CONTRACT: Who’s Offering What, When And How For Your Home?

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The exciting moment when an offer to purchase your home comes in can also feel a little overwhelming. One common first impulse is to ask “How much are they offering?” While price is an important factor, it’s also important to sit back and look at the big picture when negotiating a sale. Consider the following:

Buyer’s Financial Situation

Is the buyer qualified?
What is the buyer’s annual income and employment history?
How much down payment and closing-cost cash is available and what is its source?
What type of financial debt is there? Car loans? Credit cards?

Financing Method

Are the loan type and interest rate specifications realistic for current economic conditions?
Is the length of time requested to obtain a loan realistic? Forty-five days is often considered a typical time frame. It allows enough time to process papers, but also allows you to put the home back on the market promptly if things fall through.

Your Costs

How much does the buyer want you to contribute toward closing costs?
What will your net proceeds be? Add up any points, taxes or fix-up expenses requested and deduct them from the contract price to determine if your final profit is what you need to make your move.

Your Calendar

Does the buyer’s proposed settlement date give you enough time to select your next home and obtain financing?
If you can’t move to your next home promptly at settlement, can you rent back from the buyer to stay in your home a while longer?

Contingencies

Must the buyer sell a home before buying yours? You may not have the time to wait while they sell.
What add-ons does the buyer want? Curtains, lawn equipment, swing sets? All of this can affect your final net proceeds, or be used as bargaining chips, or both.We’re here to help. We’ve been through the contract negotiation process countless times. We can help you cut to the chase and come up with a mutually acceptable contract.

 

Categories: #Spring Time To Sell, Contract on your home?, inventory your home, Mortage options, Uncategorized, wilmington beach homes, wilmington nc real estate, Wrightsville Beach NC

TWO-MINUTE DRILL: Timely Tips For Short-Notice Home Showings

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It’s a seller’s worst nightmare…the sink is full of dishes, the baby is crying — and an agent calls: “We’ll be there in two minutes. I have the perfect buyer for your house.” Before that overwhelming feeling of panic sets in, don’t despair! Here’s a quick roundup of easy pick-up tips to get your house in show-time shape in minutes.

Have A Game Plan

    • Assign responsibility for each room to a family member.

selling

      When the “last-minute dash” starts, each person knows which room to straighten.

    • Plan your get-away.
    Know where you’ll go when you vacate the house for show time. Take the kids to the library, park, playground or to visit friends. Do your grocery shopping, pick up the dry cleaning or run other errands.

Whole-House Strategies

    • Perk up your carpets.
      Eliminate stray crumbs and dirt with a quick pick-up by a hand-held vacuum.

    • Turn on the lights.
      Light up dark corners and hallways. Even on sunny days, rooms show better when brightly lighted.

    • Open curtains and blinds.
    Let in as much natural light and good views as possible.

Kitchen Quickies

    • Use paper plates.
      A lot of people house hunt on their way home from work — at dinner time. Eat on, then toss, paper plates to avoid unsightly dirty dishes and speed clean-up time.

    • Put dinner in cold storage.
      If you’re caught with dinner on the table, shove the plates into the refrigerator. Re-heat in the microwave when prospects have gone.

    • Simmer some spices.
      Prepare a pot of cloves, cinnamon sticks and water. With only minutes to spare, bring your spices to a rapid boil, turn back immediately to simmer and your home will have a warm, inviting smell.

    • Try microwaving instead of baking.
      Keep your oven free of spatters by switching to microwave dinners.

    • Drain dishes in the dishwasher.
      Air-dry hand-washed dishes in the upper rack of the dishwasher to keep the sink and counter clutter-free.

    • Add sparkle and shine with spray cleaners.
    Wipe out cooking spills with a quick squirt of a grease-cutting spray cleaner and rub with a paper towel.

Laundry Disguises

    • Use the washer as a hideout.
      Put your dirty clothes in the washer until you have time to launder. Same goes for clean clothes that you don’t have time to fold — let them sit in the dryer instead of in a messy pile.

    • Try a laundry-basket disguise.
    If you have more laundry than you know what to do with, drop it in a basket, fold two large bath towels and place on top, and presto — laundry goes from messy to neat.

“Junk” Catchers?

    • Use under-bed storage boxes.
      For last-minute pick-ups, under-bed boxes are great catch-alls for toys, books, dirty socks, etc.

    • Have a bail-out box.
    Eliminate a frantic search for keys, wallet, dog’s leash and shoes when you are leaving to let the agent show the house. Keep a small box with pertinent items stashed in a handy place such as the coat-closet floor.

Make A Final Check?

Run through the home room by room, from top to bottom, to make sure everything is in tip-top shape.These are just a few of the ways to make your home sparkle and shine in a matter of minutes. If you are considering selling and would like more ideas on how to make your home show in its best possible light, please give us a call!

 

Categories: Uncategorized

The Big Decision | Four Key Benefits That Come With Every Mortgage Loan

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It’s a big decision: Taking on a monthly mortgage payment is no small matter. That payment will probably become a homebuyer’s biggest expense. And what if you can’t pay on time? Get sick? Lose a job? Divorce? You could see your credit score plummet.But there’s another side to taking on a first mortgage loan. Not only does such a loan allow a renter to become a homeowner—that mortgage also brings with it several financial benefits, everything from big savings at tax time to a boost in your credit score.If you’re debating whether it’s time for a mortgage loan—or know someone who is—peace of mind comes from understanding the benefits of that loan.

Mortgage interest deduction: Tax time is no fun. But if you are paying off a mortgage loan, your tax bill might become smaller. That’s because the interest you pay on your mortgage loan is deductible on your income taxes. You can deduct the interest on up to $1 million worth of home-mortgage debt, whether that debt has helped you buy a first home or a second one. You can only claim this deduction if you itemize your taxes, and you’ll have to determine if it makes more sense to take the standard deduction. But for many new homeowners, the mortgage-interest deduction is a welcome financial relief at tax time.

The power of equity: When you pay down your mortgage loan, you build up equity. For instance, if your home is worth $250,000 and you owe just $150,000 on your loan, you have $100,000 worth of equity in your home. You can tap into that equity through a home equity loan or home equity line of credit (HELOC) to fund anything from home repairs to college tuition to a cruise around the world. Interest on equity loans of up to $100,000 is also tax deductible. Just make sure you pay your home equity loan or line of credit back on time; if you don’t you could lose your home.

A credit boost: You might never pay your insurance bills late. You might never miss a utility bill or a cable payment. But these regular payments most likely won’t boost your credit score. That’s because they aren’t reported to the three national credit bureaus, Equifax, Experian and TransUnion. And only TransUnion and Experian have begun collecting rental payment information. But one payment that is always reported to the credit bureaus? Your monthly mortgage payment. If you continually pay this bill on time, you can watch your credit score rise at a steady clip. And today, having a high credit score is a necessity when you want to take out additional credit at low interest rates.

Control: If you rent, your landlord can raise your monthly payment whenever your lease comes to an end. If you take out a fixed-rate mortgage loan, though, your monthly payment will fluctuate only slightly over its lifespan. That’s because your principal and interest payments are set when you take out a fixed-rate loan. All that can change is the amount you pay for homeowners insurance and property taxes, which is why your mortgage payment might rise or fall slightly during its life. This gives you more control over an ongoing, large monthly expense, and can make budgeting an easier task.

 

Categories: Mortgage 101, Uncategorized, wilmington beach homes, Wilmington NC homes

Decorating | Choose Wallpaper With The Future In Mind

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wallpaperThere’s nothing quite like wallpaper for warming up a room and giving it character. It isn’t without its drawbacks, though, as a design element. For one thing, the cost of buying and installing wallpaper is considerably higher than for painting-making it a longer-term design choice. When color and design styles change, or your personal tastes do, removing wallpaper can be quite a project, yet a necessary one before re-wallpapering or painting can be accomplished.

If you really want the distinctive look of wallpaper, consider the following tips to maximize your long-term satisfaction:

Choose washable wallpapers for kitchens, bathrooms and kids’ room, where marks and stains are likely to occur.

The size of the pattern should match the size of the room: small patterns for small rooms, large patterns for large rooms.

Think about using wallpaper on just one wall of the room to add personality with less expense (and less removal hassles later).

Select wallpaper patterns with relatively few or neutral colors (e.g., white on beige) to maximize the variety of furnishing colors that can coordinate with your choice. (This is particularly important if you expect to sell your home within a few years.)

Before buying or ordering any paper, purchase a large swatch and tape it to your walls at home to see how it will coordinate with your furnishings. (Often, wallpaper companies will charge a restocking fee for returned rolls.)

Order enough paper so you’ll have at least one additional roll of the same print run in case you need to make repairs later on.

Categories: decoating, Decorating with wallpaper, Uncategorized, wallpaper, Wilmington NC homes, Wrightsville Beach NC

INCENTIVES: 12 Contract Options That Entice Buyers

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cloudcbbaker

If you’re selling in today’s market, you want to make your house outshine the competition. Buyers are most likely to choose your house if it offers something special. Here are 12 ways to make sure you land a “Sale, Sweet Sale.”

A Spoonful Of Sugar

1. Offer a warranty.

Purchase a buyer’s home warranty to protect against future problems.

2. Help with closing costs.

Cash-poor buyers concerned more with out-of-pocket costs than monthly payments will especially appreciate this one.

3. Consider financing help.

Provide seller financing or buy down the buyer’s mortgage rate for the first year.

4. Help with utilities.

Pay some or all estimated utilities for 6 or 12 months.

5. Help with fees.

Pay a year’s condominium or homeowners association fees.

6. Pre-pay memberships.

Buy a one-year pool or community golf club membership, cable TV subscription, or other recreational activity.

7. Consider a moving allowance.

Pay the buyer’s documented moving expenses, or provide an allowance toward moving costs.

8. Treat them to window treatments.

Offer redecorating cash for new carpet or drapes.

9. Mow down any objections.

Buy a lawn-maintenance service for a year, or offer a riding mower if the lot is large.

10. Give them a dock on the bay.

If you live in a waterfront community, offer to rent a boat slip for a year.

11. Reimburse buyer the cost of points.

{short description of image}This is often a double benefit for buyers, who save both on the points themselves and on their federal taxes. The IRS now allows buyers to deduct the cost of seller-paid points as a Schedule A mortgage expense.

12. Price your home below comparable properties.

Prove your home’s good value by having an appraisal done and setting the price below the appraised amount.

Call on us for more ideas of ways to make your home the sweetest one on the market. We’ll create a customized marketing program to help get your home sold in any market!

Categories: 2-10 home warranty


Kay Baker Associates | 1001 Military Cutoff | Ste 101 Wilmington, NC 28405 | kaybakerassociates@ec.rr.com | 910-202-3607 | Fax 910-338-2428

Copyright © 2017 Wilmington NC Real Estate Guide. All rights reserved. Disclaimer: All content on this blog is my own opinion and should not be treated as fact or relied upon when purchasing or selling real estate.