Patrick Russo, Realtor®'s Blog
If you want to sell your house as quickly as possible, a home fact sheet is a must-have. By crafting an informative home fact sheet, you may be able to differentiate your residence from the competition and boost your chances of a fast, profitable home sale.
Creating an effective home fact sheet can be quick and easy. Now, let's take a look at three tips to ensure you can craft a home fact sheet that hits the mark with potential buyers.
1. Provide Accurate Information
Accuracy is paramount, particularly for a home seller who is crafting a home fact sheet. If you provide homebuyers with accurate information, you can make it easy for them to determine whether to move forward with a home showing.
Remember, your goal as a home seller is to make it simple for homebuyers to learn about your house. And if you produce an accurate home fact sheet, you can empower homebuyers with the insights they need to make an informed decision about whether to pursue your home.
2. Be Specific
There is no shortage of information that you can include in a home fact sheet. From details about the age and condition of your residence to the dates of recent home upgrades, it helps to include as much information as you can in a home fact sheet.
It usually is a good idea to include details about local attractions in your home fact sheet as well. For instance, if parks or other landmarks are located close to your residence, these attractions may help your house stand out to dozens of potential buyers.
3. Include High-Resolution Images
A picture is worth a thousand words. Meanwhile, including high-resolution images of your house in your home fact sheet may enable you to make a positive first impression on prospective buyers.
Before you take photographs of your house, it may be beneficial to conduct extensive home cleaning and repairs. That way, you can increase the likelihood of capturing photographs that show off the beauty of your residence.
As you put together a home fact sheet, you may want to collaborate with a real estate agent too. By hiring a real estate agent, you can get the support that you need to enjoy a successful home selling experience.
A real estate agent understands exactly what to include in a home fact sheet. As such, this housing market professional will enable you to craft an engaging and informative home fact sheet in no time at all.
Furthermore, a real estate agent can serve as an expert guide along the home selling journey. He or she will help you list your residence and promote it to the right groups of buyers. Plus, if you receive a home offer, a real estate agent can help you determine whether to accept, reject or counter this proposal.
Take the guesswork out of preparing a home fact sheet – use the aforementioned tips, and you can craft a home fact sheet that will help you stir up plenty of interest in your residence.
If you’re a first-time homebuyer, odds are you’ve thrown the words “prequalified” and “preapproved” interchangeably. However, when it comes to home loans, there are some very important differences between the two.
For buyers hoping to purchase a home with a few missteps and misunderstandings as possible, it’s vital to understand the procedures involved in acquiring financing for a home.
Today, we’ll break down these two real estate jargon terms so that you can go into the mortgage approval process armed with the knowledge to help you succeed in securing a home loan.
Let’s start with the easy part--mortgage prequalification. Getting prequalified helps borrowers find out what kind and what size mortgage they can likely secure financing for. It also helps lenders establish a relationship with potential customers, which is why you will often see so many ads for mortgage prequalification around the web.
Prequalification is a relatively simple process. You’ll be asked to provide an overview of your finances, which your lender will plug into a formula and then report back to you whether or not you’re likely to get approved based on your current circumstances.
The lender will ask you for general information about your income, assets, debt, and credit. You won’t need to provide exact documents for these things at this phase in the process, since you have not yet technically applied for a mortgage.
Prequalification exists to give you a broad picture of what you can expect. You can use this information to plan for the future, or you can seek out other lenders for a second opinion. But, before you start shopping for homes, you’ll want to make sure you’re preapproved, not prequalified.
After you’ve prequalified, you can start thinking about preapproval. If you’re serious about buying a home in the near future, getting preapproved will simplify your buying process. It will also make sellers more likely to take you seriously, since you already have your financing partially secured.
Mortgage preapproval requires you to provide the lender with income documentation. They will also perform a credit inquiry to receive your FICO score.
Mortgage applications and credit scores
Before we talk about the rest of the preapproval process, we need to address one common issue that buyers face when applying for a mortgage. There are two types of credit inquiries that lenders can perform to view your credit history--hard inquiries and soft inquiries.
A soft inquiry won’t affect your credit score. But a hard inquiry can lower your score by a few points for a period of 1 to 2 months. So, when getting preapproved, you should expect your credit score to drop temporarily.
Once you’re preapproved for a mortgage, you can safely begin looking at homes. If you decide to make an offer on a home and your offer is accepted, your preapproval will make it easier to move forward in closing on the home.
Once the lender checks off on the house you’re making an offer on, they will send you a loan commitment letter, enabling you to move forward with closing on the home.
Let's face it – the thought of entering the home selling market can be stressful, even if you don't plan to put your house on the market for several weeks or months. However, there are many simple ways to ensure you can enjoy a fun, exciting and successful home selling journey.
Now, let's take a look at three tips that you can use to kick off an unforgettable home selling journey.
1. Examine Your Home's Interior and Exterior
How will a potential homebuyer view your residence when he or she sees it for the first time? This is a question that you'll want to consider closely, as a homebuyer's first impression of your residence may dictate whether he or she moves forward with an offer.
Take a close look at your house's interior and exterior from a homebuyer's perspective. If home improvements are necessary, now may be the ideal time to complete these tasks. That way, you can enhance your house's interior and exterior before you add your residence to the real estate market.
Also, a home appraisal may help you identify problem areas with your residence. This appraisal enables a property inspector to examine your residence from top to bottom and can help you better understand your house's strengths and weaknesses.
2. Declutter Your Residence
Unfortunately, clutter can accumulate in a home over an extended period of time. But if you start decluttering your home today, you may be able to avoid the stress of cleaning out your residence as you get closer to adding your home to the housing market.
To declutter effectively, consider items that you need to keep and store them safely. Then, take the items that you no longer require and consider all of your options to get rid of them quickly and safely.
In many instances, you can sell excess items or donate them to charity. Or, you can always offer these items to family members and friends as well.
3. Meet with a Real Estate Agent
What does it take to get your house ready for the real estate market? Meet with a real estate agent, and you can learn everything you'll need to know about selling a house.
A real estate agent understands the ins and outs of the real estate market. As such, he or she can answer any questions that you may have about the home selling journey and help you plan accordingly.
In addition, after you list your residence, your real estate agent will streamline the home selling cycle. This housing market professional will set up home showings and open houses, promote your residence to large groups of potential buyers and much more. By doing so, your real estate agent will do everything possible to help you maximize the value of your residence.
When it comes to getting ready to sell your home, there is no need to worry. Instead, use the aforementioned tips, and you'll be able to enjoy a memorable home selling journey.
In your search for a home, there’s one option that you may be overlooking. That is the act of sharing a home with others. It can help you to divide the expenses of homeownership and even put you on a faster path to homeownership. When you do decide to share the cost of homeownership with others, there’s a few things that you should know.
There’s so many different advantages to co-buying a home with a relative, even as a married couple. You do need to make sure that the arrangement is well thought out and planned ahead of time.
When you buy a house, you receive what’s called a title. In the case of co-ownership, it explains how the buyers are sharing the title. The way the title is set up could have consequences down the road, especially when it comes to one person exiting the house, and parting ways with the agreement.
When Sharing A Property With A Non-Spouse
When you’re sharing the property with a non-spouse, you have a few options. These include:
Tenant In Common
With this option, there’s no need for a 50/50 split. Buyers are allowed to own unequal interests in the property. If one of the co-owners were to pass away, their ownership would be transferred to one of their beneficiaries. For this reason, tenant in common is the most popular way that buyers who are not related agree in guying a property together and take on the title.
Joint Tenants With Right Of Survivorship
With this option, co-buyers have no option but to own equal interests in the property at hand as a 50/50 split. If you bought a home with two other people, you’d each have one-third interest in the home, and so on. If one tenant passes away, the remaining owners gain the deceased owner’s percentage of interest in the property. There’s no need for a court proceeding or probate, this happens automatically. Even if the deceased owner has a will designating their portion of the property be given to someone else, the request is null and will generally be refused.
Both of these co-ownership options allow for an undivided interest in a property. All owners are co-owners as a part of the entire piece of property. If one owner wants to sell, for example, they would be selling their tenancy or part interest in the property.
Important Things To Do:
- Create a co-ownership agreement
- Clarify who owns what percentage
- Decide who pays the ongoing expenses
- Give options if any owners want out in the future
You could draft one of these agreements with a qualified attorney. It’s a good idea to sit with everyone before the purchase of the property is made to talk and lay out all of the expectations. Everyone should have one of these agreements in writing, however.
While sharing a property purchase can reduce your debt, it’s important to make smart agreements and understand whether the decision makes sense for you and all parties involved.