Quick tips for buyers
- Build a “green file.” Prepare and organize all your important documents and records. These include your W-2sand tax returns (for the last two years), credit card statements and other debts, list of assets, and other financial statements.
- Get a mortgage pre-approval. It’s crucial to know just what your purchasing power is early on. A pre-approval will give you an idea about how much lenders would be willing to lend you. This will help you to focus on properties thatmeet your criteria and your budget.
- Get to know the area. Visit the neighborhood, talk to the people, drive around town – and do it at different times of the day and the week. You can learn a lot about a place just by spending a few well-chosen hours in it.
- Shop around. Make aa shortlist of your favorite properties andthoroughly review and compare each one. Attend open houses so you can have a first-hand look and get a feel for the property andthe neighborhood.
- Be ready to negotiate. Create a strong offer letter that clearly outlines contingency terms and communicates your willingness to compromise at the same time. If the property is hot, brace yourself for a series of negotiations and counteroffers, as well as the possibility of rejection.
- Prepare for escrow. The escrow process involves getting a third party – the brokerage, title company, or escrow service provider – to hold your earnest money until all contingencies are met. Typical contingencies include a property appraisal, home inspection, title search, the release of funds, and so on. You will need to complete a great deal of paperwork at this stage – be patient and don’t rush anything.
Quick tips for sellers
- Set clear goals. Do you need to sell fast? Or do you have time to wait?Study market trends and ask your Realtor for advice on the best time to put your property on the market in your area.
- Get your property in good shape. In addition to cleaning up, address pest and structural issues early on to avoid any surprises that could delay the sale. Consider hiring a staging professional for open houses and photo shoots toshow your property in the best light.
- Price it right. It’s ideal to get pricing right the first time. An unreasonably high price point will make it hard to attract buyers. Lowering it later will turn off more.
- Go to market with a plan. A carefully crafted marketing plan bringsyour listing to the attention of the right buyers. Your Realtor will be able to advise you on the best online and traditional platforms to use and you can benefit from their professional connections as well.
- Carefully review offers. Got an offer at or above your asking price? Don’t get too excited yet. The price might be right, but does the buyer actually have the financing for it? And what are the other terms in the offer?Weigh everything carefully before signing and remember that everything is negotiable.
- Prepare for escrow. The escrow process begins after you and the buyer sign the purchase agreement and deliver it to escrow officer, As a seller, your role is to give appraisers and inspectors access to your property, be responsive to any issues that arise, and keep track of contingency removals.
Get the right agent
The one important thing you need to do whether you’re buying or selling is to get help from the right Realtor. Get in touch with us atCornerstone Real Estate today.