I would like to wish you and yours a very Happy Thanksgiving!
This year I have a lot to be thankful for; the good friends I have made, the tremendously successful year I have had thus far, and the wonderful blessings that I have attained by helping my clients acheive their dreams.
Enjoy the Holiday but don’t eat too much 
I look forward to assiting all your real estate needs during the coming year.
Thank you and best wishes,
Phillip Cross, e-PRO REALTOR®
Mobile: (443) 677-7114
CROSS HOME TEAM
RE/MAX 1st Advantage Realty, Inc.
2033 E Joppa Rd Parkville, MD 21234
Office: (410) 882-6000 · Fax: (410) 882-8630
One of the decisions most prospective homebuyers have to make is whether to buy a brand new house or a previously owned (“resale”) home. Here’s a comparison of some advantages to each choice:
New house:
Modern floor plans that could include a “great room,” bigger closets, more baths, etc.
The opportunity to choose upgrades and customize floor coverings, colors and more
More energy-efficient insulation, windows and heating/cooling systems
The added protection of a warranty from the home builder
Resale home:
Existing features, including window treatments and mature landscaping
Location — existing homes are often closer to metropolitan areas
Established neighborhoods that provide a sense of community
The opportunity to use an existing home as a base to remodel and create a unique property
When we begin looking for a home, we often get wrapped up in the important details like style, the number of bedrooms and bathrooms, and square footage. But we don’t always consider the quality of life issues that may impact our ability to enjoy the home. Here are some other things you should keep in mind:
* Transportation is an important consideration that’s often overlooked. Consider traffic jams and gas prices, and assess public transportation options and commute times.
* Public safety has loomed larger as a factor in our quality of life. Proximity to police, fire and emergency medical services has become more important.
* Off-street parking is a factor in many areas. Is there a garage? How many cars will it hold? Is there parking available when you have guests or entertain?
* Recreational facilities such as playgrounds, parks, and pools are important to many people. Are they nearby? Is there a fee for these amenities?
Be realistic. There are no perfect homes. Decide what’s most important to you, and make sure you find a home that has the essential features that you require. Be prepared to compromise on some of the items on your wish list.
Buying a home is much more permanent than renting. Purchase a home that you are prepared to keep for a while. Select a home that will be reasonable to maintain, in terms of both utilities and repairs.
Most buyers and sellers consider moving day a real hassle. Here are some things you can do to make it more manageable:
* Cut back on your possessions as you pack. Make separate areas for items to be discarded, sold, or donated to charity.
* Label all boxes and color-code them by room, whether you pack yourself or have help. Otherwise, you’ll never remember what’s in each box.
* Have the outside door locks on your new home changed and the garage door opener reprogrammed.
* Get referrals from your doctors, dentists, and veterinarians for new providers near your new home. Take your files with you instead of waiting for them to be sent.
* Pack a “first night” box that contains everything you’ll need for the first night in your new home. Include bedding, cookware, utensils, toiletries, and anything else you can’t do without before you are unpacked.
To those that have served – I salute you!
I served in the United States Army. I was fortunate to never see battle. To those that have, my utmost respect. To those that were lost in battle, my complete gratitude.
Once the contract has been negotiated and the closing papers are about to be signed, you will need additional items for the transaction to close. When you go in to sign the papers, you will need:
* Photo ID, either a driver’s license or passport.
* A cashier’s check for the down payment and closing costs. Personal checks are not acceptable because they take time to clear.
* A hazard or fire insurance policy ready to put in place upon closing.
Needless delays in closing have been caused by lack of insurance or waiting for a personal check to clear. Many buyers think that they will receive the keys to their new home when they go in to sign and pay their money. But it may take a few days past signing for the paperwork to be processed. Plan your moving date accordingly. Check the possession date on your contract.
“How long will it take my house to sell?”
That’s the question real estate professionals hear the most.
As agents, we can easily obtain information from our Multiple Listing Service (MLS) about average time on the market from time of listing to accepted offer. These statistics vary depending on interest rates, price range, local economics, and other factors.
What most sellers really want to know, however, is “How long will it be until I have to move?” This depends on how long it will take from accepting an offer until the transaction closes. Once an offer is received and accepted, it may take from 30 to 45 days to obtain financing and close the deal. Buyers who are preapproved by their lenders can shorten that time frame considerably.
One of the most important steps in the home-buying process is being pre-approved for a home loan. Many buyers apply for a loan and receive approval from a lender BEFORE searching for a home. This is called “pre-approval.”
Why is pre-approval important at the beginning of the home-buying process?
* Pre-approval can cut days or even weeks off the closing, because the lender has already conducted its credit analysis and approved you for a mortgage.
* Pre-approval strengthens your offer and negotiating position. A home seller will often choose to accept an offer from a buyer who is pre-approved for a mortgage over one whose financial picture is still in question.
* Pre-approval will determine your price range and narrow your search parameters. Based on your down payment and that pre-approved mortgage amount, you will know how much you can afford before you even start looking for a house.
There is also a significant difference between buyers who are merely “pre-qualified” and those who are pre-approved.
Pre-qualified buyers are those whose lenders have determined how much they can borrow based only on information the buyer has provided to the lender. Nothing has been verified to determine the buyer’s true creditworthiness. The buyer still must fill out a loan application and go through the lender’s approval process.
For buyers who have been pre-approved, the lender has already done a credit check along with verification of employment and deposit. The lender’s pre-approval is a commitment to loan the buyer up to a certain predetermined amount. The only piece missing is the lender’s appraisal of the home to confirm its value.
Many people wonder about the difference between a property appraisal and an inspection, and how each is used during the home buying process.
An appraisal is a formal assessment of the value of a home or property. When you are seeking financing, the lender usually requires an appraisal to ascertain the value of the property in order to make sure the loan amount does not exceed the value of the property being sold.
An inspection is an assessment of the systems and structural integrity of the property. It’s normally ordered and paid for by the buyer at the time of inspection to find any hidden problems with the property. An inspection is often written into the Purchase and Sale Agreement as a condition of the sale.
When you are ready to market your home, one thing to keep in mind is that you have only one chance to make a first impression–beginning the moment potential buyers drive up.
You can help create that good first impression by presenting potential buyers with a well-cared-for yard including a mowed lawn. Your front door and porch should be clean and neat, preferably freshly painted.
These first important encounters create a positive impression that carries through to the rest of your home. An inviting atmosphere implies that your house has been well maintained and taken care of. Homes that convey pride of ownership usually receive the best offers.
If your home appears disheveled or uncared for, prospective buyers may quickly conclude it’s been neglected and is in need of repairs. Such a negative impression can result in a less-than-generous offer–or possibly no offer at all.
Try viewing your home through a potential buyer’s eyes. Would YOU buy your home?
General Real Estate | Phill Cross | 
November 26, 2008 11:51 am | 
Comments (1) 
Welcome to my blog on Real Estate in the greater Baltimore Maryland Metropolitan Area. I am Phill Cross, a full-time ePRO REALTOR® & licensed MD Real Estate Agent affiliated with RE/MAX Acclaimed.
