Real Estate Information Archive

Your agent will schedule a time meet at your new house, usually after the seller has moved out and before or on closing day. 
 

• -What should you have on hand with you?  

• - the final contract with all the specifics about the sale 

• - home inspection report 

• - any written agreements between seller and buyer 

• - a notepad and pen 

• - a camera or use your smartphone camera 

• - a nightlight to test electrical outlets 
   

•  Inside the house, everything should be in perfect working order: 

• - Turn on every light switch and check every outlet. 

• - Check the faucets in the kitchen, bathrooms, outdoor spigots, utility room, and any other room there is running water by turning on each one. Flush all toilets as well. All toilets should flush completely, and drains should flow freely. 

• - Inspect every area where agreed repairs should have been made. If there have been extensive fixes made, you may want to shell a bit extra out of your wallet to have someone with you that can be certain the job was done correctly. 

• - Inspect every appliance that is included in the sale to be sure it is running properly. 

• - Open and close all doors, windows, cabinets, and drawers. 

• - Pay careful attention to carpets and floorcoverings, every floor and wall for weakness, cracks, mold, mildew and do not forget to look for signs of pests. 

• - Turn the climate control off and on, and check heat as well as air conditioning.
   

• -Outside inspection: 

• - roof, gutters, shutters, or any other structural issues 

• - garage doors functioning properly 

• - debris or trash left by the seller 

• - lawns and landscaping should at least be trim and neat 

• - The listing photos and layout have you wanting to see it in person as soon as possible! When the photos appeal to you in some way and the layout is to your liking, it is hard not to send your agent a “Put this house at the top of my must-see list” text!  
   

• - At the showing, you feel at home when you get out of your car and walk in the door. You know when you feel welcome in a house when you go inside, much like when you visit someone’s home for the first time.  
   

• - As you go from room to room, you can see your belongings in each, and know exactly how you would arrange them.  The outside matters as well, and envisioning your kids playing in the back garden, or wanting to refurbish the flowerbeds are sure signs of the house being the right one. 
   

• - Your house-hunting day has ended, and that one property seems to be calling your name, but minor things (like having to remove wallpaper or carpet) have you questioning if that is the house for you. When you are truly smitten, being concerned about a few flaws and having to put in some work once you move in could cost you the perfect home. 
   

• - When the showing is over, and you pause on the outside of the door and have no desire to look at any other houses, it is time to talk to your agent about making an offer. 
  
  - Does the house fit your needs? All the warm fuzzies do not count unless the house has the right amount of space, is in a great community, and, most importantly, within your budget. 

• Pest damage and/or infestation is important to check for, as there are health and structural issues with either situation.  You could be completely unaware that critters are living in your home, so have an extermination service do a thorough inspection and take care of any extra guests you may have stowing away. 
   

• Check for leaks turning on each faucet and watching closely under the sink for drips. Inspectors do not like dripping faucets, either.  Do not forget to test each toilet for running water, and clear any clogged or slow drains. 
   

• Be on the lookout in tight dark spaces for mold or mildew, especially the attic space and on the underside of the roof. 
   

• Outside, look at your roof carefully, taking note of missing shingles or sagging areas.
   

• Call your HVAC to set up a service call to make certain everything is running properly, as any issues will be flagged by an inspector. 
   

• Make sure working bulbs are installed in every light fixture.  Inspectors need to make sure the electricity is working and blown light bulbs can throw that off. 
   

• Repair cracks in windowsills, as leaky windows do not normally get high points during an inspection. 
   

• If there are any cracks on walls, inside or outside, or in your foundation, have them checked out by a foundation expert, and if necessary, taken care of as soon as possible.   

• It is important to know, realistically, how much house you can afford, and start shooting for a 20% down payment of that amount. 
   

• Turn your $4.50-per-day cup of coffee into $90/month in the piggy bank. Add up similar purchases, decide what you can live without, and move that money (set up automatic transfers) every day from your checking to a hands-off savings account. 
   

• Put your savings egg into a nest of high-yield savings or money market account. 
   

• Sign up with your employer to deposit a portion of your pay into a down payment savings account.  Most of the time, if you do not see it, you do not miss it. 
   

• If a pay raise comes your way, save that unexpected pay:  stay on your old budget, and have the difference in old and new pay direct deposited into your down payment account. 
   

• When non-salary payments such as bonuses or even a tax refund come in, sock them away and give your savings a boost. 
   

• Did you know that family members can gift money towards your down payment? Make certain you document these gifts correctly for your lender and the IRS.  Mortgage Reports shares more information about down payment gifts. 
   

• A part-time job may provide enough each week to add to your down payment savings. Your well-being is important, however, so do not go into a second job unless you are certain it will be a benefit. 
   

• If you have investments in stocks or bonds, plan on liquidating those assets when the time comes to purchase your house.  Make sure you document these sales. 
   

• You can always borrow from your 401k or IRA, but make sure you will not have to pay penalties.  Talk with your account holder before making any withdrawals. 

• When you purchase a home in an HOA, an organization that creates and enforces rules in a subdivision or condominium, by default you are a member of that HOA and must pay fees and follow their bylaws.  
   

• HOAs have rules and bylaws in place to protect property values, as well as to maintain a certain quality of life for the homeowners.  
   

• Do not think about living in an organized community as a place that keeps homeowners from expressing themselves in their landscaping or house’s exterior.  It is more about protecting your investment because of the home-maintenance regulations. You will appreciate this if you ever decide to sell the home. 
   

• While searching for houses online, read the listing information carefully, and if the property is in an HOA, you will find the association’s name as well as the neighborhood’s fees. HOA fees can be high, but in comparison with what amenities they offer, it could save you money in the end. 
   

• Performing an internet search for the specific name of a community should result in finding their website, complete with photos of homes and amenities.  Some HOAs offer a readable file with more specific information, such as the community bylaws, covenants, restrictions, and fees.  
   

• Not all HOAs are the same:  amenities vary from community beautification, playground, swimming pool, or tennis courts to a neighborhood walking path or gym. 
   

• Some associations provide security, trash pick-up, pest control, as well as street sweeping and snow removal.  
   

• Choosing to live in a condominium community may be more to your liking: the HOA usually handles all landscape maintenance, as well as exterior home maintenance.  You are responsible only for the interior of your home.  
   

• The organization’s board members live in the neighborhood, so they are aware of needs specific to the area and can better handle solutions to any problems. 

• - While your new house has had a thorough inspection, you may want to go through that list and begin planning for items the inspector may have noted would need repair soon. Get estimates for the fixes and begin saving now. 
   

• - Assuming the former owner kept everything in tip-top shape and not performing your own monthly or seasonal inspection is never a good idea. Print this handy checklist, and use it for DIY inspection and maintenance so you stay a few steps ahead of a major repair need. 
   

• - Beginning any major work as soon as the moving truck leaves the driveway may be too soon!  Live in the home for a while and learn its quirks and possible trouble spots before drawing plans and hiring a contractor.  Finding an unforeseen issue with the house after work has begun can cause more financial burden. 
   

• - Renovation television shows make DIY tempting, to say the least.  If you have no experience in a major remodel, leave it to the pros.  Paying the right person to do the job could save you thousands in “mistake” money. 
   

• - A total overhaul of your decor as soon as you move in can put a dent in your wallet. Personalizing your home is best done room-by-room or whatever is easiest on your budget. Living space furniture with new slipcovers, new stylish pillows, and a fresh coat of paint on the walls should satisfy anyone who is itching to make their home “theirs.” 
   

• - Probably the furthest thing from new homeowners’ minds is their future tax returns, but not keeping receipts and all other financial forms related to your home purchase could hurt come tax time. Consider hiring an accountant or tax preparer when the time comes. 

• First things first, change all locks on the house, including the garage door and any outbuildings. 

• Painting interior walls would be finished sooner if done before getting boxes and furniture in the house. 
   

• Most sellers are required to leave the house and property clean as a whistle, but doing a deep clean on your own or hiring a pro to do the job will make you feel better, knowing it was done.  Have hard surfaces steam-cleaned to ensure that as much dirt, grease, and germs have been blasted away.  
   

• Any flooring projects you would like done would go more smoothly if completed before living there.   
   

• Have a look at electrical outlets in each room and add or move them as needed. Consider upgrading outlets to include USB plugs as well, making it more convenient to charge your gadgets. 
   

• Call an HVAC repair person and have the AC unit thoroughly cleaned and ask if they offer a service plan so that you do not have to schedule this twice per year. 
   

• If getting new toilets is not possible, at least purchase and install new seats.  In case the bolts are stubborn, The Family Handyman offers some help in getting the old seat off. 
   

• The security system should be up and running before moving, so check any existing installations and decide to upgrade or not. Get the internet connection established so you can test everything so it will be ready when you bring your belongings. 

• - Being pre-approved before you start house hunting is best, and a buyer agent will recommend a lender that will help you begin.  Once you have a mortgage amount, you will know how much home you can afford. 

• - Realtors® have thousands of property listings at their fingertips! Once you let them know what you are looking for, they comb through those listings and find homes that fit your needs and wants. 

• - Do you have any idea how to do the research for writing a successful offer on a house or negotiate counter offers you might receive? Your buyer agent certainly does and can save a lot of stress on your part, especially in the case of a bidding battle.   

• - Your agent will schedule and attend an inspection of the house and will help handle negotiations with the seller to have the necessary repairs performed, have the seller reduce the sale price, or make concessions at closing. 

• - As exciting as the closing is, it can cause some anxiety, but your Realtor® will have prepared you for what is to come and make sure all of your necessary paperwork and other applicable things are ready. 

• - A listing agent will spend a good deal of time making sure your home is priced comparably to homes in your area by analyzing recent sales of similar homes.  Setting either too high or low can deter potential buyers. 

• - Not only does the agent prepare and post the property on the MLS (Multiple Listing Service), they will create a page on their website specifically for your listing, video or 3D tours, and market your home to reach as many house hunters as possible. 

• - Your Realtor® will work diligently to get the best price for your home. Many agents will even go so far as to attend the appraisal and the inspection, warding off any misunderstandings about the findings in each. 

• - During any repair requests, your agent will be able to discern what is your responsibility, and what is an unnecessary request by the buyer.  Knowing the difference could save the seller thousands of dollars. 

• - While your house is on the market, you need to know everything that happens behind the scenes, and a reputable agent will stay connected to you, whether it be by phone or in person. Communication is vital to your home’s sale.  

• MLS#:  This is the identifying number for the property in the Multiple Listing Service. The top section of the listing will normally feature the address, market status, list date, price, and directions.to the property. 

• - Status Shorthand:  ACTV: Active, BOMK:  Back on the market, CLSD: Closed, NEW: New listing, PCHG:  Price change, PEND: Sale pending, no contingencies, RACT: Reactivated, TEMP or WDN: Temporarily withdrawn 

• - CTG: Contingent upon one of the following: 

• A/I: Attorney Approval/Home Inspection, FIN: Financing, HCnn: Buyer's Home Sale Closing, or HSnn: Buyer's Unsold Home 
   

• Separate sections share more specific details, such as the home’s square footage, construction date, neighborhood/area, type of zoning, and the number of rooms. Other important details continue with interior and exterior information, types of flooring, as well as appliances included with the sale, type of climate control systems, lot size, and other features/amenities. 
   

• Remarks:  Here you will read the public description of the property, as well as any extra features the home may have.  
   

• Say you have already searched and saved a few of your favorites, and suddenly there is a new status code! These codes may be UAG: under sales agreement, CAN: canceled, or EXP: expired.
   

• If one of your favorites has been canceled or expired, contact your buyer agent to help you find out if the property is re-listed with someone else. 

• Buy: Buying an existing property isn’t an instant process, but it does not take long to get pre-approved for a mortgage, go house hunting and find the house you love, close on the deal, and move in.  

• Build: According to the latest research from the US Census, new construction takes an average of seven months from planning to moving in.   

• Buy: Negotiating is key to many home purchases and if a house needs some work or repairs, the seller usually makes exceptions and changes to reflect reasonable inspection findings. 

• Build: Model homes will be shown with upgrades that can add thousands to the base selling price.  Customizing your dream home, however, cannot have a price tag. 

• Buy:  What you want in landscaping, such as trees, a garden, or an established lawn, are ready for you to enjoy. Personalizing it with your favorite plantings will cost much less than starting a new lawn and landscaping. 

• Build:  You may see a brand-new yard as a canvas and plan your own landscaping design.  Where you want trees or outdoor structures are all according to your imagination--the possibilities are almost endless! 

• Buy:  An earnest money deposit generally starts at 1% of the price of the home.  Closing costs can sometimes be part of the sale negotiations, but not always. 

• Build: Many builders prefer an earnest money deposit to be at least 5% of the sale price and closing costs do not vary as much unless the builder is offering to cover those costs as a purchase incentive. Just ask--you might receive!  

• Buy:  Buying an older home may require some work to update wall colors/coverings flooring or fixtures.  Keep in mind that if any of those jobs can be DIY, costs will be significantly lower, and can be done when you have the extra money in the budget. 

• Build:  A new build may not always be maintenance-free. Whether you are considering a new development or building on your own land, contact owners of the builders’ completed homes and make certain you will be paying for a quality home without new construction issues.