that only the most motivated buyers and sellers are active in the market during the winter season.

If you decide to sell your home in the winter, expect the unexpected. You will come across buyers who want showings at odd hours, or during your family holiday parties. At this time of year, you can expect potential buyers to track mud, snow, and salt through your home

In conclusion, how do you decide which is the best season to sell? As discussed, every season offer some pluses and minuses. If you want to list your home in the spring, you might want to list in mid-January, rather than waiting for February or March. On the other hand, you might get even more attention if you wait until mid-March, when many of the spring houses have already come on the market and buyers are hungry for something new.

Real estate is an industry of immediacy. It's always a good time to sell your home if the price is right, no matter what the season.

The Importance of a Real-Estate Agent

Len Sangster (William Davis Realty) — Mon, 18 Jun 2007 07:25:46 -0700

THE IMPORTANCE OF A REAL-ESTATE AGENT

When looking to buy or sell a house, many people try to go without a real-estate agent. This decision may seem like a "money saving" step, but it could actually end up costing you thousands of dollars in the end, even though you feel like you're saving money. An agent could also save you from making severe mistakes or stressful situations caused by contract negotiations, contingencies, and other situations that you are not prepared to deal with. A real-estate agent will handle the following issues when you are buying or selling your home, as well as handle many other duties, that should make your buying or selling of a home, easier on you.

Buying a Home

Your agent will:

- help you in finding your range that you, as a buyer, will be comfortable in purchasing. They will look at the amount you are able to borrow, what your income provides, and what you have saved already. From this point, they can also direct you to a lender who is best suited to help you.

- investigate the market using different search methods in order to come up with the best homes that fit your desired descriptions. That may include school location, job location, house size, house style, features, and location.

-negotiate on your behalf. Negotiating is more than just talking numbers. There are many factors involved, which your agent is used to dealing with. Because your agent is familiar with this process, his/her tactics will be better suited in getting the house down to the best price, according to your range that was established using your income, down payment, and lending resources available to you. They will make offers and counteroffers in order to keep the home in your price range.

-be responsible in providing services for your home (future) inspection of such things as; termites, radon testing, structure, septic and/or well tests, dry rot, lead testing, etc. This does not mean that they pay for these important tests. It simply means that they will look out for your best interests in arranging or helping to arrange these tests.

-walk you through the final piece, which is known as the "closing" and make sure that everything is taken care of before your purchase is finalized. This would include the tests that were done to your house-which should include written or printed reports for your ease of mind as documentation that they were done.

Selling a Home

Your agent will:

-advertise your property to other agents and possible buyers searching the MLS (multiple listing service)

-provide peace of mind as you continue to do the many other things that your life involves. Whether it be looking for a new home to buy, pack, or continue in your daily line of work, your agent will take care of all the critical parts that involve selling your home.

-schedule times for showings, open houses, walk throughs, appraisals, etc.

-provide you with information regarding the market, proper pricing, financing, and what other properties that are similar, are for sale as well. (This is good to be aware of for your negotiating purposes. This will either make your property more valuable, or force you to change your "market price". Your agent may also provide a time frame in which your house will be sold, or they will buy it from you. However, this is not common for all agents.

-answer questions that arrive during the selling and closing process. Each potential buyer may have things that they would like inspected, repaired, or adjusted (including the price). Your agent will best be able to answer each question and work with you in reaching a reasonable agreement for each question or issue.

-market or advertise your house to the best of their ability using their marketing strategies. Real-estate agents are trained with knowledge in marketing tactics. They also should have a good client base already established, therefore, much of your possible buyers may come your way by word of mouth. Your agent will most likely have a website established as well, which means that your listing is probably going to be posted on his/her site.

-evaluate each potential buyer on whether they are qualified or not. When a buyer comes forward with a bid that meets your requirement, your agent will begin the process of selling your home. This is not a simple 1-2-3 process, so be aware that it may take longer than you expected.

-draw up a contract for the prospective buyer, as well as negotiate, making offers and counteroffers.

-assist you with contingencies based on the contract that was drawn up. This may include repairs, inspections, installation, clean up, etc.

The Most Money For Your Home

Len Sangster (William Davis Realty) — Mon, 18 Jun 2007 07:23:13 -0700

THE MOST MONEY FOR YOUR HOME

When selling a house, we all share the same goal - to sell it quickly and at the highest price possible.

If you've placed a house on the market, you may have possibly enjoyed the thrill of receiving that first offer. Unfortunately, you may have also experienced the disappointment of a much lower offer, or one that doesn't come for weeks or months.

Most people buy a house for emotional reasons, most real estate professionals agree. The desire for a comfortable home and lifestyle propels buyers to purchase a specific house.

The easiest way to understand this is to remember your own experience of purchasing a home. You had some idea of what you were looking for, and you probably clutched a list of desirable features. You may have looked at several houses, but none of them seemed just right. Then one day it happened when you least expected it - there it was. Within minutes you knew this was the one; you were overtaken by a powerful emotion. If two houses are similar, buyers will choose the one that touches them emotionally.

The same mind-set applies when the roles are reversed, when you are the seller and not the buyer. Only when a buyer "feels" as if your house can be a home will they acknowledge that it could be. The emotion that overpowers the prospective buyer can be compared to love at first sight.

There are several ways to approach a buyer, but one of the most important ways is to make sure when your house is ready to be placed on the market, it plays to the largest audience. Selling your house should go quickly, smoothly and profitably. Dressing your house to achieve a profitable sale can help you buy your dream home.

Gertrude Singer, a REALTOR with National Realty in Florida, said that the first and most important step to dressing for success is uncluttering.

"Clutter makes rooms and the entire house feel smaller. Uncluttering makes every room in your house look and feel more spacious. Your goal is to create a roomy, comfortable feeling that's inviting to prospective buyers,".

Uncluttering also means organizing. Show buyers that you have a place for everything and everything in its place. By putting everything away neatly, buyers will feel that by living in your house they, too, could be well organized. Ultimately, less is more.

Another important step is cleaning - not just everyday cleaning, but a thorough spring-cleaning. According to John Kuehne with Pruitt Real Estate, Inc., "a deeply clean house not only looks great, it feels uplifting, and as new as when you first bought it."

Kuehne also suggests removing any old and stained carpeting and replacing it with light colored tiles to give the impression of a large, clean room. An unclean house will create doubt and apprehension in a prospective buyer.

If anyone in your household smokes, consider smoking outside, and use a carpet freshening agent each time you vacuum. Singer also suggests burning scented candles or baking a batch of cookies to give your house that homey, lived-in feeling.

Now that you have done away with the clutter, your house is sparkling clean, and the scent of cookies baking in the oven permeates the entrance to your house, your next step should be to concentrate on repairs.

A house will not sell for top dollar if any detail, whether large or small, is in need of maintenance. These would include a leaky faucet, a cracked tile, or peeling paint. These may signal a warning to a buyer, creating the fear that larger maintenance problems could be lurking beneath the surface.

Kuehne suggests the seller make a complete list of repairs, small and large. Look at the house through the buyer's eyes. Replace any cracked or broken window panes, repair wood rot, re-caulk where needed, patch all cracks and nail holes, replace missing or loose tiles, replace old carpet, tighten loose doorknobs, and lubricate squeaky hinges. These fix-ups will ultimately help you receive the offer you want.

And, finally, a word about a beloved member of your family: your pet. Pets that live in your house will make a strong, possibly negative statement. Research shows that half of all potential buyers are either allergic to, dislike, or are afraid of pets. While your house is on the market, keep Fido outside as much as possible. If that's not possible, be sure to clean, vacuum and neutralize odors daily to keep your house smelling fresh. Consider asking a neighbor to watch your pet in their home while you're showing your house to prospective buyers.

There is no magic to getting the most for your home. Every house will sell;, eventually - it's just a matter of when and for how much. It only takes one buyer, but which one? You decide.

How To Spruce Up Your Home So It Sells For More!

Len Sangster (William Davis Realty) — Sat, 16 Jun 2007 12:15:48 -0700

SECRETS REVEALED! - HOW TO SPRUCE UP YOUR HOME SO IT SELLS FOR MORE

Before selling your home you should take a fix-it inventory of your house to see what needs to be done to prepare the house for sale. After all, you may be okay with the worn spot in the carpet in the den, but your buyer may not.

Fix-ups don't have to be expensive. Below are a couple suggestions that you can handle when you're pressed for time and money. It's always best to take care of these as soon as possible, before you're ever considering the sale of your home.

* BATHROOM: This room is the one that can be rejuvenated for the least amount of money. A new medicine cabinet, for instance, with better lighting and larger storage capacity can give your bathroom a complete new look. Cost:$150 or less.

The shower is for more than just keeping the dirt off. It also provides a wake-up call, gives you relaxation and a place for pure, hot satisfaction. A new shower head can do wonders. You may find that in one house the water pressure is so high that it can literally throw you up against the wall. Or, perhaps worse yet, a water pressure so low that you have to run around in the shower to get wet. A replacement shower head complete with four settings) may cost $39 or less and takes less than 10 minutes to install.

If you're in a 25 to 30-year-old home, more than likely you have those pseudo-chrome-plated towel racks that are more fitting to a gymnasium than a home bathroom. Towel racks run as low as $10 and can help you refit the whole look.

With these few changes in the bathroom, this part of the house is ready for when you want to sell, and you'll even get a chance to enjoy the new look before you hand over the keys to new owners.

* PAINTING: Applying anew coat of paint to the interior can do wonders for the look and feel of your house. Painting is one of the most inexpensive makeovers, yet one of the most effective. A couple of cans of good paint run about $50. Additional equipment (brushes, rollers, drop-cloths, etc.) will cost between $30 and $50, and, in a day, you've given one of your rooms a complete new look.

Every homeowner ought to budget the time and money to paint the exterior on a regular basis. Painting your house every two to three years keeps the exterior in good condition and provides you with the opportunity to inspect more closely the parts of the house you normally would not get access to on a regular basis, such as the eaves and overhangs.

While it would be difficult to paint the whole house for under $200, try attacking the trim first. With a couple of cans of paint, you could probably take care of the shutters and door. A fresh coat of paint on these items does wonders for the look of the rest of your house. In addition, who says you have to paint the whole house at once, anyway?

These are just a couple of things you can to spruce up your house. You'll be surprised at how a quick fix here and there will make your house look almost new again!

Home Showing Tricks

Len Sangster (William Davis Realty) — Fri, 15 Jun 2007 14:58:28 -0700

SHOWING YOUR HOME TRICKS

Having your agent put a lock box outside will allow them easy access without bothering you. Lock boxes contain a house key, and only licensed agents will have access.

Stay away

Environment

Cleanliness

Lighting

When you know someone is coming, ensure that appropriate lighting is on. At night, this would include front and backyard lights. This provides a cozy feeling and makes your home more inviting.

Repairs

Fragrances

Visuals

Trash

Don't forget the garage

Pets

Eliminating the Confusion of Listing Contracts

Len Sangster (William Davis Realty) — Thu, 14 Jun 2007 17:44:15 -0700

ELIMINATING THE CONFUSION OF LISTING CONTRACTS

In addition to the obvious things in a listing contract such as seller name and property address, there are some other things you need to be aware of.

Terms of Sale and Price

When you determine the terms of a sale, you will of course be concerned with price. You will probably have a basic idea of what your home is worth by doing some research on what's going on with other sales in your area or talking to various real estate agents. However, in addition to price, you will need to disclose what personal property will go with the house when you sell it. Personal property is considered anything that is not attached such as washer, dryer, refrigerator, microwave, etc. You aren't required to include any of these items but if you do, you need to list what will be included.

Some items are called "real property", which includes anything attached to the house. This could include something like a chandelier that's actually a family heirloom. However, since this lighting fixture is attached to the house, it's considered "real property" and any reasonable buyer would expect it to stay with the house when you move. If you don't want that particular piece to stay, you need to very clearly state in the MLS that it will not stay when the house is sold.

It's important to know that there are several different types of listing contracts although few are used. The most common is the "Exclusive Right to Sell." Others include "Open Listing" and "One-time Show."

Open Listing
This listing contract is primarily used by people trying to do a For Sale by Owner but who are also willing to work with a licensed real estate agent. This contract allows the agent to show your home to potential buyers and should the buyer put a contract on your home, the agent earns a commission.

One-time Show
This listing contract is similar to an Open Listing but is most often used by real estate agents who are showing a For Sale by Owner home to one of their clients. In this case, the seller would sign the agreement identifying the potential buyer and it guarantees the agent a commission should the purchase go through. The purpose is that it prevents the buyer and seller from negotiating directly later as a way of avoiding the agent's commission.

Understanding the Real Estate Contract
Most contracts can make our head spin just by looking at them, much less trying to read and understand them.

Because contracts are very important when it comes to buying or selling a home, I thought I would list some of the most common legal words that you will come across on a real estate contract, or during a real estate transaction, including their definition. It might be a good idea to have a copy of this list with you and review it carefully before you sign a real estate contract.

Abstract
A summary; an abridgment. Before the use of photo static copying public records were kept by abstracts of recorded documents.

Abstract of Title
A compilation of the recorded documents relating to a parcel of land, from which an attorney may give an option as to the condition of title. Still in use in some states, but giving way to the use of title insurance.

Acre
A measure, usually of land, equal to 160 sq. rods (43,560 sq. ft.) in any shape.

Action to Quiet Title
A court action to establish ownership to real property. Although technically not an action to remove a cloud on a title, the two actions are usually referred to as "Quiet Title" actions.

Adjustable Rate Mortgage ARM)
A mortgage where the interest rate is not fixed, but changes during the life of the loan in line with movements in an index rate. You may also see ARM's referred to as AML's or VRM's.

Agency
An Agency relationship is one in which one person is empowered to act on behalf of another, subject to the control and consent of the person being represented.

Agent
The person who is acting on behalf of the principal or client.

Agreement of Sale
In some states it is synonymous with a purchase agreement (Purchase Agreement). In other states, it is synonymous with a land contract Land Contract).

Alienation Clause
A clause calling for a debt under a mortgage or deed of trust to be due in its entirety upon transfer of ownership of the secured property.

Amortize
To reduce a debt by regular payments of both principal and interest, as opposed to interest only payment.

Annual Percentage Rate (APR)
A measure of the cost of credit, expressed as a yearly rate. It includes interest as well as other charges. Because all lenders follow the same rules to ensure the accuracy of the annual percentage rate, it provides consumers with a good basis for comparing the cost of loans, including mortgage plans.

Appraised Value
An option of the value of a property at a given time, based on facts regarding the location, improvements, etc., of the property and surroundings.

Arrears
Payment made after its due is in arrears. Interest is said to be paid in arrears since it is paid to the date of payment rather than in advance.

Assumability
When a home is sold, the seller may be able to transfer the mortgage to the new buyer. This means the mortgage is assumable. Lenders generally require credit review of the new borrower and may charge a fee for the assumption. Some mortgages contain a due-on-sale clause, which means that the mortgage may not be transferable to the new buyer. Instead, the lender may make you pay the entire balance that is due when you sell the home. Assumability can help you attract buyers if you sell your home.

Assumption of Mortgage
Agreement by a buyer to assume the liability under an existing note secured by a mortgage or deed of trust.

Balloon Note
A note calling for periodic payments which are insufficient to fully amortize the face amount of the note prior to maturity, so that a principal sum known as a "Balloon" is due at maturity.

Balloon Payment
The final payment of a mortgage which is larger than the regular payment; it usually extinguishes the debt.

Binder
A report issued by a title insurance company setting forth the condition of title and setting forth conditions, which, if satisfied, will cause a policy of title insurance to be issued.

Blanket Mortgage
A mortgage covering more than one property of the mortgage.

Bridge Financing
A form of interim loan, generally made between a short term loan and a long term loan, when the borrower needs to have more time before taking on long term financing.

British Thermal Unit (B.T.U.)
Unit of heat required to raise one pound of water one degree Fahrenheit.

Buy-down
With a buy-down, the seller pays an amount to the lender so that the lender can give you a lower rate and lower payments, usually for an early period of a loan. The seller may increase the sales price to cover the cost of the buy-down.

Cap
A limit on how much the interest rate or monthly payment of an ARM can change, either at each adjustment or during the life of the mortgage. Payment Cap's don't limit the amount of interest the lender is earning so they may cause negative amortization.

Certificate of Eligibility
A certificate obtained by a veteran from a Veteran's Administration office which states that the veteran is eligible for a V.A. insured loan.

Certified Copy
A true copy, attested to be true by the officer holding the original.

Cestui que trust
One having an equitable interest in property, legal title being vested in trustee.

Chain of Title
The chronological order of conveyance of a parcel of land, from the original owner to the present owner.

Chattel
Personal property.

Closing Statement
The statement which lists the financial settlement between buyer and seller, and also the costs each must pay. A separate statement for buyer and seller is sometimes prepared.

Cloud on Title
An invalid encumbrance on real property, which if valid, would affect the rights of the owner.

Co-Maker
Equally responsible for repayment as the borrower.

Commitment A written promise to make or insure a loan for a specified amount and on specified items.

Comparables
Properties used as comparisons to determine the value of a specified property.

Condominium
A structure of two or more units, the interior space of which are individually owned.

Construction Loan
Short term financing of real estate construction. Generally followed by the long term financing called a "take out" loan, issued upon completion of improvements.

Contingency
The dependence upon a stated event which must occur before a contract is binding.

Contract of Sale
Depending on area of country it may be a Land Contract or a Purchase Agreement.

Closing Cost
Expenses incurred in the closing of a real estate or mortgage transaction.

Conventional Mortgage
A loan neither insured by the FHA nor guaranteed by the VA.

Conversion Clause
A provision in some ARMs that allows you to change the ARM to a fixed-rate loan at some point during the term. Usually the conversion is allowed at the end of the first adjustment period. At the time of the conversion, the new fixed rate is generally set at one of the rates then prevailing for fixed-rate mortgages. The conversion feature maybe available at extra cost.

Cost Plus Contract
A building contract setting the builder's profit at a set percentage of actual cost of labor and materials.

Contract Sales Price
The full purchase price as stated in the contract.

County
A division within a state, usually encompassing one or more cities or towns.

Certificate of Reasonable Value (CRV)
An appraisal of property for the purpose of insurance by the Veteran's Administration.

Declaration of Restrictions
A set of restrictions filed by a sub-divider to cover an entire tractor subdivision.

Defective Title
Title to a negotiable instrument obtained by fraud. Title to real property which lacks some of the elements necessary to transfer a good title.

Depreciation
Decrease in value to real property improvements caused by deterioration or obsolescence.

Devise
Real estate left by will.

Devisee
One to whom real estate is given by will.

Devisor
A testator who leaves real estate.

Direct Reduction Mortgage
An amortized mortgage. One on which principal and interest being computed on the remaining balance.

Disbursements
Payments made during the course of an escrow or at closing.

Discount
Is an ARM with an initial discount, the lender gives up a number of percentage points of interest to give you a lower rate and lower payments for part of the mortgage term. After the discount period, the ARM rate will probably go up depending on the index rate.

Documentary Tax Stamps
Stamps, affixed to a deed, showing the amount of transfer tax.

Dragnet Clause
A clause in a mortgage or deed or trust which places the real estate as security for existing debts between the parties.

Easement
A right created by grant, reservation, agreement, prescription, or necessary implication, which one has in the land of another.

Eminent Domain
A Government right to acquire private property for public use by condemnation, and the payment of just compensation.

Encroachment
Construction onto the property of another, wall, fence, etc.

Encumbrance
A claim, line charge, attached to and binding real property.

Equity
The difference between the market value of the property and the homeowners mortgage debt.

Escrow
Delivery of a deed by a grantor to a third party for delivery to the grantee upon the happening of a contingent event.

Escrow Payment
That portion of a mortgagor's monthly payment held in trust by the lender to pay for taxes mortgage insurance, hazard insurance, lease payments, and other items as they become due, also know as "impounds" in some states.

Escrow Reimbursement
An assumptions or wrap loan transactions, the buyer reimburses the seller for the current balance of his escrow (or impounded) funds.

Federal Home Board
The board which charters and regulates federal savings and loan associations, as well as controlling the system of Federal Home Loan Banks.

Federal Tax Lien
A lien attached to property for nonpayment of a federal tax.

Fee Simple
An estate under which the owner is entitled to unrestricted powers to dispose of the property, and which can be left by will or inherited.

Federal Home Loan Board
The board which charters and forbids discrimination in the sale.

Federal Housing Administration
A federal Agency which insures first mortgages, enabling lenders to loan a very high percentage of the sale price.

Freddie Mac (FHLMC)
Federal Home Loan Mortgage Corporation. A federal Agency purchasing first mortgages, both conventional and federally insured, from members of the Federal Reserve System, and the Federal Home Loan Bank System.

Foreclosure
A proceeding in or out of court, to extinguish all rights, title, and interest, of the owner(s) of property in order to sell the property to satisfy a lien against it.

Full Disclosure
Revealing all the known facts which may affect the decision of a buyer or tenant.

General Lien
A lien such as a tax lien or judgment lien which attaches to all property of the debtor rather than the lien of, for example, a trust deed, which attaches only to a specific property.

Ginnie Mac (GNMA)
Government National Mortgage Association. A federal association working with FHA which offers special assistance in obtaining mortgages, and purchases mortgages in a secondary capacity.

Grandfather Clause
The clause in a law permitting the continuation of a use, business, etc., which, when was permissible but, because of a change in the law is now not permissible.

Ground Rent
Rent paid for vacant land. If the property is improved, ground rent is the portion attributable to the land only.

Heir and Assigns
Words usually found in a deed, showing the interest the grantee is receiving.

Home Owner Association
An association of people who own homes in a given area for the purpose of improving or maintaining the quality of the area.

Impound Account
Account held by a lender for payment of taxes, insurance, or other

Index
The index if the measure of interest rate changes that the lender uses to decide how much the interest rate on an ARM will change over time. You should ask your lender how the index for any ARM you are considering has changed in recent years, and where it is reported.

Independent Contractor
The term is most important as used to describe the relationship of broker and salesperson, employee or independent contractor. If employee, the broker must withhold income tax and pay social security, provide workmen's compensation, and may be liable for some negligent acts of the salesperson while on the job. All of this is avoided by the broker if salesperson is an independent contractor.

Installment Sale
A tax term used to describe a sale which is usually accomplished by use of a land contract.

Insured Mortgage
A mortgage insured against loss to the mortgagee in the event of default and failure of the mortgaged property to satisfy the balance owing plus costs of foreclosure.

Interest Rate
The percentage of an amount of money which is paid for its use for a specified time.

Joint and Several
A liability which allows the creditor to sue any one of the debtors or sue altogether.

Joint Tenancy
An undivided interest in property, taken by two or more joint tenants. The interests must equal, accruing under the same conveyance, and beginning at the same time. Upon death of a joint tenant the interest passes to the surviving joint tenants, rather than to the heirs of the deceased.

Judgment
The decision of a court of law. Money judgments, when recorded, become a lien on real property of the defendant.

Late Charge
A penalty for failure to pay an installment on time.

Legal Description
A description by which property can be definitely located by reference to surveys or recorded maps. Sometimes referred to simply as the legal.

Lease with Option to Purchase
A lease under which the lessee has the right to purchase the property. The option may run for the length of the lease or only for a portion of the lease period.

Lender
A general term encompassing all mortgages, and beneficiaries under deeds of trust.

Letter of Intent
A formal method of stating that a prospective developer, buyer or lessee, is interested in property.

Liber

A Latin word for book.

Lien
An encumbrance against property for money, either voluntary or involuntary.

Life Estate
An estate in real property for the life of a living person. The estate then reverts back to the grantor or on to a third party.

Limited Partnership
A partnership consisting of one or more general partners who conduct the business and are responsible for losses, and one or more special partners, contributing capital and liable only to the amount contributed.

Lis Pendens
A legal notice recorded to show pending litigation relating to real property and giving notice that anyone acquiring an interest in said property subsequent to the date of the notice may be bound by the outcome of the litigation.

Loan Package
The information given to the lender regarding the borrower and the property necessary to decide to give or not to give the loan.

Loan Ratio
The amount of a loan to the value or selling price of real property.

Loan-to-Value Ratio
The ratio of the mortgage loan amount to the properties appraised value (or the selling price whichever is less).

Margin
The number of percentage points the lender adds to the index rate to calculate the ARM interest rate at each adjustment.

Marketable Title
Title which can be readily marketed to a reasonably prudent purchaser aware of the facts and their legal meaning concerning liens and encumbrances.

Mechanics Lien
A lien created by statue for the purpose of securing priority of payment for the price of value of work performed and materials furnished in construction of repair of improvements to land, and which attached to the land as well as the improvements.

Mortgage Broker
One who for a fee, brings together a borrower and lender, and handles the necessary applications for the borrower to obtain a loan against real property by giving a mortgage or deed of trust as security. Also known as a loan broker.

Mortgage Guaranty Insurance Corporation (MAGIC)
A private corporation which, for a fee, insures mortgage loans similar to FHA and VA insurance, although not insuring as great a percentage of the loan.

Mortgage or Deed of Trust
Written pledge of real property given by the mortgagor to secure a debt. Should be recorded in the County Recorders Office.

Mortgagee
The lender of money or the receiver of the mortgage document.

Mortgagor
The borrower of money or the giver of the mortgage document.

Mortgage Insurance
Insurance required for loans with a loan above 80.01%.

Mortgage Warehousing
A system whereby a mortgage company will hold loans which would ordinarily be sold, in order to sell later at a lower discount. These are used as collateral security with a bank to borrow new money to loan.

Negative Amortization
Amortization means that monthly payments are large enough to pay the interest and reduce the principal on your mortgage. Negative amortization occurs when the monthly payments do not cover all of the interest cost. The interest cost which is not covered by the payment is added to the unpaid principal balance. This means that even after making many payments, you could owe more than you did at the beginning of the loan. Negative amortization can occur when an ARM has a payment cap that results if monthly payments not high enough to cover the interest due.

Nonconforming
Use A property which does not conform to the zoning of an area.

Note
A written promise to repay a certain sum of money on specified terms.

Open End Mortgage
A mortgage permitting the mortgagor to borrow additional money under the same mortgage, with certain conditions, usually, as to the assets of the mortgage.

Origination Fee
A fee or charge for work involved in the evaluation, preparation and submission of a proposed mortgage loan.

Owners Policy
Title insurance for the owner of property, rather than a lien holder.

Package Mortgage
Mortgage covering both real and personal property.

Paper
A mortgage, deed of trust, or land contract, which is given instead of cash.

Partial Release
A release of a portion of property covered by a mortgage.

Perc Test (Percolation)
The test to determine the capability of the soil to absorb liquid, both for construction and septic systems.

Permanent Mortgage
A mortgage on completed construction on the same property under one mortgage or trust deed.

PMI Private Mortgage Insurance
Insurance similar to FHA or VA insurance, insuring part of the first mortgage or deed of trust, enabling a lender to make a conventional loan of a higher percentage of the property value.

Points
A point is equal to one percent of the principal amount of your mortgage. For example, if you get a mortgage for $100,000, one point means you pay $1000 to the lender. Lenders frequently charge points in both fixed-rate and adjustable-rate mortgages in order to increase the yield of the mortgage and to cover loan closing costs. These points are usually collected at closing and may be paid by the borrower or the home seller, or may be split between them.

Property
Tax Generally, tax levied on both real and personal property.

Prorate
To divide in proportionate shares, such as taxes, insurance, rent, or other items.

Purchase Money Mortgage
A Mortgage given by the buyer to the seller as part of the purchase consideration, as opposed to a hard money mortgage.

Quit Claim Deed
A deed operating as a release; intended to pass any title, interest, or claim which the grantor may have in the property.

Real Estate
Land and anything permanently affixed to the land, and those things attached to the building.

Recital
Setting forth in a deed or other writing some explanation for the transaction.

Recourse
The right of the holder of a note secured by a mortgage or deed of trust to look personally to the borrower or endorser for payment.

Refinancing The repayment of a debt from the proceeds of a new loan using the same property as security.

Reissue rate
A charge for a title insurance policy if a previous policy on the same property was issued within a specified period. Reissue is less than the original charge.

REIT (Real Estate Investment Trusts)
A method in investing in real estate in a group, with certain tax advantages.

Release
An instrument releasing property from the lien of the mortgage, judgment, etc.

Recision of Contract

Annulling a contract and placing the parties to it in a position as if there had not been a contract.

RESPA (Real Estate Settlement Procedures Act)
A federal statute requiring disclosure of certain costs in the sale of residential improved property which is to be financed by a federally insured lender.

Revenue Stamps
Formerly federal tax on a sale of real property. Canceled and replaced by state tax stamps.

Secondary Financing
A loan secured by a mortgage or trust deed, which lien is junior to another mortgage or trust deed.

Secondary Mortgage
The buying and selling of first mortgages of trust deeds by banks, insurance companies, government agencies, and other mortgagees.

Security
Real or personal property pledged by a borrower, as additional protection for the lender's interest.

Septic System
A sewage system, whereby waste is drained through pipes and a tile field into aseptic tank.

Set Back Ordinance
Regulates the distance from the lot line to the point where improvements maybe constructed.

Settlement Statement
A statement prepared by broker, escrow, or lender, giving a complete breakdown of costs involved in a real estate sale.

Sheriff's Deed
Deed given at sheriff's sale in foreclosure of mortgage.

Signed Sealed and Delivered
A phrase indicating that everything necessary to convey has been done by the grantor.

Specific Performance
An action to compel the performance of a contract, when money damages for breach would not be satisfactory.

Statutory Lien
An involuntary lien, includes tax liens, judgment liens, mechanic liens, etc.

Substitute of Trustee
A document which is recorded to change the trustee under the deed of trust.

Tax Lien
Lien for nonpayment of taxes.

Tax Sale
Public sale of property at auction by governmental authority, after a period of nonpayment of property taxes.

Tenancy by the Entiret
A form of ownership by husband and wife whereby each owns the entire property. In event of death of one, the survivor owns the property without probate.

Title
Often used interchangeably with the work ownership. It indicates the accumulation of all rights in property, the owner and others.

Title Insurance
An insurance policy which protects the insured (purchaser and lender) against loss arising from defects in title

Vesting
Denotes the manner in which title is held. Examples of common vesting are: Community Property, Joint Tenancy and Tenancy in Common.

How to Sell Your Home

Len Sangster (William Davis Realty) — Tue, 12 Jun 2007 09:10:47 -0700

HOW TO SELL YOUR HOME

"No matter what I do, I just can't sell my home," you exclaim!

Actually, most homes can be sold in today's market in a reasonable amount of time, generally within two or three months, and most sellers are getting close to their asking prices.

There are nine steps in selling a home. If you're having a problem selling your home, review the following to try and determine where the problem lies:

So there you have it. There's no excuse for not selling your home. You and your agent should be able to pinpoint and resolve any problem. Save time and fix the problem today.

Kitchens that Sell

Len Sangster (William Davis Realty) — Mon, 11 Jun 2007 14:03:27 -0700

THE KITCHEN - HOW IT CAN HELP SELL YOUR HOME

More than likely, the majority of people looking at your home will have to cook. Therefore, the one room they will look at with the most scrutiny is your kitchen.

Not only is the kitchen the one room that is the hub of activity in preparing meals, eating, and even sorting mail, the kitchen has long been a place for people to just "hangout." Some people say the kitchen is the heart of the home.

A recent study shows that as high as 85% of buyers consider the kitchen to be a huge deciding factor in their buying decision.

Even if you don't have the time or finances to do a complete kitchen overhaul with custom cabinets, ceramic tiles, and granite or marble countertops, there are some things you can do to spruce up the kitchen that won't cost you a bundle of money. These changes will greatly add value to your kitchen and to the sale of your home.

Put on a fresh coat of paint. Stay with neutral colors and use a satin or semi-gloss finish for easy clean up.
Consider new counter tops. You would be surprised at how many quality materials there are to choose from that are not expensive. If you have a harvest gold or avocado green countertop from the 1970's, this small investment will make a huge difference.
Create a backsplash. Using tile or even Stone It (a product sold at most home improvement or retail chains. This is a spray stone-like material that comes in colors and can easily be sprayed on for a wonderful effect), you can change the entire appearance of the areas above the stove and sink.
Sinks and faucets. Now is a great time to change out the chipped or stained sink with a new one, complete with new faucets, which come in a wide variety of materials and colors. Stainless steel sinks are highly recommended for two reasons. First, they look great, and second, they are the best choice for keeping bacteria down.
Don't be afraid to accessorize. If you have a small wall area above the countertops, add some nice wallpaper. If the hardware on your cabinets is old and dingy, add new hardware. If your curtains are outdated, hang a fresh, fun pair of curtains to allow a lot of light into the room.
Remove the clutter. Although empty counters aren't very attractive, neither are countertops that are so cluttered with all the latest technology that the buyer can't even envision their own things in the kitchen. Keep it neat and organized.
Let as much light into the room as possible. This will provide a nice cheery atmosphere. If your kitchen goes out onto a patio or deck, make sure the outdoor area is also neat and that there is a nice view from the kitchen to the outside.
Show off functionality. For example, if your kitchen has a nice desk for paying bills, show it off. If there are other special features such as a trash compactor, or chilled wine rack, make sure those are pointed out as well.

Make sure all your appliances are clean and in good working order. Don't think someone will bypass looking in the oven, because they won't.
If someone is getting ready to come through your house or if your agent is getting ready to host an open house, start baking. The fragrance of fresh baked bread or goodies will add a nice homey feel to your home the minute buyers walk into your home.

Before you put your home on the market, look around the kitchen and make sure it's what you would look for in a home. If not, make appropriate changes.

A hot item in kitchens today is stainless steel. The gourmet look of stainless steel stoves, refrigerators, and sinks is appealing to many homebuyers. Now you probably can't go out and buy all new appliances, but if you have other types of appliances, then consider changing out your hardware with stainless steel or even use stainless steel accessories. If you are in the market for new appliances, you can buy new stainless steel models but make sure the buyers know they are coming with you. This will at least show the potential buyer what the kitchen could look like if they wanted to add stainless steel themselves.

If you own an older home, you probably have one of three designs:

· The Galley · The L-Shaped · The U-Shaped

These designs were all created from the "work triangle" concept where all appliances are positioned within steps from each other. This idea was first conceived back in the 1950s based on information from stay-at-home moms.

By 1990, the designs of kitchens started to change based on lifestyle change. More and more couples starting sharing the cooking duties, families started eating more pre-packaged or frozen foods, and people needed better storage and space.

Because of these changes, multiple workstations are now being incorporated in kitchen layouts, getting away from the traditional triangle. This new design allows more people to work efficiently in the kitchen.

Keep in mind that there are still things you can do to make your kitchen more functional. You can add a center island for more counter space, have shelves built on the wall, install under-counter lighting, etc.

To bring life into your kitchen, you should avoid certain things such as:

· Dark corners in cabinets. To avoid this, add glide-out shelving or Lazy-Susans. · Obstructive doors. This would include cabinets, refrigerators, stoves, and dishwashers when the door is open, another area or cabinet is blocked.) P

· Poor lighting. One huge selling point in any kitchen is good lighting. If you have little to no natural lighting in your kitchen, you can add in good fluorescent or recessed lighting.

All rooms in your home are important when you decide to sell however, the kitchen is by far the most important room and should get some extra attention.