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Important Information for Buyers
| » | What is that mysterious APR?
When you apply for a mortgage your lender will give you a 'good faith estimate' and a 'truth in lending statement'. Your note rate will be quoted along with the APR. Why is the APR higher? The APR is calculated according to a formula determined by government so you can compare one mortgage offer to another even when rates, points and costs differ. The APR is calculated by the lender adding up all their specific costs associated with the loan and interest rate that was quoted to you. This cost is then subtracted from your original loan amount quoted resulting in a lower figure. Confused yet? Your payment is now calculated 'as if' it were the payment on the lower amount. The result being the APR is always higher than the note rate you are originally quoted. The one exception to APR is when you get a 'no cost loan'. In this instance the lender is paying the costs for you. . . even though they really still exist. |
| » | Know the difference between 'market value' and 'appraised value'.
Buyers should always be aware of the difference between 'market value' and 'appraised value'. A homes market value is entirely the perception of the buyer. Appraisals are performed for the lenders to justify the sales price. This will make the lender confident they are making a solid investment. After all, the property is collateral for the loan. With the recent sudden increase in the price of property, you, as the buyer, may bid higher then what the lender's appraisal may come in at. In this situation, be aware that you will have to make a larger down payment to satisfy your lender, as your lender will only loan the amount justifiable to the appraised value. Be aware that a low appraisal can be a possibility in a fast moving market. |
| » | What is the MLS?
Basically the MLS is a great and mighty tool used by real estate agents as to be more productive. The MLS is a giant database of available properties developed by real estate agents for quick access and knowledge of local inventory in real time. When a property is listed with a real estate agent who is a member of the local MLS service it is added, and when sold it is taken out. There is no national MLS. Most real estate agents are members of local MLS services, and must pay annual fees to access. |
| » | Why Close at the end of the Month?
When you close at the end of the month, you will be left with more money in your pocket! Since interest on your new mortgage is prepaid, and most mortgages are due on the first day of each month, if your transaction closes prior to the end of the month, you have to prepay the interest between your closing date and the month's end. Try to close your transaction near the end of the month if possible.
| | » | Call us!
This is the most important tip for buyer's. We look forward to helping you find and secure your Big Island property. |
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Important Information for Sellers
| » | Curb Appeal really does sell!
Enhance that first impression that a potential buyer has. Keep your lawn mowed, flower beds weeded and trees & shrubs pruned. Use potted plants and flowers near your entryway or invest in a new doormat to make your home inviting. |
| » | The exterior is your buyers first impression!
Make sure the exterior of your home is kept uncluttered, swept and in good condition. Keep all trash cans covered, deodorized and out of site. Your home's exterior needs to make a great first impression on potential buyers. Clean or repaint your home and complete any structural repairs if necessary! |
| » | Let the sun shine in!
Always open all window coverings to brighten up your home when showing. Make sure your windows are clean. Turn on interior lights even in the daytime to brighten up your home. |
| » | Create the illusion of spaciousness!
Remove all clutter, knick-knacks and even personal photos. Pack up anything you can or rent a storage area if necessary. . . you're going to move anyway so why not get a head start! Remember, potential buyers want to envision this as their new home. |
| » | A neat and clean interior is essential to obtain top selling price!
Keep your home dusted and vacuumed. If you are able, open all windows to air out your home before showings. |
| » | Pay close attention to bathrooms.
Bathrooms should be kept sparkling clean, toilet lids down, and no hair in the sinks! Hang fresh towels and try some fresh cut flowers. |
| » | Second to bathrooms, your kitchen also needs to be sparkling.
Clear your counters of all small appliances. Remove grease, clean your refrigerator, and organize your pantry and cupboards. Again, try some fresh cut flowers.
| | » | Paint, paint, paint!
A fresh coat of paint can make a big difference. Use neutral colors as this will brighten up your home and make it look cleaner. |
| » | Secure your pets!
If you have pets, consider taking them off the premises when showing your home. They may love you, but not be so friendly to strangers! Best to secure them away from your potential buyer's to eliminate any risk of injury.
| | » | Call us!
This is the most important tip of all. List your property with us and get it SOLD! |
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