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Buyer:
Get
pre-approved for the purchase:
This takes very little time and is of great value. At this time,
identify the price range for which you qualify and which fits your
lifestyle. Everyone has a credit score calculated at the time your
credit report is requested.Ê It's based on over 100 different proprietary
variables and algorithms developed by Fair Isaac (FICO).Ê
The
range is 300 to 850.ÊYou can get your credit score from Equifax
Score Power, True Credit, or Consumerinfo. Most lenders consider
people above 650 to be prime borrowers, meaning they will most likely
be approved at favorable rates. According to my credit report from
Equifax, 71% of the people with a credit score from 500-550 will
default on their credit. Another 51% of buyers with a credit score
from 550-600 will default on their credit.Ê That's pretty scary.
This is why lenders run your credit report and head straight for
your FICO Beacon score.
Submit
a strong competitive offer:
Submit the offer as if there will be multiple offers.
Include
substantial earnest money deposit:
Acceptance of an offer is sometimes determined by the amount of
the deposit. A larger amount may signify a bigger commitment to
the seller.
Minimize
or eliminate contingencies:
The fewer contingencies, the stronger the offer.
Make
a buyer profile available:
Time on the job, flexibility, reason for purchasing seller's home,
etc.
Be
prepared to preview a new property quickly:
Homes sell sometimes in hours. Be prepared to make decisions quickly
and be accessible to change the terms instantly.
Buyer
and agent to have instant communication access: Let us
maintain instant access to each other via office phone, voice mail,
fax, pager or cellular phone.
Mortgage
Glossary
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Seller:
Proper
Pricing
Faster sale:
When your home sells faster, you save carrying costs, mortgage payments
and other ownership costs.
Less
inconvenience:
If you've moved before, you know the energy it takes to prepare
for showings: keeping the home clean, making child care arrangements
and altering your lifestyle. Proper pricing reduces these demands
on you, by helping your home sell faster.
Exposure
to more prospects:
At market value, you open your home up to more people who can afford
the price. Sellers who list at a high price in the hope that theyÕll
find the one purchaser who will pay it, often do not realize that
they have discouraged many potential purchasers who could have afforded
the price they end up accepting at a later date.
Increased
salesperson response:
When salespeople are excited about a home and its price, they make
special efforts to contact all of their potential buyers. Knowing
that it is priced properly for its market, they expect it to sell
soon and encourage their prospects to act quickly. Their excitement
is contagious!
Better
response from advertising and sign calls:
Ad calls and sign calls to Realtors turn into showings when price
is not a deterrent. Most serious prospects are well educated about
asking prices in the areas they are seeking, and will not waste
time on a home they consider overpriced.
Attracts
higher offers:
When a home is priced right, buyers fear they might lose out on
a good home , so they are less likely to make "low ball offers."
Means
more money to sellers:
If a home is priced right, the excitement of the market produces
higher sale prices. You net more both in terms of actual sale price
and in less carrying costs.
Make
a good first impression
First impressions count with buyers. In today's age of consumerism,
every buyer is comparative shopping. A small investment in time
and money can give your home a solid advantage over competing properties.
So by paying attention to detail now, you can enhance the perceived
value later. The following are some suggestions for preparing your
home to show to its best advantage.
Choosing
your REALTOR¨
The most important decision you will make in the sale of your home
is the Realtor you choose. Some points to consider: Find someone
you feel comfortable with. If you donÕt feel you can ask questions
or go to your Realtor, you have the wrong Realtor. Your Realtor
should show you research to back up any recommendations. This includes
information about recent sales, current listings and recent expired
listings in your neighbourhood. Choose a local Realtor. He or she
will know your area better than an outsider, will be seen as a source
for people looking to relocate in your neighbourhood, and will get
better co-operation from other agents. It is likely that any amount
you might save by having a friend or relative from outside the area
serve as your Realtor, will be lost in their lack of knowledge about
the very specific local market.
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