Tag Archives: Tracy Tkac

The Home Buying Process

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The Home Buying Process

Basic guidelines for the first time home buyer and the home buying process, simplified.

by Tracy Tkac

Even when you love the house, making an offer to purchase it can be intimidating and scary, it’s a big commitment that will require a chunk of your financial resources. It’s also exciting and wonderful! You will be building equity and getting tax breaks for mortgage payments, but importantly , you will have a place of your own to do with what you wish. When you make  improvements to your home, you will likely make a return on your investment while you enjoy living in your home. Most of all, your home will be the place where you will build memories and entertain friends and family. You will make your house into your lovely home. Below are the basic guidelines and the home buying process simplified.

 Making an offer

Even though it’s early in the buying process, you still must sign a legally binding contract. With your signature, you’re committing to moving ahead with the seller. Keep in mind you can add contingencies to many real estate contracts. For example, most real estate buying offers will be contingent on a property inspection, radon inspection, loan approval, appraisal and sometimes other matters. Such contingencies enable buyers to opt out of the contract if unexpected problems or concerns pop up.

 Disclosures

In most states, sellers are legally required to provide buyers with disclosure documents including any know defects, lead based paint information, real tax bills from the current year and the estimated property tax bill for the next year. In addition, sellers must disclose any known issues that might affect the property’s value or habitability. Usually, in a transfer disclosure statement, sellers must answer a series of “yes” or “no” questions about the property, and provide the neighborhood homeowners association/ or condo information. If there have been leaky windows,  work done without permits or plans for a major nearby development, the seller must disclose them. You will have the opportunity to view the areas master plan and the will be provided with a list of nearby airports. The disclosures will need to be signed by the purchaser and will become part of the offer to purchase and then after all terms are agreed to, they will be part of the contract.

The appraisal

Most buyers put a certain amount of money down toward the purchase price. The balance will come in the form of a bank loan (usually). But a bank isn’t going to hand over that money without due diligence. An appraisal is the financial institution’s way of making sure the contract price is the right price. So the lender sends out a third-party appraiser, which the buyer pays for, to confirm that the contract price is in line with the neighborhood’s comparable sales. If it’s not, the bank can deny the loan or change the terms.If a property does not appraise, the contract price can be renegotiated or contract voided.

Inspections

As part of the real estate contract, you have the right to a property inspection The most common is a “general” property inspection, in which the inspector checks the home from the foundation to the roof and investigates all major systems and components. As the buyer, you should follow along with the inspector to learn more about the property. For example, you’ll want to know about the components (such as the water heater) and have a plan in place for maintenance.

After the general property inspection, the inspector may suggest having a specialist come out. This could be a roofer, electrician, HVAC specialist or even an engineer. Listen to the inspector and have any recommended follow-up inspections. Remember: This is your one chance to approve the property from top to bottom. If issues arise, you may be able to negotiate repair or a buyer credit.  If something major arises and it’s not what you signed up for, you can void the contract via your inspection contingency.

Loan approval or commitment

In addition to making certain the property appraises at no less than the contract price, the bank will want to fully approve your credit, debt and income history. The bank will also want to approve the property’s preliminary title report to make sure there are no liens recorded against the property that might affect its value. The bank can take up to 30 days to complete its review, which should result in a loan commitment or full loan approval. Once that’s completed to the bank’s satisfaction, you’re guaranteed a loan, and you’re one step closer to closing.

Final walk-through

Just before closing, you will do a final walk through in the property to make sure it’s in the condition it was when you last saw it. Make sure the seller didn’t remove any fixtures, make modifications or leave behind garbage or debris. You also want to be sure any fixes you negotiated with the seller have been completed.

The closing

Depending on the market, the closing may happen at an attorney’s office or at a title company. In some situations, the buyer and seller don’t ever meet. Each goes in to sign their closing papers separately. In others, the buyers and sellers sign the closing documents together. Regardless of how a closing happens, if you’re a buyer and getting a loan, plan on signing dozens of documents at closing. You’ll need to show photo ID, as your signature will be notarized. Prior to the closing, your real estate agent or attorney should send over a closing statement to review. The statement details your final closing costs and the money you need to bring to the closing. The funds can be wired in or paid with a cashier’s check on closing day. Be sure to ask for the statement early, so there aren’t any last-minute surprises.

 

5 Secrets of Home Staging

5 Secrets of Home Staging

Highlight your home’s strengths, downplay its weaknesses and appeal to the greatest possible pool of prospective buyers with these 5 secrets to home staging.

by HGTV

Bye, Bye Clutter

The most important thing you can do to prepare your home for sale is to get rid of clutter. Make a house rule that for every new item that comes in, an old one has to leave. One of the major contributors to a cluttered look is having too much furniture.

bedroom

By HGTV

Home Lighting

One of the things that make staged homes look so warm and welcoming is great lighting. As it turns out, many of our homes are improperly lighted. To remedy the problem, increase the wattage in your lamps and fixtures. Aim for a total of 100 watts for each 50 square feet. Don’t depend on just one or two fixtures per room, either. Make sure you have three types of lighting: ambient (general or overhead), task (pendant, under-cabinet or reading) and accent (table and wall).

furniture group

by HGTV

Furniture Groupings

There’s a common belief that rooms will feel larger and be easier to use if all the furniture is pushed against the walls, but that isn’t the case. Instead, furnish your space by floating furniture away from walls. Reposition sofas and chairs into cozy conversational groups, and place pieces so that the traffic flow in a room is obvious. Not only will this make the space more user-friendly, but it will open up the room and make it seem larger.

nook

By HGTV

Make It Bigger

To make a room appear to be bigger than it is, paint it the same color as the adjacent room. If you have a small kitchen and dining room, a seamless look will make both rooms feel like one big space. And make a sunporch look bigger and more inviting by painting it green to reflect the color of nature. Another design trick: If you want to create the illusion of more space, paint the walls the same color as your drapery. It will give you a seamless and sophisticated look.

family rm

By HGTV

Neutral and Appealing

Painting a living room a fresh neutral color helps tone down any dated finishes in the space. Even if you were weaned on off-white walls, take a chance and test a quart of paint in a warm, neutral hue. These days, the definition of neutral extends way beyond beige, from warm tans and honeys to soft blue-greens. As for bold wall colors, they have a way of reducing offers, so go with neutrals in large spaces.

Tips by HGTV

Tracy Tkac
301-437-8722
Evers & Co.

Tracy@eversco.com
www.WashingtonHG.com

Getting Ready; Five Tips For Home Buyers

GetMedia-42by Tracy Tkac

 

 

1. Get Loan Pre-Approval

 

This step is extremely important. It will help you to know what you can afford and determine if there are any glitches in your credit that need attention before buying. Talk with a few lenders to get rate quotes and to find one that fits your working style. After you are pre-approved, make sure to pay close attention to your finances and do not make any rash decisions or large purchases, such as a car, until after the purchase of your new home.  

 

2. Find An Agent

An agent will lead you through the process of the paperwork, negotiation strategies, inspections and ultimately settlement by placing offers, negotiating final prices and settlement terms and closing costs to settlement.

 Find a professional agent that is knowledgeable in the area in which you are looking to buy. In most cases in the MD, VA and DC area, if a home is listed in the MRIS, the area multiple listing system, then the commission is paid entirely by the seller- not the buyer. A Buyer Broker is an agent that advocating and working exclusively for your best interests.

By finding a knowledgeable real estate agent that you trust, you are likely to save money, purchase the home of your choice and have a smooth and successful transaction.

 

3. Prioritize Your Needs and Wants

While location and price range will dictate a lot about the home you will be looking for, you should also think about what amenities you hope for. Start big with the non-negotiables such as the specific communities you want to live in, the number of bedrooms and bathrooms you need, what style of homes you are interested in looking at, whether or not you need a garage, etc. After the larger must-haves are established it is easier to understand what is negotiable in the long run. If you are prepared beforehand you can assure that you are looking for everything that is necessary.

4. Look Into Potential Programs

In recent years there has been an increased effort by the government to try and stimulate home purchases. One of these efforts includes tax credits and benefits for first time homebuyers. During your home buying process, be sure to look and see if any credits or benefits are available for you. Some of these programs will allow savings on the initial purchase of the home and others will save money back in the form of a tax return. Either way, the saved money can be a major bonus and it is well worth the effort to find out. Your realtor and lender will help you determine if you qualify for any programs.

5. Inspect Your Future Home, Choose Your Settlement Company ect.

Research the companies you will want to use for your inspections and settlement. Your contract to purchase your home may be contingent on certain inspections such as termite, home inspection, radon or well and septic. Looking into the cost of these inspections and choosing what company fits your expectations will put in a position to be prepared to move forward. A choice of settlement company is generally the purchasers to make. There are many factors to consider, your agent will help you navigate the way to a successful conclusion!

 

 

5 Tips For The Best Home Showings

Advantages to a Mortgage Preapproval
5 Tips For The Best Home Showings

 

 

 

 

 

 

 

 

5 Tips For The Best Home Showings

by Tracy Tkac

Home routines tend to come to a standstill while your home is on the market. The need to keep the house clean  – and not scare potential homebuyers away – means that kids can’t throw their back packs on the dining room table, the sink must be free of dirty dishes and everyone must hang their towel and put away their clothes.

Keeping the house clean is a good first step toward presenting the home in the best light. But it isn’t the only step, start with 5 Tips For The Best Home Showings below.

1. Odors

Have you ever walked into a home and been immediately assaulted by nasty odors? Cigarettes, grease, cooking odors, diapers and pets all leave their mark on the way a home smells. While it’s almost impossible to rid the home of cigarette smoke without painting, there are ways to get rid of other odors.

  • Have the carpets professionally cleaned and deodorized.
  • Launder or dry-clean all curtains and drapes.
  • Consider having your upholstered furniture professionally cleaned.
  • Clean the grease from the range hood.
  • Keep the dog bathed and groomed to keep doggy smells at bay.
  • Place dishes of potpourri or scented candles in random areas throughout the home.

2. Sounds

We become habituated to certain things, including sounds.  Turn the T’V. off. Make certain that pesky faucet is repaired and not dripping and the toilet  is not running. Your lovely teenager should not share his/her music while your home is being shown.

  • Play some music, softly, while the home is being shown.
  • Play a sound-effects CD softly in the background.

3. Sights

Light and bright are the operative words when considering the ideal way to present your home to buyers.

  • Change all the light bulbs in the home to higher wattage bulbs. Leave the lights on for showings, including closet lights.
  • Paint the walls a neutral color- not stark white but an off white . If you can’t paint, clean the walls.
  • Remove heavy drapes and replace them with lightweight fabric that allows natural light into the home.

Don’t neglect the outside of the house. Before a showing, make sure  your front door is clean or freshly painted and that the planting beds look clean and attractive and that the lawn is mowed.

4. Set the Scene

If you’ve ever toured model homes, you are familiar with the concept of staging – the art of carefully crafting interiors that appeal to homebuyers. If you’re on a tight budget and can’t afford a professional designer, make some simple changes that appeal to buyers.

Create vignettes throughout the home. Set the dining room table with attractive dinnerware or create a cozy nook in the bedroom with a small table and chairs. Group items in threes, use different heights, and keep it simple.

Fresh flowers add so much to a home, from masking odors to adding pops of color and texture. A gorgeous bouquet on the dining room table can take the place of a fussy centerpiece. Night stands are ideal places to set small vases of flowers.

Bathrooms are important, so pay close attention to how you stage yours. Get rid of the countertop clutter and add fluffy towels and a new shower curtain.

5. Security

Since sellers should make themselves scarce when the home is being shown, it’s important to take security measures. Lock up or remove valuables, weapons, prescription drugs and money.

Don’t leave personal items – especially paperwork with your financial information -lying around in plain sight. remove most personal photos.

Whatever you can do to make your home appear move-in ready will appeal to buyers. Tour some new home communities for more ideas and inspiration so that your home shows like a model.

By Tracy Tkac

Tracy Tkac

Evers & Co. Real Estate

cell    301-437-8722

office 202-364-1700

tracy@eversco.com

www.WashingtonHG.com

Licensed in Maryland, Virginia and the District of Columbia. Your referrals are warmly welcomed and appreciated!