Creative ways to advertise your home

With the advent of the Internet a whole new market has opened in the advertising world.  There are virtual worlds being created every day to introduce the world of consumers to new products.  Why not use this innovative way to sell your home.
It is possible to create a free web site with many different web hosting companies.  This includes Yahoo and Bravenet.  You can log on and set up an account for absolutely no charge.  Both of these sites have a What You See Is What You Get (WYSIWYG) site builder.  You can create a beautiful, informative web site for nothing. 
Using this concept, you can advertise your home to the world.  Making up flyers with the web site address printed on them will allow you to send interested parties through a virtual tour of your home.  You can put these flyers in a special bin under the “For Sale” sign in the front lawn.  You can even put them up at the local grocery store or laundry mat.  By taking video of your home and narrating it, you can show off your house as no one else could.  You can point out all the unique features which made you buy the home in the first place.  Then you can point out the hidden ones which made you fall in love with the place while you lived there.
There are sites which allow you to advertise for free, like Craig's List, on the Internet.  Many homes have been bought and sold on this virtual “classifieds” section of the web.  Investors are always looking here for their next purchase.  Whether you want to reach the people in your local area or the ones across the country, you can do it with Craig's List.
Other sites specialize in For Sale By Owner (FSBO) properties.  Some of  them charge a fee while others allow you to enter your listing for free.  Many of these web sites offer informational videos which explain the entire process from deciding to sell to closing the deal.  You can even find contracts and other forms you may need.  You can chat with other FSBO sellers to see what they are doing to market their homes.  Many great ideas come from listening to others. 
Of course the traditional sign in the yard will let those in your neighborhood know you are selling your home.  However, asking your neighbors in for a private showing can also bring in some great potential buyers.  You can do it in a neat way by calling up your friends and neighbors and saying something like this.  “Hi Jane, I just wanted to invite you and Bob over on Saturday.  Bill and I are putting our house on the market and we thought you may know someone who might want to take a look at it.  How does 1 o'clock sound?”  You got their attention, went straight to the point and let them know they could bring someone to look at the house.  You can explain the details later in the conversation.  Things like it is only going to be for a half hour because you have someone else coming at 1:45 gets the ball rolling.  If “Jane and Bob” know anyone who thought about moving into the neighborhood, this is their time to shine.  Remember, people like to shine.  If you do this with ten of your friends and neighbors, you just got some of the best advertising money could buy, word of mouth.
When you sell a home, think of it as a marketing game. You have the product, now find your market.  Ask yourself who would want your house and where would you find them.  This is always the best place to start when selling anything and a house is no different.  There are many creative buyers.  Be a creative seller.

Contact or visit Gordon Pate for more details.

Curb Appeal is Important

Walk outside and take a good look at your home.  Take a look at the other homes in the neighborhood.  If they are all looking the same, there is a problem.  Your home is not ready for showing.  It lacks curb appeal.  You need to get it noticed.
You want your house to stand out. You want people who drive by say things like, “I like that house”, or “I wouldn't mind living there”.  You need to know what will make them say that.  Look at your house again and see it's potential.  Determine what would make someone say those things about your house.
The first thing is a nice yard.  You may think a small yard is a draw back.  It is not at all.  You just need to know how to enhance it.  You need to make it colorful.  Add some bright, cheery flowers along the walkway.  Put in a flower bed under the windows, or along side the house.  Clear out any unwanted trees or shrubs.  These things can make a small yard look even more small.  You want to give your home a warm and inviting look, not one of cramped space.  Make sure the lawn is mowed and edged neatly.  If there are bare spots, get some grass seed and resow it into the lawn.  Trim the larger trees so there is no chance of dead branches falling.  You can also tell potential buyers you just had the trees trimmed.  This means they do not have to do it for quite some time.
The next thing you need to look at is uniformity.  Make sure all the windows look the same from the outside.  It actually makes the house look more well kept.  This can be done by installing vertical blinds, mini blinds, or even shades.  If you do use shades, during the day make sure they are all at the same level during the time the house is on the market.  You want everything to look uniform.
When you are looking at the windows, take a look at the trim work.  If the windows have shutters but some are missing, either replace the missing ones or take down the existing ones.  You do not want the house to appear as if it is in need of repair.  Missing shutters makes it look as though no one took care of the place.  The paint may be cracked and peeling.  Get the scraper and a bucket of paint and redo the trim work.  This will make the house look more clean and give the impression of good repair as well.
You may have cement sidewalks or steps.  If you do and there are cracks, fix them.  You can do this with a filler cement and a trowel.  This is a big improvement not only to the look of the home but to the safety of all who come there.  If the railing for the steps is missing or broken replace it.  Certain federal funding will not go through on a house which does not have a hand rail where there is more than two steps.  Again, replacing the hand rail makes the home look more complete and adds to the safety factor.
Of course you will want to replace any broken windows or doors.  This can really damage the curb appeal when a buyer drives by and sees this.  Also, if there is vinyl siding which needs repaired or replaced, you will want to do this. 
The key to making your house more attractive is looking at it from someone else's eyes.  If you can not do this, enlist the aid of your family and friends.  They can take a look and assess what needs fixed in a hurry.  Make a list and just do it.  Not only are you adding more value to your home, you are attracting more buyers.  When you have more buyers, you can sell your home in a lot less time.  All you need is a little curb appeal.
Contact or visit Gordon Pate for more details.

To be or not to be there

Everyone gets nervous when the real estate agent calls and says a potential buyer wants to see the house.  You never know what to expect.  Do not feel bad, neither does the agent.  This is why so many people fight on whether to be or not to be there for the showing.  In truth, it is best if the seller is not around.
Buyers can be cruel.  A good real estate agent will tell you that many buyers, even when they are very interested, will point out every fault the home has.  This is because they do not want to appear too enthusiastic over the property.  They may love the kitchen, but will state the color is all wrong.  The bedrooms may be perfect, however, the buyer will say there the doors are hung the wrong way.  I have heard buyers complain about the carpet only to have them walk out the door and say it was the perfect shade.
You never know what a buyer may say when they are viewing the home.  The same it true with the seller.  A seller may be so desperate to please they can say anything to make the sale.  This is a mistake made all too often.  It is especially true of first time sellers.  They will offer to pay for things or reduce the price before the agent can stop them.
The best thing a seller can do when the agent is showing the home is not be there.  Go out for dinner.  Go for a drive.  Go see a movie or an old friend.  Just do not be at the house until the whole affair is over.  This means you should leave when the agent gets there and not come back until the time you have been told by the agent.  He or she will take care of everything while you are gone.  It is part of their job.  One agent actually had to take a cake out of the oven because a seller forgot about the showing and started baking right before he got there.
If you find you have to be present when the buyer comes due to family obligations or illness, try to stay out of sight and earshot.  Definitely keep your thoughts to yourself.  Should you overhear a derogatory comment about your home simply ignore it.  Remember the buyer does not want to seem anxious.  You may need to go into another part of the house, or even in the back yard to keep from commenting.  If this is necessary, by all means do it.
There is actually another reason why a real estate agent may ask you to not be present during a showing.  This is because you may reject a good offer if you hear the buyer down grading your home.  This has happened on more than one occasion.  The potential buyer started commenting on the condition of the home.  The homeowner heard this and got aggravated.  When the buyer made an offer, the seller rejected it instantly without even a counter offer.  The buyer chose another house.  The seller actually sold the house for less than the original buyer had offered.  All of this because a comment was made the seller overheard.  Real estate agents have this happen all the time.  They are trying to do the best job for you that they can.  You need to let them do their job.  This is why they are the professionals with the state license.
When your agent asks that you leave when they are showing your home, do not hesitate.  Make plans to do something else that night.  It can be the best night you ever had. 
Contact or visit Gordon Pate for more details.

Understanding A listing Contract

The listing contract is the written agreement between the seller of the property and the brokerage firm or it's representative.  There are many aspects of the listing agreement.  Each one is extremely important to both parties. 

The first thing you will notice is that it states this contract is an exclusive agreement between the parties. This means the only agent you are going to let represent your property on the market is the one listed on the contract.  It will be the brokerage firm/realtor listed on line one, usually. What this means in plain English is that you will not deal with other agents unless they go through your agent to contact you. You will not allow another agent or agency to offer your house for sale under their logo. 

Your property will be assigned a listing number.  This is the number the other real estate agents will be able to use to locate your property in the multiple listing service (MLS) book.  It is just like having an inventory number for the home. 

You will also notice on the listing agreement the date of the contract as well as the expiration date.  Usually there will be a six month difference between the two dates.  Most listing contracts are for six month periods.  There are times when you can negotiate a shorter term.  You can also have a one day listing for a real estate agent if you are selling the home on your own.  This can happen when an agent is working with a buyer who drove by and saw your house.  The agent will not get paid a commission if the buyer deals directly with you.  Many times an agent will approach a For Sale By Owner (FSBO) with a potential buyer and ask for a one day listing agreement so that he or she may show the property.  The benefits to this are that the buyer is usually pre-qualified so there is no problems with the deal falling through and the agent may have a title company and mortgage broker already in place to close the deal quickly. 

When you have a listing agreement with a real estate agent you will also have in writing everything that goes with the property.  This may be nothing but the structure or include everything under the roof.  You can be specific.  Usually things like window treatments and blinds, appliances, lighting fixtures, and other things like this will stay when you sell the home.  However, if the chandelier in the dining room belonged to great Aunt Mabel, you can have it excluded in the listing agreement.  Your agent will go over everything with you when you fill out the contract. 

One big issue is the commission which the real estate agent will earn should he or she sell your home. This is usually around 7%.  Many brokers also have a minimum commission they charge for their services.  The commission will always be the percentage or the minimum, which ever is greater.  It is also always paid by the seller.  There is one key detail which you must be aware of in this paragraph.  If your house goes off the market, for what ever reason, and you sell your home to a buyer who learned about your house through the brokerage, you pay the commission.  In other words, you can not sell to “Mr. Smith” for six months after the listing expired or was taken off the market if “Mr. Smith” first came to your home because of your agent.  If you do, then you still owe the commission to the brokerage. 

Remember the listing agreement is an agreement.  You can negotiate the terms when you fill it out to what you feel is fair.  Talk with the broker to determine what works best for you both.

Contact or visit Gordon Pate for more details.

 

Watch out for the good faith estimate.

The day has finally come when you are going to be a home owner.  You are scheduled to be there bright and early to finish up and get your keys.  Instead of just waiting for the time to come, there are some things you need to take care of.  There is a checklist of what you need to do before walking into the closing room.
The first thing you should do is go over the good faith estimate. You will be given one of these to let you know what monies you should have with you at closing.  You will want to go over every line to make sure the figures are correct.  It is time to redo the math to determine no mistakes were made.  This can happen and so can so many other things.
The good faith estimate is given to you within three days of applying for your loan.  There are basically three elements on this document.  The loan fees, the interest rate, and the points.  It is the fees which you want to take a close look at when examining this document.
There are so many fees the lenders charge it is almost scary.  You have the typical loan origination fee. Then you may have a processing fee, a registration fee, a document preparation fee, and many more.  You can ask for each and every one of these fees to be explained, reduced, or even done away with when it comes time to actually sign the loan paperwork.
The lender will most likely state that this is just company policy and the fees are normal charges.  It is these fees which can cause catastrophic surprises at the closing table.  The good faith estimate may state your closing fees will only amount to $800 or so.  When you get to the table, the fees have jumped to over $2,000.  Unfortunately this happens more and more often these days.
The lender will lock in the interest rate and the points cap to ensure you will use their services to obtain the loan.  In actuality, it is the lender's fees which should be locked in place.  These are day to day fees which may be necessary to pay and yet do not fluctuate a great deal over a short period of time.  Yet from the time you apply to the time you close  the processing fee went from $50 to $250.  When you ask why you are told that is the fee the bank is now charging.  The question should be why is there a processing fee when there is a  loan origination fee?  This is something most buyers will just assume is a natural thing and opt to pay it to save face.  It is not necessary to do that.
When you speak with a lender, you can ask to have each fee broken down so you can understand them.  Many times when you do this and start asking questions, the loan officer will adjust the rates and keep the fees more simple.  This will ensure you get the actual good faith estimate you are supposed to receive.  When you are all done negotiating with your lender, do one other thing.  Get it all in writing.  You do not want any more surprises at the closing table.  By making the lender put in writing exactly what they are going to charge you for each service, and making them list each service individually, you can save yourself quite a bit of money at the closing.  Money you can spend on the new home you just bought.
Contact or visit Gordon Pate home page for more details for the good estimate.

New Home Buying Tips

Buying a new home is a big decision in your life. In order to make sure that you get the most out of the buying experience there are many things that you should take into consideration. Think about it this way. Do you really want to make a mistake when making such a big purchase? The answer to this question is most definitely no. In order to make sure that you do not make any mistakes you should take a look at the new home buying tips listed below. They will help you to get the home that you want, as well as one that you can afford.
 1. The number one tip for new home buyers is to not get in over your head. In other words, you can only afford what you can afford. You never want to make the mistake of buying something that you cannot pay for each month. If you do this your home will end up in foreclosure before you ever know what hit you. And obviously this is something that will cause you more problems than you ever thought possible.
 2. There are many different types of new homes for sale all over the world. For this reason you should not jump into anything until you know exactly what you are getting. Take your time when searching for a new home, and then when you think that you have found the one for you take a step back and look at the entire situation before you move forward. Not comparison shopping when buying a new home is one of the biggest mistakes that you could ever make.
 3. If you need help go find it. You can get a lot of information on buying a new home online, or by simply buying a book on the subject. And if that does not work for you, there is nothing wrong with getting the assistance of a real estate agent. They would be more than happy to help you search out a home that meets all of your needs.
 Overall, these three new home buying tips should put you on the right track to success. Although there is much more to buying a new home than the information listed above, the tips will at least give you some direction. And then from there you can take things forward on your own time.
This site offer valuable information on how to get the best value for your hard earned money.

Know what to Look for in a New Home

Do you know what to look for in a new home? If so, you should be ready to move forward with the buying process. But on the other side of things, if you have never purchased a new home before you may be a bit out in the dark. The fact of the matter is that buying a new home is not always the easiest thing to do. And if you do not know what you are looking for you will never know for sure if you got what you wanted in the end.
 The number one thing to look for in a new home is something that suits your budget. Contrary to popular belief, the money that you have and the monthly payment you can afford is the number one determining factor when buying a new home. The bottom line is that if you cannot afford to buy something you should not do so. Do you know what will happen if you buy a new home that you cannot afford to pay for each month? The answer is quite simple. You will more than likely lose it due to foreclosure. And obviously this is something that you do not want to deal with.
 The next most important thing to look for in a new home is what you need to match your own living situation. In other words, is there something in particular that you really need from your new home? Some buyers know that they want to live in a condo, or maybe have a certain number of bedrooms so that their children have more space to themselves. Make sure that you take your personal needs into consideration when buying a new home. After all, if you are going to make such a big purchase you might as well get what you want. Just remember, you should never buy more than you can afford!
 Overall, knowing what to look for in a new home will differ from buyer to buyer. You should know how much money you have as well as what exactly you are looking for. This way you can be rest assured that your new home is something that you will be happy to live with for many years to come.
Look for Gordon Pate when you visit Bryan/College Station when shopping for new Home .

Homes and Mortgages

 Buying a new home is a huge step in anybody’s life. In fact, a home is usually the largest purchase that you will make. With that being said, you need to know what you are doing as far as buying a home is concerned. And a lot of this has nothing to do with the actual property that you hope to purchase. Instead, you need to be worried about how you are going to make the purchase. So many buyers think that they can afford more than what they can actually handle. And to take this a step further, these same buyers do not have a lot of knowledge when it comes to the mortgage industry.
 Unless you can afford to buy a home with cash you are going to need to take out a mortgage; there is no two ways about it. Luckily, there are many different mortgage options that you can look into. The only problem is that so many people think that a mortgage is a one ring show. In other words, they are under the impression that there is only one type of mortgage to choose from. And when it comes down to it, nothing could be further from the truth.
 Generally speaking, you will want to become familiar with both fixed and adjustable rate mortgages. If you only look into one or the other you may find out in the end that you spent more money than you had to. A fixed rate mortgage is exactly what it sounds like. You will have the same rate for the entire length of your loan. With a fixed rate mortgage you can choose from terms ranging from 15 to 40 years. The choice is yours, and you will have to base this on your own personal situation. On the other side of things you can also consider an adjustable rate mortgage. With these you will not be locked into one rate, but instead have a rate that fluctuates based on the industry. These are great if rates stay low, but if they begin to climb you are going to find yourself spending more money.
 Overall, a mortgage is something that you will probably need if you are buying a new home. Instead of agreeing to the first type of mortgage you come across, why not search around a bit? Not only are there different options to choose from, but you can also get better rates from some lenders.
 Look for Gordon Pate when you visit Bryan/College Station when shopping Homes.

Should You Buy a Fixer Upper?

Many homebuyers have motivation for buying a fixer upper.  That is, a home that is not in the best of condition and so, is being sold at a low price.  One of the reasons that many buyers purchase fixer uppers is because of the low price.  Other buyers see fixer uppers as an investment opportunity.  Since the home can be purchased at a low price, fixed up, and then resold, it presents an opportunity to make some money on the home.
 If you are interested in purchasing a fixer upper it is important to realize a few facts about this type of housing.  First, it can take a lot more work to fix up a home, than you might first realize.  Not only does fixing up a home require work, it also calls for time and money – which many people do not have a lot of.  People who attempt to fix up a home for the first time often find that they have underestimated the amount of time and money that it would take to do the work.  Not only that, they also overestimate the value of the home after repairs have been made.
 That doesn’t mean that it’s impossible to make a profit from fixing up a home.  Instead, you should have a realistic view of home much time and money it will take to fix the home and the value the home will have once the work has been complete.  Lowering your expectations also lowers the likelihood that you will be disappointed when the process is complete.
 Are you thinking about living in the home while you fix it up?  If so, it might be an eye opener for you, especially if you have never lived in a home in such a condition.  It might be difficult to live in a home and fix it up at the same time.  Why?  Because you have to worry about the everyday living expenses.  Not only that, it can be easy to get caught up in making the home livable for yourself rather than make it saleable.
 If you’ve never worked on a fixer upper before don’t start with the most dilapidated home you can find.  Instead start with a home that is structurally sound, but in need of some cosmetic changes, like new carpet or paint.  You can do these kinds of repairs inexpensively either by yourself or by hiring someone else.
 You can often find good fixer upper opportunities through properties that have been foreclosed.  Often foreclosed properties can be purchased well below their market value.  A fixer upper that increases in value with some renovations can create a generous profit margin.
 Before you purchase a fixer upper property you should have it professionally inspected.  This will give you a good idea of what changes need to be made to the property.  Once you have a better idea of the exact investment you need to make, it will be easier to make a decision about the particular piece of property.  As long as you have a realistic view of the work that it takes to improve the property and the value you will receive, you can make an educated decision about a fixer upper purchase.
This site offer valuable information on how to get the best value for your hard earned money.

Shopping For a Home Loan

 Next to shopping for the home itself, shopping for the home loan can be just as cumbersome.  For such a large amount of money, you want to make sure you are getting the best deal possible.
 Loan Elements
There are four key elements of your home mortgage payment: the principle, interest, taxes, and insurance.  The principle is the amount of money that your are borrowing, less any down payment made.  The interest is the cost of borrowing, expressed as a percentage of the total amount that you borrow.  The money for your property taxes are put into an escrow account until it is time to pay them.  Home insurance is required by most lenders.  If your down payment was less than 20 percent, you will also be responsible for paying private mortgage insurance.
 Types of Loans
There are several different kinds of home mortgages from which you can choose.  The major factor to use in the decision of which home mortgage to borrow is the length of time that you plan to be in your home.  For example, if you plan to remain in your home for a long time, a fixed mortgage is perhaps the best mortgage to choose.
 The two major kinds of home mortgages are fixed-rate and adjustable-rate.  As the name suggests, a fixed-rate mortgage, FRM, has an interest rate that doesn’t change over the life of the loan.  Your monthly mortgage payments will never change.  FRMs are typically available for 15, 20, or 30 years.  With an adjustable-rate mortgage, ARM, the interest rate varies depending on current market rates.  In most cases, the initial interest rate for an ARM is lower than that of the FRM.  If you are interested in lower monthly payments for the first few years of your loan, an ARM is a good choice.
 A balloon mortgage is yet another type of home mortgage loan that you can obtain.  This type of loan has a lower initial interest rate for five to seven years.  After that time, the entire balance of the loan is due, hence the term “balloon” mortgage.  Balloon mortgages are best if you are planning to sell your home, refinance it, or pay it off prior to the balloon payment due date.
 Choosing a Loan
Now that you know the components of your home mortgage and the types of home mortgages you can choose, how exactly will you make a final decision?  This will depend entirely upon your personal situation.  As mentioned previously, the length of time you plan to live in the home is a key factor.  You should also consider your career and salary for the length of time you will have your home mortgage.  Do you expect your salary to remain the same or increase the length of your loan?  Are you comfortable with the uncertainty an ARM can present as far as monthly home mortgage payments?
 Also consider the cost of the loan.  What is your interest rate for the loan?  Consider also the fees charged by the lender.  You may be able to negotiate a waiver of some of the fees.  Ultimately, you want to pay the least amount of money for a home mortgage loan.

 Look for Gordon Pate when you visit Bryan/College Station when shopping for Home Loan

Saving For a Mortgage Down Payment

Even though many lenders that offer programs to assist buyers without a mortgage down payment, it is still a good idea to save up as much as you can.  Having a mortgage down payment benefits you in many ways.

 The more you have for a mortgage down payment, the more you can afford to pay for a home.  Let’s say for example, that based on your income and debt level you are able to borrow $100,000 from a lender.  That means you can afford a home that is priced at $100,000 or lower.  If you were to have a $10,000 down payment on your home, you would be able to purchase a home priced at $100,000.
 Not only does a higher mortgage down payment allow you to purchase a higher priced home, it can also reduce the amount of money that you spend each month on your mortgage payment.  “How is that?” you ask.  Lenders have found that there is a higher rate of mortgage default by home buyers that a mortgage down payment that is less than 20 percent of the sale price.  This means that on a home priced at $100,000, your mortgage down payment was less than $20,000.
 For extra protection, the lender requires that you pay private mortgage insurance each month.  This insurance premium increases the amount of money you pay each month.  You must pay this insurance until you have 20 percent equity in your home, or in this case $20,000.
 Saving for a mortgage down payment doesn’t come naturally, especially if you aren’t used to saving money in your current financial situation.  With some adjustments to your spending, you can easily put aside some funds to use toward your mortgage down payment.
 To figure out how you can start saving money, you have to first analyze your current spending.  Take some time to document your current income and spending each month.  As you examine your spending habits, look for ways that you can decrease the amount of money that leaves your budget each month.  This might call for some lifestyle changes and sacrifices on your part.
 There are a few necessities that you cannot cut out of your budget, this includes the cost of housing, transportation, medication, food, and utilities.  Even within these necessities, you can find ways to spend less money.  For example, the kind and amount of food you eat can have an affect on your budget.  You can consume less power to reduce your monthly power bill.
 Outside those items that are necessary for living, you can look for ways to cut down on spending.  Cable television might be something you can cut out of your budget.  Pay close attention to leisure and impulse spending.
 Once you’ve determined how you can reduce your spending, the next step is to start saving.  Calculate the amount you plan to cut on spending and start putting this money into a savings account each month.  The earlier you start saving, the more you will be able to save up for a mortgage down payment.

 Look for Gordon Pate when you visit Bryan/College Station.