“LET’S TALK REAL ESTATE”

– Cathie Chasman, Associate Broker, CRS, GRI, ABR

Coldwell Banker Upchurch Realty

 

EXPERIENCE IS PRICELESS! Real Estate has been my passion for 28 years. Turning 16, getting married, your first child, finally becoming an empty nester, and buying or selling a home are very important moments in your life. Give me the pleasure of being there for your special real estate needs. Call me at 706-540-6720 and let’s get started!

 

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MANAGING YOUR MORTGAGE

 

– Cathie Chasman, Associate Broker, CRS, GRI, ABR, CHMS

Most homeowners overlook their mortgage payment as a financial tool for

money management. Smart buyers know that adding even a small amount to their monthly payments can substantially reduce the term of their loan and the amount of interest they will pay over time. In fact, prepaying one full year of a standard mortgage can save thousands of dollars in interest. The key is to do it properly and to find a lender for whom prepayment is not a problem.

More and more lenders now allow buyers the option of adding an additional

amount to their monthly payment that goes directly to the principal. The

homeowner must clearly mark the extra payment as “to be applied to loan

principal.” The amount you add will depend on your cash flow. But remember that your mortgage interest rate is probably the lowest interest loan you will find, so don't short yourself with prepayment only to run up credit card debt!

 

ARE YOU RELOCATING ANYWHERE IN THE USA OR EVEN THE

WORLD? Do you know a real estate professional in that area? OR - If a move is not in your future, do you know anyone who is relocating? It does not matter if the move is to or from Athens, to California from India, or from Atlanta to Valdosta! Because I have attended local, state, and national conferences for years, I have a vast network of full-time, full-service, real estate professionals who I personally know and would be comfortable in recommending to you or your friends. Did you know that Coldwell Banker Upchurch Realty Relocation is a member of the Cartus Broker Network, the world's largest relocation Network that has serviced MORE relocations than ANYONE! Please call me today to get the moving trucks rolling!

 

 

MANUFACTURED HOMES ARE NOT MOBILE HOMES

– Cathie Chasman, Associate Broker, CRS, GRI, ABR

Coldwell Banker Upchurch Realty

 

Gone is the image of cheap construction and poor resale value that came with the typical “mobile home” of the past. Today, the manufactured home often is built with top quality materials and better construction standards than some on-site built homes, while still maintaining the cost benets they are known for.

 

Considering the price of new homes today, it’s not surprising that an increasing proportion of buyers are opting for a manufactured home -- one that is built o--site, usually in a factory.  Typically, prices for manufactured homes range from 10 to 35 percent less per square foot than comparable site-built homes, according to a study by the Manufactured Housing Institute. 　This difference allows many more families to enjoy their dream of homeownership. These savings apply to resale as well as new homes.

 

With streamlined production methods and modern home designs in the manufactured home industry, it’s often difficult to see a difference between a site-built and factory-built new home. 

 

The future looks bright for the manufactured housing industry. There are now about 18 million manufactured homeowners in this country – a number that will certainly increase in future years.

 

 

HOW RISKY ARE CONTINGENT CONTRACTS?

 

– Cathie Chasman, Associate Broker, CRS, GRI, ABR

Coldwell Banker Upchurch Realty

 

Buyers walk into your home and fall in love with it. There is one problem--they will have to sell their home before they can buy yours. Their other contains a contingency clause that makes their purchase dependent upon selling their present home.

 

Should you accept such an offer?  Your decision should be based on several factors. Is their home being professionally marketed at this time, or are they trying to sell it themselves (a risky proposition!)? How long has it been on the market? If the house doesn't sell, can the buyers take out a bridge loan or make other arrangements to complete the purchase? How important is timing for you? Will the buyers agree to let you continue marketing your home and accept a non contingent contract (and void theirs) if their house does not sell?  There should be a release clause in your contract that allows you to accept a better offer should one come along.

 

Contingent contracts often work out well, but you need the help of a professional to weigh the pros and cons.

 

 

NEW! LOWER DOWN PAYMENTS REQUIRED

 

– Cathie Chasman, Associate Broker, CRS, GRI, ABR

Coldwell Banker Upchurch Realty

 

Good news for homebuyers! As of June 1st this year, Fannie Mae, the nation’s largest government-sponsored buyer of existing home mortgages is lowering their down payments requirements for home purchasing loans. The new minimum down payment requirements now range between 3 and 5 percent for loans on single-family, primary homes.

 

The basic objective of the policy change is to help the mortgage market to equalize the down payment requirements for borrowers across the country – not tied to local market conditions.

“This new down payment policy reinforces our goal to support successful home owning, not just home buying, as we seek to bring liquidity to all communities and help the housing market recover,” said a Fannie Mae spokesperson. “We recognize that down payment assistance programs remain a viable tool for borrowers who can afford a mortgage long term, but might need a little help getting started.”

 

This new policy will be especially good for first time homebuyers who are looking to enter into the real estate market for the long term but need a extra boost to enter the door.

 

 

 

FOREIGN BUYERS WANT U.S. PROPERTIES

 

– Cathie Chasman, Associate Broker, CRS, GRI, ABR

Coldwell Banker Upchurch Realty

 

While many prospective American home buyers are still sitting on the fence waiting for prices to come down further, foreign buyers are actively looking for and acquiring U.S. properties believing this to be an excellent time to invest in American real estate. Prices and financing costs are lower and they are confident the market will soon turn around.

 

Foreign buyers are particularly targeting mid-level and luxury market properties. About 18 percent of Realtors surveyed by the National Association of Realtors report increasing interest and sales transactions from international clients. They consider property offerings in this country to be real bargains at this point when taking into account the currently weak dollar. Generally, foreign buyers are showing strong confidence in the health of the U.S. real estate market – a positive view that is still lacking with many domestic buyers.

 

Take a tip from our foreign friends. Now, with new home sales rising nationally, is a great time to purchase a home or other property. With interest rates still at near record low levels, there couldn’t be a better time to act before those bargain rates inevitably rise.

 

 

WHEN A PROFESSIONAL MARKETS YOUR HOME

 

Promoting the sale of a home requires planning. When a real estate professional takes on a home listing, they develop a systematic approach to selling the property.

As the homeowner, it’s essential for you to be informed about your realtor’s business plan for selling your home. Feel free to ask your realtor questions to help you understand the process. Who are the potential buyers for your particular location and price range? What forms of media will be used to advertise the listing? Will the home be promoted with multiple photos and a virtual tour of the property? How will the realtor work with other local real estate professionals?

 

Part of your agent’s job is to protect you by screening buyers, identifying those who are serious and pre-qualifying those who have the resources to make a credible offer. Realtors specialize in the art of communication and negotiation. They will escort buyers through your house to maintain your privacy and protect the security of your home.

Your real estate agent is your skilled collaborator in the campaign to market your home successfully.

 

 GREAT CURB APPEAL

 

– Cathie Chasman, Associate Broker, CRS, GRI, ABR

Coldwell Banker Upchurch Realty

 First impressions are important, especially when your home is on the market. Prospective buyers are strongly inuenced by what they see as they drive up in front of your house.

Before your home goes on the market, ask your Realtor what steps you should take to maximize your home's curb appeal. If your home is on the market during the summer months, be sure your yard is neatly mowed and trimmed.

 

An investment in owers, shrubs or mulch might also be in order at that time of the year. Any peeling paint should be scraped and repainted, and bikes or toys should be removed from the yard. When prospective buyers drive up to a house with a "shaggy" exterior, they

tend to assume that the interior may need work as well, and they may not even want to look at the house. -e time and money you spend improving your home's appearance is well spent and can help bring top dollar for your home.

 

 

 

THE SELLER MAY PAY

 

– Cathie Chasman, Associate Broker, CRS, GRI, ABR

Coldwell Banker Upchurch Realty

 

 You have finally saved enough for a down payment on your first home, with a little left over to buy the furniture you will need. Then you hear about additional closing costs you weren't anticipating which seem like a real setback. 

 

One way to cover such a shortage is to make the sellers an offer that calls for them to credit you for some of the closing costs. As a rule, the sellers may pay a maximum of 3 percent of the sales price if the buyer is putting five percent down. If the buyer is making a down payment of 10 percent or more, the seller can contribute up to 6 percent of the sales price to cover the buyer's closing costs. The buyers may pay for some items, such as prepaid taxes and the first month's mortgage payment. Sellers may also contribute to paying the appraisal, points, title insurance, settlement attorney fees, state or local transfer taxes and similar items.

 

Keep in mind that if the credit is included in the price of the house, the appraiser will have to justify the amount, based on sales prices of similar homes in the neighborhood. 

 

 

WHAT TO DO ABOUT TERMITES

 

– Cathie Chasman, Associate Broker, CRS, GRI, ABR

Coldwell Banker Upchurch Realty, Athens, Georgia

 

Most lenders will require an inspection by a licensed exterminator to determine that the house is not infested with termites or other wood boring insects. The inspector will look for two things in the process of deciding whether or not a house passes inspection--an active infestation and evidence of a past infestation.

 

If your house does not pass the termite inspection, get a list of qualified local exterminators from your real estate agent. Call them to ask about the treatment options they offer and ask for estimates on their charges for the service. Exterminators are usually quite competitive. If your home was treated for a past infestation, the company that performed the extermination may be willing to re-certify your home without a second treatment. Arrange for the termite inspection as early as possible, so you will have time to determine the best way to eliminate the problem of wood-boring pests, if they are found.

 

 

ESTIMATING CLOSING COSTS

 

– Cathie Chasman, Associate Broker, CRS, GRI, ABR

Coldwell Banker Upchurch Realty, Athens, Georgia

 

When you buy a home, you will pay "closing costs" in addition to the down payment. These costs include the loan origination fee, appraisal, title and hazard insurance, the title search, legal fees, and other charges imposed by the lender. These charges vary by state and county, but they usually represent a considerable amount of money.

 

Your Realtor can give you information about the closing costs at the time you begin your search for a new home. You can use this information as a guideline. When you apply for your loan, the lender is required to provide you with a "good faith" estimate of the closing costs. This figure is usually very close to the actual amount, since the sales contract will have the price and terms of your new home spelled out. Your loan officer or closing attorney will give you final figure for the certified check that is needed to close.

 

“CLEAN” CONTRACTS

 

– Cathie Chasman, Associate Broker, CRS, GRI, ABR

Coldwell Banker Upchurch Realty, Athens, Georgia

 

"Clean" is a term that is often used to describe an offer on a house. A "clean" offer does not refer to the price of the house, but to the terms of the agreement. If you really want a particular house, the "cleaner" you can make your offer, the better.

 

What are the characteristics of a clean contract? A contract is regarded to be "clean" if the buyers are paying cash or are clearly qualified for a loan, the sale isn't contingent on the sale of another home, the buyers don't ask the sellers to carry any of the financing and if the closing date coincides with the sellers' needs. A clean contract doesn't have any unusual requests for repairs or insistence that certain articles stay that would not ordinarily be included. A clean offer has an important competitive edge if you are offering less than full price or if you are in a situation where there is more than one offer on the property.

 

 

IS THE FIRST OFFER THE BEST?

 

– Cathie Chasman, Associate Broker, CRS, GRI, ABR

Coldwell Banker Upchurch Realty, Athens, Georgia

 

Your home has been listed for just a few days, and your Realtor calls with great news. The people who looked at the house last night have come in with an offer to buy it! When the agents arrive to present the offer, you are excited and nervous. As they explain the price and terms, however, you feel that the price is a little too low and that the offer contains some terms that will be either expensive or inconvenient for you to meet.

 

Should you respond to the offer by opening negotiations, or wait for something better? If the offer is reasonably close to your asking price, it doesn’t hurt to try to work it out! Often the first offer to come in is the best one. When a house is fresh on the market, there is usually a rush of activity and the buyers who see it during the first few days are those most likely to be the most interested. If you are fortunate enough to get an offer right away, you will probably be better off in the long run if you accept it or try to work out a compromise.

 

EXPERIENCE IS PRICELESS! Real Estate has been my passion for 28 years. Turning 16, getting married, your first child, finally becoming an empty nester, and buying or selling a home are very important moments in your life. Give me the pleasure of being there for your special real estate needs. Call me at 706-540-6720 and let’s get started!