Buying and Selling Real Estate

Knowledge and experience are the keys to successful real estate transactions.
One of the keys to making the home-buying process easier and more understandable is planning.
Ask yourself a few questions.

• Do You Know What You Want?
• Do You Have The Money?
• Is Your Financial House in Order?

Click here for more on “Are You Ready To Buy?”

Why?
Buying and selling real estate is a complex matter. At first it might seem that by checking local picture books or online sites you could quickly find the right home at the right price.
But a basic rule in real estate is that all properties are unique. No two properties — even two identical models on the same street — are precisely and exactly alike. Homes differ and so do contract terms, financing options, inspection requirements and closing costs. Also, no two transactions are alike.
In this maze of forms, financing, inspections, marketing, pricing and negotiating, it makes sense to work with professionals who know the community and much more. Like the Real Estate Professionals associated with Scott Ivey, who serve your area.
How do you choose?
In every community you’re likely to find a number of realty brokerages. Who you choose does make a difference. Simply calling someone from a yard sing is not recommended.
I am very proud of the Scott Ivey real estate team. Our agents have had extensive training and encompass years of experience. Give us a call today and let us show you that choosing the right team, makes all the difference. Call (916) 283-7956 today.

Because financing is so important, buyers should have as much information as possible regarding mortgage options and costs.
We have been working with buyers for many years and with years of experience come extensive mortgage information as well.
Important things to consider when choosing the proper financing:

• What kind of loan?
• How much down?
• How’s your credit?
• Are you a first-time buyer?
• How do you get a loan
• Where do you get a loan?

For more on this topic please visit “Funding Your New Home”

Few people can buy a home for cash. According to the National Association of REALTORS® (NAR), nearly nine out of 10 buyers finance their purchase, which means that virtually all buyers — especially first-time purchasers — required a loan.
The real issue with real estate financing is not getting a loan. Instead, the idea is to get the loan that’s right for you — the mortgage with the lowest cost and best terms.
We routinely suggest that consumers start the mortgage process well before bidding on a home. Many lenders. This is commonly referred to as getting Pre-Approved.
We also recommend pre approvals for another reason: Purchase forms often require buyers to apply for financing within a given time period, in many cases, seven to 10 days. By meeting with loan officers in advance and identifying mortgage programs, it won’t be necessary to quickly find a lender, check credit, and rush into a financing decision that may not be the best option.
What is Pre-Approval?
“Pre-approval” means you have met with a loan officer, your credit files have been reviewed and the loan officer believes you can readily qualify for a given loan amount with one or more specific mortgage programs. Based on this information, the lender will provide a pre approval letter, which shows your borrowing power.
How do you get pre-approval?
Real estate financing is available from numerous sources. When you work with our team, we will be happy to suggest a few lenders in your area that based on our experience, have a history of offering competitive programs and delivering promised rates and terms.

Millions of new and existing homes are sold each year. There’s no shortage of housing options, but with so many choices the challenge becomes finding the property which best meets your needs.
The housing market is complicated because the stock of homes for sale is always in flux. Buyers are looking at a moving target in a marketplace that is never static. Because of this, it is important to know as much as possible about your wants, needs and desires.
What are you looking for?
A home is more than just a collection of bedrooms and bathrooms.
Consider your priorities.
If you can’t get a home at your price with all the features you want, then what features are most important?
Where should you look?
All neighborhoods and communities have a special nature that gives them identity and value.
The internet has afforded us an opportunity to review millions of homes online. So how do you sift through all the clutter and find the home that is right for you?
That is where the experienced agent, such as the one you will find with the Scott Ivey team of agents, can help. By looking at listings on the basis of your specific needs, we are able to suggest properties and arrange for private showings with YOU in mind.
For more on this topic please visit “You’re Ready to Look at Homes”

There’s no doubt that choosing a home is a big decision and you want to do it right.
 
As a buyer, here’s what actually happens. A home has been placed on the market for which the seller has established an asking price as well as other terms. In effect, this is an offer. At this point, you have three choices: accept the seller’s offer and create a contract; reject it and not make an offer; or suggest different terms and make a counter-offer. If you choose this last option, the seller may accept, reject or make a counter-offer.
No aspect of the home buying process is more complex, personal or variable than bargaining between buyers and sellers. This is the point where the value of our team is clearly evident because we know the community, have seen numerous homes for sale, know local values and have spent years negotiating realty transactions.
 
Important questions to ask yourself are:

• Is it THE house?
• How do you know if a house is THE one?
• Can you really afford it?

For more on this topic please visit “Choosing the Right Home”

While much attention is spent on price, a proposal to buy includes both the price and terms. In some cases, terms can represent thousands of dollars in additional value for buyers — or additional costs. Terms are extremely important and should be carefully reviewed. Important questions to consider are:

• How much?
• How do you make an offer?
• How many inspections?

For more on this topic please visit “You’re Ready to Make An Offer”

No one would drive a car without insurance, so it figures that no homeowner should be without insurance.
The essential idea behind various forms of real estate insurance is to protect owners in the event of catastrophe. If something goes wrong, insurance can be the bargain of a lifetime.
What kind and how much?
There are various forms of insurance associated with home ownership, including these major types:

• Title insurance
• Homeowners’ insurance
• Flood insurance
• Home warranties

Insurance policies and warranties have limitations and individual programs have different levels of coverage, deductibles and costs.
For more on this topic please visit “Insurance and your new home”

The closing process, which in different parts of the country is also known as “settlement” or “escrow,” is increasingly computerized and automated. In many cases, buyers and sellers don’t need to attend a specific event; signed paperwork can be sent to the closing agent via overnight or electronic delivery.
What to expect
Settlement is a brief process where all of the necessary paperwork needed to complete the transaction is signed.
What you need to do
Before closing, buyers typically have a final opportunity to walk through the property to assure that its condition has not materially changed since the sale agreement was signed. At closing itself, all papers have been prepared by closing agents, title companies, lenders and lawyers. This paperwork reflects the sale agreement and allows all parties to the transaction to verify their interests. For instance, buyers get the title to the property, lenders have their loans recorded in the public records and state governments collect their transfer taxes.
At “close of escrow”, all monies change hands, transfer and other taxes are paid, and County records are updated. The end result is that title to the property is transferred from seller to buyer. The buyer receives the keys and the seller receives payment for the home. From the amount credited to the seller, the closing agent subtracts money to pay off the existing mortgage and other transaction costs. Deeds, loan papers, and other documents are prepared, signed and filed with local property record offices.
For more on this topic please visit “The Closing Process”

You’ve done it. You’ve looked at properties, made an offer, obtained financing and gone to closing. The home is yours. Is there any more to the home buying process?
Whether you’re a first-time buyer or a repeat buyer, there are several more steps you’ll want to take.

• Keep those papers you received at settlement.
• Moving in
• Take Pictures
• Maintain fire, theft and liability insurance..
• Lastly, enjoy your home.

We are so pleased to have experienced this wonderful journey with you. Enjoy!
For more on this topic please visit “Congratulations You’re a Home Owner”

Homeowners can lower their monthly mortgage payments and get into more stable loans at today’s low rates. And for those homeowners for whom homeownership is no longer affordable or desirable, the program can provide a way out which avoids foreclosure. Additionally, in an effort to be responsive to the needs of today’s homeowners, there are also options for unemployed homeowners and homeowners who owe more than their homes are worth.

HAMP lowers your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income to make your payments more affordable. The typical HAMP modification results in a 40 percent drop in a monthly mortgage payment. Eighteen percent of HAMP homeowners reduce their payments by $1,000 or more.

PRA was designed to help homeowners whose homes are worth significantly less than they owe by encouraging servicers and investors to reduce the amount you owe on your home.

If your first mortgage was permanently modified under HAMP SM and you have a second mortgage on the same property, you may be eligible for a modification or principal reduction on your second mortgage under 2MP. Likewise, If you have a home equity loan, HELOC, or some other second lien that is making it difficult for you to keep up with your mortgage payments, learn more about this MHA program.

If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP. HARP is designed to help you refinance into a new affordable, more stable mortgage.

If you are having a tough time making your mortgage payments because you are unemployed, you may be eligible for UP. UP provides a temporary reduction or suspension of mortgage payments for at least twelve months while you seek re-employment.

If the sale of your home is considered a short sale then my recommendation is don’t fix a thing.  As homeowners we use are accustomed to prepare and our homes in such a way as to maximize their earning potential.  Often times homeowners selling their home as a short sale did not have the resources to make repairs and doing so is not expected.

An Equity Sale is a sale of a non-distressed property where the homeowner/seller actually has some equity in it.  In this case by all means, you will want to do what ever you can to spruce up your home. For more on this subject visit my Home Sellers page by clicking here