Real Estate Information

In our continuing effort to provide the best service to our clients, we have just added Centralized Showing Services.  This service makes it convenient for other Realtors to schedule appointments, which in turn means our sellers won’t miss an opportunity. 

Since its inception in 1994, Centralized Showing Service, Inc. has been the the first company to address the issue of home showing inefficiencies in the residential real estate community.

Centralized Showing Service has become the largest and most successful company of its kind. It currently schedules over 15 million showings per year and has over 100,000 REALTOR® members in over 40 markets across the U.S. Their members includes everything from, independent agents to large companies to entire REALTOR® Associations and MLS board-wide service. 

This service provides us a courteous and professional way to schedule showing appointments.  We started using this service about 2 weeks ago and it has been great!

Potential homebuyers expect that there will be many expeneses when purchasing a home. However, if you are planning to sell your home, you should be informed that there will also be costs involved with the sale.  Below is a list of some of the most common costs that come with selling your home.

Loan Payoff:  It is important to look at is how much you owe on your current home loan before you sell. The total owed will be greater than the last statement balance, because the interest on the loan is paid in arrears. In addition, many mortgages have prepayment penalties if you pay off the mortgage early. Be sure to examine your mortgage agreement and read the fine print.

Closing Costs: Although most of the closing costs are the responsibility of the buyer, the seller is expected to pay the property taxes and insurance up to the date of the closing, even if they're not due yet. in addition, some buyers will ask the seller for help with other closing costs as part of the negotiations.

Realtor Commission: Typically there's a 4 percent to 7 percent commission on the sale price of the house if you opt to go with an agent. Usually this rate is between 5 percent and 6 percent, so be sure to account for this cost when pricing your home and figuring up your expenses that come with selling your home.

Home Inspections: Although the buyer pays for the home and pest inspections, it's a good idea to get your own inspection before putting your house on the market. This way you're aware of any hidden problems before selling.

Legal expenses: Even if you are using a real estate professional and not selling your home yourself, you still may want an attorney to examine the sales contract and assist with closing, which can be complicated.

Many homeowners are not aware of the costs involved with selling a home but there are some perks as well. With any home sale you are eligible for a tax write off of up to $250,000 gained in the sale of your home for a single owner, and $500,000 for married couples. This applies for most state taxes as well; check with a tax professional to get all the details of any tax credit that may be available to you and your situation. 

Before you finalize the closing of your home, you will be given an opportunity to walk thru the home to inspect and look for any last minute issues. It is important to know what to look for during the final walk through and many times your agent will accompany you to help you inspect the house to to verify that everything has been addressed that was agreed upon. 

Before you begin your inspection, it is a good idea to make a list of things to look for so you can be prepared.  It is also recommended that you have your Sales Contract with you so that you can review any items that should be included with the house.

Here is a list of items to check on a final walk-through:

• Did the movers bang up the walls, rip the rugs or scratch the wooden floors?
• Did the moldings around the doors get damaged when they moved an appliance from a room?
• Does the heating and air conditioning system still work?
• Are all of the appliances still working?
• Have all the items that the seller agreed to remove from the home out of the home?
• Turn on and off every light fixture
• Run water & look under sinks for leaks
• Open and close all doors and doors
• Flush toilets
• Inspect ceilings, wall and floors
• Make sure any repairs that were agreed upon have been made

Unfortunately, things don't always go as planned and you may find that there are some issues that have not been taken care of as agreed. You do have options in case this happens. It is a good idea to work with an attorney to come to a satisfactory arrangement.

If you currently own a home but want to purchase a new property, you may want to consider a bridge loan. This is a short term loan that a borrower takes out against their current property to finance the purchase of a new home. This type of loan is also referred to as as a swing loan, gap financing, or interim financing. If a homeowner is buying another home before selling an existing home, two common ways to find the down payment for the move-up home is through financing either a bridge loan or a home equity loan (or home equity line of credit).

Generally, a home equity loan is less expensive, but bridge loans contain more benefits for some borrowers. In addition, many lenders will not lend on a home equity loan if the home is on the market. It is a good idea to compare the benefits between the two loans to determine which is a better fit for their particular situation and plan ahead before making an offer to purchase another home.

How Do Bridge Loans Work?

To apply for a bridge loan, you must show that you are financially able to pay both mortgage payments in case the primary property does not sell right away. To ease the transition, most bridge loans will allow you to have a few months before your actual first payment is due. However, interest will accrue during that time.

Bridge loans are meant to be short term loans, normally coming due in a year or upon the sale of the primary property. Because it is a short term loan, the interest rates are usually quite a bit higher than regular mortgages and there are fees associated with it.

Pros of a Bridge Loan

• A bridge loan is a great solution if you want to purchase another home without having to sell your current property.
• The buyer can immediately put a home on the market without restrictions.
  Bridge loans may not require monthly payments for a few months.
• If the buyer has made a contingent offer to buy and the seller issues a Notice to Perform, the buyer can remove the contingency to sell and still move forward with the purchase.

Cons of a Bridge Loans

• Bridge loans cost more than home equity loans.
• Strict lending requirements. Buyers must be qualified by the lender to own two homes and many will not meet this requirement.
• If the buyer is unable to sell their primary property, they will have to pay 2 mortgages and risk foreclosure on the 1st.

As with any loan option it is a good idea to weight the pros and cons and consider all your options. If you think a bridge loan might be the solution for you, check out this Bridge Loan Calculator to see an estimated idea of payments.

When you purchase a new home, you will need to submit what is known as a real estate purchase agreement to the seller. If you're buying a brand-new house, the agreement will be between you and the builder. This agreement is a legal document between the buyer and the seller. It outlines certain to aspects of the sale, including the purchase price.

The real estate purchase agreement also indicates specifics of the sale such as the time frame for the sale and any conditions or contingencies relating to the sale, and other things you should be aware of.

 As with any other legal contract, a real estate contract may be formed by one party making an offer and another party accepting the offer. Typically, the party making the offer prepares a written real estate contract, signs it, and transmits it to the other party who would accept the offer by signing the contract. At this point, the other party may accept the offer, reject it or make a counteroffer. To be enforceable, a real estate contract must possess original signatures by the parties and any alterations to the contract must be initialed by all the parties involved. It is always a good idea to work with a real estate professional when dealing with legal forms before signing if you have any questions or are confused with any of the terms.

When you begin your search for a new home, it can be easy to get caught up when looking at homes and fall in love with one and not catch potential problems. While you should always have a professional home inspection before signing any contracts you can still be on the look out for some potential issues before you start the process of purchasing the home. Below are some red flags to look for when searching for your home.

• Strange odors.  Pet smells, musty odors and even cigarette smells are red flags as they can be hard to get rid of and may signal a deeper problem. Keep in mind if the home smells like heavy cleaning products the seller might be trying to hide a problem.
• Wiring Issues. While an electrician is the only one to accurately diagnose wiring problems there are some things you can be on the look out for. Make sure all the switches and outlets in the house function properly. Any lights that flicker or don't work as well as hot outlets are all symptoms of wiring problems.
• Problems With Windows. You can tell a foggy window problem right away just by looking at them but also be sure to check out all the windows to make sure they are fully functional. Some older windows maybe warped or painted shut and if you do see foggy windows that is a sign that the seal is broken.
• Ceiling stains. Some buyers don' think about looking up at the ceiling but if you see stains then its obvious..something’s leaking. It might be a simple repair or it might be quite costly. Most roof leaks result from neglected flashing that seals “valleys” in the roof or around a chimney or vents, roof leaks mean mean it’s time to replace shingles. If the leak is under a bathroom it might be shower or even the toilet that is causing problems.
• Insects and Rodents. Keep a close eye out for signs of rodents and bugs. Be on the lookout for hidden mouse traps, rodent droppings, roach motels or other signs that there may be a problem. If you do locate a home that you are ready to purchase, absolutely get a termite inspection as they can only be detected by a professional inspection.

Of course these are just some things to look for and while they may not present a serious problem and may be a mior fix it is important to be aware of potential issues and headaches downt the road.

I am proud to announce that I have recently been awarded The Short Sales and Foreclosure Resource (SFR) certification.

For many real estate professionals, short sales and foreclosures are the new “traditional” real estate transaction. This certification will allow me to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

Short Sales and Foreclosures are part of today's real estate market and I have the tools and knowledge to answer any questions and to be with you in case you need assistance. Contact me today for more information!

We strongly believes in reinvesting in community and all of us at Tammy Mitchell Hines and Company are proud to be awarding a $1,000 scholarship.

This scholarship will be awarded to a graduating senior of Columbia, Waterloo, Valmeyer or Gibault High Schools, enrolling in a college or university of his/her choice for use towards tuition and/or books for the 2009/2010 School Year. 

A committee of local business people will review the applications and select 5 finalists.  Each finalist will give an oral presentation in which 1 recipient will be chosen.

You can contact either the Columbia, Waterloo, Valmeyer or Gibault  High School to pick up the application or you can contact us at 939-HOME or 281-HOME (4663)

Deadline:  April 1, 2010

The holidays are over and the decorations are put away but we what stays with us all year is the generosity of our community. In the photo you will see Sherrie and I loading our truck with canned goods from our holiday food drives.

Thanks to the wonderful donations we received, we delivered over 7 large containers of food and supplies that were delivered to the Hope Christian Church food pantry. We would like to thank our customers and friends for their generous donations, which were collected when we gave out pies on Thanksgiving, during the Columbia Christmas parade as well as donations received from our neighbors during our neighborhood Christmas party.

We hope everyone had a wonderful holiday and we wish everyone a happy and prosperous New Year!

Last Sunday afternoon, children and families from our neighborhood were visited by Santa at first Holiday Party in our new home. The children had a blast visiting with Santa & eating yummy treats.

Families brought canned food that was later delivered to Columbia's Hope Church.  Santa's Elf, my son Brayden, was in charge of making sure all the children were able to hand-deliver their letters to Santa and were given the opportunity to have their photo taken.

My husband, Darren, and I would like to thank everyone who attended, donated canned food, and for welcoming us into the neighborhood.  We have truly enjoyed our first year in our new neighborhood. Although we miss our old neighbors, we were delighted to meet many of our new neighbors.