Your Triwood agent’s expertise and experience will be crucial in helping you find the right home of your dreams.  He/She has access to the Multiple Listing Service (MLS), which provides information on virtually every home for sale in the market.  This is a useful tool because it provides the most current comparative information available for more informed shopping.

In addition, your Triwood agent will show you homes that you can comfortably afford.  He/she will have the resources to help you understand how much a lender will let you borrow and on what basis it is calculated.  Once you have calculated a price range, your agent will work with you to establish criteria that will lead you to the right home.

When you are ready to make an offer, your Triwood agent can assist you.  He/she cannot suggest a lower price than what is listed, but he/she can tell you what comparable homes are selling for in the same neighborhood.  Your realtor will act as the intermediary between you and the seller who likely to also be represented by an agent.  If there are negotiations over price, closing date, contingencies, and items – such as appliances – to be left or taken, your realtor will be your representative.

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Shop Smarter…Not Harder

Fine tune those dreams of your next home by working on the answers to two questions:

• How much house can you afford?
• What are your needs and preferences in a home?

What Type of Home Do You Want?

Perhaps you know exactly what you want…4+ bedrooms, 2+ bathrooms, fenced yard, etc.  If so, your realtor can look for specifics.  If you are not sure, make a checklist of wants and need and discuss those with your agent.  Your requirements may change once you start your search.  Communicate with your realtor as your search progresses.

Get Your Financing in Order

Your Triwood realtor can also provide lending expertise.  You need to be pre-approved to be competitive in your home search.

Making Your Purchase

Once you have found the perfect house, your realtor will take you through the purchasing process:

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Making Decisions About Your Purchase

Below are some of the items you’ll need to consider and how the purchase process works:

How Much Should You Offer To Pay?

Should you offer to pay the seller’s asking price or a lower one?  Consider such factors as: How long has the house been on the market?  Is its price reasonable?  Your realtor can show you comparable home sales (comps) for similar properties in the neighborhood to help you.  How competitive is the area’s home buying market?

What Happens To Earnest Money?

A “deposit” is made, in part, to show the seller your seriousness about buying.  Your realtor will inform you of the amount that is usually given in your area.  The seller doesn’t actually receive the Earnest money.  A third party, “Escrow Company” – holds the amount in a special trust – or escrow account until the sale is closed or the contract is broken.

If you go through with the sale, the money is applied to your down payment or other closing costs. If you fail to buy the house, the seller has the right to keep the money.  However, you can get your money back until the point at which you are notified that the seller has accepted your offer.  And if the seller fails to fulfill his/her obligations, the money is yours.

What Conditions Do You Want To Place On Your Buying The House?

When you commit to buy the house through your offer, you may make that commitment contingent upon certain things happening, such as you securing financing, feasibility studies, and or home inspections.

What Are You Buying?

The contract should spell out everything that is part of the purchase that may not be clearly part of the real estate.  Common items that could cause questions include appliance, light fixtures, shades, blinds, curtains and rods, screens and storm windows, shelving and cabinets, potted flowers, shrubs and trees, or perhaps a swing set that is cemented down.

What Special Provisions Should Be Included?

Most contracts for sale include some standard provisions, such as one for property taxes, insurance costs, utility bills, and special assessments to be prorated at closing between buyer and seller.  Others outline particulars about what happens if the property is damaged before closing or if the seller or buyer fails to go through with the sale.  You may want to add your own special provisions.  For example, you may want a new home builder t provide you with home warranty insurance at no cost to you.

When Should Closing Occur and When Do You Take Possession?

The contract will have a place for you to write in the time when you would like to take physical possession of the house.  If you can’t go through with the purchase because the closing doesn’t take place by a certain time, the contract should say “time is of the essence”.  This statement binds you too, so be sure you can fulfill your part of the contract by the stated date.

The Settlement Process

All the pieces are starting to come together.  Triwood Mortgage has approved your loan.  Except for the seller’s paying of the existing mortgage, the title is clear.  The property inspector you hired has submitted a report and finds no major structural or mechanical flaws in the house.  You, your realtor, and the seller’s agent have completed a “walk-through”, a final inspection of the property.

Closing

Your lender will then send your documents to the escrow company.  The escrow company will prepare the documents for the signing of the buyer and seller.  The lender’s documents will then be sent back to the lender for review.  When the review process is approved, Escrow will be notified to record the sale and transfer the money.  Once the transaction is closed, refer to your contract for possession date.  If the home is vacant, buyer can usually take possession on closing date. If home is occupied possession is usually three days after closing.

Congratulations! You are now a home owner.

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Pricing

One of the first things Triwood will do is help you price your home effectively.  Sometimes sellers mistakenly price their house higher, knowing they can lower the price if it doesn’t sell.  This can often backfire on sellers.  Buyers often shop around before they buy and often recognize value in a specific price range because of this comparison shopping.

Using the Multiple Listing Service (MLS), your Triwood agent will prepare a Comparative Market Analysis (CMA) which involves a survey of homes that are on the market, or have recently sold, that are similar to yours.  We will then advise on the additional value (or deficit) of your home’s unique features, and factor that into the equation.  Depending upon how anxious you are to sell (how quickly you need to close), your agent can suggest different strategies to help you get top dollar for your home.

Once you sign a Listing Agreement, your Triwood agent will develop a comprehensive marketing plan.  But first, we will take a look at your home and may suggest ways to make it show better.  Remember what you looked for when you bought the house?  Take a look at the selling tips to get a better idea of how you should look at your home through the “eyes of the buyer.”

Triwood Realty will put your home on the MLS so other agents will become aware of your property. Triwood will also network with other agents, conduct open houses and suggest ways to stimulate activity.

Triwood realty may also recommend incentives such as assistance with closing costs or paying for the home warranty.  This may give the buyer the incentive to offer more or close more quickly.

Comparative Pricing

Value is a relative term.  One owner’s quaint little cottage may be another’s airless old money pit.  Obviously then, you need some basis of objectivity – and you can find it by having your realtor rate your house against other similar houses in like neighborhoods.  We will work together with you to factor in all the important aspects of your home.

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Home Selling Tips

People usually decide within minutes whether or not they like your house.  Remember to view your home as a buyer would see it.

Kitchen

• The kitchen is the most important room in the house.  Make bright and attractive.  If it needs help paint it and/or try new curtains.
• Make sure the Kitchen is spotless.  Check the stove, floor, windows, cabinets, etc.
• Clean the ventilating hood in the kitchen.
• If the kitchen floor is badly worn, replace it with new flooring.
• Replace any loose tiles on the counters and walls.
• Remove any appliances or knick-knacks you keep on the counters.  Clean, uncluttered counters will make the room look bigger.

Bathroom

• Repair any dripping faucets.
• Keep fresh towels in the bathroom.
• Remove any stains from the toilets, sinks, bathtub and shower.
• If the sink, bathtub or shower drains too slowly, unclog it.

Outside

• Make sure the front door and porch are fresh, and clean looking.  Repaint the front door if necessary.
• Keep the lawn and shrubs trimmed and neat looking.  Freshly planted flowers are attractive and inviting.
• Sweep walkways.
• Paint your house if necessary.  This can do more for the sales appeal than any other item.  If you don’t want to paint, consider touching up shutters and window frames.
• Check the roof and gutters … any missing shingles to replace?  Gutters and downspouts in place?

Living Areas

• Have all walls in top shape.  Repair all cracks, nail pops or visible seams in drywall.
• Wash the windows.
• Replace broken glass or torn screens.  Make sure windows open and close.
• Check ceiling for leak stains.  Fix the source of the leak, repair the ceiling and paint.  (Contract will require this to be done.)
• In painting or redecorating, avoid off-beat colors.  Stick to white or easy to work with pastels or neutrals.
• Replace or re-dye faded curtains and bedspreads.
• If you have a fireplace, clean it and put in fresh logs.
• Replace burned out light bulbs.  Put in brighter light bulbs.  Make sure light switches work.
• Clean floors and vacuum rugs.
• Straighten up the closets and get rid of excess items.
• Use air freshener to eliminate must or unpleasant pet or cooking odors.
• Fix any doors or sliding glass doors that stick.

Garage

• Clean out the garage and dispose of anything you are not going to move.  Box up everything you won’t need until you’re in your new garage.
• Make sure the garage door opener is in good working condition.

Additional “Inside” Tip

• Neatness makes a room look bigger.  Put excess furniture in storage.  Avoid clutter.
• Avoid having dirty dishes in the sink or on the counter.
• Keep toys in the children’s rooms.  Bikes, in-line skates and skateboards should be made as inconspicuous as possible.

When Your Home Is Being Shown

• Open draperies and shades to let in light.  This will make rooms appear larger.
• Keep radios, stereos and TVs off or turned way down.
• Take pets outdoors when your house is being shown.  Children should be quiet.
• Be courteous, but don’t force conversation with potential buyers.  They want to inspect your house, not pay a social call.
• Don’t mention furniture or furnishings you may want to sell unless asked.  Trying to dispose of such items via the potential buyer before they have purchased the house often loses the sale.
• Let the realtor show your house and don’t tag along.  The salesperson knows the buyers’ requirements and can better emphasize the features of your home.
• Let the realtor discuss the price, terms, possession and other factors with the buyers.  He/she is eminently qualified to bring negotiations to a favorable conclusion.
• Take your family away for the day, if your realtor is holding an open house.

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