Author: JRodicanRealtor

Welcome to the 4Sale2Closed.com weekly read hosted by Doing It Local.  The content is provided by REALTOR® John (Jack) Rodican provided to you, the reader, as an overview of the topic discussed.  No legal advice is inferred or implied and any matters of law should be referred to a licensed attorney.  (Sponsored Content)

“I want to buy a house”. Six words when put together make up one of the biggest decisions a person or family can make. In today’s blog we will look at a typical home buying process and show you what to expect.

First things first. Select the REALTOR® whom you are comfortable with and make sure they can answer your questions, refer you to qualified professionals, and be your advocate (for example, I diligently represent my buying customers making sure they get the most for their money and time). Once a REALTOR® is chosen, I know I always always always encourage my buying customer to get at the very least a preapproval for their mortgage. Honestly, if someone isn’t willing to obtain a preapproval the likelihood of selecting a home for purchase may be significantly less than someone who has obtained a preapproval. Why? It confirms the buyer customer’s seriousness in the process. As you read this you may thinking to yourself “but what about my credit- won’t it take a hit if I apply?” and the short answer is while the inquiry will show up there are much worse events that can affect a credit score than a preapproval for a mortgage. My network of lenders will get the job done; but some buying customers already have a mortgage preapproval from their credit union or bank or other lender directly and that is okay as well. The lender will ask for your name, birth date, social security number, and verifiable income. I cannot tell you how many potential buyers over estimate their yearly income and in turn lower their buying ability. Luckily there are loan programs available for most situations and being honest up front will negate most headaches & heartaches later. So, forward we go. Now we have our preapproval. Let the fun begin! House shopping time!! As an experienced REALTOR®, I ask my buying customers several questions so I can find the properties best suited to their desires. These questions include: Where do you want to live?, How many bedrooms would you like?, What size home do you need?, What size property is most desirable?, and other Must Haves/Hope it Has/Better Not Haves. Not every property is for everyone so having this information helps to make the most of a buying customer’s time. It doesn’t benefit my buying customer to schedule a few hours for showings and then see properties which are not even close to their desired features. Now, to state the obvious, and honesty is the backbone my business and life, so I’m just going to come right out and say it: sometimes a buyer has so many “Must Haves” and features requests that there may not be a property available in their price range. It is imperative that your REALTOR® explain to you, as I do, how mill rates determine taxes, any special assessments, and demonstrate how a home in town A costs $ _____ at _____ size with these features then in town B it costs _______. Now that we have our search parameters set, I give my customers access to the Multiple Listing Service, which one of the areas REALTORS® find properties, through my dedicated portal (https://jackrodican.smartmls.mlsmatrix.com/Matrix/Public/) and give you the ability to search available properties and compare market inventory! I am a firm believer in no secrets and no surprises and I want to make sure that all my buying customers have access to all the data and information available. Once you take a look around and see what may interest you or decide to see properties which I select for you we find a day or evening and a time which works best for you. I suggest seeing 6-8 properties per showing days and we schedule to spend 15-30 mins at each property. Now that isn’t to say that we may walk into one property and know right away “this isn’t the one”; when that happens we just move on. The property for you is out there- together we will find it! Don’t get discouraged and just enjoy the process. Once we find your property, we make an offer to purchase and begin negotiations. Some properties are priced to sell, priced to market value, and some, let’s be honest, just overpriced. We submit our offer, with a deposit of 1% to 3.5%, for the property to what we believe the value is. I know, and you know, we are always out to get the most for the least but I caution “low ball” offers. By “low ball” offers I mean an offer to purchase that is insulting to the seller. For example, a home may be listed for $200,000 and it appears to have been well maintained with updated appliances and central air and newer furnace and comparables of a similar property are $210,000- we would not offer $110,000 for the property and expect to even be counter offered. Once we make an offer and it is accepted we move into the inspection phase. Inspections are done to identify potential problems with the property you are buying. Home inspections are the opinion of the inspector and good home inspectors are worth every penny they charge. Usually inspection cost depends on the size of the home and the number of out buildings (garages/sheds). A buyer can use any home inspector they choose (if needed I can provide a list from the CT Licensed Home Inspector database or recommend a few past customers have used). Well, here comes a moment of truth: The home inspection is not a slot machine for discounts. Again, the home inspection is not a slot machine to renegotiate the price. We utilize a home inspection to identify safety concerns and material defects which we then ask the seller to repair. Does the seller have to fix everything which we ask? No. Would we like them to? Absolutely. What happens if the seller doesn’t want to fix anything? We have options! First we can ask for a reduction in the price. Second we can have your attorney assist and we determine that we had an unfavorable inspection and decide not to proceed with the purchase. Or, the third option is to proceed with the purchase unchanged. Okay, we have a mortgage, we have a house, and we have a favorable inspection. What now? We diligently pursue the mortgage commitment. The Bank orders an appraisal (which sometimes the banks pay for you but usually the buyer pays with cost depending on the bank) and the buyer submits as quickly as possible any required documents such as bank statements, pay stubs, or other financially relevant paperwork. The nice thing today is almost everything can be scanned and emailed or faxed making the process streamlined and efficient. Don’t have a mortgage broker yet? Not to worry, I have a few brokers I‘ve worked with (who I receive no compensation from for referring customers) and have seen amazing results. My website is www.4Sale2Closed.com and as I mentioned in last week’s read closed is when a transaction completes and ownership changes. Granted it is officially really done when the paperwork is filed at town hall but as they say tomatoe tomato potatoe potato. Start to finish the time from offer to close can be 30-60 days with the goal to close as soon as the bank gives the “a-ok” and attorneys are available.

I’d like to thank you for taking the time to read this week’s Real Estate Info and please email any questions to JR@JohnRodicanHomes.com

Welcome to the 4Sale2Closed.com weekly read hosted by Doing It Local.  The content is provided by REALTOR® John (Jack) Rodican provided to you, the reader, as an overview of the topic discussed.  No legal advice is inferred or implied and any matters of law should be referred to a licensed attorney.  (Sponsored Content)

Each and every week, we will discuss one aspect of real estate and answer reader submitted questions.  A little background on me:  I’ve been in the business of real estate for more than a decade now, I’ve been a part of over $4,000,000 in transactions both on the residential & commercial side, and without a shadow of a doubt I thoroughly enjoy working with my customers making their property goals & hopes a reality.  I truly love what I do!

This week’s topic will be “Selling My Home”.  “Where do I begin?” is often the first question which comes to mind when considering placing their home for sale.  The first thing to do is consult a real estate professional, a REALTOR® like me, and be as upfront and honest about your reasons for selling.  It is perfectly acceptable to sell because you just want a change, you’ve outgrown your house, are ready to downsize, maybe finances have changed and it’s just too much now, or maybe the home was an investment purchase at the time and now is when you are ready to see what your return may be.  It may be any of a number of reasons but all unique to you and your circumstances.  Why use a REALTOR®?  The use of a good REALTOR® is the single most important piece of the equation to get your property sold, sold for top dollar, and sold with the least amount of stress for you.  I like to think and my past customers can attest I am one of the best REALTORS® when it comes to getting the job done and your property sold.  In real estate sold means closed hence my website name.  But I digress.  Back to our topic at handJ .   Find the REALTOR® (who’s blog you may be currently reading at the moment) whom you can trust to work with you.  Honesty, integrity, and loyalty are not just buzzwords of my business but instead principles I work and live by.  Additionally I like to let my customers know, for example, that they can contact me 24 hours / day via text or phone as I am with them through every step of their home sale journey.  As you read this you may be wondering now “Okay, where do I find a REALTOR®”?  Well, look no further, because as luck would have it you have me available already to work with you!  Once I’ve been selected as your REALTOR®, I would view your property and provide what is called a “Competitive Market Analysis”.  This is where I preview your property and make note of your property’s features including condition, updates, curb appeal, and everyone’s least favorite phrase “clutter factor”.  Open spaces sell properties!  Once I have finished making my notes and literally doing my homework I give you my opinion of what your property will sell for based upon current market conditions.  Seeing the CMA is often very eye opening and sometimes shocking.  For example, some people are pleasantly surprised saying “My house is worth that!” while others are also surprised stating “My house is worth that?” while both usually always add “Are you sure?”.  I am sure.  I know the market!  One of the most difficult aspects of selling your property is putting into perspective that what has been your place of “home”, memories, love, and life is now a business transaction to another.  I wish, wish, wish, sometimes we can put a dollar value on sentimentality but we can’t.  It just isn’t possible and it just isn’t fair- to the buyer or the seller involved.  It breaks my heart sometimes to give a Competitive Market Analysis to someone wanting to sell their historical family’s home and it falls under where they feel it should be and I’m left essentially respectfully providing reasons why it will not sell for significantly more than other properties of similar size and varying degrees of upkeep.  Market conditions, the current climate of buying and selling, will dictate the listing and eventual sale price of your property.  Did you know that the length of time you are contracted with your agent is negotiable and so is the commission rate?  It’s true!  Great REALTORS® such as myself will often give tips and recommend some things which can be done to make a property more marketable and in turn bring in more proceeds from the sale.  My network of licensed & fully insured contractors and handymen are always available and ready to help any of my customers.  No job or task is too big or small and pricing is always affordable!  One current trend taking the scene by storm is having a pre inspection of your property done prior to listing.  It is highly desirable and really shows that you are offering forward a quality property and home inspectors whom I know also warranty your property, roof, foundation, and appliances for a period of time after the pre inspection which transfers to the buyer.  Yes, exactly what you think you just read- a guarantee to the buyer that they are getting a top rated property.  Having a pre inspection done is one heck of a strong selling point.  Obviously not everyone wants to offer a pre inspection and that’s alright as well.  It’s a matter of preference and either way I, as your REALTOR®, will make sure you are well represented and your best interests are first and foremost.

Photographing your property is huge.  Let’s just put this out there, since it’s true, and we are going through all the steps.  A REALTOR® can take 75 photos of your property but if they are out of focus, out of color, it’s too dark, it’s too light, furniture is misaligned, center points are off, or any other photographical faux pas then not many buyers will even give your home a second look.  My state of the art photography system will always take the best photographs and will make a buyer want to see your home in person.  I like to tell my customers if they notice a beautiful sunset in their yard at a particular time of day let me know so I can snap the pic and add it to their listing adding to the beauty of their property.  With each photo comes a description leaving potential buyers wanting to see more.  Seeing more in person- for themselves and then falling in love with your home as you have.  Buyers often know in the first few minutes if “this” is the house or property for them.   Your home, my photographs, and my expertise synergize to get the job done.  I also include an online tour with each listing which feeds into every major and secondary search engine!

Every person looking to sell property completes a property condition report.  Honesty is key on this document. This is where anything and everything about your property is listed which may affect the buyer’s decision to purchase.  Notes such as age of roof, age boiler or furnace, if there is an oil tank the age of it and location, any water leaks or seepage in basement, whether there is well water or public water, sewer or septic, and literally 7 pages of details; also a lead based paint disclosure and a mold disclosure document.  These documents are completed by the person selling the property and are available to potential buyers and their agents upon request as the offer to purchase and sale progresses.  Some buyers even ask for amounts of previous light, water, gas/oil bills, and other utility bills.  If those property bills available it is encouraged to provide reasonable documents/amounts with personal information such as account numbers/codes excluded.

It is recommended and a great idea to have your attorney information available to you when you are putting your property on the market for sale.  This offers many protections to you which are beyond words.  If someone is going to sell their home, and don’t already have an attorney known to them or familiar to them- don’t worry, I have a network I can refer you to and then select whomever you choose.  I am an agent who will make the process as smooth as can be and with as little stress as possible.

The REALTOR® which you select will then oversee the remainder of the process cooperating with the buyer’s agent, buyer’s mortgage broker, buyer’s home inspector, and buyer’s attorney to ensure deadlines are kept, closings are not unreasonably delayed if at all, and will always be your advocate every step of the way.  I am proud of the level of dedication and attention to detail which I give each of my customers who are selling their property.

I hope this read gave some insight to the process of what it entails to sell your property and as always I am always ready, willing, and able to get your property sold getting you the most money in your pocket.  If there are any questions, to suggest a topic, or if you are ready for me to sell your property with you please don’t hesitate to call (203) 996-5363 or email JR@JohnRodicanHomes.com