Heritage Realty - Winder, GA

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83 E. May St.
Winder, GA
30680
770-867-6121

Buyers and Sellers

Buyers
When is the best time to buy?

How do I know that Iï¿½m ready to buy a home?

In addition to the mortgage payment, what other costs do I need to consider?

So what will happen at closing?

What is earnest money? How much should I set aside?

When I've found the home I like, how do I make an offer?

Do I need to talk to my insurance agent?

What should I ask about each home that I look at?

Do I really need homeownerï¿½s insurance?

A few questions the buyer should ask the seller.

Where do I begin the process of looking for a home?

When is the best time to buy?
Many buyers prefer to move in the spring and summer, so the market starts to heat up as early as February. Those families with children want to buy so they can move in before the next school year begins. The market slows down late summer before picking up briefly in the fall. November and December have traditionally slow months.

How do I know that Iï¿½m ready to buy a home?
You can find out by asking yourself some questions:
Do I have a steady source of income (usually a job)? Have I been employed on a regular basis for the last 2-3 years? Is my current income reliable?
Do I have a good record of paying my bills?
Do I have few outstanding long-term debts, like car payments?
Do I have money saved for a down payment?
Do I have the ability to pay a mortgage every month, plus additional costs?
If you can answer "yes" to these questions, you are probably ready to buy your own home.

In addition to the mortgage payment, what other costs do I need to consider?
Well, of course you'll have your monthly utilities. If your utilities have been covered in your rent, this may be new for you. Your real estate broker will be able to help you get information from the seller on how much utilities normally cost. In addition, you might have homeowner association or condo association dues. You'll definitely have property taxes, and you also may have city or county taxes. Taxes normally are rolled into your mortgage payment. Again, your broker will be able to help you anticipate these costs.

So what will happen at closing?
Basically, you'll sit at a table with your broker, the broker for the seller, probably the seller, and a closing agent. The closing agent will have a stack of papers for you and the seller to sign. While he or she will give you a basic explanation of each paper, you may want to take the time to read each one and/or consult with your agent to make sure you know exactly what you're signing. After all, this is a large amount of money you're

What is earnest money? How much should I set aside?
Earnest money is money put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price (though the amount can vary with local customs and conditions). If your offer is accepted, the earnest money becomes part of your down payment or closing costs. If the offer is rejected, your money is returned to you. If you back out of a deal, you may forfeit the entire amount.

When I've found the home I like, how do I make an offer?
When you've found a special house you want to call home, you'll probably feel excited and a bit nervous. Let the sales professional know you're ready to write an " offer to purchase" ï¿½ a written document that declares how much you are willing to pay for the home provided that certain conditions are met. Because it's a legally binding contract that you will sign and date, it may be a good idea to have a lawyer review it, within the grace period noted in the contract. This is the time when it is most important for you to keep in mind that, unless you have specifically retained the services of a buyer's agent, the sales professional is working for the seller. As the legal agent of the seller, he or she is obligated to help the seller get the best price, and will report to the seller any confidence you share. It's best to make your offer without sharing with the agent your willingness to offer any higher price if the seller does not accept your offer. Your offer should have a time limit for the seller to accept it, reject it, or make a counter-offer. If a counter-offer is made, you will have some time to respond. Often, several offers go back and forth until an offer is accepted, or one party decides to end negotiations.

Do I need to talk to my insurance agent?
Yes, and the sooner the better. Your real estate professional can help you with this, but most insurance professionals have a lot of experience in working with homeowners and can offer useful tips about homeownership, particularly regarding home safety and keeping your premiums low. Once you've found a home, work with your insurance agent to develop a homeowner's policy that meets your individual needs. You'll need to bring evidence of a fully-paid policy for your mortgage lender when you come to closing. Make sure you take this step with your insurance provider as early as possible; in many locations you'll have trouble assuming title if you don't have proper insurance in place.

What should I ask about each home that I look at?
As a rule of thumb, ask any questions you have about specific rooms, features, or functions. Pay particular attention to areas that you feel could become "problemï¿½ ones ï¿½ additions, defects, areas that have been repaired. And above all, if you don't feel your question has been answered, ask until you understand and are satisfied.

Do I really need homeownerï¿½s insurance?
Yes. A paid homeowner's insurance policy (or a paid receipt for one) is required at closing, so arrangements will have to be made prior to that day. Plus, involving the insurance agent early in the home buying process can save you money. Insurance agents are a great resource for information on home safety and they can give tips on how to keep insurance premiums low.

A few questions the buyer should ask the seller.
Why is the seller selling the house, are there any nuisances or problem neighbors, how are the public schools in the area, how much they usually pay for utilities, how much they paid for the house, etc.

Where do I begin the process of looking for a home?
The first thing you should do is to begin focusing on what you're looking for in a home. You can start by establishing priorities in the following three areas:
Location: Are you relocating to a new town because of a new job or to be closer to your current job? How will the location of schools, shops, and transportation affect your choice of neighborhood? Personal Tastes: How large of a home do you need? What style of architecture do you prefer? What type of lot do you prefer? Depending on where you move to, you may have a choice of homes in dozens of styles, sizes, and settings. Budget: How much home can you comfortably afford?
As you consider these issues, do a little research of your own. Look through magazines for ideas about home styles and features. Drive through neighborhoods that appeal to you to see what's available. Read the real estate listings in the newspaper to learn about current prices in the areas you're considering. Talk to friends about the features that you'd really like to have in your home. The more knowledgeable you become, the better your final decision is likely to be. Then sit down and consider carefully all the things you're looking for in a home. The Homebuyer's Wish List worksheet later in this section is a good starting point. When you've filled it out, you'll begin to get a good idea of what you'd like your dream home to be.

Sellers
Can I sell my house myself?

Is there any seasonality to the market?

How long should it take to sell?

Who can help me determine the right asking price?

How flexible should I be about the asking price?

How do I reach the right potential buyers?

How important is advertising?

What should I expect from an open house?

As a seller, how can I find out what my house is worth? Do I need to get more than one opinion?

What is the difference between market value and appraised value?

Do I need a contingency provision if I have to sell my existing home before I purchase a new home?

Will I owe taxes when I sell my house?

What is a listing agreement?

Can I sell my house myself?
Many people believe they can save a considerable amount of money by selling on their own. They look at the average commission on a house and remember stories of friends or relatives who managed to get through the process with seemingly little trouble. "Other people have sold their own homes," they say ï¿½ "so why can't I?" Approximately 10 percent of American homeowners handle their own sales. But in order to do this, you'll need to realistically assess exactly what's involved. The routine parts of the job involve pricing your house accurately, determining whether or not a buyer is qualified, creating and paying for your own advertising, familiarizing yourself with enough basic real estate regulations to understand (and possibly even prepare) a real estate contract, and coordinating the details of a closing. These are serious responsibilities to take on, and they include the concerns that your house is only on the market when you're home, your marketplace is limited to those you can reach locally, and a mistake may cost you the money you're trying to save. Commissions are negotiable. You can talk with a broker to discuss the level of services you will require to sell your home and determine an agreed upon commission rate based upon the services provided. The best reason for working with a real estate broker is the enormous amount of information they have at their disposal ï¿½ information that can help make your house sell faster and easier. Professionals know about market trends, houses in your neighborhood, and the people most likely to buy in such neighborhoods. They also know how to reach the largest number of people who may be interested in your house (both through old-fashioned sales skill and the Internet resources of a reputable real estate company), and are trained in areas like screening potential buyers and negotiating with them. Finally, they're always "on-call," and willing to do the things most of us don't: working on the weekends and answering the phone at all hours.

Is there any seasonality to the market?
Peak selling seasons vary in different areas of the country, and weather has a lot to do with it. For example, late spring and early fall are the prime listing seasons in many areas because houses tend to "show" better in those months than they do in the heat of summer or the cold of winter. And of course, people like to do their house shopping when the weather is pleasant.

How long should it take to sell?
Average listing times vary from 30 to 180 days, according to market conditions in a particular region, town, or even neighborhood, and of course, price, terms, condition, location, accessibility and exposure play an even greater role. Selling in any market is easier if you keep time on your side. Most professionals will tell you that allowing yourself at least six months will put you in a position to get a better return from their marketing efforts.

Who can help me determine the right asking price?
Real estate sales professionals suggest asking prices based on a wide array of information you may not have at your disposal, including recent listing and selling prices of houses in your neighborhood. If you're not completely confident in their suggestions, you may want to order an appraisal. Next, establish clear priorities. If you had to choose, are you more concerned with selling quickly, or getting the best price? Someone else ï¿½ a neighbor, friend or relative ï¿½ may point out advantages or disadvantages about your house that you hadn't thought about. Third-party views will help you start thinking of your house as a commodity, with positive and negative selling points. Then you should decide on a price that you feel is competitive and consistent with what other houses in your area have sold for.

How flexible should I be about the asking price?
Generally, the first three weeks will be the test period of your initial asking price. If you see showings drop off and very few return visits, you may want to consider repositioning your asking price. Most buyers leave room for negotiation when they make an offer. Thus, a certain degree of flexibility is usually called for on the part of both the buyer and seller. While it is ultimately your decision to accept or reject an offer, or present a counter-proposal, a good sales professional can be of great assistance to you during the negotiating process. In fact, negotiation is one of the valuable skills a real estate professional can offer you. As negotiations proceed ï¿½ whether in writing, face-to-face, or by phone ï¿½ your sales professional will inform you of your options in responding to each offer from the buyer, so you can make an educated decision as to how you want to proceed.

How do I reach the right potential buyers?
Today, people are moving farther and more frequently than they used to; it's not unusual for upwardly mobile executives to relocate across the country more than once in a year. The result is that the pool of potential buyers for your house is much larger and spreads far wider than ever before, and the competition to reach them is fierce.

How important is advertising?
Advertising remains an important component in the marketing process. Today, however, this means much more that an ad placed in the local newspaper. Today's real estate brokers have the knowledge and resources to market your home through an array of proven modern methods, including TV, magazines, radio, the Internet and direct mail in addition to traditional print advertising. They are trained to determine where the pool of buyers for your particular property might most likely be found and from that, can best determine the type of advertising that is best for your property

What should I expect from an open house?
The open house is another valuable part of the marketing process, offering prospective buyers the chance to view houses in a low-pressure, "browsing" atmosphere. With that in mind, you shouldn't expect it to generate a sale, at least not directly. What you should look for is interest expressed and requests for private showings made to your sales professional in the days following the open house. Open houses are always valuable. If many prospective buyers attend, it shows you that the property is attractive and saleable. If very few people show up, it can indicate that the price is too high, and cause you to look for ways to improve Curb appeal. Try not to draw your own conclusions ï¿½ your sales professional will give you a full report on open-house activity and offer a professional assessment of its results. Sales professionals often hold an open house for other sales professionals shortly after a house is listed. This event, usually held mid-week when real estate people can give it their full attention, can be as important to your efforts as your listing in the local MLS. The more professionals who see your house, the more prospects you're likely to reach.

As a seller, how can I find out what my house is worth? Do I need to get more than one opinion?
Initially, your real estate agent can provide valuable guidance and perform a CMA (Comparative Market Analysis) for you. Prior to completing the sale, a formal appraisal will have to be done in order to satisfy a lender.

What is the difference between market value and appraised value?
Appraised value is a certified appraiser's opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; approximate fees range from $300 to $350. Market value is what price the house will bring at a given point in time. A Competitive market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker.

Do I need a contingency provision if I have to sell my existing home before I purchase a new home?
Yes. If you need the funds from the sale of your existing home, you should be sure that you provide for such contingency in your contract to purchase the new home. By doing so, you will not be obligated to purchase your new home until your existing home sells.

Will I owe taxes when I sell my house?
Thanks to the Taxpayer Relief Act of 1997, many home sellers no longer owe taxes on the gain they make when they sell their house. Married taxpayers who file jointly now get to keep, tax free, up to $500,000 in profit on the sale of their home, as long as they lived in it for two of the prior five years. Single folks and married taxpayers who file separately gets to keep up to $250,000.

What is a listing agreement?
If you do decide to hire a real estate agent to assist you in selling your home, he or she will define the terms of your agreement in writing. This is called a listing agreement. The agreement will cover such items as: Length of time the agreement covers, Commission to be paid to the agent, Advertising or other promotional materials the agent will provide,Sale price of the home

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