Buying and Selling Resources
The Asheville North Carolina area is a great place to purchase new homes, land, condos or real estate. Green Mountain Realty has assembled a list of resources to provide you with local Asheville area information to assist you in understanding more about the Asheville North Carolina area. Contact Green Mountain Realty today at 828.215.9064 for homes, land or real estate here in the Asheville NC area.
Click On The Links Below for Information about the Asheville North Carolina Area
Prior to Placing Your Asheville Home on the Market
Prior to placing your Asheville real estate on the market, you will want to find a good real estate agent. A good real estate agent has their thumb on the market and can give you invaluable advice that is designed to save you a lot of time and energy. Once you have an agent they can help to evaluate the value of your home to ensure you get the best price. One of the items you want to look at are some of the pre marketing improvements.
Most of the time people are first time buyers or end up selling their first home to purchase a new one. Either way you should make sure to have your financing arranged well beforehand, which is something a real estate agent helps to facilitate. Real estate agents can also help with previewing homes to get a baseline of your future options.
Asheville Home Marketing Period
Your home is officially in the marketing period after you place it on the market. Although it seems obvious enough, a critical component to this is making sure your house is always in good enough condition to show. This can be a challenge if you are living and working at the same time. There are invaluable tips and advice that your real estate agent can give you regarding how to coordinate the actual showings. Of course your agent will make sure your home is not only properly listed in the Multiple Listing Service but that it is described and shown in the best possible light. The length of time that your home stays in the marketing period can vary. Sometimes it is only days before you get to negotiations and then accept a final offer. This is not always the case though and you should be prepared for any length of time.
Asheville Home Under Contract Period
The time after which you have officially accepted an offer is when your home is under contract. It is during this period that you will want to prepare for the home inspection. It is key to facilitate the inspection process by making all necessary inspection points accessible to inspector such attic access, knee wall storage, and access to heating appliances and breaker box. Once the inspection is done, you still want to be on your toes as the Appraiser comes through next (usually 1-3 weeks after contract acceptance). Your real estate agent will contact your attorney at this point so they can open a file. Although the attorney may open the file, nothing is done until loan approval at which point they will prepare a new deed in the buyers name. This is where prequalification can help shorten the time to wait as otherwise the buyer will have to get a loan approved which can sometimes take awhile. This can be an interesting time period if you are waiting on the loan money to come through to purchase your own property elsewhere. Once all is good, your agent notifies the attorney to prepare the deed. Which brings you to the final part of the process appropriately called, “the closing” (see “Seller’s closing week Checklist”). Just remember that you will want to cancel homeowners insurance after closing occurs.
Selling Asheville Homes
The closing is the end of the long and arduous process of buying Asheville real estate. Closing the deal is what the closing is all about. You are ending the process of purchasing Asheville real estate and the agreement to the mortage to purchase that real estate. Essentially it's the final transfer of money and keys.
Timing is everything
It is key to understand the timing behind the transaction in order to avoid some critical errors. Consider your current living situation. If you are renting you may consider trying to time your closing around when your lease ends. Plan to have some work done on your new place? You might want to time so the work is done before you move in. Coordinating two closing dates is another common situation where you will want to consider the best time to do each. Most folks need the cash out of the first house to pay for the second house, so schedule the closings in the right order. There is a lot involved with any closing so it is best to plan the whole day for the process. If it doesn’t take as long, you have some time to sign with relief and celebrate!
The mortage should also be considered in terms of closing so as to get in on any interest rate lock and lender commitment. Be aware also that closing at the end of the year involves taking care of taxes. Any points and interest paid before the New Year can become deductions for this year's taxes. Check with a tax adviser for the timing of any other deductions
Sign here ... and here ... and here
Most closings are actually two closings. You'll be closing on the purchase of real estate, and you'll be closing on the mortgage loan you are taking to buy that real estate. There are documents that are unique to your area and maybe your situation but, for the most part, most documents are going to be those used for any closing.
The following documents you can expect to read and sign with any closing:
- Truth in lending statement, also known as Regulation Z, will disclose the interest rate, annual percentage rate, amount financed and the total cost of the loan over its life.
- Monthly payment letter reveals the break down of your monthly payment into principal, interest, taxes, insurance and any other monthly escrows.
- The Note is where you're actually borrowing the money -- and giving your personal guarantee to pay it back.
- Mortgage puts a lien on the house as security for the loan -- allowing the bank to foreclose if you default on the note mentioned above.
- HUD Form 1 or Disclosure/Settlement Statement is a form that contains all the actual settlement costs and amounts.
- Warranty deed includes the names of the buyer, the seller and a description of the property and will often contain a guarantee that the seller has the right to sell the property. The Warranty Deed transfers the title of property.
- Proration agreements are the remaining costs of the house for the month it is purchased to be divided equally between the buyer and seller.
- Tax and Utility Receipts act as an acknowledgement of what has been paid or will be paid by the borrower to the city and state.
- Name affidavit certifies that you are who you say you are.
- Acknowledgment of reports ensures that the buyer is aware of all reports and agrees to said condition of the house.
Search or Abstract of Title gives a listing of every document that has been recorded about the particular piece of property.
Note about money on hand: the buyer, and sometimes even the seller, are expected to have money on hand at the time of meeting. You'll want to bring a certified check for the correct amount. You can expect to pay a portion of the closing costs, among other items that you will need to verify beforehand.
Often the buyer's annual taxes, insurance and other items are paid through the lender. An escrow account (or reserve) are established at this time.
Call us today at (828)-215-9064 or contact Green Mountain Realty to learn more about the closing process.
Asheville NC Home Inspections
Unless you are used to being able to look at an Asheville NC home and understand the condition of it in terms of the structural, electrical, plumbing, and cosmetic makeup, you need a home inspection. Of all the investments a person will make in their lifetimes, buying a home is the biggest. Before committing to the purchase of a house, it is good to get a third party assessment of the history of the house. Often an inspection will uncover many aspects to the house that are just not visibly apparent to the average person. A home inspection offers a form of protection before buying your new Asheville home and is money well spent.
Home inspections are known for looking at big ticket items but that isn't all they are about. The home inspection should be considered a road map of future repairs and/or maintenance problems, large and small, that could come up. It is an educational process that prevents future issues by being proactive with investing into before becoming a financial burden.
Choosing an Asheville NC Inspector
The art of the home inspection isn't always something that can or should be trusted to any carpenter, even if he is your uncle Charlie. There are many guidelines to a good and thorough home inspection, guidelines that a professional home inspector is fluent with. There are many inspectors who offer very detailed reports of their inspection. This type of report can often be used within negotiations during your home buying process. Rather than relying upon chance or clever advertising to choose your home inspector, get some advice from your real estate agent or a good friend with direct experience. You can generally expect to spend between $300-$450 for general home inspection.
Asheville NC Home Inspectors List
A general inspection involves, among other smaller areas, looking at the foundation, wiring, plumbing, heating /cooling system, chimney/fireplace, appliance inspection, siding, windows, doors, roof, exterior grading and landscaping. A particular location, circumstance, or general concern offer special areas of consideration. Other special areas of consideration might be things like water quality, radon, and lead paint. These might be considered for an extra fee or you may have to have them tested for separately. Other areas to consider include water and sewer. If not on municipal sewer, you may want to have the septic tank and septic leach field inspected by a septic company. Then you will need to factor in local well capacity and flow rates if you are not on municipal water.
Timing Home Inspections
A home inspection is usually scheduled right after the price of the house is agreed upon. It is usually done within 10 days in order to get this aspect of the process out of the way in the beginning of the deal before you start spending money on appraisals and legal work. Although home inspectors can go through their busy periods, most home inspectors can schedule you within a few days of calling.
How Long for Asheville Home Inspection
Most often only the buyer, and Realtor, and inspector are present for the inspection. It’s best not to have children with you so you can concentrate on learning about the home. The average inspection will take between 2 and 4 hours. If you choose to hire additional inspections such as for the septic or well, these would usually be done a few days later after you are satisfied with the general inspection before you incur additional costs.
Finding Issues from Your Asheville Home
Most inspections are to the buyer’s satisfaction or they don’t have to purchase the house. Although it is generally up to the seller to offer any concessions based on problems found during the inspection, if there are larger issues found these may be fuel for further negotiations. What determines some of these concessions are the agreed upon price and the severity of the defects found. Some issues may require having a contractor, electrician, roofer, plumber, etc, to come out for further investigation. When additional items are found, it often necessitates a time extension for the home inspection period.
Call us at (828)-215-9064 or contact Green Mountain Realty to learn more about the home inspection process.
Pricing an Asheville NC Home
Many people may have a rough idea of how much their house should be worth based on what other houses in their area have sold for. However you should keep in mind that each and every property is unique and therefore so should be the pricing. Pricing a home can be stressful and an appraiser can offset this by making sure you have accounted for your homes full value. The buyers will have to have a loan and most lenders actually require an appraisel before approval of the loan. The appraiser relies on his or her general expertise and specific research to arrive at an opinion of value.
The Appraiser’s Mission
The appraiser's primary mission is to protect the lender. No lender enjoy's owning overpriced property and the appraiser is one way to protect against this from happening. That's why the appraisal takes place before the lender grants final approval of the buyer's loan.
What an Appraiser Looks At
Appraisers weigh the location of the home, its proximity to desirable schools and other public facilities, the size of the lot, the size and condition of the home itself and recent sales prices of comparable properties, among other factors. Dirty dishes and dusty dressers are of little technical concern for an appraiser. They are more interested in signs of neglect such as chipped paint, cracked walls, or damaged flooring. If the buyer is applying for a mortgage that will be insured by the Federal Housing Administration (FHA), the appraiser must survey the physical condition of the home and disclose potential problems to the buyer. No such obligation exists for non-FHA mortgages.
Appraisal Versus Home Inspection
Of course an appraisal is not a substitute for a professional home inspection. Although they do look at similar items, they are motivated by different factors and thus will be reporting in different ways. The appraiser formulates an opinion of the property's value for the lender, while the inspector educates the buyer about the condition of the home and its major components.
There are times when an appraisel will come in lower than the asking price. When this happens the seller may reduce the price or negotiate for repairs to be done to bring the value to a more reasonable level. New evidence brought to the appraiser can also, in very rare occasions, make them reconsider their initial accessment of the homes overall value.
Get Help Pricing Your Asheville NC Home
Call us at (828)-215-9064 or contact Green Mountain Realty to learn more about pricing your home.
When you put your Asheville NC house up for sale you are going to be scheduling time for people to come and view the house. An important process is preparing your home for the prospective buyer. A quick vacumming and wipedown are sometimes viewed as enough. Preparing your home to show is often an art that, when done correctly, can greatly improve the chances of your home being purchased. Hard to measure, but something that goes a long way towards making your house sell, is the feeling that a prospective buyer gets from the visit. Consider some of the notes below and add some of your own, for the different areas of your home you will need to prepare. Washing the windows inside and out along with using all available natural light are two things that are univeral to all the areas covered.
Preparing the Kitchen
On average, people spend a good amount of time in the kitchen and it is considered one of the central parts of a home. Take the time to clear all the personal clutter and photos from your refrigerator. In order to show how much space you have, you want to clear the counter tops of everything except a bowl with some choice pieces of fruit for display. Pack away things in your cupboards into another storage area. Having items out of the cupboards makes them appear spacious. You obviously want a clean stove, empty sink, empty waste basket, and have everything on the walls taken off. Lighting is important so make sure you leave the lights on and have the drapes and blinds open. An added bonus is to consider baking some good bread or cookies so that there is a nice fragrance to the room. You want to avoid cooking anything else so that the smell won’t affect the visit.
Preparing the Baths
The bathrooms are another place that people spend a lot of time and so, on average, you should be a little more detail oriented about. Obviously you will want to take care of having the toilet seat down, clean mirror, clean bathtub and/or shower including the door or curtain, and empting the waste basket. Fresh tp and tissue are an automatic but so should organizing the storage areas, using fresh soap and arranging the towels just right. Keep the lights on and blinds open especially if you don't get a lot of natural light. Since there are some that are sensitive to the fragrance of air fresheners, they should be used with some caution.
Preparing the Living areas
Preparing the living areas offers a bit more creativity since there is such a huge variety and layouts. All carpets should be cleaned along with all flat surfaces. The natural layout and light should be played with in order to achieve the best look and feel. You can try storing some of the furniture if you are trying to make a room appear larger. Consider removing the personal photos from the area as it can be a bit distracting. That part really depends upon your level of comfort with people viewing your photos and the specific type of living area you have. Help influence the senses and have music in the background playing softly. Although your pets are great, you will want to strongly consider their staying elsewhere during the showing.
Preparing the Bedrooms
Bedrooms are such a personal space that it can be hard to really prepare them enough like you can with the rest of the home. You want to have the beds made, floor vacuumed, bureaus free of clutter, and closets organized and tidy. Be sure to use all available natural light including turning some on if you find the natural light is not enough.
Preparing the Basement/Garage
Basements and Garages can be quite different spaces, especially if it is a well used finished basement or a garage that has been modified as a work space. On average, these spaces tend to be looked at with a little less concern. You should still make sure you take care of vacuuming or sweeping out the area, organize it to be as tidy as possible, making sure to clear as much floor space as you are able. Important items that are sometimes overlooked include providing easy access to the furnace and main electrical panel, making sure to secure any loose wiring, and running a dehumidifier before if needed.
Preparing the Exterior
The exterior of the home is very unique not only for different times of the year but for the various landscaping configurations. In general you will want to mow the lawn, clear the drive, mulch landscaped areas, prune trees, trim edges, and remove all clutter from kids or pets. Some areas that are sometimes overlooked include clearing the gutters, making sure the entire exterior lights work, and having a good clean welcome mat. You could also go the extra mile and get some new hanging flower baskets and/or pots for the front area.
Call us at (828)-215-9064 or contact Green Mountain Realty to learn more about staging and preparing your home for showings.
Before Making the Offer
A good local Asheville real estate agent, to work closely with during the buying process, can help take away some of the stress and help ensure you are taking the right steps. Besides a good agent, you also want to make sure that your financing options and qualifications have been researched. A key part of that is to get prequalified for a loan which not only helps shorten the process once you find a home, it can also make a seller go with your bid over someone who isn't prequalified.
Consider taking the time to write down what you need in a house combined with what you want or what your ideal would be before starting to look. Although there are some things that can change during the home search, at least you are armed with some rough ideas. Once you have some criteria, search online, view homes, keep looking and keeping notes, until you find your dream Asheville home.
After offer is accepted
Once you get to the point of finding a home and having an offer get accepted, your real work begins. Forwarding an accepted contract to your lender is one of the first steps so that they can begin the financing process and order an appraisal. At this point in the process an application fee is due. Home inspection is next on the list and is something you will need to wait to see the results. It is not unheard of for the home inspector to find things that need to be taken care of before the process can move forward. If you want to do something while you are waiting, you can research and get homeowners insurance quotes. A good attorney should be found right off so that a good working relationship can be established for when they deliver the accepted contract. Opening an initial file is what the attorney does right off but must wait until loan approval before doing anything else. Waiting for loan approval can vary and often lengthen the immediate home buying process, which is another reason to make sure you get prequalified for a loan.
Final Real Estate Buying Process
Once all of the above is in place, the attorney will begin a title search. The last part is the closing checklist (link to it). A full day should be allowed to attend the closing so if anything should come up it can be taken care of with less stress.