Sunday, January 31, 2010

Greenwich Real Estate News - Open House Tips for Sellers

If you are the seller, you want potential buyers to like your home. You want them to see your home as comfortable, livable and nice. It is important as a seller to make a positive impression on possible buyers when they come through your home for open houses. You want to make them feel welcome and at home, but you may be unsure of how to do. Here are some open house tips for you as the seller to help make the buyer feel like your home may be the right one for them.

Ask your Greenwich real estate agent for advice
Your real estate agent has much experience holding open houses and knowing what attracts buyers. They are a great resource of information for you as a seller.

Leave the house
The buyer may feel uncomfortable talking about the house with you around, so excusing yourself and telling them to have a look around is a good idea. That way they can be free to walk around and not be nervous about what they may say.

Adjust the temperature appropriately
If it is cold outside, adjust the temperature to a nice warm inviting temperature, if it is warm outside turn on the air conditioning, but be careful not to make it freezing. If buyers are too warm or too cold, they will leave sooner.

Create a mood
Put out candy or cookies so a buyer can have some, next to a card thanking them for their visit and maybe put cinnamon or some soft scent into some water but do not overpower it. Soft music in the background also helps too.

Turn up lighting
Turn on every light in the house to make it warm and inviting to a buyer and also let natural light in as well. This will make the buyer feel more comfortable and welcome.

These open houses tips for you as a seller will help make things easier for you as well as the possible buyer. Then if they like the home, they may have their agent leave a card or ask more questions later. Then you can be on your way to a sold home and a bright new future.

Wednesday, January 27, 2010

Greenwich Real Estate News - Tips to increase Traffic to your Home

Right now with the economy slowly recovering, there are many homes on the market trying to sell, so it is very important in this buyer’s market to get as much traffic into your home as you can. The more people you have seeing your home, the better chances you have for a possible buyer and some good offers. Here are some tips to increase traffic to your home and get you on your way to a sale. This way you can enjoy your new future with less to worry about.

Ask your Greenwich real estate agent for advice
Real estate agents have experience getting people to see a home and with spreading the word about a home that is for sale. They will be a great resource to help you increase traffic to your home to make a sale.

Use a Lockbox
These boxes allow an agent to show your home even when you are not home and they are safe and secure. An agent should call you first then go to show your home if you do not answer. This will increase the traffic by making the times that your home is being seen more flexible.

Increase your Advertising
Send direct mail to people in your area and surrounding areas that may be interested in your home. Also, try advertising in the newspaper, as well as online on websites such as craigslist or Google. Putting your home on video websites may help increase traffic as well.

Offer Buyer’s Prizes or Books for tours
Offering any possible buyer a prize or book just for touring your home, not only brings in traffic because they want the prize, but while they are there, they just may see something they like, leading to a possible sale.

Offer a lunch during the tour
This way the buyers will stay longer while they eat and agents may be able to answer more questions that a short tour of the home might miss. Plus, with this economy right now, offering a lunch would bring people to your home for sure.

With these tips to help increase the traffic to your home, it should be easier for you to attract plenty of possible buyers, leading to a sale and a reasonable offer. This way the buyer gets a new home that they love and you and your family get to enjoy your new future.

Sunday, January 17, 2010

Greenwich Real Estate News - Should You Buy a Fixer-Upper?

Americans love a good deal. We also, if the popularity of HGTV and DIY cable channels are any indication, love the idea of being able to fix up our homes with minimal professional help. Buying a fixer-upper can be a great way to save a little money, and have the chance to make a neglected home into your dream home. But it’s not for everyone. Before you purchase a fixer-upper, here are a few things to keep in mind.

The first thing to consider is how fixable the home really is. Some things (such as location or the size of the lot) can’t be changed. Other things, such as foundation or major electrical problems, can be fixed, but they are very costly and don’t offer a lot of improvement in the resale value. An ideal fixer-upper doesn’t require thousands of dollars worth of work that will go largely unnoticeable; look for a home that can be improved with a few coats of paint, a few new appliances, and some drywall repair.

What will the total cost of the home be? This is an often over-looked aspect of buying a fixer-upper; by the time you buy the home and do any renovations it requires, you may very well have spent considerably more than market value for the home. If the home is your dream home, and you don’t plan on selling for a very long time, that might not be a concern for you. However, if you are hoping to regain the cost of any repairs, and then make a profit on top of that, you need to consider what the home may actually sell for.

You also need to consider how you will pay for any renovations your fixer-upper needs. Depending on the current value of the home, and the projected value once work has been completed, you may be able to get a second loan, or a larger mortgage, to cover a majority of the expenses. Eventually, after you have owned the home for a while, or after you have already made several improvements on your own, you may qualify for a home equity loan. There are also grants and government loans to assist in home repairs. Regardless of what you choose, you will still need to pay for a percentage of the work on your own. Make sure that you have money set aside for the most pressing repairs before you buy.

If you’re an experienced do-it-yourselfer with a lot of free time on your hands, buying a fixer-upper might make a lot of sense, especially if you have a team of friends and family members who can pitch in to get the work done faster. You can save tens of thousands of dollars by doing the work yourself. However, if you’ve never hammered a nail in your life, or if you don’t have a decent knowledge of how to use power tools, this may not be the best time to learn. Making a mistake can be very costly; not only are you paying for the materials to do the job yourself the first time, you then have to pay for a professional to come in and fix your mistake.

That’s not to say that you shouldn’t be able to do some of the work yourself. Painting is time consuming, but it doesn’t take a lot of skill. And there are several other smaller tasks that you could probably figure out how to do on your own. Larger renovations and repairs, however, should be left to someone with experience. Make sure you can afford to hire a team of professional contractors before you buy the home.

Buying a fixer-upper is an investment, maybe more so than a regular home purchase. In most cases, you’ll get back what you put into it. If you know that you can take on the special challenges of purchasing a fixer-upper home, it can be one of the best purchases you’ll ever make.

Have you, or someone you know, owned a fixer-upper? What was your (or their) experience?

Thursday, January 7, 2010

Greenwich Real Estate News - Buying Brand New Homes

If you have decided that you and your family are ready for a new home, there is much to consider, including what you can afford, what kind of home you want, location, costs and more. Well, if you have thought about all of this and decided you would like to try looking at brand new homes to buy there are some things to still consider first. Here are some tips to buying brand new homes to help make the process easier and get your dream faster.

Ask your Greenwich real estate agent for advice
Your real estate agent has experience with the market for all kinds of homes brand new or older. They will be able to provide you with the resources you need to decide if a brand new home is right for you.

Look into the Builder’s Reputation
Ask neighbors and also your agent about the builder. Also, look at the quality of the construction in surrounding homes and check into who the builder typically sells to. All of this will make a difference in the quality of your new home.

Do not always use the builder’s lender
Shopping around for a lender that is just right for you and will help you out with all your needs is a good idea. Atomically using the builder’s lender may not offer you the best deal and they may not have your best interests in mind.

Obtain legal advice
Talking to a real estate lawyer may be good idea before buying a brand new home. This way you know exactly what you will be getting yourself into and know about any hidden costs or fees included.

Hire a home inspector
As with any other home purchase, it is very important to hire your own home inspector. They will help you make sure everything is of good quality and ready to live in. Then you can always have builders fix any problems.

These entire brand new home buying tips will help you and your family decide if a brand new home is just right for you. Then this will help you get the process started. This way you can move to your new home with fewer worries and just enjoy the future.

Saturday, January 2, 2010

Greenwich Real Estate News - Carry Back Mortgages

If you are the buyer of a new home but have only reasonably good credit or live in a place where interest rates for loans are high, you may be wondering what to do. Carry Back Mortgages might be a good option for you and your family if the seller agrees. These mortgages are where the seller takes care of the financing for the buyer instead of a bank. They may finance all or part of the purchase price. This may be a good choice when money is tight. Here is some advice and tips about carry back mortgages to help you get started.

Ask your Greenwich real estate agent for advice
Real estate agents have experience with all different types of financing and may be able to help you decide if a carry back mortgage option is best for you.

Sellers may be more likely to use this option because of financial gain
Sellers may be likely to help out a buyer with this type of mortgage because they will have a monthly income, it gives them a better rate of return, and they may receive a higher sales price.

Buyers do not have to worry about being denied by a bank
With this type of financing, you just have to reach an agreement with the seller and follow through with that agreement, and do not have to worry about high interest rates or credit problems.

Payments may be lower with a more reasonable interest rate
If you are a buyer, this is good because you may get a more reasonable interest rate and more reasonable payment schedule than you would with a bank or other type of mortgage. This means less hassle.

The closing process may be faster
If the financing is worked out between the buyer and selling than the closing of the house may be faster because there will not be another lender involved. This will be nice for everyone involved.

Carry back mortgage options offer benefits to both a buyer and a seller, making it a win win situation if everything is agreed upon. Then the buyer can move into to their new home worry free and the seller can move on to their new future with fewer worries as well.

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Greenwich Real Estate - Buying A Home - Find Homes In Greenwich At InsideGreenwichRealEstate.com

BUYING A HOME:


1. Making the Decision to Buy:
The decision to purchase a home is often driven by the need for more space, the need to move to a new location or simply the desire to change one's life style. If you are unfamiliar with the area to which you are moving, the REALTOR you choose must make an effort to introduce you to the characteristics of the community and help you decide if this is a good match for your needs. Within any community there are variations by neighborhood, and these should become clear to you as you are shown properties in the community. By giving your REALTOR feedback, you can make the search process more efficient. If your REALTOR learns that you do not want to buy in a particular neighborhood, he or she will not show you properties there and will concentrate instead on those areas which interest you.


2. Selection of a REALTOR:
The selection of a REALTOR in a community such as Greenwich is made easier by the presence of the Greenwich Multiple Listing Service. Almost every real estate agent in the community is a member of the Greenwich MLS, which gives each REALTOR access to every property listed by every office in the membership. Therefore, it is not necessary to seek the services of more than one REALTOR.

In your selection of a REALTOR, you should look for someone with whom you are compatible. When you initially meet with a REALTOR, whether this is someone to whom you have been referred or someone you have randomly chosen, you will be asked to sign a buyer authorization form. Required by state law in order for the REALTOR to show you properties, provide you with information, and negotiate on your behalf, this agreement will state the time frame during which the agreement is in effect, the kind of property it covers, and the area of Connecticut in which it is effective. If you are uncomfortable making a commitment to a REALTOR, ask that the time frame be limited to a day, a week, a month or any time frame which you feel you need to determine whether you would like to work with this person. When you ascertain that the relationship is compatible, you can sign an extension of the time frame.

Since every REALTOR has access to the same properties through the Greenwich Multiple Listing Service, there is no need to use the services of more than one REALTOR concurrently. In fact, doing so can cause confusion to you and your REALTOR. Be sure that you have specifically described what you are looking for in a property and ask your REALTOR to introduce you to properties which most closely meet your criteria. Give feedback on properties that you are shown, so that your REALTOR can continue to refine the picture of what you need. If your criteria changes, communicate this to your REALTOR. For example, if you decide that a particular style of house does not fit your needs, let your REALTOR know so that houses of that style are no longer shown to you.

It is a REALTOR's responsibility to inform you of any material facts about a property which he or she knows. These facts would be things such a condition of roof, presence of wetlands on a property, a known change to a road which will impact the property, etc. It does not include information about the seller's reason for selling, who the neighbors are, etc. Your REALTOR may not know everything about the property's condition; that is why you will have a building inspection done before signing the contract to purchase.

When you have developed interest in a particular property, your REALTOR will be able to provide information about comparable sales in the area to help you determine value. Your REALTOR can arrange for you to visit the local schools, obtain information about programs available in the area and help you select the appropriate property.


3. Mortgage Pre-Approval:
You will contact a mortgage company or banking institution to understand what purchase price might be correct for you. Further understanding of your financial situation will allow the lender to issue you a "Pre-Approval" letter which stipulates that you have been approved for a mortgage up to a specific dollar value. This is a valuable asset for you during the negotiation process. If you are not familiar with the names of lenders in Greenwich, your REALTOR will be able to provide you with that information.


4. Finding the Right Property:
The search for your new home is truly a joint effort between you and your REALTOR. Be as open with your REALTOR as possible about your likes and dislikes. It is very important to tell your REALTOR what you like about each house you visit so he/she will begin to understand what you are looking for in the home you wish to buy. Between your input and your REALTOR's professional skills, the search will narrow until you ultimately find the "right" property for you.


5. Making an Offer to Purchase:
Once you have focused on one or two properties, your REALTOR will be able to provide you with market data on recently sold properties. This information will help both you and your REALTOR formulate your offer. Working with your REALTOR, you will be able to determine where you would initially like to start with your offer price. You should then develop a set of strategies, each dependent upon how the seller responds to your offer, so you do not end up "reacting" to any counter offer made by the seller.
The offer may include, but is not limited to the following:
  1. The Opening Offer Price that you are willing to pay.
  2. Financial Contingency requirements, amount of your mortgage and date by which you will receive a written commitment.
  3. The Closing Date upon which you will take ownership of the property.
  4. Inspection Contingencies (building, radon, lead paint, termite, well, septic, survey, etc.) usually termed "all physical inspections".
  5. Other Contingencies, if any, that are to be identified and included in a Contract of Sale along with dates if appropriate.
  6. Identification of the Inclusion and/or Exclusion of any "personal property" (washer/dryer, etc.).
  7. The date you will sign the contract and give 10% of the purchase price as earnest money.

This complete offer is then presented by your REALTOR to the Listing Agent for the property. The seller may respond in any one of the following manners:
  1. The seller may totally reject your offer without giving any counter offer.
  2. The seller may counter your offer with one of their own.
  3. The seller may accept your offer as it was presented.

Once a verbal agreement has been reached, a written "Offer to Purchase" is prepared by your REALTOR outlining the terms agreed to by you and the seller. This document is then transmitted to the Listing Broker and the attorneys of record.


6. Finalizing your Financing:
After an offer has been accepted by the seller the lending institution you have chosen will require an appraisal on the property to be mortgaged. The institution will send one or sometimes two appraisers to do a thorough inspection of the property to determine whether the property will qualify for the desired mortgage. Once the institution agrees to finance a particular property, they will issue a commitment letter whereby they agree to provide a certain dollar mortgage at a specific rate for a specific time and the buyer is assured the financing is in place.


7. Utilities and other details:
Your REALTOR will remind you about two weeks prior to closing that the appropriate utilities and services need to be notified in order to transfer the accounts to your name. These include, electric, gas, oil, propane, telephone and refuse. They may also include pool services, yard maintenance and more. During the same period the seller will be contacting the same providers to discontinue the same services. This transition needs to go smoothly to protect you from having to pay a "connection or hook up fee" because the service was completely terminated. Your REALTOR can help you with this, but the companies now require the new homeowner to initiate requests for service.


8. The Contract:
The seller will instruct their attorney to draw the Contract of Sale to include the terms agreed upon. Your agent will ensure that, at the same time, your attorney receives the necessary information so that he/she can begin their work and be prepared to receive and review the contract. Your attorney will review the contract from your perspective and insure that your interests are protected (such as including stipulations for delays, searching of Title, type of Title to be conveyed, cleanliness of the premises at the time of closing, etc.) The timing of this, dependent upon the complexity of the terms, should all take between five to ten days from accepted offer to signed contracts. You will normally be expected to submit an escrow check in the amount of 10% of the total purchase price (made out to the seller's attorney) with the signed contract.


9. Closing Day:
On the day of your closing, you and your REALTOR need to perform one last walk through of the premises. Together you will look to insure the property is in the condition is was when you signed the Contract of Sale. You will verify that the items to be included are present. You want to make sure the house and grounds are as specified within the contract and most important that there are no defects visible now which were previously hidden.

You (or in your absence, you power-of-attorney) will attend the closing - primarily to sign appropriate documents and deliver checks for appropriate amounts. If your situation dictates, you may actually meet with your lender immediately prior to the time of the closing to sign your mortgage papers. Between your REALTOR, your attorney and your lender you will be advised ahead of time of all the costs and fees associated with your closing.


10. Typical Home Purchase Costs:
  1. Points or loan origination fee.
  2. Adjustment of interest on loan from date of closing.
  3. Title Insurance (one-time fee required by banks).
  4. Credit check.
  5. Bank appraisal.
  6. Attorney's fee.
  7. Survey fee: If the property has not been surveyed, the lender to Title Insurance company may require a registered survey or plot plan showing the location of the dwelling(s) and the boundaries of the property, as well as easements and rights of way.
  8. Recording Fees: The buyer usually pays the fee for legally recording the new deed and mortgage.
  9. Homeowners Insurance: Proof of a current policy is necessary at closing. Adjustment costs paid to the seller at closing (where applicable)
    1. Buyer's share of pre-paid property taxes.
    2. Heating oil or gas remaining in tank(s).
    3. Association dues.
    4. Sewer service charge.
  10. Inspections made of the property (normally incurred prior to closing) which may have been performed at the request of the buyer, pest, structural, radon, lead based paint, well, septic, etc.
  11. Private Mortgage Insurance (PMI) if financing more than 80%. Tax escrow, if necessary.

Greenwich Real Estate - Selling A Home - Greenwich Homes For Sale At Inside GreenwichRealEstate.Com

SELLING A HOME:


1. Selecting a REALTOR:
Choosing a REALTOR is the first step in the home selling process. The selection of a REALTOR in a community like Greenwich is made easier by the presence of the Greenwich Multiple Listing Service. Almost every real estate agent in the community is a member of the Greenwich MLS, giving each REALTOR access to all properties listed in the MLS. You could start the search by asking your friends or your attorney to recommend a good candidate for you. Although a Real Estate company's reputation is important, your relationship will be with the Agent himself/herself. The REALTOR you choose should be a full time agent with broad experience and total knowledge of the market.



2. Preparing Your Home for Sale:
Everything in your home needs to be looked at through the "eyes" of the buyer. Your REALTOR should be able to help you with this. They will suggest things to be done to the property to ensure the highest price, such as painting (interior and exterior), removing valuable objects and "decluttering", having the windows washed, gutters cleaned and making other minor repairs that may be necessary. You should expect your Agent to be very frank with you about what your home may need to facilitate a timely sale.


3. Documents and Marketing Program:
Once you select a REALTOR you will be requested to sign a listing contract, a Greenwich MLS data input form, a State of Connecticut "Residential Property Condition Disclosure Form", and a U.S. Environmental Protection Agency Disclosure Form regarding lead based paint hazards (for properties built prior to 1978). Your Agent will review these documents with you, and if you care to seek legal advice, then do so before signing. Selling your house is disruptive and can be intrusive into your every day life, but your agent will work hard to minimize this.


4. Broker Open House:
The listing REALTOR of your property will schedule an Open House for the other REALTORS who are members of the Greenwich MLS so they may preview it. This helps REALTORS determine which of their customers might be interested in viewing your house. The Open House schedule in Greenwich is specific to certain times and sections of town allowing REALTORS to see as many Open Houses as possible in the given time frame. At the Open House the listing REALTOR will provide information, such as the listing itself and plot plans, and is available to answer questions about the properties.


5. Showing the Property:
The REALTOR will acquaint you with the various means by which a property can be shown. First, there is the installation of a keybox. This method allows the greatest access, because the only scheduling required is for the REALTOR showing the property to confirm with the homeowner that it is convenient to bring a prospective buyer over for a showing.

Somewhat more restrictive is the method by which the listing REALTOR alerts MLS members that a key to the property will be held at the listing office and a confirmed appointment would need to be made through the office.

The most restrictive method of showing is to require the listing REALTOR be present at the showing. This requires more scheduling between the homeowner, the listing REALTOR and the REALTOR who wishes to show the property to a client.


6. Considering an Offer:
When someone is interested in your property they will make an offer to purchase through their REALTOR. Your REALTOR will take you through this process. Some terms which may be included in the buyer's offer are:
  1. The offer price the buyer is willing to pay.
  2. The mortgage contingency requirements, amount of mortgage they are seeking and the date by which they will receive a written commitment removing the contingency.
  3. The closing date upon which Title and ownership of the property will be transferred to the buyer.
  4. A list of the inspection contingencies and when they will be lifted.
  5. Other contingencies (i.e. sale of home, etc.)
  6. Inclusions and/or exclusions of any "personal property" which may be a condition of the purchase.
  7. The date by which the contract will be signed and the buyer will provide 10% of the purchase price.
Once you and the buyer reach an agreement of the "terms and conditions" for the purchase, an "Offer to Purchase" is prepared by your REALTOR outlining the agreed upon terms. This document is then transmitted to the attorneys for buyer and seller.


7. The Contract Process:
The seller is responsible for having the attorney draw the Contract for Sale which will include the agreed terms and conditions. The buyer will normally be expected to submit an escrow check (made out to your attorney) with the signed contract, usually in the amount of ten percent of the total purchase price. The contract is typically a Greenwich Bar Association contract which will contain every detail and a schedule of inclusions and exclusions as agreed upon by both parties. The Seller Disclosure Form is also delivered as part of this package. After the buyers have signed the contract, it is returned to your attorney with the escrow check. Your attorney will then go over the contract with you and you will sign it.


8. Before Closing Day:
Near to the date of your closing the buyer's REALTOR and the buyer need to perform one last walk-through of the premises. Together they will ascertain that the property is in the condition it was when the Contract of Sale was signed. They will verify the items which were to be included are present. They will determine whether there are any defects visible now which were previously hidden. If any of these are found, you may need to be prepared to adjust for these costs at closing.


9. Closing Day:
You (or in your absence, your power-of-attorney) will attend the closing - primarily to sign appropriate documents and deliver checks for appropriate amounts. Between your REALTOR and your attorney you will be advised of all the costs and fees associated with your closing.


10. Costs Associated with Selling a Home:
Attorney's fee:
  1. Town of Greenwich Conveyance Tax ($2.50 per $1,000 of Sale Price). State of Connecticut Conveyance Tax ($5.00 per thousand up to $800,000 and $10.00 per thousand of $800,00).
  2. Survey Fee: If the property has not be surveyed, the Lender or Title Insurance Company may require a registered survey or plot plan showing the location of the dwelling(s) and the boundaries of the property, as well as easements and rights of way. This might fall on the seller's shoulders.
  3. Adjustment costs paid to the seller at closing (where applicable):
    1. Buyer's share of pre-paid property taxes.
    2. Heating Oil or Gas remaining in tank(s).
    3. Association Dues.
    4. Sewer Service Charge.