October 2015 -Allegheny Twp, PA
Photo by Amy S Myers
Today buyers are really paying attention to the flooring in homes. You would not believe how many buyers want to rip out all the carpet (even if it is nicer carpet). I had one buyer who was able to replace all the flooring in their home and it looked amazing. But not all buyers can afford this, especially first time home buyers.
So I was searching around and found some great options if you have vinyl or linoleum or even a beat up floor that needs refinished but really is at the ends of its life. There may be this fabulous estate but very dated, you want it but don’t have the money to change out (right now) that old vinyl that is in great shape but from the 70’s or 80’s. Why not try paint? It sounds crazy but check out this article, I came across.
Yesterday I was at a meeting regarding new changes in the home buying industry. There is a lot to know for all parties involved in the process and starting October 3, 2015 (unless it is delayed again), there will be new waiting periods in the buyers paperwork for the mortgage due to the requirement to re-disclose new or updated information to the consumer.
The CFPB (Consumer Financial Protection Bureau), has initiated new waiting periods to protect the consumer/home buyer. If a loan is originated before October 3, 2015, it will fall under the current rules.
So basically why is this important? Because it can affect your closing date. This is really MY main concern for both my buyers and sellers. I will tell you that if you have all your life’s belongings in a truck and you are thinking you are driving it right over to the next house, hmmm, maybe not. This can and does happen now (on occasion for various reasons) but the risk from what I am seeing may be higher.
Ok, my point is if you are buying a home after October 3, 2015, (and you are not paying cash) you need to have good people working with you can keeping up on paper work. Buyers and sellers also need to diligently participate with the process. A buyer needs to get info and paper work to the lender as soon as possible. Do everything they tell you to do and what they tell you NOT to do. ( Don’t go buy new furniture on your credit card before you close or anything else large for that matter like a new car – it will change your debt to income ratio if you are right on the edge – just don’t do it!) You can buy the furniture or whatever after you close. Your credit and employment is checked again before closing.
So one of the things that can trigger a re-disclosure: If the fees to the buyer changes more than 1/8 of a percent at a certain point, it can trigger a re-disclosure. If this re-disclosure is with in 3 days of closing, hmmm, your are not closing on your scheduled date. This is one example of a re-disclosure scenario. Now I was also told that all banks do not do 3 days some may make it as late as 7 days. If the buyer does not have access to email then it will be the later time period.
One of the lenders that I work with is trying to make this process as smooth as possible for the buyers and everyone involved.
Attached are a few videos to explains some of the process. If you have bought a home before, then you may be familiar with terms and paper work that is mentioned already. If not you will be seeing it, if you are buying a home. Make sure you surround yourself with good, efficient, and knowledgeable people. You will be fine.
I do not necessarily endorse the companies providing information in this video. The buyer is free to choose their own lender and closing/title company. These video were made with the original deadline date of August 1, 2015 which has since been delayed to October 3, 2015 of of this blog entry.
Buyers can be very particular and no detail is too small for some. While you are preparing all the standard things of decluttering, painting and cleaning, consider cleaning up that refrigerator, especially if you plan to included it with the sale of the home. Often times if you have an updated modern refrigerator a lot of buyers will want it to stay (whether you have it included in the listing or not).
Is your refrigerator over-stocked, have grungy shelves or anything growing, eeek? Well keep in mind even the condition of your refrigerator can say a lot about you as a home owner. You don’t want to leave a bad impression for the buyer.
Start with cleaning up the inside of your refrigerator and freezer by cleaning, removing expireds and decluttering your food. Then some fresh bright colored food such as apples, strawberries, or oranges would look great on the shelves. Make sure all stronger smelling items are sealed up. Also pop a new box of baking soda in the back. Clean up the jars and bottles on the doors.
Be smart presentation is everything and yes, the buyer will probably look in the refrigerator.
Very unique home that I found on the Internet today. Change the view from your bedroom everyday.
In most cases, you would think that the holiday time is a bad time to sell a home.Â “Sixty percent of real estate professionals advise their sellers to list a home during the holidays because itâ€™s a good time to sell, according to a new survey conducted by Realtor.com.”Â – Daily Real Estate News, December 5, 2011.
According to Daily Real Estate News, Almost 80 percent of agents who were survey said that buyer who are out during the holidays are more serious.Â Over 60 percent of agents said that because there are less homes on the market that there is not as much competition for the seller since less homes are generally for sale during that time.Â Â Interestingly enough, almost 20 percent of agents said that the homes felt more cozy due to the cold weather.
During the winter season photographs the the property are even more important for the sale of the home according to the interview by Realtor.com.Â Sellers don’t tend to offer open houses as much during the holidays, therefore relying more on the photos and videos.Â This also helps the buyer bypass listings that do don’t interest them.
Helpful Tip:Â Find an agent that takes good photographs.Â I am a photographer on the side and I have had many people remark on the photos and how the photos got them to look at the property.
Photo Copyright 2006 Amy S Myers