Bill Burke - REALTOR, Residential NH Real Estate Pro

Well, the year has come to an end and I am finishing it off with a closing this morning!

Just wanted to wish everyone a Happy New Year and hope that 2011 is a great year for everyone.

http://www.billburkehomes.com

So a first time home buyer who has never been through the process has asked me what to expect when they are at the closing. So here is some information that I provide to them that you may find helpful to pass along to your first time home buyers or even buyers who have gone through it before.

At closing, you will close on the purchase of your new home, and if you are taking out a mortgage, on your home loan, as well. The whole process may take about an hour. Here's what's expected of you:

• Complete the walkthrough

  Before the actual closing, you'll most likely have the opportunity to perform a walkthrough of the property and confirm that the condition of the home is as it should be, as specified in the sales contract.

• Bring enough cash

  At closing, you'll be paying for your share of the closing costs, and will be bringing the down payment, so be sure to bring a certified check or a cashier's check. Your lender will provide a lender's check for the remaining balance that's due on the home.

  Your HUD Uniform Settlement Statement (which both you and the seller will sign) will detail the closing costs (plus all the monies involved in the transaction), as well as who is expected to pay them.

• Show id

  You will also be required to show proof of your identification, such as your driver's license or passport.

• Proof of insurance

  Bring a copy of and proof of payment for your homeowner's insurance, plus your flood insurance policy, if you have one. Your lender may want to review these before allowing you to close on the home.

• Sign on the dotted line

  To transfer ownership of the home, both the buyer and seller will be required to sign several documents.

  You may be required to review and sign the purchase agreement, a promissory note for your loan, mortgage documents, title documents, the settlement statement and the truth in lending statement (which will outline the costs of your loan, your payment schedule and amount financed), while the seller will also sign the settlement sheet -- and, importantly -- the deed to the home to transfer ownership of the property to you. Copies of these documents will be filed at the county recorder's office, but be sure to keep your own copies as well.

• Take the keys!

  Once all the necessary paperwork is completed and everything is in order, you will be given keys to the home. While you will no doubt immediately change the locks upon moving in, the keys are the final sign that the home is indeed yours.

For More Information, Please visit http://www.billburkehomes.com

Now a days people shop online for almost anything including mortgages. I recently had a buyer come to me who was pre-approved from an online mortgage company (I won't mention the name of the company, however it has a catchy little jingle on tv). I asked him why he didn't go with a local lender and he thought he was getting a better deal online.I also had another buyer ask me if I thought it would be better to shop online for a mortgage rather than meet with someone local. What these buyers are not doing is shopping around to find the best fit lender for them. They automatically think that going online will be a better deal. One problem with this is that buyers are paying application fees and not getting a mortgage and not being able to reach anyone when they need someone. At least with a local lender you can meet with them in person and go over everything together. Even if you don't want to meet or can't meet in person, you can at least talk with them on the phone and know that they are going to be there to talk to. This is also a problem for listing agents. Buyers are handing in prequailification letters for online banks or comopanies that most of us don't know much about or haven't really heard of except maybe the occassional gimmicky sounding commercial on the radio or tv, but are these companies really worth the time, effort and money?

I tell my buyers that they should use the internet to research information on mortgages such as rates, closing costs, what type of service or who locally to use. However, it is more beneficial meeting face to face with a local and trusted loan officer. one you can see, talk to and give your financial's to in person. You know where they are, when they work and when they dont. I feel that it build a better relationship between the buyer and lender and the service provided to the buyer is a lot better. I always tell them to check around with a few local lenders and if one does't look like a good fit, then go to another, but keep it local. However, in the end it is the buyer's decision and I can only suggest or guide them so much, but they will determine what is a better option. I often have buyers ask me who I recommend and I usually give them a list of lenders who I say past buyers have found helpful and tell them to check with all of these and see if one is a good fit for them. Most of the lenders that I have worked with in the past have been excellent and I feel comfortable putting their names on my list, but I don't know much about online lenders and frankly don't want to. I personally feel that business is conducted better on relationships that are built with people you have met or can meet.

For more information, Please visit http://www.billburkehomes.com

Understanding the buyer

As the seller, you can control three factors that will affect the sale of your home:

* The home's condition
* Asking price
* Marketing strategy

However, it's important to note that there are numerous other factors that influence a buyer, and you need to understand these consumer trends when you enter the sellers' market. The more your home matches these qualifications, the more competitive it will be in the marketplace. Your real estate agent can advise you on how to best position and market your home to overcome any perceived downsides.

Location
Unfortunately, the most influential factor in determining your home's appeal to buyers is something you can't control: its location. According to the National Association of REALTORS(r), neighborhood quality is the No. 1 reason buyers choose certain homes. The second most influential factor is commute times to work and school.

Size
While some buyers want to simplify their lives and downsize to a smaller home, home sizes in general have continued to increase over the decades, nearly doubling in size since the 1950s. Smaller homes typically appeal to first-time home buyers and "empty nesters," or couples whose children have grown up and moved out.

Amenities
Preferences in floor plans and amenities go in and out of fashion, and your real estate agent can inform you of the "hot ticket" items that are selling homes in your market. If your home lacks certain features, you can renovate to increase its appeal, but be forewarned: That's not always the right move. Using market conditions and activity in your neighborhood as a gauge, your agent can help you determine whether the investment is likely to help or hinder your profit margin and time on the market.

For More Information, Please visit http://www.billburkehomes.com