Should buyers stall large purchases until after closing?

Definitely do not make or commit to any large purchases until after closing on a home because prior to closing the lender will pull up credit reports and if the buyer has even applied for a new credit card, this could affect their credit standing and could possibly be turned down for their loan.

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What two things should you do before you go to a Mortgage lender?

I recommend you do the following before you visit the mortgage lender.  First, it is tougher to qualify for the best rates if you're carrying a lot of revolving debt, such as credit card balances. Pay those down as much as possible. Second, make sure your credit report is free of blemishes that can damage your chances of borrowing.

 

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How do I know what mortgage amount I can afford?

As a general guideline, your monthly mortgage payment, including principal, interest, real estate taxes and homeowners insurance, should not exceed 28 percent of your gross monthly income.  This varies depending on what other debt and expenses you have.

 

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I can only afford to make some home improvements before I put my home on the market. Which improvements will give me the most benefit in selling my home:

• Emphasize the essentials over the extras by investing in basic upgrades, such as fresh paint (use neutral colors) and new fixtures
• Know that curb appeal is vital; exterior projects can sometimes provide a greater return on investment than interior projects
• Avoid over-improvement by sticking to what is proportional in your neighborhood
• Consider renovating/updating bathrooms or the kitchen
• Removing pet or smoke odors is an absolute necessity
• Install new carpet or professional clean existing carpet

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I want my home to sell fast. What can I do to increase the appeal of my home before I list it for sale?

• Get rid of the clutter, it makes the home look unattractive and much smaller.
• Take down all photos, and personal items.  You want buyers to picture themselves in the home.
• Clean, Clean, Clean!
• Define spaces so that buyers don’t have to guess what rooms are used for.
• Remove any extra furniture, but try not to leave rooms completely empty.
• Remove any odors.
• Clean out and organize closets.
• Clean up the yard, trim bushes and trees, pull weeds.

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How long does it take to buy a home?

Once you have found the home you want to purchase, it will take approximately 45 days before you close and can move in.  During this time, the title company is preparing the Title Commitment, the lender is putting together and getting approval on the loan, an appraiser is sent out to determine the value of the home, and you can have a home inspector do an inspection on the home.

 

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How do I have a successful open house?

Be sure to meet with your agent in advance of the open house. Discuss all the various details about what is involved in holding a successful open house.

-Be certain to go through the entire home with the real estate agent the day before the open house. Take careful notes and follow all of his/her recommendations.
-Try not to become emotionally involved when evaluating the condition of your home prior to the open house.

-Any needed home repairs should be completed before the open house begins. This includes things like peeling paint, loose stairs, banisters in need of repair and the like.

-Never underestimate the importance of making a good first impression. Many visitors make a decision about the home in the first few seconds. Be sure the entranceway to the home is immaculate, and that the steps leading up to the home are well swept and free of debris.
-Ask the real estate agent to create a professional-looking sign in sheet for all visitors.

-Always discuss the price of the home prior to the open house.

-Be sure to consider unusual ways to market your open house. For instance, if you belong to any special groups or organizations, be sure to market the upcoming open house to the members

-It is a good idea to provide cookies, brownies or other snacks for guests at the open house.

-Pets should be kept away from open house visitors. .
-Be sure to lock up all medications, both prescription and non-prescription. Also be sure to lock up any cash or valuables in the home prior to the open house.
-Make sure that the home is spotless and free of unpleasant odors prior to the open house.

-Be sure the temperature in the home is pleasant.

-Always open the curtains and the drapes prior to the open house.

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