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By David Saks, Memphis, Tennessee
(The Real Estate Mart of Tennessee, Inc.)
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Closing the real estate transaction is the last stage of the homebuying process. When the closing date arrives, all parties come together to complete the details necessary to finalize the articles of the purchase contract between the buyer and the seller. and the ownership of the propert is hande...
By David Saks, Memphis, Tennessee
(The Real Estate Mart of Tennessee, Inc.)
Comments 0
Repairs are an issue that not only have to meet the satisfaction of both the buyer in the seller during the negotiation process, but, in some cases, the repairs may also be required by the lender. An example of a lender required repair is an FHA loan that might require a guard rail on the front p...
By David Saks, Memphis, Tennessee
(The Real Estate Mart of Tennessee, Inc.)
Comments 0
It's time to establish value. The lender wants to know if the house the buyer is signing for is actually worth the dough that their about to lay on the line. That's why the lender wants an appraisal. And the lender wants an appraisal from someone who is licensed to perform an appraisal an...
By David Saks, Memphis, Tennessee
(The Real Estate Mart of Tennessee, Inc.)
Comments 0
The Buyer Orders A Home Inspection The buyer or buyer's real estate agent is responsible for ordering a home inspection report, if they decide to have one performed. A home inspection usually costs around $350 for the average home, and maybe an additional fee if a termite inspection is includ...
By David Saks, Memphis, Tennessee
(The Real Estate Mart of Tennessee, Inc.)
Comments 0
The Appraisal Is Ordered The mortgage company will order the appraisal after the buyer has been approved for the loan. The buyer has to pay for the appraisal. The smart buyer will ask the mortgage company to wait until after the home inspection to order the appraisal. This is to make sure that th...
By David Saks, Memphis, Tennessee
(The Real Estate Mart of Tennessee, Inc.)
Comments 0
David Saks' Glossary of Real Estate and Mortgage Terms ================================================================= ZoningThe regulation of land by local government under its police powers. Zoning controls things as building height, size, use and the use of the land for public and priva...
By David Saks, Memphis, Tennessee
(The Real Estate Mart of Tennessee, Inc.)
Comments 0
David Saks'                                                                          Glossary of Real Estate and Mortgage Terms ========================================================== YieldThe interest earned on an investment by an investor or by a bank on money it's loaned. This may ...
By David Saks, Memphis, Tennessee
(The Real Estate Mart of Tennessee, Inc.)
Comments 0
It's time to insure that all parties have all of the contracts and the information associated with them to begin the closing of the real estate transaction. When the Offer to Purchase Contract is accepted and signed by the seller and delivered to buyer's agent, you, as the seller's ag...
By David Saks, Memphis, Tennessee
(The Real Estate Mart of Tennessee, Inc.)
Comments 0
It's time to get serious ! The earnest money. The money deposited by a buyer, which is given to the listing agent, demonstrates the buyer's serious intentions to proceed with the purchase of the home. (ya think?) This is also a deposit which may be governed by the terms of the contract. T...
By David Saks, Memphis, Tennessee
(The Real Estate Mart of Tennessee, Inc.)
Comments 0
This is what the contract may include: 1. The terms of the sale and the sale price 2. Any legal descriptions required to accurately portray the characteristics of the land 3. A statement including the type of deed to be delivered by the seller to the buyer 4. A statement including the type of tit...
By David Saks, Memphis, Tennessee
(The Real Estate Mart of Tennessee, Inc.)
Comments 0
Once the offer has finally been accepted, and the aspirin bottle emptied, a promise is made by the offeree to become liable to the conditions and terms made by the offeror. This acceptance of the offer must be communicated to the offeror. If any aspect of the terms proposed by the offeror are rej...
By David Saks, Memphis, Tennessee
(The Real Estate Mart of Tennessee, Inc.)
Comments 0
Pretty self explanatory at this stage. We don't want to get stuck in a turnstile, but, if the home means that much, the buyer's going to put the wheels in motion and fire back with another offer, rejecting the seller's counter, which can't be accepted at this stage unless put back...
By David Saks, Memphis, Tennessee
(The Real Estate Mart of Tennessee, Inc.)
Comments 0
There are so many things can we can talk about here, but promptly discussing the counteroffer with the buyer is where we begin. The numbers have to be reviewed in a realistic manner fairly reflecting the financial interests in the property. Reviewing the comparatives is a good thing to do at this...
By David Saks, Memphis, Tennessee
(The Real Estate Mart of Tennessee, Inc.)
Comments 0
We're not playing chess here. Most people don't like chess because they think it's boring, and so are the people who play the game. I've heard it said that the people who devote too much time to the game are insane (Bobby Fischer for instance). Chess is for people with too much ti...
By David Saks, Memphis, Tennessee
(The Real Estate Mart of Tennessee, Inc.)
Comments 0
Well, the buyer's made the offer so it's now up to the seller to either accept the offer or counteroffer. If the seller decides to reply to the buyer's offer that's a pretty good indication that the seller knows that the buyer means business. The ball is in the seller's corner...
By David Saks, Memphis, Tennessee
(The Real Estate Mart of Tennessee, Inc.)
Comments 0
After the buyer's agent presents the written offer to the listing agent the listing agent present the offer to the seller. How about that ?   You don't think that the listing agent would sit on the offer for a couple of days while trying to figure out a way to get the seller to refuse the...
By David Saks, Memphis, Tennessee
(The Real Estate Mart of Tennessee, Inc.)
Comments 0
Once you've considered all the comparatives, looked at the sales numbers, put the earnest money in motion, and have it in writing, the next logical step is to take the completed, written offer to the listing agent so that the listing agent can present the written offer to the seller. We'r...
By David Saks, Memphis, Tennessee
(The Real Estate Mart of Tennessee, Inc.)
Comments 0
When the buyer makes the seller an offer they might want to include an "earnest money" deposit.  This is a little up-front money that tells the seller that the buyer is making an offer in good faith and that the buyer means business, and is being "earnest" about their intentio...
By David Saks, Memphis, Tennessee
(The Real Estate Mart of Tennessee, Inc.)
Comments 0
A buyer can do their own homework by looking up the recent sales of properties in the neighborhood here in Memphis. It's as easy as the click of a mouse button at this link : Neighborhood Sales Search It helps to have a real estate agent perform a comparative market analaysis to get more accu...
By David Saks, Memphis, Tennessee
(The Real Estate Mart of Tennessee, Inc.)
Comments 0
Whether it's based on a house plan you put together yourself, had an architect design for you, the homebuilders new floor plan, a foreclosure or real estate owned by the bank, or just the usual deal when purchasing an existing home from a seller, the time has arrived to choose the home you wa...
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