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 it is 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.

Buyers generally seek the least expensive home in the best neighborhood they can handle. Like the guy in the video says, you want to present a home that fits in the neighborhood but doesnt stand out too much. For example if neighbors are all 4 bedrooms, 3 baths and 3000 square feet additions that make your home 5, 4, and 4000 will make yours harder to sell. Improvements should make it show well and fit well in the neighborhood. Last-minute capital investments in large structural changes arent likely to pay off. But cosmetic upgrades like paint and landscaping help a home show better and often do pay off. Of course, all systems and appliances should work to get a top price. To make your home competitive and attract buyers and bids work with a professional real estate agent and start early.

Closing and loan consummation costs are not 100% identical in different states, but you can expect most of the following: Fees for Loan Origination — processing and administration of the loan Fees For Recording — official records of ownership. Fees for Survey(s) The first Mortgage Insurance premium, if your loan requires it. To-date Property Taxes Title Insurance fees — yours and the lenders. (See Title Insurance Made Simple on this site.) Points (prepaid interest) Escrow fees and/or attorney fees Document preparation fees First payment to the escrow account for future taxes & insurance If you have not already paid homeowners insurance, that will come up. Likewise, if flood insurance or fire insurance are required, youll need a receipt or payment arrangements. Read things carefully before signing or paying, and keep copies.

"Closing" sounds kind of mysterious - as if big complicated secret events are going to take place. Formally speaking, closing is the final steps of becoming the owner of a property. Those steps frequently overlap with "consummation", which is the process of committing to the financial obligations of buying with a mortgage loan. No mystery or secret, really. Heres the main things that will happen: For most types of home purchases, you will get a Closing Disclosure detailing the loan terms, at least 3 business days prior to consummation (which is frequently the same date as closing.) At the live closing meeting, you should end up with: A copy of your Mortgage Note — the formal document where you commit to pay the loan Your Deed of Trust or Mortgage documents The binding Sales Contract In some states, you might also get the keys to the house; in other states, that physical handover might happen separately. By this time, your real estate and finance professionals should be well acquainted with you and the transaction. Theyve been through this before. Relax, ask questions as you go, and be prepared to sign a few papers! Take the time to read them thoroughly before committing.

If you hear the term "closing day", understand that it refers to a bunch of things that will usually (but not always) happen right at the end of buying a home. Laws and practices vary in different states, but here are some of the common things that might take place on your closing day: Youll receive a formal Closing Disclosure at least 3 business days in advance. Youll provide proof that youve arranged homeowners insurance, such as an insurance binder document or a receipt for the premium. Someone - usually the closing agent - will provide a list and documentation of whats still owed: Down payment remaining Tax prepayment Fees They will also detail any costs owed by the sellers, like: Taxes to be paid Prepaid rent Sellers may also have to provide documentation, like proof of inspection or warranties. Once you are clear on these, you will probably sign the mortgage. The mortgage gives the lender rights to the house; if you dont make the payments, they have rights to recover the loan and interest by selling. You will probably also sign a mortgagenote, which is your promise to repay the loan. You will end up with title to the house, usually in the form of a signed deed. Youll pay all of the closing costs, and receive a settlement statement covering what was paid. The mortgage and the deed will be "recorded" -- literally, put in government records such as a state Registry of Deeds. And now youll be a homeowner. Dont forget the keys!

Real estate transactions are complicated, and real estate agents are usually involved to ensure they are successful and legal. In many cases, there are 2 agents — one representing the buyers interests, one the sellers. In most cases, real estate agents are compensated with a percentage of the transaction, which links their payment to a successful job. In most states, 6% has long been the common commission percentage. This is split — usually in half — when two agents are involved. Real estate commission rates are not set by the government, or by industry bodies. In most states, commissions are legally negotiable. Keep in mind that point above - commission is linked to success. Think about the expertise and work you need them to do to understand how they earn the commission.

Books and songs have titles; so do homes! The word "title" has a specific meaning in relation to property; it essentially means valid, provable ownership. If you "hold title" on a home, you own it. Its not as automatic and clear-cut as you might expect, so its worth watching this short video to get the basic idea. If youve ever played a board game where you own properties, houses and hotels...thats a great way to get keep "title" in mind. Imagine what would happen if the game table fell over, and all the pieces and cards were scrambled. Being absolutely sure who owns what, and where the pieces should go, suddenly gets complicated. Fortunately, in the world of real property, government entities act like a neutral party keeping records. In the long run, your home may become one of your biggest assets. You can insure your ownership of the asset with title insurance. Meet Stickman; hell explain title insurance with that board game.