Willems Realtors, Teresa Tylisz's Blog

Valparaiso Indiana Real Estate 101

Willems Realtors, Teresa Tylisz (Willems Realtors) — Sun, 25 Feb 2007 19:57:50 -0800

THE BOTTOM LINE

Sellers: Free Bottom Line Analysis of Net Profit

To find out how much money you'll net from your house, add up your closing costs and subtract them from the sale price of the house.

Closing Costs for Sellers
Mortgage payoff and outstanding interest.
Prorations for real estate taxes.
Prorations for utility bills, condo dues, and other items paid in arrears.
Closing fees charged by closing specialist.
Title policy fees.
Home inspections.
Attorney's fees.
Survey charge.
Transfer tax or other government registration fees.
Brokerage commission.

Selling Price - Total = Net Proceeds to Seller

For Buyers: Free Analysis of Out-of-Pocket Costs

Downpayment.
Loan origination fees.
Points, or loan discount fees you pay to receive a lower interest rate.
Appraisal fee.
Credit report.
Private mortgage insurance premium.
Insurance escrow for homeowners insurance, if being paid as part of the mortgage.
Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
Deed recording fees.
Title insurance policy premiums.
Survey.
Inspection fees-building inspection, termites, etc.
Notary fees.
Prorations for your share of costs such as utility bills and property taxes.

Total= Amount of Buyer's Out-of-Pocket Costs

Contact Us, Willems Realtors, for a FREE Analysis of your BOTTOM LINE. Do not forget to ask for a Net Proceeds Sheet from every Realtor you interview, compare all of them before you sign the dotted line. This will help you choose a competent Agent. Let us demonstrate our knowledge before you sign any paperwork at no charge or obligation.

http://www.willemsrealtors.com/

Before You Sell Your Valparaiso Indiana Home

Willems Realtors, Teresa Tylisz (Willems Realtors) — Sun, 25 Feb 2007 19:55:48 -0800

1. Get estimates from a reliable repairperson on items that need to be replaced soon, a roof or worn carpeting, for example. In this way, buyers will have a better sense of how much these needed repairs will affect their costs.

2. Have a termite inspection to prove to buyers that the property is not infested.

3. Get a pre-sale home inspection so you'll be able to make repairs before buyers become concerned and cancel a contract.

4. Gather together warranties and guarantees on the furnace, appliances, and other items that will remain with the house.

5. Fill out a disclosure form provided by your sales associate. Take the time to be sure that you don't forget problems, however minor, that might create liability for you after the sale.

http://www.willemsrealtors.com/

Valparaiso Indiana For Sale By Owner Shopping?

Willems Realtors, Teresa Tylisz (Willems Realtors) — Sun, 25 Feb 2007 19:53:39 -0800

HOUSE HUNTING without a REALTOR?:
First of all, the sellers pay our commissions, not the buyers. Think you can save money by house-hunting on your own, and asking the seller for a discount since you're not represented by a Realtor? Guess what? You'll just do the listing agent a favor by doubling her commission! Now she'll get both the buyer's and seller's commissions. You still will not get a discount. Consider this... How do you know you are getting the best price from the seller? OK, you got the house for $250K. The seller's original asking price is $280K. How do you know that's a good price? We may have gotten it for you for $235K! What are your negotiating factors? If the seller refuse to lower the price, what do you do? Are you sure the window treatments, fans, water softener, etc. will be staying? Is it in your contract? What if the appliances break within a year? Or the roof, A/C need replacement sooner than you thought? How are you covered? Who's looking out for your best interest? How do you know you really saved money by doing it on your own? Do you have appraisal comps to prove it? The house may only be worth $240K. We'd rather take care of that for you... besides... we're FREE!

Search Northwest Indiana Multiple Listing Service

http://www.willemsrealtors.com/search.php

Questions to Ask When Choosing a Valparaiso, Indiana REALTOR®

Willems Realtors, Teresa Tylisz (Willems Realtors) — Sun, 25 Feb 2007 19:51:22 -0800

Questions to Ask When Choosing a REALTOR®

1. How long have you been in residential real estate sales? Is it your full-time job? While experience is no guarantee of skill, real estate, like many other professions, is mostly learned on the job.

2. What designations do you hold? Designations such as GRI and CRS, which require that agents take additional, specialized real estate training, are held by only about one-quarter of real estate practitioners.

3. How many homes did you and your company sell last year?

4. How many days did it take you to sell the average home? How did that compare to the overall market?

5. How close to the initial asking prices of the homes you sold were the final sale prices?

6. What types of specific marketing systems and approaches will you use to sell my home? Look for someone who has aggressive, innovative approaches, not just someone who's going to put a sign in the yard and hope for the best.

7. Will you represent me exclusively, or will you represent both the buyer and the seller in the transaction? While it's usually legal to represent both parties in a transaction, it's important to understand where the agent's obligations lie. A good agent will explain the agency relationship to you and describe the rights of each party. It's also possible to insist that the agent represent you exclusively.

8. Can you recommend service providers who can assist me in obtaining a mortgage, making repairs on my home, and other things I need done? Keep in mind here that agents should generally recommend more than one provider and should tell you if they receive any compensation from any provider.

9. What type of support and supervision does your brokerage office provide to you? Having resources such as in-house support staff, access to a real estate attorney, or assistance with technology can help an agent sell your home.

10. What's your business philosophy? While there's no right answer to this question, the response will help you assess what's important to the agent-fast sales, service, etc.-and determine how closely the agent's goals and business emphasis mesh with your own.

11. How will you keep me informed about the progress of my transaction? How frequently? Using what media? Again, this is not a question with a correct answer, but that one reflects your desires. Do you want updates twice a week or don't want to be bothered unless there's a hot prospect? Do you prefer phone, e-mail, or a personal visit?

12. Could you please give me the names and phone numbers of your three most recent clients?

http://www.willemsrealtors.com/

Real Estate Related Tax Benefits of Home Ownership in Valparaiso Indiana

Willems Realtors, Teresa Tylisz (Willems Realtors) — Sun, 25 Feb 2007 19:49:34 -0800

Tax Benefits of Home Ownership

The tax deductions you can take for mortgage interest and property taxes greatly increase the financial benefits of home ownership. Here's how it works.

Assume:
$9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest)
$2,700 = Property taxes (at 1.5 percent on $180,000 assessed value
______

$12,577 = Total deduction

$3,521.56 = Amount you have lowered your federal income tax (at 28 percent tax rate)
(12,577 X .28 = $3,521.56)

Note that mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when total income reaches a certain level.