Buying and Selling

When buying or selling a condo in Cove Cay or elsewhere, both sides of the real estate transaction present a number of challenges whether you are going through it for the first time or have bought and sold several properties. The dynamics of the market, the real estate professionals involved and your own reasons for buying or selling change dramatically with every transaction. Your experiences, good, bad or indifferent, add up to a unique personal perspective.

Tips on Buying

Buyers have a number of concerns based primarily on intangibles and unknowns. Their first question is will they get the loan and how much will the lender allow them? Then they must come up with ways to make the down payment, or if they are the more daring types, to swing a bigger loan. Here are just a few tips to help you through the buying process –

Buyers have a number of concerns based primarily on intangibles and unknowns. Their first question is will they get the loan and how much will the lender allow them? Then they must come up with ways to make the down payment, or if they are the more daring types, to swing a bigger loan. Here are just a few tips to help you through the buying process –

Don’t Move Money Around – When a lender reviews your loan package for approval, one of the things they are concerned about is the source of funds for your down payment and closing costs. Most likely, you will be asked to provide statements for the last two or three months on any of your liquid assets. This includes checking accounts, savings accounts, money market funds, certificates of deposit, stock statements, mutual funds, and even your company 401K and retirement accounts. If you have been moving money between accounts during that time, there may be large deposits and withdrawals in some of them. The mortgage underwriter (the person who actually approves your loan) will probably require a complete paper trail of all the withdrawals and deposits. You may be required to produce cancelled checks, deposit receipts, and other seemingly inconsequential data, which could get quite tedious. Perhaps you become exasperated at your lender, but they are only doing their job correctly. To ensure quality control and eliminate potential fraud, it is a requirement on most loans to completely document the source of all funds. Moving your money around, even if you are consolidating your funds to make it “easier,” could make it more difficult for the lender to properly document. So leave your money where it is until you talk to a loan officer. Oh…don’t change banks, either.

No Major Purchases – Suppose you earn $5000 a month and you have a car payment of $400. At current interest rates (approximately 8% on a thirty-year fixed rate loan), you would qualify for approximately $55,000 less than if you did not have the car payment. Even if you feel you can afford the car payment, mortgage companies approve your mortgage based on their guidelines, not yours. Do not get discouraged, however. You should still take the time to get pre-qualified by a lender. However, if you have not already bought a car, remember one thing. Whenever the thought of buying a car enters your mind, think ahead. Think about buying a home first. Buying a home is a much more important purchase when considering your future financial well being. Call in an expert – Call Kathy for assistance when you’re thinking about buying. Kathy has specialized in condominiums for over a decade. She can answer questions that are unique in the purchase of a condo. 

Tips on Selling

There are some great ways to enhance the way a potential buyer sees your home and what kind of lasting effect they will have. Here are just a few tips to help you get the most for your home:

Lighting – When getting your place ready to show it should be as bright as possible with natural light always making the best impression. Electric lights are very important as well but too many of them will give the impression that the home might be a little dark…that’s what we don’t want people to think! Right?

Just say “No!” to bad odors – You NEVER want a bad odor, at all, at any time. Any potential buyer is going to run screaming from your house if it smells bad. For one thing, they may think it is a sign of a severe problem should it be a moldy or dusty odor and they may also be freaked at the idea that they may never be able to get rid of it. No bad smells! Better if it smells like bread or fresh-baked cookies!

Unkempt = No Sale – Nobody wants to see your wardrobe, especially on your floor or bathroom vanity. If it looks like you don’t have enough room for your toiletries and clothes then the first thing a buyer is going to think is that they won’t either. Clean, clean, clean!

Pretty is as pretty does – Add beautiful touches to your home like pots of flowers, little bouquets, nice looking table, (but no fake dinner parties, everyone hates plates, napkins and glasses set in a mock party setting especially when they’re dusty and no-one would ever dare eat a morsel off of them), and a beautiful bed, bath and kitchen are always real winners. Keep surfaces and counters clean and clear to give the impression of plenty of space. This goes for closets and pantries too.

Call in an expert – Call Kathy for some free assistance when you’re thinking about selling. Not only is she an EXPERT when listing a condo for sale but she can also share little tips that will make the sale of your property faster, easier, and much more profitable. Click HERE for a FREE consultation with Kathy, your Cove Cay expert!