Sarah Miller's (sarahcute) Blog

Deal Killers to Watch Out For

Sarah Miller (Sarah Miller - RE/MAX Bryan College Station ) — Fri, 13 Jul 2012 02:00:07 -0700

You have just negotiated a deal with a buyer and managed to sign the sales contract. The good news is that you’re almost there. The bad news is that you’re not quite there. Even though the buyer has signed the sales contract, there’s still room for the deal to fall through. Two big parts of the for sale by owner housing transaction still lay in the balance – the inspection and the buyer’s mortgage. Housing Inspections With most standard sales contracts, the buyer has the right to have the property inspected. If these inspections aren’t satisfactory to the buyer, the deal could end up turning bad. There are three major types of inspections that the buyer can have completed. Termite Inspection. Depending on your state’s laws either you or the buyer could be responsible for the termite inspection. If it is your responsibility as the seller, then you must have a letter from a licensed pest control company that states your home does not have any termites. Whether you or the buyer pays for the inspection, it is your duty to clear up the problem before closing. Roof Inspection. Should the roof inspection result in repairs to be completed, you are required to cover the repairs. General Inspection. This is an inspection of major appliances, air conditioning, heating, plumbing, and electrical systems. As the seller, you are required to repair or replace any of these items that fail inspection. Avoid inspection problems by having your own inspection completed before you put the home on the market. That way you have time to make the repairs before a buyer’s inspector catches them. In many cases, it is cheaper to make these repairs when your own inspector finds them. Alternatively, you sell the home “as is.” Such a stipulation must be included in the sales contract. Mortgage Fall-Through’s Your buyer’s ability to purchase the for sale by owner home is contingent upon his or her approval for a mortgage. If the buyer does not get approved for a mortgage that is large enough to buy your , it is a major deal killer. Without financing, it is impossible for the buyer to purchase your . You certainly aren’t going to give it away. What can you do to avoid this problem? Pre-qualify your buyers. Ask prospective buyers for a pre-approval letter from a lender. Serious buyers will have already gotten pre-approved for a mortgage. Make sure the amount the buyer has been pre-approved for will cover the sales price of your home. You might also work with the buyer to obtain financing. If you are working with a real estate attorney, he or she might be a resource that can assist the buyer in contacting a lender or mortgage broker. Alternatively, you can contact a local real estate agency to get recommendations on lenders or brokers. It is a good practice to work only with those buyers that have been pre-approved for a mortgage. This diminishes the likelihood of a deal-killing surprise later on in the for sale by owner housing transaction. To get the best buy and sell out prices, refer to Sarah Miller and see your property appreciated for what it is worth.If you have questions about the real estate market in Bryan College Station or about buying or selling a home in Aggieland, please contact me, YOUR College Station Realtor! Sarah Miller RE/MAX Bryan College Station http://www.sarahmillerinc.com 979-255-1904

The Process Of Negotiation

Sarah Miller (Sarah Miller - RE/MAX Bryan College Station ) — Fri, 13 Jul 2012 01:56:43 -0700

Presenting a beautiful and immaculate home for sale is not all that is involved in selling your home. Once a potential buyer has seen your home and is interested, it is now time for the most difficult (for some) part of the process: the dreaded for sale by owner negotiation process. Truthfully, negotiating with a buyer is not all that different from the everyday for sale by owner negotiations you may go through with family members and co-workers. It can seem intimidating in a situation such as this simply because of the high stress level associated with the sale of your own home. In the process of for sale by owner negotiation, emotions can easily destroy a good deal. It is characteristic of people to walk away if their offer is insulted in any way. It is a deal killer also if a potential buyer has different plans for your garden that you worked so hard to cultivate. A key rule to remember in for sale by owner negotiation is to establish trust. Avoid responses that may offend the buyer. It is at times hard to do, especially if you feel insulted such as if the buyer calls the wallpaper ugly or your favorite rosebush an eyesore, but if you hope to get a good for sale by owner negotiation in this deal you must let such things slide by. You must remember to be truthful in your for sale by owner negotiations as well. If the buyer notices something wrong such as a water stain on the attic ceiling, making false and ridiculous excuses will do nothing but damage your credibility before the for sale by owner negotiations can ever even begin. It is important, first of all to make sure the buyer can qualify for a mortgage loan big enough to cover your asking price. After this is taken care of, you must remember that the buyer is not the enemy. You are working with the buyer to achieve a mutually beneficial result. You must remember to refrain from getting defensive. If the buyer offers to pay far less than what you are asking, ask questions to determine how he got to that number. When you make your counteroffer, be respectful as you let the buyer know you have considered his position. Be willing to explain your counteroffer in a way that you would have liked to have the offer explained to you. You must remember above all else to be courteous and not to get defensive during any portion of the for sale by owner negotiation. Everyone is entitled to an opinion, but you are engaging in a transaction and it must be handled in a professional manner. Be willing to discuss any property defects and to allow an inspection of these defects. If after inspection, a price quote is given to fix the defects, be prepared to lower your asking price by a portion of the cost to repair. For sale by owner negotiations can be a harrowing and intimidating process, but if handled properly, it will be just another step in the process of selling your home. If the above tips are followed, things will flow a lot smoother than you might expect and will produce a happy buyer and a happy seller. For inquiries on how to effectively negotiate your selling and bidding price, visit Sarah Miller, the leading real estate provider for all your Bryan/College Station rela estate services.If you have questions about the real estate market in Bryan College Station or about buying or selling a home in Aggieland, please contact me, YOUR College Station Realtor! Sarah Miller RE/MAX Bryan College Station http://www.sarahmillerinc.com 979-255-1904

Preparing Your Home For Show

Sarah Miller (Sarah Miller - RE/MAX Bryan College Station ) — Fri, 13 Jul 2012 01:52:11 -0700

When you decide it is time to sell your home, it is imperative that you cover all bases adequately. Your home should be in excellent condition and ready to be shown to potential buyers. It is not difficult to prepare your home for show but it does require proper planning and a little bit of work on your part to ensure success. The outside of your home is the first thing potential buyers will see so it is very important to make sure it is clean and attractive. “Curb appeal,” or the way your home looks from the outside, is what attracts potential buyers so if you spruce it up a bit, they will want to view the inside of home. A neatly manicured and well-kept lawn implicitly signifies a well maintained home. You should make a weekly habit of cutting your lawn while your home is on display for sale. Be sure to rake leaves and to sweep the sidewalks on the weekends when your house is to be shown. If you have shrubs and or trees, remove debris and dead limbs to make them more presentable. It is a nice touch to plant extra flowers for color or to add potted flowers to lighten up the landscaping. If fences are in ill repair or need work, repair them and touch them up with stain or with paint. Put away lawn equipment, children’s’ toys, and any other outdoor items. Keep large pets with neighbors so they do not interfere with the showing of your home. The inside of your home is next on the list to make presentable for showing. It has been proven that people buy homes that appear spacious, clean, and solid. Dark colors and clutter turn off most buyers, this means you must get rid of everything that you can possibly live without. A good rule of thumb is this, if you cannot see your baseboard, the room is probably very cluttered. To get rid of unnecessary things you may have, you may donate them to a charity or have a garage sale. The larger items that you must keep can be placed in storage. If you will be painting your interior, use white or an off-white paint. You should also replace your light bulbs with brighter, higher wattage bulbs. Again, the look you are going for is bright and spacious. Be sure to clean everything thoroughly including carpets and mirrored surfaces. Clean the oven and all appliances and be sure to polish any chrome fixtures. Be especially particular about ridding your home of any odors such as from smoke or from pets. Fix any loose doorknobs, repair any broken windowpanes or leaky windowsills. Be sure any light fixtures are secure and in good repair. Also, be sure to repair any leaky pipes and to reapply caulk as needed. These general tips will get you started on preparing your home for show. It is a good practice to view the home as though you are the buyer and to be particularly hard on yourself so a potential buyer won’t have to be. If you are worried that you may overlook something, it won’t hurt to get a friend or neighbor to do a walk thru of the home and to critique your efforts. This will ensure a complete and thorough preparation and will boost the appeal of your home. For other tips on marketing your home for sale, please contact Sarah Miller If you have questions about the real estate market in Bryan College Station or about buying or selling a home in Aggieland, please contact me, YOUR College Station Realtor! Sarah Miller RE/MAX Bryan College Station http://www.sarahmillerinc.com 979-255-1904

1504 E. 31ST ST BRYAN, TX 77802

Sarah Miller (Sarah Miller - RE/MAX Bryan College Station ) — Wed, 20 Jun 2012 03:26:13 -0700

If you have questions about the real estate market in Bryan College Station or about buying or selling a home in Aggieland, please contact me, YOUR College Station Realtor! Sarah Miller RE/MAX Bryan College Station http://www.sarahmillerinc.com 979-255-1904

3306 HWY. 36 SOUTH MILANO, TX 76556

Sarah Miller (Sarah Miller - RE/MAX Bryan College Station ) — Wed, 20 Jun 2012 03:22:18 -0700

3602 PARK MEADOW LN BRYAN, TX 77802

Sarah Miller (Sarah Miller - RE/MAX Bryan College Station ) — Wed, 20 Jun 2012 03:19:52 -0700

3603 DORCHESTER CT BRYAN, TX 77802

Sarah Miller (Sarah Miller - RE/MAX Bryan College Station ) — Wed, 20 Jun 2012 03:17:01 -0700

17288 INDIAN LAKES DR COLLEGE STATION, TX 77845

Sarah Miller (Sarah Miller - RE/MAX Bryan College Station ) — Wed, 20 Jun 2012 03:11:27 -0700

Six Things You Shouldn’t Do Before Purchasing A Home

Sarah Miller (Sarah Miller - RE/MAX Bryan College Station ) — Thu, 14 Jun 2012 02:04:51 -0700

Six Things You Shouldn’t Do Before Purchasing A Home Just because you’re buying a home doesn’t mean that life has to stop, or does it? You never know what affect actions you take today will have on the mortgage you apply for in three or even six months. Even something as simple as transferring money from your savings to your checking account can create hassle in the mortgage process. Read on to find out what things you should avoid doing before buying a home. Purchase a Car. Many people are inclined to improve their social standing by purchasing a car and buying a home at the same time. There’s nothing wrong with that. Purchasing the car before buying a home will have an effect on what the mortgage lender determines you can afford for a home. Since a car is such a big ticket item, it can greatly raise your debt-to-income ratio, which lenders use to determine how much of a mortgage you can afford. Ultimately, the car purchase will decrease the amount you can afford to pay for a home. Move Money Between Accounts. When the lender does the work to determine your eligibility for a loan, they will request statements from all of your accounts that contain liquid assets. When you move money around between these amounts, especially if they are large amounts, you will have withdrawals in some and deposits in others. The lender will request the documentation for these. Unless you want to keep up with all this paperwork, it’s much easier to leave the money where it is until after you have completed buying a home. Change Banks. This can easily be coupled with moving money between accounts. It just creates additional paperwork for you and the lender. To make it easier on yourself and the lender, stay with your current bank until the mortgage is complete. Become Self-Employed or change jobs if you are employed part-time. Either of these could have a negative affect on your mortgage approval. In most cases, lenders want to see at least two years of self-employment they will approve you for a loan. Wait until after buying a home to become self-employed. For part-time workers changing jobs creates unpredictability in the number of hours that you will work from one week to the next. As such, the lender cannot determine your gross income to qualify you for a loan. Stay with your current job until you have the loan, then change. Apply For a Credit Card. Even though the inquiry won’t hurt your credit too badly if you already have a good credit score, the additional credit card will cause the lender to question your financial stability for buying a home. Make a Large Purchase. Of course you are going to need furniture when buying a home. Resist the urge to purchases a new sofa set until after you have obtained the mortgage. Big ticket items purchased before buying a home can cause the lender to take a second look at your financial situation. When you are buying a home, it is best to stay away from anything that will make it look as though you don’t your finances under control.If you have questions about the real estate market in Bryan College Station or about buying or selling a home in Aggieland, please contact me, YOUR College Station Realtor! Sarah Miller RE/MAX Bryan College Station http://www.sarahmillerinc.com 979-255-1904