How Is A Home Marketed?

 

As you’ll see in the video, every home and market is a unique situation. Good marketing plans are specific to both. But every plan will include: Preparation Pricing and Marketing Activities.

Preparation takes time – typically, months. Homes must be in “show” condition all repairs and upgrades complete and all photos and video completed before the home goes on the market.

Pricing, likewise, should be planned in advance. Your broker will advise on both the best price and the best TERMS things like closing costs and seller credits to balance sales speed with sales price. Once the home is on the market it will quickly be entered in the MLS and will show up in Internet searches by agents and buyers.

Your broker will advise other marketing activities including advertising, signage, showing and open house events so make the best of your situation. Their aim is to get negotiable offers, and then take the offer you accept through the closing process.

Suncoast One Title has locations in Punta Gorda, Port Charlotte and North Port Florida

How Do I Make A Home Ready To Sell?

 

As we show you in this video, start several months before the property is made available. Look through the eyes of a buyer

  • What needs to be cleaned?
  • Repainted?
  • Repaired?
  • Or tossed?

Ask yourself – or a friend If you were buying this house what would you want to see?

The goal is to show a home that looks good makes the most of its assets like space and location and attracts as many buyers and as much demand as possible.

Allow yourself enough lead time – not just a day or two – to make the most of the sale. And get help from a real estate agent – early.

Suncoast One Title has locations in Punta Gorda, Port Charlotte and North Port Florida

What Are 203(B) And 203(K) Loans?

 

The video puts this in more visual terms, but 203(b) is the most commonly used FHA program. It offers a low down payment, flexible qualifying guidelines limited lender’s fees, and a maximum loan amount.

203(k) loans enable homebuyers to finance both the purchase and rehabilitation of a home through a single mortgage. A portion of the loan is used to pay off the seller’s existing mortgage and the remainder is placed in an escrow account and released as rehabilitation is completed.

Basic guidelines for 203(k) loans are as follows:

  • The home must be at least one year old.
  • The cost of rehabilitation must be at least $5,000, but the total property value – including the cost of repairs must fall within the FHA maximum mortgage limit.

The 203(k) loan must follow many of the 203(b) eligibility requirements. Lenders will know specifics about improvement, energy efficiency, and structural guidelines.

Suncoast One Title has locations in Punta Gorda, Port Charlotte and North Port Florida

What Is PMI?

 

This video tells you about it all. PMI stands for Private Mortgage Insurance or Insurer. These are privately-owned companies that provide mortgage insurance. They offer both standard and special affordable programs for borrowers.

These companies provide guidelines to lenders that detail the types of loans they will insure. Lenders use these guidelines to determine borrower eligibility.

PMI’s usually have stricter qualifying ratios and larger down payment requirements than the FHA but their premiums are often lower and they insure loans that exceed the FHA limit.

Suncoast One Title has locations in Punta Gorda, Port Charlotte and North Port Florida

What Do I Get At Closing?

 

For most real estate loans, you will receive a Closing Disclosure 3 business days before loan consummation –
which frequently happens at the closing meeting.
At the meeting itself you should receive a copy of your Mortgage Note –
your obligation to repay-
your Mortgage or Deed of Trust
the binding Sales Contract
and – in some states – you may get the keys to your new home.

Suncoast One Title has locations in Punta Gorda, Port Charlotte and North Port Florida

What Is A Loan Estimate And How Does It Help Me?

 

A loan estimate lists your loan terms projected payments, costs at closing measures for comparison, including
Annual Percentage Rate and Total Interest Percentage and other considerations that lender may apply to this loan application.
Each lender must supply a loan estimate within three business days of your application so that you can make accurate comparisons when shopping for a loan.

Suncoast One Title has locations in Punta Gorda, Port Charlotte and North Port Florida

What Is A Counter-Offer?

 

The video puts this in more visual terms, but basically, a seller can respond to a buyer’s offer with changes – a “counter” – that improves the terms.

You need to put yourself in their shoes and construct a modified offer that you think they might take that meets more of your needs. Then it’s their turn – accept, reject, or construct yet another counter.

It’s an efficient market process, but beware: clauses and costs matter. Your broker should be closely involved in constructing a counter. Successful bargaining is best done with a win/win approach where each side is meeting their biggest needs and compromising others to reach an agreement.

Remember that outside conditions like interest rates, and supply and demand, will keep evolving so you’ll need to be patient but decisive to craft an counter-offer that works for both sides.

Suncoast One Title has locations in Punta Gorda, Port Charlotte and North Port Florida

How Do I Evaluate An Offer?

 

Well, as this story shows, there’s more to an offer than the price tag. Factors you should consider:

  • Is this offer at, near or above my asking price?
  • Are there clauses and additions in their offer that change the terms and final price substantially?
  • How long since I had another offer, or expect another offer? Can I wait?

Remember every month you’re probably still paying mortgage, taxes and insurance. If you have several offers… remember that an offer isn’t a completed sale.

Compare the risk and likelihood of a completed sale for each buyer including things like “contingencies”, where your sale depends on their sale. and whether they’re pre-approved for the offer they’re making.

Remember you have three options for an offer – accept it reject it or prepare a counter-offer that improves the terms for you in some way.

Suncoast One Title has locations in Punta Gorda, Port Charlotte and North Port Florida

What Details Can I Ask Brokers In Advance?

 

This video tells you what any real estate professional would tell you. Ask them:

  • How long do homes in my neighborhood currently stay on the market?
  • How would you price my home?
  • What data did you use to arrive at that price?
  • How would you market my home?
  • What activities would you expect of me to market my home?
  • How will you handle representation if one of your buyers is interested in my home?
  • May I speak with sellers you’ve recently represented?
  • How long a period would you want on a listing agreement for my house?

It’s best to ask these questions, and be comfortable with your choices before signing a listing agreement.

Suncoast One Title has locations in Punta Gorda, Port Charlotte and North Port Florida

Why Use A REALTOR®

 

A state license is required to sell real estate. But roughly half of those licensed take the additional step of becoming a REALTOR®.

As we show you in this video, only members of the National Association of Realtors – NAR – are entitled to use that registered trademark and call themselves a REALTOR®.

As members, they adhere to a strict Code of Ethics and have access to classes, seminars and certification. Their aim is to be experts in their community aware of real estate trends and local and neighborhood issues. They apply that expertise to help buyers and sellers succeed.

You can find a certified REALTOR® by looking in local sources asking around or searching here.

Suncoast One Title has locations in Punta Gorda, Port Charlotte and North Port Florida