First Time Home Buyers Ultimate Closing Day Checklist

Verify All Conditions Have Been Met

Review the list of contingencies with your client before heading to the closing table. Typical contingencies include a home inspection, appraisal, and approval for a mortgage loan. Only set a closing date if the house passes inspection, appraises at fair market value, and the buyers’ mortgage is approved.

Verify the title search is clear, and title insurance is purchased to protect the new buyers from any legal claims to the property. And review the Closing Disclosure and Loan Estimate statements (formerly known as the HUD-1 Settlement Agreement) before closing. These documents outline the mortgage payments, terms of the loan, additional fees, and closing costs that must be paid at the table.

Schedule the Final Walk-Through

From final loan approvals to title reports, most of this information comes in just days before closing on a home. Within 24 hours before closing, the buyers are permitted to do a final walk-through of the house. Buyers need to carefully inspect the property to ensure it is still in the condition specified in the contract.

If the sellers agreed to make repairs, they should all be completed before the final walk-through. And buyers should also be sure the previous owner has vacated, or has plans to move, within the time allotted in the contract. If the repairs are not completed or something is not per the contract of sale, it is crucial to reach out immediately to resolve the issues before closing.

Gather the Required Documents

Closings are usually held at the title company, attorney’s office or real estate agent’s office. Some closing documents might be signed digitally. Buyers should know the necessary documents to provide at closing, such as:

• proof of homeowners insurance per the mortgage lender’s terms
             
• the contract of sale between the buyers and sellers
             
• all home inspection reports, such as a termite inspection from a licensed pest control professional        
             
• government-issued photo ID, such as a drivers license, with names that match the ones that will be used on the property’s mortgage and title
             
• a certified or cashier’s check to pay the closing costs, which are revealed to the buyers at least one day before closing per federal law

Be Ready to Sign Documents

Even if some of the documents are signed digitally, there is always plenty of paperwork to sign at closing. The buyers should be ready to spend about two hours processing documentation and hashing out the final details. Bring water and a snack to keep clients going through this arduous process. The closing may include the buyers, sellers, closing agent, and attorneys.

Encourage the buyers to take a deep breath and review what they sign. Mortgage documents to sign may include the promissory note, truth in lending statement, mortgage or deed of trust, and the monthly mortgage payment letter. And closing documents could consist of the closing disclosure, warranty deed or title, proration papers, abstract of title, statement of information, and declaration of reports.

Know the Move-In Date

Once the papers are signed, the buyers become homeowners. Remind them of the date the sellers are moving out and when they can move in. If the sellers no longer reside at the property, the buyers might be able to move in immediately. Some buyers and sellers might prefer a couple of weeks to tie up loose ends, such as ending a rental lease and making sure nothing is left behind at the house. The terms are usually outlined in the contract of sale.

Thinking of buying or selling a home? Contact me for a free Real Estate consultation. My information is below. I look forward to hearing from you.

Want to talk about an exciting, lucrative career in Real Estate? Call me or Click Here

Best Regards,

Ray

__ “Sell Today With Ray!” 

Raymond Ciampaglia

Vice President | Managing Broker | Realtor®

Better Homes and Gardens Real Estate | Coccia Realty

11 Park Ave | Rutherford, NJ 07070
Office: (201)939-0001 | Direct: (201)456-4839

Email Ray

Ray’s Website

Ray’s Social Media Profiles

What’s my Home Worth Ray? 

BHGRE Coccia Company Website

“Real Estate Just Better”      

#BeBetter #BHGRE #CocciaRealty #NJRealEstate #NJRealtor #NJBroker

Don’t think, Just Do!

I recently had a conversation with someone close to me, whereby, we were discussing work related options and opportunities. As I listened intently to what was being said to me, I noticed that a considerable amount of thought was placed into each option. Thinking about the positives which were relatively equal across the board but there were various negatives that would arise periodically as more and more thought was given to each one.



Three days passed, and I followed up on that conversation to see what the outcome was. There was no outcome as nothing had been done. It became clear to me that too much thought was being placed on this decision causing nothing to be accomplished.

I remembered something I had learned in marketing. The reason for a particular retail food store’s recent success (We will call them the ABC Food Market) is that they only offer you 2 choices of any single product. (Sometimes 1 single choice) Unlike the big-name supermarkets that have 10 different brands of the same type of bread for example, and overall, they sell less bread than the ABC Food Market. Why? Because ABC Food Market makes it simple for the consumer to make a choice. It’s either A or B instead of A through Z. The latter takes a lot of effort for the shopper because they don’t want to make wrong the choice, so they get aggravated, and sometimes buy nothing and say to themselves I’ll get back to the bread later.

As our second conversation went on and I heard all about the positives and negatives again until I interrupted and said, “Stop thinking” I saw a confused look staring back at me and then I said, “Too much thinking and not enough doing.” “Don’t think, just do!” “If I thought that long and hard about anything, I would get nothing done,” I said. Make a choice, be proud of that choice, move forward, accept what comes of it, and never regret or look back.



It was as if I lifted a huge weight off his shoulders. The next day the decision was made, executed, and fulfilled. A saw huge feeling of accomplishment at this moment that was well deserved. “I didn’t think about it, I just went ahead and did it” “Don’t think just do! I took your exact advice.”
Human beings sometimes think themselves into a state of being “frozen like” and find they can’t decide because of all the possible outcomes and the continuous contemplation of all the possible consequences.



The next time you find yourself here just remember, “Don’t think, Just Do!”

And by the way the decision that was made turned out to be a great one for him.

About the Author: Raymond Ciampaglia is Vice President of Coccia Realty and the Broker Manager of the Better Homes and Gardens Coccia Realty branch in Rutherford, NJ. He offers 20+ years of experience in sales, management, and marketing to his clients, customers and fellow agents.

Thinking of buying or selling a home? Contact me for a free Real Estate consultation.

My information is below. I look forward to hearing from you.

Want to talk about an exciting, lucrative career in Real Estate? Call me or Click Here

Best Regards,

Ray

__ “Sell Today With Ray!” 


Raymond Ciampaglia

Vice President | Managing Broker | Realtor®

Better Homes and Gardens Real Estate | Coccia Realty
11 Park Ave | Rutherford, NJ 07070
Office: (201)939-0001 | Direct: (201)456-4839

Email Ray

Ray’s Website

Ray’s Social Media Profiles

What’s my Home Worth Ray? 

BHGRE Coccia Company Website

“Real Estate Just Better”      
#BeBetter #BHGRE #CocciaRealty #NJRealEstate #NJRealtor 

Home Buying Process at a Glance

Buying a home is a multi-step process that can be complicated, particularly for first-time buyers. It is crucial to be aware of each step, as competition can be steep: one misstep and the keys to a dream home could go to another family. Read on to discover the best path to acquire one of the greatest investments to date.

Step No. 1: Decide on a REALTOR®

A real estate agent and a REALTOR® are different. While both must be licensed to sell real estate, a REALTOR® goes through numerous background checks and must follow a strict code of ethics, which is consistently enforced by local real estate boards. Another distinction between a real estate agent and a REALTOR® is that a REALTOR® is a member of the National Association of REALTORS®. Ask for referrals and read online reviews/testimonials. Interview multiple agents to find the right one. Look for agents who have realistic expectations and are experts in desired neighborhoods.


Step No. 2: Get finances in order

A three-digit credit score and credit report tell financial stories more than bank accounts do. Everyone must carry debt in some form, and the process of paying it can span a lifetime. Paying cash for everything results in a lower score than responsibly carrying debt. A steady job and income can bypass a bad score if prospective clients are willing to put down 10-20 percent. To improve scores, future homeowners should pay all bills on time. A single missed payment can stay on credit reports for seven years, with recent delinquencies impacting scores the most negatively. Additionally, credit limits should not be exceeded, and balances should be kept below 30 percent of the credit limit.

Step No. 3: Apply for pre-approval

A pre-approval letter is a statement from a lender demonstrating that one is a qualified buyer who sellers will take seriously once ready to make an offer. Unless one plans on paying cash, a mortgage pre-approval is a good idea before beginning the home-buying process.

Step No. 4: Know the difference between wants and needs

Real estate agent will not know where to begin if a prospective client does not. Start thinking about must-haves. They can range from location to the number of bedrooms. Wants can include a pool or a guest home. Compromises are the things one is willing to exchange for needs. For example, a great school district can be attainable if the number of bedrooms is reduced.




Step No. 5: Begin the home search

Open houses will become a favorite activity when a real estate agent begins showing homes that fit criteria. This is a fact-finding mission. Take notes and jot down ideas about what is liked and not liked. This will streamline the process and give real estate agents all they need to know to make a happy homeowner.

Step No. 6: Check off mortgage approval

An accepted offer will begin the closing stage of the home-buying process. A lender will give the final approval for the purchase and specify the closing date. This is not the time to celebrate by splurging on big ticket items. Unexpected expenses can show up without warning. Paying property taxes or insurance for the first full year on the closing date might be a noted point.

Step No. 7: Get a home inspection

A good home inspector will audit the house from top to bottom, literally. They will look at the basement and the roof and everything in between, including the heating system, plumbing and windows. Given that purchasing a home is likely one of the largest investments a person will make, don’t skip this critical step. If repairs are necessary, this can be negotiated with the seller before the final sale.


Step No. 8: Prepare to close

Once at the final step in the process, one can pat themselves on the back for a job well done. The closing table is the desired location where the deed will be transferred from the seller to the buyer. John Hancocks should be ready because there could be hours of paperwork. An attorney or settlement agent will most likely be present.

May your new home be the happiest one on the block.

Thinking of buying or selling a home? Contact me for a free Real Estate consultation. My information is below. I look forward to hearing from you.

Want to talk about an exciting, lucrative career in Real Estate? Call me or Click Here

Best Regards,

Ray

__ “Sell Today With Ray!”



Raymond Ciampaglia

Vice President | Managing Broker | Realtor®

Better Homes and Gardens Real Estate | Coccia Realty
11 Park Ave | Rutherford, NJ 07070
Office: (201)939-0001 | Direct: (201)456-4839

Email Ray

Ray’s Website

Ray’s Social Media Profiles

What’s my Home Worth Ray?

BHGRE Coccia Company Website

“Real Estate Just Better”

#BeBetter #BHGRE #CocciaRealty #NJRealEstate #NJRealtor

5 Signs Your Home is Priced Too High

When home seller put their house on the market, ,they want to get the highest price while home buyers want to get the best deal. If your home is priced much higher than its value, it could remain on the market for months. The longer your house is on the market, the more prospective buyers will start to think there’s something wrong with it. In this article, we will show you the signs that your home may be priced too high.

Neighboring properties are priced lower

Selling a home can be emotional. Often, high listing prices are the result of sellers adding sentimental value. It is important to consider the listing price your real estate agent suggests. They have looked at final sales prices of comparable homes in your neighborhood before determining the value or your home. If your home is priced above neighboring properties, you could very well be asking for more than what your home is worth in the eyes of prospective buyers.

Tip: If your real estate agent suggests a price, don’t pressure them to list your home at a higher value.

Still no offers after a couple of months

If you haven’t received an offer after a couple of weeks, don’t panic. There are many factors that may deter prospective home buyers from making an offer. One possibility is that your listing price is too high. If it has been a couple of weeks without offers, you may want to rethink the current asking price.

Tip: Have your Realtor runs new comparable properties.

No showings

There are many reasons that could deter showings, such as the neighborhood or lack of activity in the housing market, but if your home is priced properly, there should be interest. Determine if your real estate agent is doing everything possible to promote your listing. If they are and you’re still not receiving any showings, it could be that your property is priced too high.

Tip: Check the activity of homes for sale in the neighborhood to determine if the market for your area is the problem.

You hired the real estate agent who recommended the highest price
Before hiring a real estate agent, it’s beneficial to interview at least three. Their recommended listing prices will usually be similar, as experienced and professional real estate agents will consider several factors before determining your home’s value. If you didn’t interview multiple agents, or you hired the one that recommended the highest price for your home, this could be a tell-tale sign that it is listed above its value.

Tip: If several realtors recommend listing at a lower price, consider it the right price.

The home’s value does not hold broad appeal

Just because a property has unique amenities doesn’t mean they have broad appeal. You may have listed your house higher because of a swimming pool or a wet bar, but these are specific amenities that not everyone wants in their home. Prospective home buyers won’t always see the value of customized amenities, especially if they have no interest in them.

Tip: Determine the value of your home, sans the unique amenities, to determine if a lower listing price would be beneficial

Your listing price can make or break a sale. Consider these five signs that your property is listed higher than its true value, and readjust as needed. It’s important to act now in order to sustain interest.

Thinking of buying or selling a home? Contact me for a free Real Estate consultation. My information is below. I look forward to hearing from you.

Want to talk about an exciting, lucrative career in Real Estate? Call me.

Best Regards,

Ray

__ “Sell Today With Ray!” 

Raymond Ciampaglia

Vice President | Broker Manager | Realtor®

Better Homes and Gardens Real Estate | Coccia Realty
11 Park Ave | Rutherford, NJ 07070
Office: (201)939-0001 | Direct: (201)456-4839

Email Ray

Ray’s Website

Ray’s Social Media Profiles

What’s my Home Worth Ray? 

BHGRE Coccia Company Website

“Real Estate Just Better”      

#BeBetter #BHGRE #NJRealEstate #NJRealtor 

When Should I Sell a Home?

I get this question a lot. Especially as of late so I thought I would answer it here. When is the best time to sell a home? Well the answer is not that simple as we know there are a great many factors that contribute to a successful sale. But if we were to just generalize and make the assumption that all things are equal when would it be best?

Many would suggest the spring time. This assumption comes from the fact that everyone else is doing it so it must be the right time. Actually it is because of the families that want to be able to close on their new home and have their kids (assuming they them) start going to their new school the first day of school. For many this isn’t imperative.  Nonetheless folks still rush to get their homes to market in spring. Since of course everyone is doing it.

What is the last thing you want as a seller? The answer is high interest rates but that aside, what’s the next last thing a seller wants? Competition. The worst thing is competition. If you have the only 3 bedroom 2.5 bath house with a garage (for example) on the market at a particular time you are “large and in charge”. You own that place in the marketplace. You can almost name your own price and terms without resistance. Even if you are one of two or three there is bound to be something that makes yours special and its up to your friendly neighborhood, very experienced, Realtor to point that out in the marketing plan.

Take that same home in spring for example and you may become one of five  to seven identical houses in town and you just lost your advantage. Gone. Each of you will continue to lower your price to beat out the other and conform to the buyer’s various terms and conditions.

This same philosophy applies in the stock market. For some reason everyone buys when the market is going up. Why on earth would you do that? Some people just have to do what everyone else is doing. You should be selling high when everyone is buying and buying low when absolutely no one wants the stock. Don’t we all try to buy things when they are on sale? This is topic for another blog post but back to my point. In business never follow the leader. You will get crushed.

The fall and winter can be a great time to sell your home as there are not as many homes on the market and your home will stand out by being original, unique, and have less competition. If you have been wondering when you should sell. Let’s talk.

Thinking of buying or selling a home? Contact me for a free Real Estate consultation. My information is below. I look forward to hearing from you.

Want to talk about an exciting, lucrative career in Real Estate? Call me.

Best Regards,
Ray


__ “Sell Today With Ray!”


Raymond Ciampaglia
Vice President | Broker Manager
Better Homes and Gardens Real Estate | Coccia Realty
11 Park Ave | Rutherford, NJ 07070
Office: (201)939-0001 | Fax: (201)939-0043

Email Ray

Ray’s Website

Ray’s Social Media Profiles

What’s my Home Worth Ray? 

BHGRE Coccia Company Website

“Real Estate Just Better”   
   
#BeBetter #BHGRE #NJRealEstate #NJRealtor 

Help build a home for a destitute family living in horrendous conditions

Better Homes and Gardens®Real Estate

In Ahuachapán, El Salvador, countless families are living in a rural shack slum on the edge of despair. That’s why Better Homes and Gardens® Real Estate and New Story are teaming up to build these families life-changing homes that will offer safety, clean running water, and electricity for generations to come.

Each home costs only $6,000 to build. Will you help us change lives?

Community members currently live in shacks made primarily of rusty metal sheets, plastic tarps and garbage bags. The terrain is prone to landslides, and the homes are next to a polluted river.

We can give the people of Ahuachapán access to safe homes to improve health, increase educational opportunities, and secure a brighter future.

Better Homes and Gardens®Real Estate and New Story are teaming up to transform a rural shack slum in Ahuachapán into a beautiful community.

This new community will be built from the ground up using labor and materials directly from Ahuachapán. An investment in these homes is also an investment in the local economy.

You can help now. Go to. http://bhgrecollection.com/newstory/ to donate to a family in need. Thank you.

Best Regards,

Ray

__ “Sell Today With Ray!”

Raymond Ciampaglia, Realtor®

Phone : (201) 939-8900

Email Ray

Ray’s Website

Ray’s Social Media Profiles

What’s my Home Worth Ray? 

BHGRE Coccia Company Website

Better Homes and Gardens Real Estate | Coccia Realty
424 Valley Brook Ave | Lyndhurst, NJ 07071
Office: (201)939-8900 | Fax: (201)939-8910

2016 NJAR® CIRCLE OF EXCELLENCE SALES AWARD®Silver

2015 NJAR® CIRCLE OF EXCELLENCE SALES AWARD®Bronze

 

“Real Estate Just Better”      

#BeBetter #BHGRE #NJRealEstate #NJRealtor 

Home Sales. Market Value or Assessed Value? Which Is Correct?

Homes don’t come with sticker prices set in stone. Rather they are moving targets—that’s what makes buying and selling real estate so fun! (Or frustrating, depending on your perspective.) And, as a buyer or seller, you will likely hear two “prices” thrown about: assessed value versus market value. So what’s the difference?

While assessed value and market value may seem similar, these numbers can be different—typically assessed value is lower—and they’re used in distinct ways as well. So let’s clear up any confusion so you can wield these terms to your advantage.

What is market value?

Casey Fleming, a former real estate appraiser and author of “The Loan Guide: How to Get the Best Possible Mortgage,” says the technical definition of market value is “the most probable price that a given property will bring in an open market transaction.” Or, in plain English, “It’s the price that a buyer is willing to pay for a home, and that a seller is willing to accept.”

Real estate agents are trained to pinpoint a home’s market value, which is done by looking at a variety of characteristics, including the following:

• External characteristics: Curb appeal, exterior condition of the home, lot size, home style, availability of public utilities.
• Internal characteristics: Size and number of rooms, construction and appliance quality and condition, heating systems, and energy efficiency.
• Comps, or comparables: What similar homes in the same area have sold for recently.
• Supply and demand: The number of buyers and the number of sellers in your area.
• Location: How desirable is the neighborhood? Are the schools good? Is the crime rate low?

A home’s market value often is a good starting point for all kinds of things. For one, listing agents use market value to help sellers come up with a fair asking price for their home. And, since buyers shouldn’t just trust what sellers say their place is worth, their own agent can also estimate the home’s market value and come up with a different price that they think their clients should offer. No number is right or wrong; the ultimate deciding force is what price a buyer and seller are willing to shake hands on to close the deal.

What is assessed value?

When trying to understand the assessed valued of a property, you must know who is doing the assessing and why the property is being assessed.

Municipalities, mostly counties, employ an assessor to place a value on a home in order to levy property taxes on it. To arrive at a value, the assessor (similar to a real estate agent) looks at what similar properties are selling for, the value of any recent improvements, any income you may be making from, say, renting out a room in the property, and other factors—like the replacement cost of the property if, God forbid, it burns down in a fire (which sounds dark, but assessors are thorough professionals who consider every possibility).

In the end, the assessor comes up with a value of your home. Then, he multiplies that number by an “assessment rate,” a uniform percentage that each tax jurisdiction sets that is typically 80% to 90%. So if, say, the market value of your home is $200,000 and your local assessment rate is 80%, then the assessed value of your home is $160,000.

That $160,000 is then used by your local government to calculate your property taxes. The higher your home’s assessed value, the more you’ll pay in taxes. You can check with your local tax assessor for a more exact figure for your home, or  search by state, county, and ZIP code on publicrecords.netronline.com.

What assessed and market values mean to you

While a home’s market value can rise and fall precipitously based on local conditions, assessed values are typically more immune to fluctuations. Some states, like Oregon, prohibit the assessed value from rising more than 3% a year, “even if the market value goes up more,” says Nathan Miller, founder of Rentec Direct, a software company that educates property manager and landlords.

But the bottom line is, don’t get bent out of shape if you hear your assessed value isn’t as high as you’d hoped. Assessed value is used mostly for property tax purposes. Home buyers and sellers, on the other hand, look more to market value instead.

However, assessed value can come up when you buy or sell a home because this number, unlike the loosey-goosey market value, is public knowledge contained in property records. So, rising assessed values bode well when home sellers try to justify their sales price to a buyer: “Hey, the assessed value is $310,000, and I’m only asking $320,000.” Likewise, buyers can use assessed value to justify a lower price: “Hey, the assessed value is $260,000, and you’re asking for $300,000. What gives?”

But the thing to remember with both assessed and market value is that at the end of the day, the price of a home is all in the eye of the beholder. The only number that matters is what a buyer and seller can agree sounds right, so don’t take any number you see too seriously.

Thinking of buying or selling a home? Contact me for a free Real Estate consultation. My information is below. I look forward to hearing from you.

Best Regards,

Ray

__ “Sell Today With Ray!”

Raymond Ciampaglia, Realtor®

Phone : (201) 939-8900

Email Ray

Ray’s Website

Ray’s Social Media Profiles

What’s my Home Worth Ray? 

BHGRE Coccia Company Website

Better Homes and Gardens Real Estate | Coccia Realty
424 Valley Brook Ave | Lyndhurst, NJ 07071
Office: (201)939-8900 | Fax: (201)939-8910

“Real Estate Just Better”      

#BeBetter #BHGRE #NJRealEstate #NJRealtor