• How to determine your net profits?

    What’s the cost of selling your home? As a seller, you’re bound to face a parade of taxes, fees, commissions and miscellaneous that can whittle away up to 4 to 7 percent of your home’s sale price.

    So how do you know what you’ll walk away with? Once you receive an offer, or maybe even when you sign your listing agreement, your real estate agent should give you a Seller’s Estimated Net Proceeds worksheet, which gives you an idea of all the costs that will be deducted when you close.

    Costs vary state to state but in general here are some of the fees your may encounter.

    Mortgage Payoff Balance

    Deductions from the sale price include your own home loan, second mortgages and home equity lines of credit.

    Loan Payoff Fee

    Some lenders may charge you an administrative fee to pay off your loan.

    Lien Release Document

    If you owe money to either a contractor, court judgments or for property taxes, a lien may have been placed on your property and you must pay that money before the sale can close.

    Prepayment Penalty

    Find out from your lender if you have a prepayment penalty clause if you pay off your loan early.

    Recording fees

    If you owe money on the property, you’ll need to pay this fee to show your debts have been fully paid.

    Commissions for Listing and Selling Agents

    This is the price you pay to the agents for making the sale of your house. Usually the fee is 6 percent, with half going to your agent’s brokerage and the rest going to the buyer’s agent’s brokerage. The agents get paid from their respective brokerages.

    Notary Fees

    Fee charged by a notary to verify your identity and to make sure the documents are executed properly.

    Escrow Fees

    The escrow company is the intermediary between you and the buyer ensuring that the money is handled properly. Escrow agents receive money from the lender, pay off your mortgage and closing costs, collect deposits, and give the proceeds to the lender. You may be able to split these costs with the buyer.

    Title Search Fees

    It’s not really insurance per se but title insurance is saying that you have the legal right to sell your home. Title companies search through public records to come up with a title insurance commitment. That commitment says you own the home and details anything else that may affect the title, such as mortgages, liens, easements, restrictions and homeowner association declarations.

    Seller Concession

    You and the buyer might agree to the price of a house but the buyer asks for a 3 percent closing cost concession. That concession is added on to the price of house and you give back that 3 percent to the seller to pay for closing costs.


    You may be required to pay for repairs, either by negotiation with the buyer or by a condition of the lender.

    Home Warranty

    Sometimes a seller will agree to foot the bill for a home warranty that offers a protection plan for the buyer’s first year in the home.

  • Thinking of Selling your home?

    So you are thinking about selling your home and want to know what the process entails. This blog will give you an overview of what to expect when selling your home. Keep in mind that every situation is different, so please consult with a real estate professional for specific advice tailored to your unique circumstances.

    Selling your home can be a complicated and time-consuming process, but it doesn’t have to be stressful. With a little bit of planning and preparation, you can get top dollar for your home and move on to the next chapter in your life.

    Getting Ready to Sell
    The first step in getting your home ready for sale is to declutter and depersonalize. This will help potential buyers see your home as a blank canvas that they can personalize to their own taste. Get rid of any clutter around the house and put away any personal items like family photos or mementos. You want buyers to be able to visualize themselves living in the space, and that’s difficult to do when the space is full of your things.

    Next, you’ll want to give your home a deep clean from top to bottom. This includes shampooing carpets, scrubbing floors, cleaning windows, and dusting everything—even those hard-to-reach places. First impressions matter, so you want buyers to walk into a clean and welcoming home.

    If your home is in need of any repairs or updates, now is the time to take care of them. Fix any leaky faucets, patch up any holes in the walls, and make sure all the light fixtures are working properly. You may also want to consider painting the walls neutral colors so that potential buyers can more easily envision themselves living there. Remember, you’re trying to appeal to as many people as possible, so it’s important to make your home as move-in ready as possible.

    Finally, you’ll want to stage your home so that it shows its best possible advantage. This means arranging furniture in a way that makes rooms look larger and more open, setting out fresh flowers or scented candles ,and making sure there’s plenty of natural light coming in. Again, you want potential buyers to be able to visualize themselves living in the space, so make it warm and inviting.

    Listing Your Home
    Once you’ve taken care of all the preparations, it’s time to list your home for sale. In most cases, this will involve working with a real estate agent who will help you determine an appropriate asking price based on comparable homes in your area that have recently sold . They will also help you market your home by listing it on multiple websites , hosting open houses ,and handling all the paperwork involved in selling a home . If you’re not working with an agent, you can still list your home yourself on websites like Zillow or Trulia . However, bear in mind that selling a home without an agent typically takes longer and isn’t always as successful as working with one . Whichever route you decide to go , just make sure you do plenty of research ahead of time so that you know what to expect .

    Moving On Up once you’ve found a buyer who’s willing accepted your asking price , it’s time start packing up move into new place ! Congratulations—you’ve just successfully sold your h!

  • The Pros and Cons of Buying Your First Home

    It’s an exciting time when you’re finally ready to buy your first home. But before you start touring houses, it’s important to weigh the pros and cons to make sure you’re making the best decision for your current situation.

    The Pros of Buying a House;

    There are many advantages to buying a house, specifically when it comes to building equity and creating stability. Owning your own home can also offer certain tax deductions that renting doesn’t provide. monthly mortgage payment goes towards ownership of the property instead of line the pockets of a landlord, so you’re building equity with each payment. And, as your equity grows, so does your net worth.

    The Cons of Buying a House
    Of course, there are also some potential downside to homeownership. For one, a house is a big financial investment, and if you’re not ready financially, it could lead to some serious issues down the road. Maintenance and repairs can also be expensive, and if something breaks, it’s on you to fix it. Another potential con is that if you need to sell your house quickly, it may not be as easy as you think. The housing market can be unpredictable, so there’s no guarantee you’ll be able to sell your home for more than what you paid for it.

    So, should you buy a house? It depends on your personal circumstances. If you’re financially stable and ready for the long-term commitment, buying a house could be a great option for you. But if you’re not quite ready or are worried about being flexible in the future, renting might be the better choice. No matter what you decide, make sure you do your research so you know what to expect before taking the plunge into homeownership.

  • Ready to buy your first home?

    Don’t let the process of buying a home overwhelm you. Whether you’re a first-time homebuyer or looking to move up to your next home, we’re here to help you every step of the way with our comprehensive guide.

    Step 1: Assess Your Finances and Get Pre-Approved for a Mortgage
    The first step in buying a home is to assess your finances and get pre-approved for a mortgage. This will give you an idea of how much house you can afford and help you narrow down your search. Keep in mind that getting pre-approved for a mortgage is different from being pre-qualified. Pre-qualification is based on self-reported information provided by you, while pre-approval is based on a lender’s verification of your financial status.

    Step 2: Find the Right Real Estate Agent
    Once you have an idea of what you can afford, it’s time to find the right real estate agent. Look for an agent with experience in the type of home you’re interested in and in the area you want to live. A good real estate agent will be able to provide guidance and advice throughout the homebuying process. Interview several agents before making your decision, and be sure to check references.

    Step 3: Search for Homes
    Now comes the fun part: searching for homes! Start by looking online at listings in your desired price range and area. Once you’ve found a few homes that interest you, it’s time to start visiting them in person. When touring homes, pay attention to things like the condition of the property, the quality of construction, and whether or not the home meets your needs in terms of size and layout.

    Step 4: Make an Offer
    Once you’ve found the perfect home, it’s time to make an offer. Your real estate agent will help you determine how much to offer, taking into account factors such as recent comparable sales in the area and any repairs that may need to be made. Once both parties have agreed on a price, it’s time to move onto inspections and financing contingencies.
    Even if this is your first time buying a home, following these steps will help ensure that the process goes smoothly and that you end up with a house that meets all of your needs. Happy hunting!
    Buying a house is a big decision, but it doesn’t have to be a daunting one. By following these simple steps—assessing your finances, finding the right real estate agent, searching for homes, and making an offer—you’ll be on your way to becoming a homeowner before you know it!

  • Real Estate Investment – Is it a Good Idea?

    Many people think that real estate investment is a good idea.

    They see the potential for appreciation in the value of the property and they like the idea of having a physical asset that they can see and touch. However, there are also many risks associated with real estate investment that people should be aware of before they jump into the market.
    The Risks of Real Estate Investment
    There are many risks associated with real estate investment, including:

    1. The Marketability of the Property – When you buy a property, you are counting on being able to sell it again in the future for more than you paid. However, there is no guarantee that you will be able to find a buyer willing to pay your asking price. The real estate market is very volatile, and properties can take months or even years to sell. This can be a major problem if you need to sell quickly in order to raise cash for another investment or personal reasons.
    2. The Condition of the Property – Another risk to consider is the condition of the property itself. Most properties will need some work in order to be habitable or presentable to potential buyers. This can include everything from minor repairs to complete renovations. The cost of these repairs can eat into your profits or even put you into the red if you’re not careful.
    3. The Tenants – One of the biggest risks when it comes to rental properties is finding reliable tenants who will pay their rent on time and take care of the property. Unfortunately, there is no surefire way to screen tenants and weed out those who may cause problems down the road. Even if you do everything right, you may still end up with problem tenants who skip out on their rent or damage your property.
    4. The Location – The location of your property is also a factor that can affect its value and how easy it is to sell. Properties in desirable areas will always be easier to sell than those in less desirable areas. Additionally, the value of your property can go up or down depending on changes in the surrounding area, such as new construction or increased crime rates.

    Real estate investment is not without its risks, but it can still be a profitable endeavor if you do your homework and choose your properties carefully. If you’re thinking about getting into the market, make sure you understand all of the risks involved so that you can make informed decisions about what properties to buy and how much to spend.