There are basically 7 steps to the Closing Process once a property goes under contract and is submitted to the title company.

1) The Contract and Earnest Money is given to University Title Company and UTC deposits the Earnest Money Check

2) UTC issues a Title Commitment – This shows the history of the property and what items need to be taken care of to clear title.

3) All Pre-Closing Items are Provided to University Title Company — This includes inspections, surveys, invoices, payoff information etc.

4) The Title Company Provides a Settlement Statement to all Parties — This can be thought of as a document like a big receipt that shows where all the money in the transaction is going and what each billed item is.

5) The Closing – All parties meet and sign the documents necessary to change the loan and to obtain / release ownership.

6) The Funding – The money is received by the lender or new owner and is actively distributed accordingly.

7) The Title Policy – Within 90 days of funding, the title policies are issued and mailed to the appropriate parties with all recorded documents.

The company has six insurance underwriters, professional title insurance experts, readily available escrow officers (to help address any concerns before closing) and a large title production and closing services staff.  The motto at UTC is “to make each and every transaction as smooth and swift as possible, always expertly tending to the details.”  They can close any transaction for real estate in Texas, and if you will not be able to stay in town for the closing, they can email, fax or FedEx the necessary closing documents to you. 

Their website offers tips for both seller and buyers and, when a contract is submitted for processing, UTC provides an online closing tracking program that allows all parties involved in the transaction see what stage the file is in. It also provides access to documents and emails and lets all parties know when the information is updated.  Their goal is to insure that there are no surprises at closing. Once at the closing table, at UTC you can expect to be provided with a drink and fresh baked cookies.  They also have a patio for pets and DVD’s for children to watch while their parents are signing all the necessary documents.

The company is an active leader in the community and regularly contributes time and support to local charities. They have earned many awards both for the service they provide and for being a great place to work.  If you are going to be needing the services of a Title Company, UTC is definitely a place to consider!

Need information on Buying or Selling a Home in Bryan-College Station? Give me a Call 979-218-2235 or send me an email!

Raylene Lewis

www.buyincollegestation.com

Information on Buying a home in College Station

Information on Selling a home in College Station

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Nothing is more important than the first impression a Buyer will receive when they take their first look at a home.  As a Seller, there are two opportunities to provide a buyer with a first impression.  The first opportunity is when the Buyer views photos are advertising the home on the Internet. The second is when the Buyer sees home for the first time.

There are several things you can do make sure your property will provide Buyers with a successful first impression.  It is a good idea to start with the exterior front of the home. After all, that is the very first thing every prospective buyer will see.  Below is a check list to help you get the exterior of your home ready to be placed on the market.

• If you have a Sprinkler System, check to make sure all heads are working properly and the entire yard is being watered.
• Make sure the Landscaping is in good condition: mow and edge the yard, weed flower beds and add fresh flowers and mulch as necessary, remove all dead tree branches and shrubbery, and be sure to hide all outdoor toys and lawn equipment.
• Check the Fence and be sure to replace all rotting boards, and paint or stain it if necessary.
• Look at the Driveway. Check for oily or greasy spots and try not to have vehicles parked in the driveway while the home is being shown.
• Inspect the Garage Doors and make sure they are in good working order. Also make sure the doors do not need to be painted or stained.
• Take a good look at the Roof from the front yard. Make sure all eaves and gutters are clear of leaves. If you see any loose or missing shingles have them replaced. If the roof is stained with mildew, you might want to consider having it professionally cleaned.
• Review the Exterior Trim, Gables, Soffit, Fascia, and Mailbox to see if any painting needs to be done.
• Most importantly, look at the Front Entrance of the home. Make sure the front door is clean and painted or stained if necessary. Check to insure the doorbell and all outside lights are operating properly.

Happy Selling!

http://www.buyincollegestation.com

http://www.househuntingprofessionals.com

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That’s right! The sale of your home will occur and you will be moving on your way (literally) to bigger and better things!

When you get an offer, there are several things to consider. If the offer is an acceptable amount for your property, you don’t want to let a disagreement over a minor issue result in the loss of a good Buyer. It is important to evaluate the value of the Buyer’s request and how it relates to the profit that will be made on the sale of the home.  Sometimes a Buyer can be turned off of a property if a Seller pushes too hard on a specific issue. 

I once had a buyer that was 100% willing to walk away when the Seller refused to add caulk around the toilets because he thought it looked tacky.

I guarantee the cost of the tube of caulk, for a toilet you will no longer be looking at, is cheaper than the amount you will be paying on your next month’s house payment should the home not sell.  You want to make sure the fight is worth fighting.

It is also easy sometimes to get in the habit of countering back, repeatedly. This is especially true if the Buyer and Seller started rather far apart from one another.  As a Seller, you want to make sure you don’t catch “negotiation fever.” 

When the Buyer arrives at a price that is reasonable, there is no need to force the issue anymore, and doing so may result in the buyer getting fed up and leaving. I have had Buyers walk away from a home they truly liked “on Principle” when the Seller countered, was told no, and then stated he would agree to the Buyers price. 

Remember, As a Seller, if a Buyer counters to you and you accept, the deal is done, but if you counter back to the Buyer and they refuse, they are not required to go back to their previous offer.

This means that as a Seller, you can say ”I was just kidding, I’ll accept your price” once they say “No” to your counter, but that does not mean that they have to or will be willing to agree to the price they previously stated.

Stay focused and before you counter back, ask yourself:

• Is this a price I can be happy selling at?

• Is it worth countering back an additional X thousand dollars if the Buyer chooses to walk away?

• How Long has the home currently been on the market?

• How soon do we need to sell?

• How long do we think it will be before we can expect another offer? 

If the Buyer wants to purchase the home, but has to sell their property first, consider options other than unacceptable contingency clauses that result in your home being taken off the market. You have a Buyer for your home, don’t just tell them you are not interested.

Consider negotiating on all the points of the contract as if the contingency was not in place and inform the Buyer you would be happy to sign a contract and sell your home under these terms as soon as they get a buyer for thier own property and the status of their home changes to under contract.

When you are receive an offer that is lower that what you are asking, consider the math. For Example, If a buyer offers $148,500 on a $150,000 home, this is only a 1% reduction. Keep the offer in perspective. That is the same as offering $.99 instead of $1.

Good Luck & Happy Selling!

www.ahouse-soldname.com

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A Buyer incentive is an extra “perk” for the Buyer.  It is something of value that the Seller is offering to entice the Buyer to choose their property over another.  A Realtor incentive is typically a monetary selling bonus for the Realtor who brings a Buyer that purchases the property (typically within X period of time).

In markets where many homes are for sale, and the competition is excessive, Sellers are offering such things as cars, boats and even vacation packages with the sale of their home. Their goal is to entice the Buyer to pick their property over someone Else’s. Thankfully, here in Bryan College Station, the real estate market is not suffering to warrant such extreme incentives.

So, here in Bryan, College Station, are there times when a Seller should consider offering an incentive to help their home sell faster? And, should the incentive offered be a Buyer incentive or a Realtor incentive? This is the perfect question to ask your Real Estate Professional, because they are familiar with your home and its direct competition. The answer really depends:

• On the location of the property
• The condition of the home, and 
• How much competition the Seller has with new construction and other existing homes in the area.

For example, there are several subdivisions in town that have homes for sale with a set number of floor plans. When this happens, there will occasionally be multiple homes for sale at one time that are nearly identical.  Additionally, in many of these locations there is still construction going on by the builder, and these builders usually offer the Buyer closing costs or home upgrade incentives.

The most common local incentive offered to Buyers by Sellers is to pay a percentage of the Buyer’s closing costs and prepaid items. This allows the Buyer to bring less money to closing. A similar Seller incentive is for the Seller to buy down the Buyer’s interest rate, which will result in the Buyer obtaining a lower monthly payment. This offer tends to be most attractive to First Time Home Buyers.

Instead of offering an incentive to the Buyer, sometimes a Seller will choose to offer the Real Estate Agent a bonus for selling their home. In my experience as a Realtor, the Buyer chooses the home they will buy, not the Real Estate Agent.  As much as I would love to make more money when I sell a home, my first duty is to my client. The home they buy is based on their likes, preferences, and needs. We write an offer on the property that fits them best, not the property that offers a selling bonus.

Above all, the first priority of the Seller should be to make sure their home is priced right. Unlike children who want the box of cereal for the toy inside, the Buyer is not going to pick the home just for the incentive that comes with it. If the Seller is willing to throw something in as an extra, for example paying 3% of the buyer’s closing costs, then it can also be said the 3% incentive is simply increasing the price of the home by that amount.

Remember, most buyers are interested in affordability over anything else. Experience tells me that the more attractive the home price, the faster the sale. If the buyer can’t make the mortgage payment on the home they are considering, an added extra will be of no benefit. Remember, the lower the price, the more people that can afford the home in question and this is what usually leads to the fastest sale.

Happy Selling!

Raylene Lewis, Articles on Home Selling

The point of the hardship letter is for the Seller to notify their lending institution of why they can no longer make payments on their property.

There are many reasons why a Seller can no longer pay for the home they are living in.

A few examples include:

• The Seller did not fully understand the type of loan they purchased the home under and the Adjustable Rate Mortgage has not increased beyond the Seller’s ability to Pay.

• The Seller has a unexpected illness and/or now has additional medical bills.
• The Seller has lost their job.
• The Seller’s income has substantially decreased.
• The Seller’s job was relocated.
• The Seller’s Spouse or co-borrower has died.
• The Seller is getting or is now divorced.
• The Seller has been incarcerated.
• There has been significant damage to the property, and the Seller is no longer able to maintain the property or make repairs.

The Seller needs to make sure that their hardship letter is reflective of their unique situation, is truthful, and clearly identifies the reasons behind their inability to pay. Remember the hardship letter is only a piece of the the process to get a home approved for a short sale, but getting approval for a short sale helps the Seller avoid foreclosure. As time is of the essence, it is also important that your Listing Agent have past experience in representing both Buyers and Sellers in short sales, as the process is very different from a normal Buyer/Seller Transaction.

My experience has been that it is best to have the Seller complete all the paperwork for the short sale and submit it to their Lender before they receive an offer on their home. This is because it will take the lending institution several weeks at the earliest to approve or deny a short sale. Many Buyers will not stay with the property for the amount of time it will take the bank to give the Seller approval of the short sale, in part because the sale is not a sure thing at this point.

If the Seller already has approval from the bank at the time an acceptable offer is received, the wait time is for final approval is reduced to a few days instead of weeks or months. Thus the buyer will stay with the property, complete the sale, and the Seller has avoided Foreclosure.

Here is an Example Hardship Letter:

Name: (Seller)

Address: (Seller Address)

Lender Name: (Seller Lender)

Loan #: (Seller Loan #)

To Whom It May Concern:

I am writing this letter to explain to you the unfortunate set of circumstances that have recently occurred in our life; the result of which is my wife and I becoming delinquent on our mortgage. At this point, we have done everything in our power to pay our bills and make ends meet. Unfortunately our efforts have fallen short. As a result, we are asking you to consider working with us by modifying our loan and excepting this short sale proposal.

Our number one goal is to avoid the foreclosure of our home. We would like to have the opportunity to get our life back on track, and we would really appreciate the opportunity that you could provide us to do just that.

(At this point, state the facts that have lead you to be unable to continue to pay your mortgage. Keep it short.)

We have now exhausted all of our income and resources so we are turning to you for help. We would appreciate it you would work with us by agreeing to a Short Sale on this home.

If you agree to this course of action, we will do all we can to help our property sell in the fastest time possible at terms that are acceptable to you. We do not want our property to be foreclosed on, and we truly hope that you will consider working with us so that this matter can be resolved quickly.

Sincerely and Respectfully,

Borrower’s Signature

Date

Co-Borrower’s Signature

Articles on Home Selling

Raylene Lewis

www.househuntingprofessionals.com

Working as a Bryan-College Station Realtor brings new experiences every day; we get to see all sorts of different taste preferences and decorating ideas! When you walk into someone’s home you are getting a glimpse of their personality and who they are. After all, your house is where you “Make yourself at home!”

I once listed a newer home in South College Station that had the most unusual kitchen decor I had ever seen. The kitchen had black and white tiled floors, lime green walls, green counter-tops, and a black and white tiled back-splash with red accent tiles placed randomly throughout. The Kitchen Cabinets were white with black accents and red knobs, and the living room could be seen from the kitchen and was painted bright red. It was the first time I ever walked into a home and thought a bit of serious redecorating may be in order.

I was wrong. Not A week went by before I got a call that said “When I saw the photos online, I knew this was my house!” As Realtors and Home Sellers what does this tell us? I think that sometimes Realtors go overboard when they list a home and try to change it an make it acceptable to everyone. Removing things about a property that make it unique can also result in the property not standing out to the people it should. We need to remember that our sellers are, in away, our target buyer. After all they were the Buyers who picked the home they are now trying to sell.

I listed a home in Bryan where every wall was blue on the inside. Showing after showing said to repaint it. The home sold 2 weeks after it was completely repainted. I am not saying It is never a good idea to change the inside of a property, but what I am saying is that there is no reason to walk into a home and immediately jump to conclusions about changes that need to be made.

Happy Selling!

For Related Articles on Home Selling Click Here.

If you have any questions feel free to call me at 979-218-2235 or email me!

www.buyincollegestation.com

Once the Seller is ready to put their house up for sale, and allow potential Buyer’s into their home, the last thing they want is their daily routine and way of living completely disrupted or turned upside down. A good Realtor will want to help the Seller keep their “My House on the Market Routine” as close to their normal way of life as possible.

However, it is also extremely important to recognize that the way a Seller chooses to regulate the showings, and the way the Listing Agent advertises those showing instructions to other Realtors, can make a dramatic difference in how fast the house sells and the price the Seller receives. I am talking about the difference between a quick sale at top dollar, a listing that stays on the market an unnecessarily long time and sells for less than what it should have, or even worse; an expired listing.

A Buyer that likes the outside look of your home, is in the mood to buy, and / or is in a position where they are in a hurry and have to make a decision fast, it is a good buyer to have looking in your home. Buyers will go from house to house at all hours of the weekday and weekend searching for the property that is right for them. When a buyer has an excitement about a house, their Realtor will want to help keep that interest going by getting them inside fast.

Homes that are difficult to show result in many missed opportunities for the Seller. If a Buyer can not get access to a property, on their time schedule, they will simply move on to other homes that have an easier viewing accessibility. The truth is that when Seller limits the showing accessibility, this usually results in Listing Agent advertising the home as: Shown By Appointment Only, Must give 24 Hours Notice, Listing Agent Must Be Present, or Must Speak with Owner Prior To Showing, and thus the Seller is seriously hurting the sale of their home. If the showing instructions are this restrictive, many Buyer’s Realtors, won’t bother to even call to set up the showing.

So where is the happy medium and how can the Seller keep their Routine? As a Full Time Listing Agent, I tell my Sellers to think of it this way: the faster the buyer can get in the house and determine it is the right one for them, the sooner the home will be taken off the market, and the shorter the time the Seller has to keep the home in “Showing Condition.”

OK, a great thought, right? But what if you have children or some other circumstance such that there is just no way you can keep the home in Showing Condition all the time without going crazy? I have a solution for my Sellers that tends to be a good compromise.

I advertise the home to other Realtors as “Lockbox Call” which means the Buyer’s Agent calls first before coming, and then I place the Lockbox in the Seller’s hands instead of hanging it on the door. This helps the Seller to relax and feel more in control of the showing situation without advertising a showing as being difficult to show.

It has been my experience, that most Sellers add restrictions to showings simply because they want to be in control and don’t want to be walked in on or surprised at the last minute. When I give the lockbox to my Sellers they are also given specific instructions. Lockboxes in Bryan, College Station automatically turn themselves on to allow Realtor access at 8am and off at 9pm. The Seller needs to remember that if a Realtor calls, and the Seller does not answer the phone, that Realtor is headed to the house. The Seller also needs to remember that if they leave their house, for any reason, they need to have their home ready for a showing and have the lockbox outside.

Most Realtors will do what they can to provide as much notice as possible. If the Seller needs a little extra time, they can always ask the Realtor if they can be the last home on the list and most Realtors will try to be as accommodating as possible. Another example is if the Seller is wanting to limit the showing times because of a house-hold pet that is used to roaming free.

I suggest that a good compromise, instead of restricting the showing times, is simply to place the pet in the utility room with a baby gate so that the potential Buyer has access to the house on their time table and can view the room, without the pet being tightly confined in a crate all day. A good Realtor will be able to come up with alternate solutions to restricting showing times that should allow the home to be viewed normally by Buyers and still accommodate the needs of the Seller.

For More Articles that Every Seller Should Know Click Here.

Thanks and Happy Selling!

Feel free to call me if you have any questions at 979-218-2235 or Visit My Website www.ahouse-soldname.com

www.househuntingprofessionals.com

When it is time to get your Bryan College Station home ready to sell, everyone knows that cleaning, repairing and removing clutter will maximize your homes appearance. However, before you get carried away with home repairs and changes, there are several things you need to think about.

• Are there repairs that must be completed before the home will sell?
• Will making repairs or changes effect the sales price of my home?
• Will I get back the money at closing that I am putting into the home to make this repair or change?

I have found that many times Sellers think they must make repairs to their property that in fact will NOT increase the value of their property or shorten the days on market that the home is listed for sale. It is also often the case that the Seller would save time, inconvenience, and money by simply offering an allowance for the repair or update. More often than not, the new Buyer would rather make the repair or update themselves and get exactly what they want. This is why it is important to visit with a Listing Agent before making any costly repairs or changes to your property. A good Realtor will know what needs to be done and what doesn’t. They will also have seen your competition.

Below I have listed basic check-list of items to consider when preparing your home to sell. Completing this list is a good start to getting the home ready to be placed on the market.

• Empty all trash cans in the house.
• Clean off Counter tops in the bathrooms and kitchen.
• Dust all ceiling fans, return air vents blinds, and base boards.
• Use an acid based cleaner to remove stains from the driveway or garage floor.
• Test all gates, fences and latches and repair or replace any weakened areas.
• Remove any damaged window screens.
• Prune bushes and trees, remove any tree limbs that are touching the roof, and get rid of any dead shrubs, flowers or trees.
• Clean out the gutters.
• Move all garbage cans, extra building materials and gardening supplies that are in the yard into a garage or storage shed.
• Make sure the Yard and Flowerbeds have been weeded. Add fresh mulch to the flowerbeds and plant colorful mature flowers in the front of the home if you have room.
• Clean the porch, deck and patio of all small items and sweep all areas and walkways.
• Clean the fireplace and hearth.
• Check all light fixtures and replace all burned out light bulbs.
• Place all money, jewelry and other valuables (including guns) in a secure and out of sight location.

Remember, when a good Realtor views your home, they will look at the property from the “Eyes of the Buyer” and will advise you on the things that need to be done, without allowing things to be overdone! Call or email me if you have any questions. 979-218-2235

Thanks and Happy Selling!

www.ahouse-soldname.com

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www.professionalhousehunters.com

• What are Your Reasons for Selling?

• When are Your Approximate Closing and Moving Dates?
• Where are You Relocating to?
• Do You Already Have another Property Under Contract or Have you Already Purchased another Property?
• What Is Your Hoped for Selling Price?
• The Listing Agent will also want to know:
• The amount of Equity in your Home and Your Most-Recent Loan Statement
• The Features You think Make Your Home Competitive in the Current Market
• The Features You Like About your Home
• Your Utility Bills for the Past Year

To make sure the property is listed correctly it is also imortant for you to provide:

• A List of Personal Property (items like the washer, dryer or refrigerator) that will or will not convey with the house when you sell it.

• Any documents (like old inspection reports or surveys) that explain the good condition and true squarefootage of your home, its conveyable systems and appliances

Most Listing Agents will only offer one type of marketing program. This program will primarily focus on placing your home in the MLS (Multiple Listing Service) and have another Real Estate agent sell it. This is not the type of Realtor that is going to effectively market and sell your home. Listing the home for sale in the Bryan College Station MLS is just one marketing tool used to promote listings for sale.

You will want a realtor who uses many seperate advertising and marketing tools to capture buyers and convert them to a sale. Personally, I have over a dozen different marketing tools I use to market and advertise each one of my listings. This way, I am able to capture my own home Buyers and convert them to a sale without relying on another agent to sell my listing.

You also want a Realtor who is going to see the transaction through from point of contract to point of sale and make sure it closes. You want a Realtor who can coordinate numerous service providers, handle federal and city disclosures, title companies, inspectors, lenders and correctly provide all the required documents.

The Realtor who combines comprehensive marketing, good negotiation skills with local expertise in a smart manner is the right Brazos Valley Real Estate Agent for You!

Let me know if you have any questions! Just Call or send me an Email! Good Luck and Happy Selling!

www.ahouse-soldname.com

Articles on Home Buying and Selling