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THE ROCKFORD HOME SOURCE
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REAL ESTATE
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| These are some of the most often asked questions about buying
or selling a home. To get assistance and answers to your specific
questions, email
bill@aboutRockfordHomes.com. As a dedicated Realtor® my policy is to provide you with SERVICE,
ATTENTION, and RESULTS, as well as the personal assistance you need to reach your home
buying, selling, and investing goals.
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Can you show me houses that are listed with other companies?I can show you ANY houses, ANYWHERE in the Rockford and surrounding area. That includes ALL the other companies listings, and new construction, as well as many homes that are for sale by owner. Plus, as your Personal Realtor I am working for you, in your best interest, helping you with the decisions that must be made and helping to successfully negotiate the best terms. What does it cost to have you work with me to find a home and help me through the buying process?Nothing. I get paid out of the proceeds from the sale of the house at the time of closing. There are rare occasions when a buyer may choose to pay a commission, but this is not the usual practice. You want your own Personal Realtor in your corner. It can mean the difference between getting the home of your dreams or getting a nightmare. I work with you to find the right home, then I work with you to make sure your purchase offer is well thought out, negotiated with expertise, and all follow-ups handled professionally – at no cost to you, the buyer. Why wouldn't you get the best deal you possibly can by using my services as your Personal Realtor. And the same is true when you are selling a home. You pay nothing until your home is sold and closed. We do all the advertising, marketing, paperwork, follow-up and consultation with the expectation the home will sell and we will ultimately receive a commission. How do I know how much I can afford to pay for a house?You can figure how much home you can buy RIGHT HERE by filling in the information and getting your answer immediately. Your Lender will work with you to show you how much you can afford to pay for a house when you go to get pre-approved. Or, give me a call and I will help you determine how much you can afford, what you will need for a down payment and what your monthly mortgage payment will be. How can I know what my mortgage payment will be each month?You can calculate your monthly payment for fixed or adjustable rate loans HERE and also calculate the breakdown between principal and interest in payments over the loan term. As with all mortgage and financing related questions, your Lender will work with you to show how much your payments will be. Or, give me a call and I will help you to get the answers you need. I like going to open houses. Is this a good way to find a home?Visiting open houses is a good way to see different home styles, floor plans, and features and to determine what you really want and need in a home. It also gives you an idea of prices and what different neighborhoods are like. But you can only see a small portion of the homes that will be available and you will be missing the majority of homes from which you could choose. Many homes do not have open houses or are sold before an open house is possible. You'll also see a lot of homes you can't afford or absolutely don't want. You can visit open houses, but if you want to buy a home any time soon, you should also be working with your Realtor to focus on the homes that really fit your requirements. You'll save time, money, and a lot of frustration. And, when you find the home of your dreams, your Realtor is there, ready to help you get it. I spend a lot of time looking for homes on the internet but often find that the home has been sold, or the picture doesn't give me a good idea of what the home is like.You can get an idea of what's available by first searching on the internet, but the information on some sites is not the latest and you often find that the home you are interested in has been sold for several weeks. When you see something you like call me at 815-381-6850 and I will get you the latest information on the home and, if you wish, I can also arrange for a private showing. You can search ALL the currently available real estate listings HERE (many of the homes will feature a grand tour). If you would like information on the hot new listings that come on the market each day that meet your own personal search criteria and requirements, just LET HOMER THE SEARCH HOUND KEEP YOU UPDATED AUTOMATICALLY. Is there a way to use my TAX DEFERRED IRA or 401k money to buy and sell real estate and still keep my IRS tax deferred benefits?The investment world is stressing DIVERSIFICATION, DIVERSIFICATION, DIVERSIFICATION. It's become more and more important for you to take charge of your savings plan and diversify your investments. And, yes, there is a way to invest money from tax deferred savings into tax deferred real estate investments. Through a self-directed IRA, you can buy and sell investment real estate while deferring the tax consequences. But that's not all: you can even invest self-directed IRA money in a future retirement home--and it's tax deferred. Email your name, address, phone# with your request for the exclusive free report "Use Tax Deferred Retirement Dollars to Buy and Sell Real Estate". Your exclusive report will be sent to you immediately. I'm planning to sell my home. What are some of the biggest worries when putting a home on the market for sale?According to a survey by the National Association of REALTORS®
these are the biggest worries (in order of importance). How do I know what the value of my home is in today's market?There's more to it that looking at the price your neighbor's house was sold for, or adding up all the "extras" you've put into your home. And it's not based on what you need to get your next home, or what your family in Chicago think it's worth. A current market analysis by a real estate professional using experience and knowledge of the area and the market will be your best guide. (Whether you are just thinking of selling or are ready to sell now, I am always ready to provide you with a free market analysis and marketing plan for your home.) As a real estate investor I want to know how a 1031 exchange works."Exchanging" is really not a good description of the process. It should really be called "CONTINUING". You can use this method of deferring capital gains for "like kind" property held for investment or use in a trade or business. The net proceeds from the sale of your property (identified as an exchange) are placed in a qualified escrow. You then have 45 days from the day of sale to identify a replacement property and 180 days from the day of sale to acquire that property. Of course there are IRS rules that apply, but the end result could be tax-free investment. Contact me for more details on this important real estate investment strategy as it applies to your specific situation and goals. I've heard of programs that pay my down payment for me, how does this work?The PIC or Ameridream programs (among others) are available to anyone who wants to own their own home but may not have the necessary down payment available. With these plans the seller actually helps the buyer by contributing to the program which pays the down payment for the buyer. There are no "strings" attached, nothing has to be paid back, you don't need to be a 1st time buyer, and there are no special requirements to qualify. There are many new programs available that can make it possible for a buyer to move into a home with as little as zero total cash! Call me 815-381-6850 to get started. What are HUD homes?A HUD property is one that was previously financed with an FHA insured mortgage where the lender has foreclosed and acquired the home due to default on the loan. The Mortgage Company submits a claim against the FHA insurance to HUD and is paid in full for the entire loss. The Mortgage Company subsequently deeds the property over to HUD. An initial inspection is performed and an appraisal is ordered prior to making the property available to the public. All properties are sold by competitive bid thru a real estate broker. Call or email for a list of properties currently available. For additional information and assistance in purchasing HUD properties call me at 815-381-6850. Should a home buyer use a prior buyer's inspection report?It is still best to get your own professional inspection report. When you accompany your inspector you will learn about the home, discussing potential problems, defects, and maintenance issues. If you have a copy of the first inspection, you can refer to it and use it to ask your inspector about specific problems and to see if the same issues are disclosed. Also, make sure your inspector is a licensed professional. Typically, a general "whole house" inspection is ordered by buyers. Remember, you can have any inspection you want, including, but not limited to, radon, environmental, pest, mechanical (heating, plumbing, electrical), or structural inspections. Are closing costs tax deductible?You are entitled to several itemized income deductions on your tax return. A big deduction for most home buyers is the loan fee, usually called "points", paid when you obtain a mortgage. Each point paid equals one percent of the amount borrowed. For example, one-point paid on a $100,000 home mortgage would give you a $1,000 itemized interest tax deduction. However, if you refinance in the future, it's best not to pay loan points because for refinancing they can only be deducted over the life of the mortgage. If you purchased a home during the tax year you can also deduct any pro-rated property taxes and mortgage interest listed on your closing statement. Of course, you can also deduct the mortgage interest you pay through the end of the tax year and any real estate property tax bill you pay in the tax year. (It's always best to consult with your tax advisor for the best way for you to handle tax deductions.) Can I sell my home myself?Certainly. But if you are thinking about selling your home on your own there are a few things to keep in mind as you decide whether to work with a real estate professional or not. How do you go about pricing your house? What your parents tell you, what the neighbors think, what your aunt and uncle in California think, really doesn't matter. The current market, a comparative market analyses by a real estate professional, and experience with similar homes will give you a good idea of the price you can ask for your home. Anything less could cost you thousands of dollars in profits or waste valuable selling time with an overpriced property. Newspaper advertisements, open houses, and lawn signs are not enough. More than 84% of those who attempt to sell a home themselves end up working with a professional Realtor. Proper use of the Multiple Listing Service, and widespread exposure among realty professionals and their buyers makes the difference. Assembling the appropriate documents, handling contingency clauses and the many intricacies of a contract, arranging and preparing for the closing, assisting the buyer in securing financing or pre-qualifying the buyer's financial ability to purchase your home--these can make the difference between a successful sale and a frustrating failure. Buyers are more apt to expect a bargain if a professional is not involved in the sale. Sellers may be unsure or unable to handle the negotiating process to their best benefit without a professional to guide them. A real estate professional works for free, providing the advertising, open houses, and exposure on the Multiple Listing Service(s) and on the internet for free, working with buyers, other Realtors, and you -- for free -- until your home is sold at a price accepted by you. I see some homes with a grand tour or virtual (visual) tour. How can I get this when selling my home?The visual tour is a combination of photography and special software that creates a panoramic tour of a home. It's an extra marketing tool that requires creation of a panoramic and multi-photo slide show tour as well as placement on various multiple listing services and internet real estate sources. It's a matter of time and added expense, but a visual tour can be very effective if properly utilized. With approximately 85% of home searches beginning on the internet, and with stiff competition for buyers at open houses, it can be worth the extra time and cost. What is Title Insurance?A Title Insurance policy is a contract of compensation between the insured and insuring company relating to the title to the land described in the policy. This will protect the insured against loss or damage by reason of title defects insured against, such as forgeries, claims by missing heirs, recording errors, liens or encumbrances of the insured title existing at the date of the Policy and not expressly excepted from its coverage. The Policy is issued after a complete search and examination of the public records and shows the condition of the record title, including any money obligations outstanding against the property, easements and other matters which may affect the rights of ownership, possession, and use of the property. BUYING A HOME -- more home buying tips SELLING A HOME -- more tips for selling a home Need additional help with the details of buying or selling a home?
Have a question that you would like answered?
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email: bill@aboutRockfordHomes.com
815-381-6850 Office Direct Line
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free 800-666-3530 ext 6850
815-381-1109
Bill Marek
Dickerson & Nieman Realtors
6277 East Riverside Blvd.
Rockford, IL 61114
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