Not So Fast…Five Things To Check Before Writing An Offer.

Do they work?
Do they work?

You’re in love. The house seems perfect and you almost don’t want to know if it’s not. But before you blindly make an offer, be sure to check these five things.

Assess the grounds

Even if it’s cold and snowy, do a thorough walk around of the yard checking for drainage issues, major concrete shifts or cracks in the foundation.

Open every door and window

Check the locks, evaluate the operation and make sure every door and window opens and closes properly. Also check for any cracked glass that may be hidden behind window treatments.

Turn on every appliance

Be sure to check the stove, refrigerator and dishwasher in the kitchen and don’t forget the washer and dryer if you are asking for those items to be left for you. Also run both the furnace and central air to be sure the systems are functioning properly.

Check the water

Turn on each faucet and check for water pressure and leaks. Also flush every toilet. Be sure to check outdoor faucets.

Turn on the lights

Every interior and exterior light should be turned on. Also test the speed of ceiling fans and check the fan in the bathroom and the vent hood above the stove. If a light is not functioning, determine if it’s a burned out bulb or an electrical issue.

Doing this quick checklist will uncover major issues, before you write up an offer or schedule a home inspection. For added peace of mind after you move in, consider purchasing a Mel Foster Co. Advantage Home Warranty Plan.

For more information on The Mel Foster Co. Advantage Home Warranty Plan, contact one of our experienced professionals.

Search Listings From Your Warm Car.

Find homes with the Foster Finder
Mel Foster App

Searching for a home can be a real drag in the winter. It’s cold, snowy and just not fun. If you are looking to buy, you can use Mel Foster Co.’s free app, Foster Finder, to search with your smart phone without leaving your warm car. Your phone’s camera and GPS technology show all homes for sale around you. All you need to do is drive to the neighborhood where you to live. It goes without saying, you shouldn’t be the one driving while you’re using the cool app.

You can download the free app for either iPhone® or AndroidTM devices. Just go to your phone’s app store or find the links by clicking here. Install and launch the app. Click on Foster Finder at the bottom right of your screen and see all homes for sale, from every listing company, right on your screen.

The Foster Finder is a great mobile tool when you have a target neighborhood but aren’t sure what’s for sale. Just drive to your desired location and use the app to show you the listings. It’s cool and saves you a ton of time.

Want to be closer to your kid’s school? Head over there and use Foster Finder to uncover all of the listings. You can do the same from work or your favorite hang out or restaurant.

Using Foster Finder is the smart and easy way to search for homes in every season.

Which Loan Is Right For Me?

It’s important to select the right type of mortgage for your financial situation, but understanding your options can be difficult. Your Mel Foster Co. agent  <link to find an agent> is your resource for proving information so you are able to make a knowledgeable decision regarding a mortgage. This quick list explains the top three most popular loan types.

1. Fixed-interest Mortgage

A fixed-interest mortgage is a type of loan that has a set interest rate. Most fixed mortgages are usually 10, 15, 20, or 30 years. The most common length of time is 30 years, as it provides the lowest monthly payment for homeowners. Keep in mind that most of the first few years of the payment are heavily focused on the interest that will be paid off, and very little actually goes towards the principal. You can determine your monthly payment for a fixed-interest mortgage with the Mel Foster Co. monthly payment calculator. 

2. Adjustable-rate Mortgage

An adjustable-rate mortgage or ARM is a loan with a variable interest rate. The interest rate will change after a designated period of time, determined by the lender. As a borrower, you may benefit if the interest rate is lowered, but you will also be exposed to potentially higher interest rates. The interest rate will remain steady for an agreed upon time, and won’t change until the next adjustment period. These types of mortgages are easier to obtain in situations when a fixed-interest mortgage isn’t an option. 

3. Interest-only Loan

An interest-only loan focuses on paying only the interest first. An example would be a 5-year fixed-30 mortgage. This means that for the first five years, you are only paying the interest, and not contributing any money towards the principal. The interest rate is fixed, but may change after five years. Once the five years is up, you begin to pay interest along with the principal cost. This will increase your payments significantly, even if the interest rate doesn’t change. This option is meant for someone who believes that they will earn more money in the future, or currently has their money tied up somewhere else. Just always remember to save your money for after the initial five years.

Which loan is right for you?
Which loan is right for you?

Why You Need A Real Estate Guru.

Are you in the market to buy or sell a home? It is important that you consider working with a licensed Real Estate Professional in order to save yourself time, money, and hassle. There can be a lot of confusion and guesswork when you are out there navigating the market on your own. Here are a few reasons why it’s in your best interest to work with a Real Estate Professional.

Negotiations

From the appraiser, to the home inspector, to the buyer, there are nearly a dozen people that you will have to answer to while selling your home. Let an agent do this busywork for you. Negotiating effectively can mean thousands more saved or earned.

Paperwork

Let an agent with experience navigate and prepare the documents needed when closing on a transaction. Missing something here or there can cost you time and money. Also, each state has different regulations surrounding the purchase or sale of a home. A Real Estate Professional has the experience needed to guide you through.

What Is Your Home Worth?

Pricing your home correctly will attract the right buyer and make sure it isn’t on the market for too long. However, you need the eyes of someone not emotionally attached to your home, to ensure the true value is assessed. The National Association of REALTORS found that, “the typical FSBO home sold for $184,000 compared to $230,000 among agent-assisted home sales.”

Value of an Agent
Value of an Agent

Three Reasons to List Your House Today.

With the welcome change in the weather, now is the time to put your home on the market. As a potential seller, you may have several reservations keeping you from taking the plunge. There are a few very compelling reasons why you should consider selling your home this spring rather than waiting.

1. Now is the time for an upgrade

If you are considering an upgrade to a larger or more expensive home, now is the perfect time to make your move. Prices are forecasted to appreciate by 4% by the end of this year, and nearly double that by the end of 2015. If you wait, your move could end up costing you more. Making a move this spring is going to get you more home for your money.

2. Competition

Housing inventory always grows steadily starting in spring and through the summer. Homeowners are also starting to see a return to positive equity in their homes as prices rise. Over time that is only going to increase, meaning more homes will be coming to market. Putting your home up for sale this spring will give you a jump-start and help you stand out to early bird buyers.

3. Demand

Buyers know that more homes become available during the spring and summer months. Nobody likes to move in the winter and parents don’t like to disrupt their children’s school year. Buyers wanting to move this summer are looking for a new home now! Don’t miss out on a potential buyer by waiting too long to list your home. Strike while the iron is hot and reap the benefits of listing your home this spring when most buyers are on the house hunt.

Why List your House Today?
Why List your House Today?

Four Things To Tell Your Agent

Four things to tell your agent.
What to tell your agent.

Selling your home can be a complex process. How will you get the correct paperwork taken care of? Who will handle showings to potential buyers? A professional real estate agent can help ease your burden, and solve the majority of challenges you might face. However, when hiring an agent, it is important that you find a good match, and work with someone who will fit best with your unique situation. As a good rule of thumb, the following are four things you should feel comfortable expressing to your agent.

Negotiations

It is extremely important that your agent be equipped to handle any and all challenges that may come your way. The ability to negotiate is crucial. Let your agent know that you expect he or she to be aggressive and firm when negotiating with potential buyers or their agents.

Relocation

Your agent should be able and willing to help you with the moving process. Being without a roof over your head is not acceptable, and paying two mortgages may not be either. Ensuring that your agent can coordinate the closing of your current home with the closing of your new home simultaneously is key. Mel Foster Co. has an award-winning relocation department that can support your agent and provide you with the tools to make a smooth transition to your new city.

Timetable

Will your move into a new home revolve around the start of a new job or school year? Planning a move this structured can be mentally and emotionally draining. It is imperative your agent understands your time constraints and can work within your needed parameters. Be up front about your timing concerns and share this information with your agent before you agree to go under contract.

Sell My House!

You hired your agent to sell your home so you can focus on the changes you are undergoing, which prompted your move in the first place. It is ok to remind your agent of these motivations. Set your expectations with your agent appropriately and this could be one of the best working relationships you will ever encounter.

Holiday Hosting When You’re On The Market.

Your timing couldn’t be worse. Your house is ready to go up for sale on the market and it’s your turn to host the relatives for the holidays. How can you keep your home open house ready while still creating a festive holiday atmosphere?

Keep The Weekends Open

You can still cook that delicious turkey and host your family on Thanksgiving, but leave your weekend free so you can host an open house. If your out of town guests will be staying over a weekend, plan an activity that gets everybody out of your house during the weekend afternoons. With Christmas on a Wednesday this year, that following weekend might be prime for an open house.

Ask For Clean Up Help

Your family and guests know your home is on the market, so don’t be afraid to ask for a little extra help cleaning. Close family members will have no problem stripping their bed before they leave your home or helping you mop the floors after the festivities have wrapped up.

Scale Back The Decorating

If you typically go all out and have a tree in every room, this is the year to just put up one tree. Some of your favorite decorations might not make the cut either. Think elegant and sophisticated with your decorating. Not every light, ornament and strand of tinsel needs to be on your tree. Next year, in your new home, you can go Christmas crazy again with your decorating.

Confine The Decorations

Consider decorating just a single room for the holidays instead of bringing the celebration to the kitchen, the powder room and all of the bedrooms. Less is more when your house is being shown during an open house. Holiday décor is very taste specific and it can be hard for a buyer to envision their things in your home if it’s a winter wonderland in every room.

Five Smooth Moves

Summer is the season for moving and your kids probably don’t want to leave their friends at the height of their summer vacation. But settling into your new home before the school year begins will help your kids make a smoother transition.

Follow these five tips to make moving easier on your kids and you:

1. Communicate. Let kids know what is happening now and what will happen next. Stay positive and repeat often the advantages of moving.

2. Introduce your child to their new community online and show them as much as you can about their new neighborhood, school, parks and home. If your new city is close, make an event of driving there and spending time exploring as a family.

3. Keep to a normal routine as much as possible. This will help the kids feel secure and safe.

4. Keep children occupied by letting them pack a box or two of their special things. Give them input on a new paint color and décor for their new bedroom.

5. Most kids will want to take part in busy moving day activities, and you should allow them to do so. Your preparedness will go a long way in reassuring your children that their needs are being considered, even while big changes are happening around them.

Need more help making the move smooth for your family? Mel Foster Co. Relocation has children in mind with special customized kits for your children whatever their age. Request your free kit at relocation@melfosterco.com.

Wanted: Your Home

Now is an ideal time to list your home for sale because there are many buyers, but not enough homes for sale. This means you can get a higher selling price now that the market is in the seller’s favor.

Interest rates are still low which encourages homeowners to move. More competition is always good for sellers who may be in a position to review multiple offers. Sometimes a bidding war can break out, driving the final sales price up higher than the listing price.

According to James D. Shilling from DePaul University’s Institute for Housing Studies, the seller’s market is driving home prices up higher. This helps homeowners with negative or low equity to make more money from a sale and eases the burden of being upside down on their home. This gives the seller a chance to enter the market as a buyer when interest rates are near record lows.

Shilling predicts rates will stay low through 2013 and most likely into 2014. But the interest rates won’t stay low forever. When rates do rise, homeowners won’t want to sell their homes and lock into a new, higher interest rate. This shift means fewer buyers and lower offer prices for your home.

It’s a sweet time to be a seller. Contact a Mel Foster Co. agent about listing your home and take advantage of the market conditions.

The Pitfalls Of For Sale By Owner

Selling a house sounds easy. Take some pictures, get them on a for sale by owner website and watch the offers come in. The reality is, your home may sit on the market longer and you may price it below market value. These mistakes could cost you thousands of dollars.

Get an agent on your side when you decide to list your house. Agents and FSBO companies have different motivations. Your agent is working hard to sell your home for you and is only compensated once your home is sold. An FSBO website makes money when your home doesn’t sell and you pay for another month of listing.

Only your agent can help you determine a fair selling price based on comparable listings and sales in your neighborhood. This competitive market analysis can give you a realistic sales price. A home that is priced right will sell quickly in most situations. An FSBO site won’t offer specific information to determine how to price your home.

With an FSBO listing, you are responsible for scheduling and facilitating the open houses. It can be frustrating to watch potential buyers enter, then exit, your home in less than five minutes. They won’t stick around long enough to tell you honestly what’s keeping them from choosing your house. But an agent knows how to engage potential buyers in a meaningful dialogue that can reveal buyer concerns that might be keeping your home from selling.

Your agent also has the necessary paperwork for a buyer to make an offer. Selling you house is a transaction of many thousands of dollars. This is not the time to play agent and lawyer for yourself. Be smart when you list your home and use an agent.


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