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Monday Morning Minute Episode 2 - Anatomy of a Real Estate Sale - Buyer side


Anatomy of a Real Estate Sale - Buyer side

Congratulations! Your offer has been accepted… Now what to do?

The first two weeks of a contract can be hectic. You will need to make sure your escrow monies are in, apply for a mortgage, loan approval and hire a home inspector.

Typically your escrow will be due within the first three days after acceptance.

If you are financing the home then you will typically need to make loan application within 5 days.

You will need to schedule a home inspection to be done as soon as possible. In a standard purchase and sale contract you will have 15 days to have the home inspected and request any repairs to be done. Your REALTOR® can help you by giving you a few names of qualified home inspection companies. After speaking with and choosing the inspector you wish to work with, your REALTOR can help you schedule the appointment. The sellers will have to be informed as the home is still theirs. You can also attend the inspection! When putting it into your schedule, you can plan on spending an hour or 2 at the property. After, the inspector will take the information gathered (pictures and written documentation) back to their office to create a report for you. Most inspectors understand that time is of the essences and should have a report for you between 1-5 days. Once you receive the report, it’s important to review items and figure out what needs attention. Your REALTOR can help you look through and figure out what issues are BIG and which ones may seem that way, but can be resolved easily. Your REALTOR will then negotiate which repairs you would like completed to move forward and a time frame in which the repairs will be completed. This is a part of the process that you will be glad you have a REALTOR on your team!

While things are moving forward with your inspection, you will also be moving forward with financing. You will be gathering documentation for your loan such as bank statements, taxes, & pay stubs- just to name just a few. Your mortgage consultant will give you a full list. Remember, time is of the essence, especially when it comes to getting your financing in order. A typical loan commitment needs to be made within 45 days from acceptance of the contract. This is the letter from your lender stating that you do qualify and that the lender will be funding this home.

If you are obtaining financing, the home will need to be appraised. An appraisal is a written estimate of a property’s market value completed by a licensed appraiser. The home value is based on a market analysis of recent sales prices of similar properties in the area, and the subject property’s physical condition. This will be scheduled closer to the closing date. The reason for the appraisal is that the lender will want to make sure the home is worth the amount that they are lending you to purchase it. You are welcome to go, but not obligated to attend. You mortgage consultant will receive this report and be will advise you of the results.

The day of or day before closing you can schedule a “Final Walk-Through” at this point it is time to make sure the items requested during the home inspection period have been fixed/corrected. That the home is how you saw it when you first walk through.

Now for the fun part…

After all of the time, hard work, and effort it is off to the closing table! The title/mortgage company will walk you through all of the documentation and answer any questions you may have. This is when you will sign all documentation and the home becomes yours.

Congratulations, home owner! Here are the keys to your new home.


That's it for our Monday Morning Minute blog this week! Thanks for stopping by! And always remember...

We know the market. We know the process. We're here for you!

Have a great day!

Erica Crockett, REALTOR

The Megan Farrell Team

- See more at: http://themeganfarrellteam.com/TMFTBLOG/#sthash.ZY...

Perks of working with a Professional - Our Monday Morning Minute - Episode 1

Happy New Year!

When you begin the process of buying or selling your home, you face may look a little like this....

And chances are, your brain is swirling with questions like.....

"What is my home worth?"

"What are the mortgage rates? How much can I qualify for?"

"What exactly is title insurance and do I reaaaally NEED it?!??"

That's why using a professional is SO important! When you're heading in for surgery, who are you going to call? Chances are you're going to call a board certified, licensed surgeon! I can almost promise you're going to check their credentials.

You should give the same time and attention to choosing a professional to assist with one of your largest investments.

Below are a few reasons why it is so important to work with a licensed REALTOR®.

Experience - There are many benefits of working with someone who is experienced. Experience teaches us more than any book ever could. A real estate contract can be difficult to navigate through if you're not familiar with it. An experienced REALTOR® can help! There are several contingencies in most real estate transactions. With our experience, we can help find ways to set you up for success when it comes to them! For example, when selling your home, one contingency you will face is buyer financing (unless, of course, the buyer is paying with cash). The home will need to be appraised before someone can receive a loan. We encourage our sellers to get their home pre-appraised before listing the property. This way we can avoid the unsure feeling after your home is under contract & it's time for the appraisal. This has lead to our average days on the market for 2015 being 14.5 days and a 98% list price to sold price. We want to make sure that we are proactive on preventing problems throughout the transaction. The best way to learn is by doing and we have done a lot! In 2015, our team was a part of 54 transactions. We are working with contracts every single day! We know the ins and the outs. This will help us protect you and your wallet in the long run.

Which brings me to my next 2 reasons to use a licensed REALTOR®... You want someone with the knowledge and the know how!

Knowledge - The real estate market is ever changing. What is the new law that started in October of 2015? What's the average price per square in Palm Harbor subdivision? Who is a reputable company I can hire for my home inspection? REALTORS® have to know a lot! Contracts can be scary, but with the support and knowledge of a professional, you will sign feeling calm and happy! We are involved with our REALTOR® organization not only here in Flagler County, but also with Florida REALTORS® and the National Association of REALTORS®. This helps us to stay on top of all the changes in the contracts and laws so that we can better serve YOU! We also surround ourselves with the areas leading industry professionals (Title, mortgage, home inspectors, insurance, etc) We have these resources at our finger tips if a question comes up that we may not have an answer to. You also want to make sure you are working with a professional who knows about the area. You wouldn't want to offer $200,000 when a homes market value is only $185,000. You also wouldn't want to list your home for $275,000 when really it's worth $325,000. This is one way working with a professional can keep (or put) more money in your pocket!

Know How - One can have all of the real estate knowledge in the world, but if they do not know how to take a listing from contract to close, it doesn't mean much. If you want to sell your home for the highest amount possible, you will need someone who knows more than just how to put a sign in your yard and the property on the MLS. You will want someone who knows how to create and execute a detailed marketing plan based on your individual goals. The same goes for helping a home buyer find the perfect home and make an offer. A REALTOR will be able to provide the correct forms and addendum, assist in filling out these forms, and be there throughout the entire process to handle any issues which may arise and answer any questions you may have.

Compassion - You want to work someone who has your best interest at heart. Someone who listens. Someone you can trust. Each family has different goals and the REALTOR® you choose should acknowledge these goals. There are times throughout the real estate transaction that can be taxing and stressful... Hiring a licensed REALTOR® can save you from these headaches. We are here as your consultant and to help manage your fears and expectations. Take some off that stress off of your plate by working with a professional!

*BONUS* Licensed REALTORS® also adhere to a strict code of ethics. "When you work with a Realtor®, you’re partnering with a professional who operates according to a strict code of ethics. In place for over 100 years, the Realtor® Code of Ethics ensures that consumers who work with a Realtor® are treated professionally and ethically in all transaction-related matters." (http://www.realtor.com/advice/sell/why-use-a-realt...)

When it comes to one of the biggest investments of your life, don't go it alone. Hire a professional! It will save you a lot of headache (and possibly wallet ache) in the long run.

That's it for our Monday Morning Minute blog this week! Thanks for stopping by! And always remember...

We know the market. We know the process. We're here for you!

Have a great day!

Megan Farrell, REALTOR

The Megan Farrell Team

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