Real Estate Information Archive

• The listing photos and layout have you wanting to see it in person as soon as possible! When the photos appeal to you in some way and the layout is to your liking, it is hard not to send your agent a “Put this house at the top of my must-see list” text!  
   

• At the showing, you feel at home when you get out of your car and walk in the door. You know when you feel welcome in a house when you go inside, much like when you visit someone’s home for the first time.  
   

• As you go from room to room, you can see your belongings in each, and know exactly how you would arrange them.  The outside matters as well, and envisioning your kids playing in the back garden, or wanting to refurbish the flowerbeds are sure signs of the house being the right one.
   

• Your house-hunting day has ended, and that one property seems to be calling your name, but minor things (like having to remove wallpaper or carpet) have you questioning if that is the house for you. When you are truly smitten, being concerned about a few flaws and having to put in some work once you move in could cost you the perfect home. 
   

• When the showing is over, and you pause on the outside of the door and have no desire to look at any other houses, it is time to talk to your agent about making an offer. 
   

• Does the house fit your needs? All the warm fuzzies do not count unless the house has the right amount of space, is in a great community, and, most importantly, within your budget. 

Your agent will schedule a time meet at your new house, usually after the seller has moved out and before or on closing day. 
 

• What should you have on hand with you?  

• - the final contract with all the specifics about the sale 

• - home inspection report 

• - any written agreements between seller and buyer 

• - a notepad and pen 

• - a camera or use your smartphone camera 

• - a nightlight to test electrical outlets 
   

• Inside the house, everything should be in perfect working order: 

• - Turn on every light switch and check every outlet. 

• - Check the faucets in the kitchen, bathrooms, outdoor spigots, utility room, and any other room there is running water by turning on each one. Flush all toilets as well. All toilets should flush completely, and drains should flow freely. 

• - Inspect every area where agreed repairs should have been made. If there have been extensive fixes made, you may want to shell a bit extra out of your wallet to have someone with you that can be certain the job was done correctly. 

• - Inspect every appliance that is included in the sale to be sure it is running properly. 

• - Open and close all doors, windows, cabinets, and drawers. 

• - Pay careful attention to carpets and floorcoverings, every floor and wall for weakness, cracks, mold, mildew and do not forget to look for signs of pests. 

• - Turn the climate control off and on, and check heat as well as air conditioning. 
   

• Outside inspection: 

• - roof, gutters, shutters, or any other structural issues 

• - garage doors functioning properly 

• - debris or trash left by the seller 

• - lawns and landscaping should at least be trim and neat 

• Before you move, think about how you want to set up and decorate your new home.  Here are a few factors you can focus on: 

• - If you love the layout of your current home, do the same in your new house as closely as you can.  Use the same furniture placement, arrange your focal wall close to what you are familiar with, and keep your kitchen arranged as you do now. 

• - Is there something you really dislike about where you are now? Switch things up in the new house for a completely different look that you love. Paint and furniture slipcovers go a long way if a total overhaul is not in the budget. 

• - Those who thrive on change are going to have an easier time of moving to a new place.  Many go from one decorating extreme to another: farmhouse rustic to sleek and modern or from mid-century decor to a cottage style.    
   

• If it is in your plan to do any painting or other work, have that done before moving, or get it completed as soon as possible.  The longer it takes to unpack and put your personal things in place, the longer you will feel unsettled. 
   

• Getting unpacked as quickly as you can; no one feels at home having to maneuver around boxes that are stacked up around the house. If there are storage items that need to be put away, get them in the attic. Some rooms can be set up easily, such as the kitchen and eating areas, as well as bedrooms.  
   

• Forgo the take-out food after a couple of nights.  If you simply do not have time for cooking, at least seat everyone at the table with your usual dishes and silverware.  
   

• Having younger children’s rooms arranged with all their favorites will help them settle in.  Is there a family clock that chimes the hour? Get it unpacked and chiming as soon as possible.  Whatever is an “expected thing” in your home, the sooner it is in place, the more comfortable everyone will feel.
   

• No matter the season, get your landscaping and outdoor items placed where you would like them. Personalizing with a monogrammed flag, your favorite flowers (in pots, as that is easier to care for after a recent move), and outdoor furnishings. 
   

• Get into your normal routine as best you can, and if there are new jobs or places to be, go about them as you would have in your former home.  Keeping everything, you need for the everyday running of life in the same general way and area they were in before will make for some normalcy. 

• It is important to know, realistically, how much house you can afford, and start shooting for a 20% down payment of that amount.
   

• Turn your $4.50-per-day cup of coffee into $90/month in the piggy bank. Add up similar purchases, decide what you can live without, and move that money (set up automatic transfers) every day from your checking to a hands-off savings account.
   

• Put your savings egg into a nest of high-yield savings or money market account. 
   

• Sign up with your employer to deposit a portion of your pay into a down payment savings account.  Most of the time, if you do not see it, you do not miss it. 
   

• If a pay raise comes your way, save that unexpected pay:  stay on your old budget, and have the difference in old and new pay direct deposited into your down payment account. 
   

• When non-salary payments such as bonuses or even a tax refund come in, sock them away and give your savings a boost. 
   

• Did you know that family members can gift money towards your down payment? Make certain you document these gifts correctly for your lender and the IRS.  Mortgage Reports shares more information about down payment gifts. 
   

• A part-time job may provide enough each week to add to your down payment savings. Your well-being is important, however, so do not go into a second job unless you are certain it will be a benefit. 
   

• If you have investments in stocks or bonds, plan on liquidating those assets when the time comes to purchase your house.  Make sure you document these sales. 
   

• You can always borrow from your 401k or IRA, but make sure you will not have to pay penalties.  Talk with your account holder before making any withdrawals. 

• While your new house has had a thorough inspection, you may want to go through that list and begin planning for items the inspector may have noted would need repair soon. Get estimates for the fixes and begin saving now. 
   

• Assuming the former owner kept everything in tip-top shape and not performing your own monthly or seasonal inspection is never a good idea. Print this handy checklist, and use it for DIY inspection and maintenance so you stay a few steps ahead of a major repair need. 
   

• Beginning any major work as soon as the moving truck leaves the driveway may be too soon!  Live in the home for a while and learn its quirks and possible trouble spots before drawing plans and hiring a contractor.  Finding an unforeseen issue with the house after work has begun can cause more financial burden. 
   

• Renovation television shows make DIY tempting, to say the least.  If you have no experience in a major remodel, leave it to the pros.  Paying the right person to do the job could save you thousands in “mistake” money. 
   

• A total overhaul of your decor as soon as you move in can put a dent in your wallet. Personalizing your home is best done room-by-room or whatever is easiest on your budget. Living space furniture with new slipcovers, new stylish pillows, and a fresh coat of paint on the walls should satisfy anyone who is itching to make their home “theirs.” 
   

• Probably the furthest thing from new homeowners’ minds is their future tax returns, but not keeping receipts and all other financial forms related to your home purchase could hurt come tax time. Consider hiring an accountant or tax preparer when the time comes. 

• - Being pre-approved before you start house hunting is best, and a buyer agent will recommend a lender that will help you begin.  Once you have a mortgage amount, you will know how much home you can afford. 
   

• - Realtors® have thousands of property listings at their fingertips! Once you let them know what you are looking for, they comb through those listings and find homes that fit your needs and wants. 
   

• - Do you have any idea how to do the research for writing a successful offer on a house or negotiate counter offers you might receive? Your buyer agent certainly does and can save a lot of stress on your part, especially in the case of a bidding battle.   
   

• - Your agent will schedule and attend an inspection of the house and will help handle negotiations with the seller to have the necessary repairs performed, have the seller reduce the sale price, or make concessions at closing. 
   

• - As exciting as the closing is, it can cause some anxiety, but your Realtor® will have prepared you for what is to come and make sure all of your necessary paperwork and other applicable things are ready. 

• - A listing agent will spend a good deal of time making sure your home is priced comparably to homes in your area by analyzing recent sales of similar homes.  Setting either too high or low can deter potential buyers.
   

• - Not only does the agent prepare and post the property on the MLS (Multiple Listing Service), they will create a page on their website specifically for your listing, video or 3D tours, and market your home to reach as many house hunters as possible. 
   

• - Your Realtor® will work diligently to get the best price for your home. Many agents will even go so far as to attend the appraisal and the inspection, warding off any misunderstandings about the findings in each. 
   

• - During any repair requests, your agent will be able to discern what is your responsibility, and what is an unnecessary request by the buyer.  Knowing the difference could save the seller thousands of dollars. 
   

• - While your house is on the market, you need to know everything that happens behind the scenes, and a reputable agent will stay connected to you, whether it be by phone or in person. Communication is vital to your home’s sale.  

• First things first, change all locks on the house, including the garage door and any outbuildings. 
   

• Painting interior walls would be finished sooner if done before getting boxes and furniture in the house. 
   

• Most sellers are required to leave the house and property clean as a whistle, but doing a deep clean on your own or hiring a pro to do the job will make you feel better, knowing it was done.  Have hard surfaces steam-cleaned to ensure that as much dirt, grease, and germs have been blasted away.  
   

• Any flooring projects you would like done would go more smoothly if completed before living there.   
   

• Have a look at electrical outlets in each room and add or move them as needed. Consider upgrading outlets to include USB plugs as well, making it more convenient to charge your gadgets. 
   

• Call an HVAC repair person and have the AC unit thoroughly cleaned and ask if they offer a service plan so that you do not have to schedule this twice per year. 
   

• If getting new toilets is not possible, at least purchase and install new seats.  In case the bolts are stubborn, The Family Handyman offers some help in getting the old seat off. 
   

• The security system should be up and running before moving, so check any existing installations and decide to upgrade or not. Get the internet connection established so you can test everything so it will be ready when you bring your belongings. 

• - Most foreclosures have been unoccupied for several months and will surely be affected by that. You will need to be willing to put in some work and some cash to bring it up to code/living conditions. 
   

• - If the house is on the auction block, you will likely need the full purchase amount in cash, as the lender or bank is looking to recoup as much from the defaulted loan as they can. They do not allow time for financing to take place. 
   

• - Some states allow redemption to the homeowner, and HUD defines this as “...a period after [the] home has already been sold at a foreclosure sale when [a homeowner] can still reclaim [their] home.”  
   

• - Because a foreclosed property is sold “as is,” you will not receive any disclosures, meaning, a home inspection is a must!  Depending on who owns the property will make a difference in how much time you must complete the inspection.   
   

• - On the other hand, if the property is REO (real estate owned), you will be able to go through the home-buying process in the usual way and have time to secure financing for your purchase. 
   

• - An REO will be sold as-is just like an auctioned house, and all repairs will have to be done by the new owner--there are no repair requests or contingencies granted. 
   

• - For buyers that are new to the foreclosure-purchase game, going through a bank to buy the property is your best bet versus auctions. Once you gain some experience in the process, try your hand at auctions. 
   

• - For any distressed property, make sure you have a title search performed. Buying a foreclosure takes long enough, and you want to make certain you will not run into any roadblocks. 
   

• Write a list of needs and wants for your future home, beginning with size, the number of rooms, type of neighborhood, size of the yard, garage, or no garage, etc. Be realistic, as there is only so much house you can afford. Set a price range, and stick to it. 
   

• Create an income/expenses list, or use this handy budget calculator so you may see exactly where your money is going.  If there is little left of your paycheck at the end of the equation, it is time to begin eliminating unnecessary purchases so you can start saving. 
   

• Start paying off any debt you currently have credit cards, car loans, or personal loans. Eliminating these balances will reduce your debt-to-income ratio, and will show lenders you’re serious about paying for a home. 
   

• Once you start paying off debt, start depositing the amount of those payments into a savings account. Not only do you need to save towards the payment, but you’ll also have other costs for buying a home: appraisal, home inspections, and other fees may or may not be added to the closing costs. 
   

• Some people that live on low incomes may feel like homeownership is a pipe dream, but that is not true. Many government-backed agencies will assist those with limited incomes buy a home: 

• - Federal Housing Administration offers loans with low down payments (3.5%). 

• - USDA  helps low-income families in rural areas with purchasing a home with no down payment. 

• - VA loans assist veterans with home-buying, as well as home repair.