The inspection process: generally speaking, this is an overall evaluation of a home’s condition. If you’re not clear on how the process works, keep reading and I’ll lay out the general guidelines of what happens.
When the buyer gets the inspection done, the seller might not know what the results are for a few days. Once the buyer gets the results of the inspection, they need to get a copy of the report, digest it, and determine what they want the seller to fix, if anything. Most of the time, the buyer has 10 days to get any repair requests to the seller. In order to expedite things, the agent should help the buyer determine what is reasonable and what’s not.
Once the repair list is drafted, the seller has time to look at it and digest what’s on it. They can clarify what’s being asked for and they’re given some time to get bids and determine what items they should fix. An agent to help with this part of the process is crucial. An experienced agent will help provide information on what buyers generally ask for and what could be determined as “too much” or “over the top.” The seller will then respond and then the buyer will decide if they will accept this response.
The back-and-forth process can create a lot of dialogue and it’s very important that everyone understands each other. Whether it’s credits to the buyer or items that need to be completed before closing to meet buyer bank requirements, your agent has valuable experience in the negotiation process here. Take advantage of this experience and rely on your agent to help guide you along.
Buying and selling a home is full of many different steps and details. The inspection process can be complex, so if you have more questions about it, I’m happy to sit down and talk with you about it.
If you’re thinking about selling your home, you have a lot of different factors to consider. You’re thinking about where you’ll move and what it will cost, and finding a qualified Realtor is one of the biggest decisions. If one of your questions involves finding out more information regarding reduced commission versus full rate services, here I’ll cover what the three basic levels of fees and services include.
#1: Very Discounted Services: This will include access to the MLS only. The seller will input all information and will set the buyer’s agent fee. The seller pays for marketing and will negotiate elements of the contract. This can work for some situations, but being an unrepresented seller in today’s complex market can be risky and oftentimes results in a lower net price. Most buyers will have representation, so the fee you save is really only half of the full real estate fee.
#2: Cut-rate fees: This will again only save half of the real estate fee, as buyers are usually represented by an agent. With full service representation, you usually get more experienced and knowledgeable agents to work with you. This is the “secret sauce” that can save you big time in the end – especially in the areas of price negotiation, inspection negotiation, and other timing issues that can derail the overall transaction.
#3: Full-service: When using a full-service Realtor, you’ll get a fully developed and proven marketing plan. The Realtor will additionally help you develop a pricing strategy that will help get your home sold in a timely way. You’ll work together to address issues upfront that could cause a buyer to pass by your home. The key here is knowledge, knowledge, knowledge! An experienced Realtor has been part of numerous, varied transactions that can help benefit you throughout the process so you can get the best price for your home with the quickest closing date and the least hassle.
If you have decided that it’s time to make the jump to sell your home, now is a great time to do that. The information around fees can be a complex topic to consider, so if you have additional questions, I am happy to sit down and talk with you about what could work for you and your specific situation.
Summer in the Pacific Northwest is amazing. The days are longer and warmer and the rain is gone so you can get outside and enjoy the great outdoors. If you’re in the midst of buying or selling a home and you feel like you’re overwhelmed with the details, don’t forget to take time for yourself and enjoy the beauty that Washington has to offer. Here are some great tips on activities that you can participate in locally this summer.
#1: Summer reading program through Fort Vancouver Library.
Kids, teens, and adults alike can sign up for the summer reading program through the Fort Vancouver Regional Library. Log days that you’ve read and you can earn rewards and prizes with the free program. The best part: it keeps your reading skills sharp throughout the summer.
#2: Summer concerts and movies in the park.
Every year, the City of Vancouver puts on a summer concert series in Esther Short Park. Each concert is free and family friendly. Enjoy a variety of talented local artists, including Vancouver Pops Orchestra, and enjoy food from local vendors, too. The city also puts on Friday night movie nights in parks around Vancouver in July.
#3: Dive in!
Jump in and cool off! Klineline Pond is a great spot to cool off and enjoy the warm summer weather. The pond is located in a large park setting with large water features/fountains for the little ones to run around and cool off in, too. Not to mention, there is a playground, plenty of picnic tables, and lots of green space to walk. If you want to stay indoors to swim, the pools at Jim Parsley Community Center, Propstra Aquatic Center, and Firstenburg Community Center are great places to swim.
#4: Hike or camp!
Living in the Northwest means that there are many beautiful hikes and walking trails. Hike Mount St. Helens, take a drive out through the Columbia Gorge and hike the Multnomah Falls, or enjoy some family time by setting up a tent and a mini-campground in your backyard for one night.
No matter what you decide to do this summer, take time to relax and enjoy the beautiful area we live in!
The process of buying or selling a home is very detailed and requires a lot of moving parts. Once the end is in sight, you’ll need to prep for closing day. Planning for closing day can help make things run a little bit smoother. So whether you’re a buyer or a seller, here are some important must-knows on what you’ll need to have in place for closing day.
For the seller:
- Repairs will need to be done and receipts obtained
- Before closing can happen, all repairs that were requested during the selling process will need to be complete. Once everything has been done, be sure that all of that is documented well and that you have all receipts readily available.
- Be ready for a buyer walkthrough
- Once repairs have been completed, the buyer will likely want to do a walkthrough to make sure everything looks in order.
- Arrange for your utilities to turn off
- Call your utility companies, cable/Internet company, and any other services that will need to be turned off and transferred to your new residence. However, it’s important to note that you shouldn’t cancel your homeowner’s insurance on your current address until the final sale of the home has been recorded.
- Gather all brochures, keys, garage door openers, etc.
- If you have collected brochures/manuals on specific appliances in the home, or you have other important documents that need to be left for the new homeowner, make sure you have those readily available. In addition, you’ll need to leave them the keys to the home, mailbox, and any garage door openers you have.
- Sign documents
- This is the biggest step that transfers ownership and gets the process moving toward completion! It can happen several days before the “closing date.”
For the buyer:
- Obtain receipts for completed repair work
- If repairs were done in the home you’re purchasing, make sure you get all of the receipts and warranties associated with the work that was done. Keep these in your records in case you need to refer to them later or in case something goes wrong with the repair down the road.
- Do a walkthrough
- This is your chance to make sure that the repairs were done right and that things are good to go so you can move forward with signing closing papers.
- Set up utilities
- Call your utility company and schedule a time when you want water/electricity to come on. While you’re doing this, schedule a time for Internet/cable service to be hooked up, or any other services that you will need ready to go when you first move in.
- Sign any last minute lender information
- This is an important step! You will need to sign a closing disclosure that needs to be acknowledged to start a 3-day waiting period before you can sign final closing documents.
- Sign documents at escrow
- Here, you’ll sign papers that allow you to complete the home buying process. After the sale is recorded, you’ll get keys to your home and you’ll be able to start moving in!
If you’re confused about which step comes next, don’t worry! I will be there to walk you through the process. If you’re looking to buy or sell a home, contact me today for information on how I can help.
If you’ve determined that now is the right time to sell your home, congratulations!
You are entering into a ‘seller’s market’— this means that there are more buyers in the marketplace than sellers and it’s a great time to sell. One of the most crucial keys to selling quickly with a maximum return is to establish the RIGHT price. You want to maximize your return but set a price from the start to position your home to sell in a reasonable timeframe and let you get on with your next adventure.
WHAT HAPPENS IF YOU PRICE TOO HIGH?
There are several major risks if you price your home too high. First, your target buyer may not find your home online or see your property because the price is out of their price range. In addition, buyers who are shopping in a higher price range will be comparing your home with others and priced too high, you will not compete, actually making the competition look like a better buy. Homes priced just 10% high reduce the number of buyers by 30%. The end result is that your home could sit on the market for a longer period of time which means your ownership costs continue and most importantly you can’t “move on.”
HOW CAN WE SELL YOUR HOME AT THE RIGHT PRICE?
Call me! I will do research on what the market conditions are in your neighborhood, taking into consideration your home’s features, age, location, and updates/remodeling you have done. Then we’ll sit down and talk about your specific goals and needs, then set a price and terms of sale that fit those goals and needs. We’ll develop a marketing plan specific for your house and price range that targets the right kind of buyers. During the time you are FOR SALE, I’ll be sure we get input from buyers and their agents to make sure we know how they see our condition and price. This allows us to make sure we do what we can to make your property more attractive to buyers. All the while, we will keep aware of things happening in the local market and that might affect how your home sells.
Each home and each client has a unique story. Whether you’re moving from a condo to a house, moving from acreage to the downtown core, I can work with you in that journey.
I work with many individuals and families every year and each one has a different story. This story comes from the Strickland’s. They are Pacific Northwest natives and after living in their first home for nearly 12 years, it was time to make a change. Here’s their story.
My name is Brooke Strickland and my husband Bryan and I have been married almost 14 years and have two children. We both grew up in the Pacific Northwest and have made Vancouver, Washington our home. We bought our first, very small home (only 925 square feet!) in 2004 and we originally planned to live there for only 5 years. My husband had always wanted to be in the downtown area, so after almost 12 years (rather than our original 5 years), we decided to start exploring a move.
I loved our little home and was nervous that we wouldn’t find a home that was affordable in the area that we wanted. I stomped my feet and was hesitant, but we finally decided that it was time to expand. We knew Nancy’s experience was unmatched and I had full confidence that she would help us sell our house quickly and help find us a new one that we loved, and that wouldn’t make me cringe every time I opened up the bill to pay the mortgage every month.
We listed our home for sale in April of 2016 and within 18 hours, we had 3 offers on the table. We met with Nancy and she walked us through what the offers looked like and which one would be the best. Within days, we had gone from prepping to sell to having a sale pending sticker up on the sign. Things went very fast.
In the meantime, we were looking for another home. I looked obsessively online and found one that was perfect in every way, but it was priced too high for our budget. My husband (and Nancy) encouraged me to just look at it. We did and boy, did we fall in love. The house had been for sale for over a year and already had three previous offers that had all fallen through. Our family believed that it was “meant to be” and we entered negotiations with the sellers. In this market, we were nervous that there would be competition among other people trying to buy the home, but we didn’t have any. We literally wrote our offer and with only a bit of back-and-forth, our offer was accepted. And the best part? We came in UNDER the selling price. There were so many things that lined up during the process that told us that we were supposed to go forward with this home. With Nancy’s quick thinking and expert negotiation, she was able to help us buy our dream home. We just surpassed the one-year mark living in our dream home and almost weekly, we say “we can’t believe we live here!” This house is truly a gift and something we will treasure for many years.
Nancy can tell you that I asked probably 5,000 questions during our time working together. She was more than patient with me and explained everything in a way that I could understand it. We highly recommend her to any of our friends or acquaintances that are looking for a Realtor in the area. There is no one like her and we credit much of our story to her willingness to walk alongside us while we explored and tested out our options. We are so thankful!
I love being part of the ‘story’ of different clients—moving from a condo to a house, moving from acreage to in-town, moving into the area, moving out. Give me a call if you would like to talk to me about being part of your story.
** I conduct business in accordance with all federal, state, and local fair housing laws. It is our policy to provide housing opportunities to all persons regardless of race, color, religion, sex, familial status, handicap, national origin or sexual orientation. **
Buying and selling a home is a process that some people just do once or twice in a lifetime, so oftentimes it feels unfamiliar and awkward. Having an experienced real estate agent that can walk you through the various steps is so helpful. Listing agents want buyers to have specific things when it comes to purchasing a home. Buyers agents want sellers to have specific things, too. Here’s what they are:
Listing agents generally want the potential buyer to have the following:
- A competent agent.
Listing agents generally want to work with a knowledgeable agent that is experienced in managing contingencies and is ethical throughout the process, especially when there are multiple offers on a property involved.
- A pre-approval letter.
Going house shopping without a pre-approval letter showing what home price you’re qualified to shop for, is a time drain for everyone involved. Before shopping for a home, buyers should have a pre-approval letter from their lender that has credit, assets, and income verified. That gives agents parameters on what homes are within the buyer’s range.
- Reasonable expectations.
Buyers have many ideas on what they want their next home to look like, but those expectations need to be realistic. In other words, buyers need to have reasonable expectations of house conditions based on the age of the home.
Buyers agents generally want the seller to have the following:
- A knowledgeable, competent agent.
Working with another agent who has experience in using the right forms and standard processes is important, and working with another agent that is ethical is also key. In today’s market, there are often multiple offers on homes and working with someone who follows ethical guidelines in those situations especially is important.
- Empathy and realistic expectations.
Sellers want to sell their home, but it’s important to keep in mind that buyers are facing a lot of stress in the process trying to find a home. Buyers agents appreciate sellers that have empathy for what buyers are facing in a low-inventory market. In addition, sellers that have realistic expectations of what types of repairs a buyer will ask for as a result of the home inspection is also important to making the selling process go smooth.
- Resources and information.
Sellers should be proactive about finding reputable, licensed contractors to get repairs done quickly and efficiently, the first time. This will help the selling process go a lot smoother. In addition, sellers should stay informed about the closing process and stay on top of getting their paperwork in order so there are no unnecessary delays.
Buying a home or selling one can be an exciting, but overwhelming time in your life. No matter what position you’re in, you and your Realtor should be able to work well together on whatever steps are coming next. If you’re looking for a Realtor to help make your home sale or home purchase a reality, contact me today.
Buying or selling a home is a one-of-a-kind adventure that is often filled with many unexpected twists and turns. Why hire a Realtor when you could figure out how to do the job yourself? An experienced real estate broker can serve as an invaluable resource. Here’s are some tips on how to select a Realtor and what it can mean for you.
#1: Figure out how they work.
Working with a Realtor that knows you and your specific needs is key. For example, do they sit down and get to know what you’re looking for, such as schools, land, house features, or neighborhoods? This should be a personalized process that’s based on understanding and trust. Realtors offer a constructive and positive attitude during times that you may feel overwhelmed. You’re never left to figure things out on your own. And while you might want to do some leg work during the buying or selling process, your Realtor should do all of the heavy lifting for you.
#2: Ask about what kind of clients they work with.
Some Realtors work only with sellers and they’ll have assistants work with buyers. Others work strictly with buyers. Look for a Realtor that has a mix of both clients – some buyers and some sellers. This can provide the Realtor greater insight when it comes to making or receiving offers. Realtors will have a clear idea of what clients on the “other side” might be thinking and they’ll help you find ways to select the right offer or make one that the seller will find attractive.
#3: Look at their experience.
Experienced Realtors have negotiated hundreds and sometimes thousands of real estate deals and because of that, they can use their skill to get your house sold or to help secure the home you want to purchase. Your Realtor should be an ever-present mediator that is with you through the process. You don’t have to worry about stumbling through the steps in the dark, as they can leverage their experience to help get the job done efficiently.
#4: Understand their style.
Get to know the Realtor and their style. Are they quick to respond to your questions and when they do, are they thorough? Is the Realtor easy to get along with and how does their personality coincide with yours? Your Realtor’s style should be comfortable for you. Real estate is a very personal business and requires finding the right “match” – one that feels natural for you and your family.
Buying and selling your home can be an exciting time and throughout the process, your Realtor should keep you updated by providing market stats, information on how your home is performing while it is on the market, and they should also let you know when new listings come available if you’re looking to buy. If you’re looking for a Realtor to help make your home sale or home purchase a reality, contact me today.
Last week we discussed the basic steps in the mortgage process. There is a lot of complicated detail in a new home loan. Reading the fine print can be overwhelming if you’re not sure what it all means. Here are a few things to de-mystify the information coming your way.
#1: Choosing a good mortgage company and experienced loan officer.
An experienced loan officer will sort through all the financial complexities: the mortgage type of mortgage, closing costs, and monthly payment requirements. It’s in your best interest to meet with your loan officer before you make an offer—the purchase contract requires you declare your mortgage company within five days of agreement.
#2: Reviewing loan documents.
The multitude of documents you’ll be reviewing is quite daunting, but your loan officer will wade through them with you. At the onset, your loan disclosure will lay out all the details, and keep you from being surprised with closing costs. These costs generally include lender fees, closing fees, prepaid interest/insurance, prorated taxes, and HOA dues. There is a lot to create confusion! This is why a good working relationship with a lender is essential.
#3: Lock in your interest rate.
It’s important when your loan professional advises you to commit, that you lock in your rate ASAP—they can change by the hour! Most lending institutions are bound by the same guidelines, meaning that though one lender might offer a better rate, the quote can be manipulated by changing fees, especially the “loan origination fee.” If you want to shop around for rates, be sure that you’re comparing apples to apples. Rates are constantly in flux, so what might look good from one lender today could change tomorrow.
#4: Understand the terminology.
Feel free to ask your loan officer to define specific terminology that you should know. For example, what is APR? This is a universally term that defines the actual cost of your loan. It rolls lender fees into the cost, then recalculates the annual percentage rate—not to be confused with the “note rate” on which your payments are based. The general rule of thumb: the greater difference between the APR and the note rate, the more the lender is charging you for services.
Feeling confused? You’re not alone. You can see that a trusted mortgage professional is essential to understanding what you’re committing to. I have long-standing recommendations for competent, accessible, trustworthy mortgage professionals—seeing firsthand how they have worked with clients’ best interest in mind. Choosing one will serve as a major ally as you navigate financial details, paperwork, and terminology.
Congratulations! You’re planning to buy a house, and springtime is the perfect season to consider how your financing can lead you to purchasing a home. Here are some basic steps you’ll need to obtain a mortgage.
Step 1: Find a reputable mortgage professional
I can recommend several local mortgage professionals and loan officers that will discuss with you which loan type works best for your specific situation. The goal is to land on a comfortable purchase price and consider your monthly payment options. It also determines if we need to ask for “seller concessions,” such as having the seller pay closing costs. The loan officer will ask a variety of questions including:
-How much do you have to put down on the house?
-Do you have gift funds available?
-Do you plan to sell your current home before you buy or afterwards? If afterwards, how are you going to “bridge” across from one to the other?
Once you have your questions answered, you can fill out the loan application either in person or online. You’ll get a pre-approval letter from the lender and we can start shopping for homes!
Step 2: Provide your lender with necessary documentation
Providing your lender with supporting documents is key, and you’ll be asked to provide a significant amount of documentation. Lenders are under strict guidelines since the mortgage meltdown in recent years, so remember to be patient. You’ll need to document specific areas of your financial life, and keep documents up to date.
Step 3: Underwriting
Your lender will start the underwriting process, which has two parts they approve: you and the house. So, even if you haven’t found the right house, you can still “get approved” for one. This avoids potential setbacks or slowdowns once we have found the home that you want to move forward with buying.
Step 4: Contract paperwork
Once you’ve found a home you’re ready to purchase, we’ll get it under contract, and I provide the lender with the necessary contract paperwork. After your home inspection the lender orders the appraisal– through an independent process so the lender, you, or I cannot alter the property’s evaluation.
Step 5: Final underwriting
Once you receive the appraisal information, your file will go through underwriting for a final time. You’re issued some important paperwork, and loan documents are drafted. Then, we meet and sign final papers– showing you are the new homeowner.
Congratulations! You’ll get keys and be ready to move into your new home!