S P E C I A L S E C T I O N : R E A L E S TAT E
9. SELLING: Don’t spend earnest money!
Many sellers make the mistake of depositing and spending
earnest money before closing day. If the transaction doesn’t go
through or the buyer pulls out due to repair issues, it is up to the
seller to return the cash. It is recommended to have a real estate
agent or broker hold the deposit. Most buyers’ earnest money
will be held in an escrow account until the closing day, allowing
the money to remain untouched by either party.
White Oaks Apartments City Close…Country Quiet
One & Two Bedroom
Apartments • Wall to Wall
Carpeting
• Wooded Hillside
Location
• Fully Equipped
Kitchens • Non-Smoking Units • On the Port
Available
Authority Bus Line
• Air Conditioning • Secured Buildings • 10 Minute Ride to
with Intercom Entry
Downtown Pittsburgh
• Free Heat, Hot Water,
• Outdoor Swimming • 5 Minutes to
Sewage & Trash
Pool
Ross Park Mall
• Free Parking
• Pet Free
Community
• Storage Lockers
• Professional
Management
On-Site
10. SELLING: Consider names and numbers.
Just when you think you’ve checked all the boxes for an easy
sell of your house, take a second look at your address. According
to Zillow, street names and house numbers matter! If you
happen to live at 666 Fanny Hands Lane, you may be out of luck
(however that particular street is in the United Kingdom, so you
should be safe). Innuendo-laden street names tend to not sell as
quickly as something like Thunder Road, for example. American
numerology says that 666 is bad luck and could decrease the
value of your home by 2 to 3 percent. Also, steer clear of the
number 4, considered unlucky in Chinese culture. Stick to the
number 8, or include the lucky digits 316 in your asking price! n
Call for
Specials
412-931-8316
600 Stevens Dr.
•
Pittsburgh, Pa 15237
IN THE MARKET TO BUY—IT’S A NUMBERS GAME
The real estate market is on the rise, and buyers are
facing low inventory on affordable homes. Whether
you are looking to purchase your first home or in the
market for a new home, it is crucial to get all of your
numbers in order before starting the search for a new
home. Keeping these tips in mind will help make you
an ideal buyer:
● The BIG 20…percent, that is. Most real estate agents will start to
take you seriously only after providing a pre-approval letter. If you are
thinking that a home purchase is in your future, start to look at your
finances. You’re going to need cash, and a lot of it. To avoid PMI and
paying additional fees on top of your mortgage, aim to put down 20
percent. If you have relatives or really great friends who are willing to
assist you in reaching the 20 percent mark, make sure you look at the
rules of receiving “gift money.” Many banks only accept up to a certain
percentage of your down payment to be gifted.
● What is FICO and why is 720 important? If you are in the market
to buy, the letters F-I-C-O are familiar to you. Fair Isaac Corporation,
or FICO, is a well-known software for calculating an individual’s credit
score. When getting pre-approved by banks for a mortgage, it is
important to have a good score. What is good? 720. According to FICO,
the median score in the U.S. is 723. If you are looking for g reat credit,
shoot for anything higher than 723 (think in the 800-900 range). Most
banks will offer similar options if you are at or above 720, but if you dip
below, it may be best to start by trying to improve your credit before
buying a new home.
● Pick your budget range. It is almost impossible to search for a home
without knowing what you can afford. Most likely you’ll fall in love with
the house of your dreams with an updated kitchen, a claw-foot tub
and a man cave, and go to put an offer on it only to find out it exceeds
your allowable budget provided by a mortgage lender. Heartbreak
will ensue, but you’ll get back on your feet with the realization that
you can still get the home of your dreams; you’ll just need to narrow
your search. By this point, your Realtor will be able to provide you
with options that fit the bill. All real estate websites also provide the
convenient option to search by neighborhoods in your price range.
● Make an offer by choosing your numbers wisely. When you’ve
finally found THE ONE, it’s time to make an offer. Make sure you do your
homework—find comparable houses that were recently sold in the
proximity to see if the asking price is fair. When comparing, be sure to
take into account number of bedrooms and bathrooms, updates made
to the house, and other factors that may determine house price. Once
you decide on a fair price, you’ll include earnest money with your offer
to show good faith. This money will be held by your Realtor until the
deal is finalized, then will be put toward your down payment.
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