faq's - breakdown the buying and selling process
Preparation is the Key
Getting Ready To Buy
"I believe luck is preparation meeting opportunity.
If you hadn't been prepared when the opportunity came along, you wouldn't have been lucky."
- Oprah Winfrey
You’re ready to buy or maybe you're just ready to start seriously thinking about buying. There’s a lot you can do to prepare and with so much information available at your fingertips, you may already be doing a lot of your own research. Here are a few important things to keep in mind as you begin the process.
Determine Price Range - The best place to start when considering buying a home is to find out how much house you can afford and what is comfortable for your budget. The Rock-n-RollRealtor can refer you to a loan officer, who will review your income, assets, and credit history in order to pre-approve you for a loan. The loan officer will also help to determine how much of a down payment will be needed, as well as help decide on a monthly payment you are comfortable with, and the type of loan that suits your needs best. Serious buyers, that are highly motivated, should go through the effort of getting pre-approved for a home loan; this will allow you to focus your home search and will position you as a serious buyer in the eyes of sellers when the time comes to make an offer.
Prioritize, Make a Wants and Needs List - Visualize your ideal home and community. Make a "wants and needs" list of everything you envisioned and break it down from high to low priority. High-priority items are "the Needs" or things you cannot live without in your new home. The Lower-priority items are "the Wants", they are an added bonus, but not necessary. Your lists should include, the number of bedrooms, need for a yard, style of home, school district, parks, recreation, and shopping.
HomeTours In-Person and Online - Most people will look at several homes before finding just the right one, others find “the one” immediately. The internet can help to streamline your search significantly by checking out available homes for sale online. The cream always rises to the top, the more you search, the more you learn. If you like a home online the next step should be to schedule an in-person home tour. The Rock-n-RollRealtor will tour homes with you on your schedule and compare your "wants and needs" checklist for each one.
Preview everything that’s for sale in your market on https://www.ReMax.com/homes-for-sale
Breaking Down the Buying Process
You have finally found "the One", a home you can see yourself living in, now what? There are a few important steps to the home buying process you will need to go through before you can officially call it, "Home".
Offer - This is a document or contract that sets out the basic Buyer proposed terms and conditions in a real estate transaction, signed by the buyer to be presented and reviewed by the seller.
Counteroffer - A counteroffer is a response given to an initial offer which means the original offer was rejected or specific line item terms were rejected and replaced with another one. The counteroffer can give the original offerer the ability to accept the counteroffer, reject it, or make another counteroffer.
Purchase And Sale Agreement - Once an offer on a property has been made by a buyer and accepted by the seller, they enter into a legal contract known as a Purchase and Sale Agreement. This document outlines the specific terms and conditions of the transaction and is acknowledged by both parties by the signing of the document.
Earnest Money - This is part of the offer stating that the buyer agrees to pay a percentage of the home’s asking price into an independent account usually delivered to escrow to show the seller that you’re serious about buying. In return, the seller agrees to take the home off the market. When the sale closes that money is put toward the down payment or closing costs.
Inspection - Once a buyer and seller reach mutual acceptance on a property, a home inspector is hired to investigate and determine if the home is in need of any repairs. An inspector will check items, such as the roof, crawl space, basement, heating system, water heater, air-conditioning system, structure, plumbing, and electrical. Afterwards, buyers might have the chance to negotiate with the sellers to cover the costs of certain repairs or to ask for concessions. This is dependant upon the terms of the purchase and sale agreement.
Negotiation - Whether you’re a buyer or a seller, negotiation is the key to getting the best deal. Negotiations can involve everything from settling on a sales price to concessions and financing. Rock-n-RollRealtor is an expert negotiator whose job it is to represent your interests during the give and take of a real estate transaction.
Financing -You may already be pre-approved, but now that you’re closer to the actual purchase price, you’ll be working more in-depth with your lender on your final loan approval.
Title Insurance - You will receive a full report detailing the property history for you and your lender to ensure there are no legal encumbrances between a new owner and the property being purchased.
Escrow - Escrow is an impartial third-party process in which documents and funds are deposited by buyers, sellers, and lenders to facilitate the closing of a real estate transaction.
Closing - At closing, all the paperwork is signed by the buyer and seller, both parties pay any settlement fees and the documents are officially recorded. Prior to closing, you'll receive a settlement statement outlining any fees which may apply to you. After closing is finalized and recorded, the home is yours!
breaking down the buying and selling process
Breaking Down the Real Estate Transaction Game Film
The Selling Process
If you’re thinking about selling, it’s probably time to clean and declutter the house. Less is more when it comes to preparing and staging a home. Buyers want the ability to see the space while imagining their furniture, personal touches, and their own family living in their potential new home. Selling a home requires preparation, patience, and possibly some elbow grease. Let the Rock-n-RollRealtor walk you through the most important steps and terminology from listing to closing.
Representation -The job of a full-service real estate agent is to represent your best interests through every step of the sales process. Real estate brokers should listen to all of your needs while understanding the market in which you are selling a home. They should be experts in marketing, negotiation, transaction forms, and finance options, as well as have an understanding of technology and how it can enhance the marketing of your home. The Rock-n-RollRealtor meets and exceeds all the standards set forth and is looking forward to the opportunity to earn your business.
Price - Determining the right price is without question the most important part of achieving the highest return in the least amount of time. There are a lot of factors that go into determining a home’s market value, such as the sales price of nearby homes that have recently sold and closed, the listing price of similar homes that are currently on the market, as well as the condition and location of a home. In order to determine price, the Rock-n-RollRealtor will provide a comparable market analysis that walks you through the current value of your home and why.
Prep Work - First impressions are key when selling a home, before the ‘for sale’ sign goes up, put in the time to make sure your home is its best version of itself. Fresh paint, clean closets, trimmed landscaping, manicured lawns, and flowers – there’s a lot you can do to make the diamond come out from the rough.
Marketing Your Home - Creating a plan to market your home will help attract the interest of the right buyer. Today, the vast majority of homebuyers use the internet in their home search, so your marketing plan should include focused online activities, in addition to print advertising and open houses. The Rock-n-RollRealtor has a unique proven marketing plan that puts your home at the forefront.
Home Showings - Showings can be inconvenient, yet they are the most vital part of the home selling process. When your home is on the market it has the potential to be shown at any time, it is important to maintain a certain level of cleanliness, clear dishes from the sink, make the beds, put away dirty laundry, vacuum and dust regularly. It's also a good idea to vacate your home for showings, it makes buyers uncomfortable to tour a home when the owners are present in the home, so for the sake of your sale, give the buyers the freedom to fall in love with your home..
Purchase And Sale Agreement - Once an offer on a property has been made by a buyer and accepted by the seller, they enter into a legal contract known as a Purchase and Sale Agreement. This document outlines the specific terms and conditions of the transaction and is acknowledged by both parties by the signing of the document.
Inspection - Once a buyer and seller reach mutual acceptance on a property, a home inspector is hired to investigate and determine if the home is in need of any repairs. An inspector will check items, such as the roof, crawl space, basement, heating system, water heater, air-conditioning system, structure, plumbing, and electrical. Afterward, depending on the terms of the contract, the buyers might have a chance to negotiate with the sellers to cover the costs of certain repairs or to ask for concessions.
Negotiation - Whether you’re a buyer or a seller, negotiation is the key to getting the best deal. Negotiations can involve everything from settling on a sales price to concessions and financing. The Rock-n-RollRealtor is an expert negotiator whose job it is to represent your interests during the entire give and take process of a real estate transaction.
Escrow - Escrow is an impartial third-party process in which documents and funds are deposited by buyers, sellers, and lenders to facilitate the closing of a real estate transaction. Rock-n-RollRealtor can help coordinate the completion of all necessary forms to the escrow company and monitor the escrow process until the transaction is complete.
Closing - At closing, all the paperwork is signed by the buyer and seller, both parties pay any settlement fees and the documents are officially recorded. Prior to closing, you'll receive a settlement statement outlining any fees which may apply to you. Once your property funds and records, it is officially closed and sold!