Key Real Estate Terms To Know When Buying And Selling

Buying or selling a home can sometimes feel complicated because of unfamiliar terminology being used by experts in the field. Learning a few keys terms before you get fully involved in the process will allow you to feel knowledgeable and capable of handling the task of buying and selling a home.

As-is

A property marketed in as-is condition usually means the seller is unwilling to perform most, if not all, repairs and often indicates that no warranty or certification is being provided. This term often implies that the property is in less than optimal condition.

Conventional sale

A conventional sale is when the property is owned outright (has no mortgage remaining) or the owner owes less on their mortgage than what the market indicates the owner could sell their property for. Conventional sales are often smoother transactions than non-conventional sales, such as foreclosures or short sales.

Days on market (DOM)

DOM is defined as the number of days from the date on which the property is listed for sale on the local real estate brokers’ multiple listing service (MLS) to the date when the seller has signed a contract for the sale of the property. A low average DOM indicates a market that favors sellers. A high average DOM signals a market that favors buyers.

Mortgage pre-approval letter

A mortgage pre-approval letter is issued by the lender and identifies the terms, loan type and loan amount the buyer qualifies for. Getting a mortgage pre-approval letter is important because it gives home buyers an idea of what they can afford.

Purchase and sale agreement (PSA)

A purchase and sale agreement is a written contract between the buyer and seller which outlines the terms to sell and purchase property. When a home is said to be under contract, it usually means that the buyer and seller have formalized their commitment to sell and purchase property.

Title search

A title search examines public records for the history of the home including sales, purchases, taxes and other types of liens. A title examiner will conduct a search using title plants and county records to see who is listed as the record owner of the property.

While these are just a few terms that you may come across during the process of buying or selling a home, working with a Mel Foster Co. agent will guarantee an expert is handling your business.

Find a Mel Foster Co. agent today.

How To Work From Home Like A Pro

Many of us were thrust into working from home with little time to prepare an office space or think of how we’d even manage this new challenge. With a few days under our belts, some of the honeymoon stage and novelty has worn off. Now we’re struggling with new aches and pains from not having a proper desk and chair and falling behind on our work.

An expert with over 15 years of experience working from a home office shares her best tips to help you transition.

Keep to your regular morning routine and work schedule. No sleeping in. People are counting on you to be available. Be a team player.

Get dressed every day. Don’t just change into a clean pair of pajamas. A full suit isn’t necessary, but dressing for work tells your brain it’s time to work.

Make a desk. Even if it’s the kitchen table or the top of your dresser, you need a dedicated place. Even better if it’s a space with a door or an area where you can block out distractions. If you are working in the kitchen or a common area, put your work and laptop away each night to give you a mental and visual break from work. Try and keep work and home separate.

Take breaks to walk around. It’s easy for a few hours to slip by and realize you haven’t gotten out of your chair. In the office, you’re always getting up to grab something from the printer or chat with your co-workers.

Remember you are working. This is not the time to throw a quick load of laundry into the washer. Or the time to be checking Facebook constantly since nobody is really watching you. Treat your daytime working hours as work hours so you can stay focused and caught up with your work.

Stop at your normal quitting time. The work will be there tomorrow. Get outside. Play with your kids or pets. While you are on home quarantine, it’s vital to change up your scenery and step away from your new home office. It’s also helpful to announce to your family that you are “home from work” so everybody knows it’s family or personal time and no longer the workday.

Talk to somebody every day. If you’re working from home alone all day, or in separate quarters from your spouse, pick up the phone to hear another human’s voice. Don’t rely just on texting or email to communicate. Human interaction is so important, now more than ever.

Mel Foster Co. Challenges Community to #RISEUP

Mel Foster Co. launched a Rise Up challenge today across its company’s divisions and is inviting the community to join the effort through social media to share positive messages of hope, courage and kindness. The goal is to highlight all of the good things that are happening in our community as we navigate this uncertain time together.

To kick-start the challenge, Mel Foster Co. is picking two winners daily through April 10 who will receive gift cards from local businesses. Entering is easy:

Use #riseup and tag Mel Foster Co. (@melfostercoinc) when you post a positive message on social media.

You can #riseup in many ways to inspire hope and bring joy to others:

  • Post any kind of positive message, video, act of kindness, etc. with #riseup
  • Order carry out/delivery from a local restaurant and post a picture
  • Work with your kids/grandkids to write notes to healthcare workers
  • Make a donation to a disaster relief fund
  • Give blood if you are able
  • Post ideas of positive things people can do while they are at home
  • Send a surprise to someone who may be lonely
  • Check in with a family member/friend who may be feeling anxious during this time
  • Get outside with your kids/grandkids to write positive messages in chalk on your driveway
  • Anything you are doing to send positive thoughts and messages to help our community qualifies (of course while following the CDC guidelines for safe interactions and social distancing)

Best Practices for Staying Healthy From the CDC

With the spread of COVID-19 in full swing, the Center for Disease Control (CDC) has set some guidelines and tips for staying healthy during this pandemic. During this unpredictable outbreak, it is important that we follow these practices, not only to keep yourself healthy, but for the safety and health of others.

Understand How COVID-19 Spreads

  • The best way to prevent illness is to avoid being exposed to this virus.
  • There is currently no vaccine to prevent coronavirus.
  • The virus is thought to spread mainly from person-to-person either between close contact of less than six feet or through respiratory droplets produced when an infected person coughs or sneezes.

Practice Social Distancing

  • All non-essential workers should stay home. Talk to your employer about working remotely.
  • Avoid close contact with others, especially those who are sick, keeping a distance of about six feet.
  • Put distance between yourself and other people if COVID-19 is spreading in your community. This is especially important for people who are at higher risk of getting very sick.

Keep Your Hands Clean

  • Wash your hands often with soap and water for at least 20 seconds, especially after you have been in a public place, or after blowing your nose, coughing or sneezing.
  • If soap and water are not readily available, use a hand sanitizer that contains at least 60 percent alcohol.
  • Avoid touching your eyes, nose and mouth with unwashed hands.

Clean and Disinfect

  • Wipe down frequently touched surfaces, including tables, doorknobs, light switches, countertops, handles, desks, phones, keyboards, toilets, faucets and sinks, with EPA-registered household disinfectants.
  • If surfaces are dirty, clean them with detergent or soap and water prior to disinfection.

Cover Coughs and Sneezes

  • Cover your mouth and nose with a tissue when you cough or sneeze or use the inside of your elbow.
  • Remember to always throw used tissues in the trash.
  • Immediately after coughing or sneezing, wash your hands with soap and water or clean your hands with a hand sanitizer.

If You Feel Sick…

  • Stay home if you are sick, except to get medical care.
  • Stay in touch with your doctor. Call ahead before you visit. They will advise you of whether or not to leave your home and get tested.
  • For those who feel sick or who have been diagnosed with COVID-19, wear a facemask when and if you are around people and before you enter a healthcare provider’s office.
  • Avoid public transportation, ride-sharing and taxis.
  • If you live with family members or roommates, stay in a specific “sick room” and use a separate bathroom, if available.
  • Avoid sharing household items with others, such as dishes, cups, utensils, towels and bedding.

Understanding how to care for yourself, and others, through this pandemic is extremely important. By following these health practices, you will significantly lessen your chance of getting coronavirus or spreading it to others, especially those with preexisting conditions and the elderly. Refer to the CDC for further information on how to stay healthy.

Source: CDC

Spring Cleaning, Purging And Donating

Spring is the perfect time to purge your excess at home so you can make way for a spring deep clean. Determining where to start this process is the key to success. And what will you do once you have sorted your things into piles or bags? Consider some easy advice regarding ways to address your extra that help both you and others in need.

How Clean Is Clean Enough?

Spring cleaning can feel daunting if your goal is to have a truly spotless space. First, determine what being clean means to you. Do you need to remove clutter of large items you no longer use, like the bargain table that you’ve been meaning to refinish for four years? Does clean mean clearing out closets and cupboards? Or does clean mean rearranging furniture and washing down all the spots left untouched over the winter? Establish what your top priority is so you can get to work on projects that will produce results.

Purging Your Excess

Tackling your bedroom closet or your basement storage can feel overwhelming. Carve out time for the family to work together on the sorting, as more hands make light work. Gather up your children’s seasonal items that no longer fit and try selling items on swap sites for a little extra cash. It may be time for the couch passed down from Grandma Angie to find a new home. Set a time limit for sifting through your items so the purging feels manageable.

Spring Cleaning Checklist

For those of you who believe that clean means clearing away the dust and grime that settled over the months your home has been closed up, the checklist below provides simple tasks that quickly freshen up any space:

  • Wash baseboards, windowsills and door frames.
  • Dust blinds and clean window coverings.
  • Wash windows inside and out.
  • Dust overhead lights and replace light bulbs.
  • Dust and/or vacuum light fixtures and lamp shades.

What and Where to Donate?

Local and regional charities collect and redistribute gently used donated items like house wares, furniture and clothing. Many charities won’t sell donated mattresses, but they will accept mattresses to reuse or they will recycle them for you. Places that typically accept mattresses are Habitat for Humanity, homeless shelters and most non-profits. It’s always best to call ahead to confirm what donations are allowed and what the organization’s drop off hours are. Don’t forget to ask for a donation document confirming the value of your contribution that you can use as a write off on taxes.

Find more tips for homeowners at www.melfostercoblog.com

Mel Foster Co. Response to COVID-19

The health and safety of our clients, customers, associates, employees, and surrounding community members remains the highest priority to Mel Foster Co.  In keeping with the recommendations by the CDC to limit in-person contact because of the COVID-19 pandemic, beginning March 20, 2020 our lobbies will be closed in an effort to reduce the person to person contact.

Mel Foster Co. will continue to provide service to its clients by appointment only.  Please contact us by phone or through our website www.melfosterco.com.

Thank you for your understanding and patience as we work together to safeguard the health of our communities.

March Events

Looking for a few things to do this month.  There’s something for everyone.

St. Patrick’s Day Weekend Bash at the Mississippi Valley Fair Grounds

March 13-14

St. Patrick Society Grand Parade starting in Rock Island and ending in Davenport

Saturday, March 14 at 11:30am

One Night of Queen at the TaxSlayer Center

Wednesday, March 18 at 7:30pm

Trebuchet Saturday at the Family Museum in Bettendorf

Saturday, March 21 at 10am

Harlem Globetrotters at the TaxSlayer Center

Sunday, March 22 at 2pm

Flashlight Tag Tween Night at Kewanee YMCA

Friday, March 20 at 7pm

Paw Patrol Family Night at the Discovery Depot in Galesburg

Friday, March 27 at 5:30pm

Dueling Pianos at Wild Rose Casino & Resort Clinton

Friday, March 27 at 6pm


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