PattiMace.com

1. Homes are bought by comparison. I have a large inventory at my disposal through MLS while you have an inventory of one.

2. I am very familiar with competitive houses so I can help you position your home well.

3. It is hard negotiating for yourself. I have lots of experience in writing contracts and can negotiate aggressively on your behalf.

4. Buyers are not always forthright about their financial situation. I insist on pre-qualifying before I even bring you an offer.

5. My lender contacts and mortgage experience help buyers get the financing they need.

6. Most buyers don’t want to tell the seller why they don’t make an offer. I can probe the buyer or his agent for that information.

7. Any follow up you do with a buyer can be seen as desperation. I follow up as part of my job so that you are not perceived in a compromising light.

8. I can showcase your improvements better so that you don’t appear like you are “selling.”

9. Most sellers who spend their time as a For Sale By Owner end up by listing in the end. A recent NAR survey found that only 11% of sellers nationally ended up selling by owner. Why spend your time and money if in the end you will hire a REALTOR?

10. Unqualified buyers can tie up your home. I make sure that doesn’t happen.

11. Personality conflicts with a buyer can get in the way. I come between the buyer and the seller so that personalities don’t enter in.

I was reading an article in a real estate magazine “Texas Realtor” regarding flood insurance and wanted to touch briefly on it with you all.  Flood Insurance like earthquake insurance is considered ’single peril’ insurance and is sold seperately by the Insurance company.  For most people this is an extra expense that they feel is unnecessary until the unforeseen happens and their home floods.

 Most of the time you will find that a home will be located in a 100 year flood zone, but what does that mean? Well, it means that there is a 1% chance that a major flood will occur in any given year, not once in a 100 years as the name implies.

Can a home that has flooded before be covered under flood insurance.. the answer depends on if the home is in an area that participates in the National Flood Insurance Program.   Areas that flooded two consecutive years are considered to be in a flood plain also know as Special Flood Hazard Area (SFHA).  These homes are at a high risk for a major flood event - a 26%+ chance over the life of a 30 year mortgage.  If a home lies within an SFHA the lender will require flood insurance.

Should you get Flood insurance? Statistics show that 25% of the homes that flood come from areas considered to be low to moderate risk. FEMA works hard to redraw the imaginery lines for flood zones.  So it is up to you as a homeowner to decide whether or not to purchase flood insurance just keep in mind that it doesn’t take a major Hurricane like Katrina to flood an area. A slow-moving system can do just as much damage.

If you still are unsure please visit www.floodSmart.gov for more information on flood insurance, risk of flood and tips for homeowners.

Talk to you again soon,

Patti

p.s. “People will forget what you said. People will forget what you did.”
“But people will never forget how you made them feel.”

After looking at the comparables for the area a reasonable offer for the home of your dreams is agreed upon and your realtor will submit to the sellers real estate agent. Once submitted, the Sellers agent will come back with an accepted offer, or the negotiations will begin until an agreement is met.  With Foreclosures or Short Sales the time frame will be longer. Foreclosures can take up to 60 days from offer acceptance to closing.

Now that the offer is accepted the contract is sent over by your realtor to the Mortgage Broker or Bank and they will start the loan completion process.  Up until now you as the buyer have a pre-approval letter.  It is your mortgage broker/bankers’ responsiblity to stay on top of getting your loan closed.  There will be various documents needed to complete this process.  Whatever you do, do not go purchase anything on credit that might change your approval status. 

While this is going on there is an option period that you as a buyer can pay a small fee normally $10 a day for 10days.  This will give you time to have the home inspected to ensure there is no costly damage, such as foundation or roof repairs needed and to ensure no termite damage.

Once the inspection is done and the loan is approval process is completed  the mortgage folks will order an appraisal, and the title company orders the survey,

This process is normally done within a 30 day period unless it is a foreclosure and then it can take longer. Before you go to closing your realtor will receive a HUD statement which breaks down the expenses for closing on the home and will let you know what $$ amount is needed. There are a lot of documents that must be signed so expect the closing to take about 45 minutes.

Heres to wishing you luck on your new home purchase, give me a call I will help you….www.pattimace.com or pattimace@sbcglobal.net.

Talk again soon,

Patti

For Buyers

Buying a home is an exciting time in one’s life. Making the smart move of choosing a REALTOR® is your first step to ensuring that your new home and community meets your needs. My services and experience range from financial aid to helping you find the home that best suits you and your family. For your convenience, I also provide listings by email. I pride myself on repeat business and hope you’ll come to understand why.

As Your Agent, I Will:

* Assure that you see all the properties in the area that meet your criteria.
* Guide you through the entire home buying process, from finding homes to look at, to getting the best financing.
* Make sure you don’t pay too much for your new home and help you avoid costly mistakes.
* Answer all of your questions about the local market area, including schools, neighborhoods, the local economy, and more.

Before You Start Looking For Your New Home:

* Check your credit rating. Straighten out any errors before its too late.
* Determine a comfortable monthly budget for your new purchase, including down payment and monthly payment.
* Find a loan program that meets your needs and get pre-qualified (preferably pre-approved).
* Choose a REALTOR® that you trust and who understands your needs.
* Determine what neighborhood best matches your needs.
* Identify important features you need your new home to have.

Closing Costs to Expect:

* Lender fees include charges for loan processing, underwriting, preparation and establishing an escrow account.
* Third-party fees include charges for insurance, title search, and other inspections such as termites.
* Government fees include deed recording and state & local mortgage taxes.
* Escrow and interest fees include homeowner’s insurance, loan interest, real estate taxes, and occasionally private mortgage insurance.