So, you’ve signed your listing agreement, what happens next? Aliesha Noonan & Associates wants to make this whole process easy for you, so here’s the list! (Anything in bold has a definition at the bottom.)
All of your listing paperwork will be copied to you via email (or the most convenient way to deliver them to you).
A professional photographer is scheduled, and pictures are taken of your home. This is paid for by us.
After the photos are ready, your listing is inputted into MLS.
Within 24 hours of listing in MLS, we will place a sign in your yard.
Showings begin after that!
We will provide feedback after each showing, giving you ideas on how to adjust your home to sell.
Presentation of offers- we sit and discuss each offer in depth and decide which offer is most advantageous to you, as well as the option of counter offers.
Once the party has agreed, the P&S is drawn up and we fully explain it before…
The signing and submission of P&S with deposit from buyer. This deposit is held by Remax Property escrowaccount until closing, at which time we apply it towards the purchase price.
The inspection period commences- the buyer has 10 business days to do any inspections relevant for the house.
We are there for all inspection(s)- you will be informed of the date(s) and we will make arrangements for timing with you, including things like picking up radon testing. You are not responsible for buyer inspections!
Once buyer’s inspection requests come in (if any), we sit down and discuss them with you. Once we come to an agreement on said requests, an addendum is drawn up and signed.
Once the inspection contingencies are completed, the appraisal will be done. We meet the appraiser at the home and provide comps and a copy of the P&S.
The buyer’s final mortgage commitment letter is due and a title search is done on your property to be sure there are no outstanding issues on your title. This ensures we’re ready to move towards closing. This is done at the buyer’s expense.
Once all of these items are completed, we gather final reads on water, sewer, oil, gas, propane, obtain a smoke certification, provide all information to the closing attorney. The attorney then draws up the final documentation for the closing, and the date of closing is set.
The CD is prepared by the lawyer prior to the closing for you to review, all figures and questions can be reviewed with us ahead of time so you are comfortable on closing day.
Your final walk-through is scheduled… and then we’re off to the closing table!
We are there with you at the closing, and will ensure you have everything with you to have the day go smoothly!
And then you’re there!
This is an amazingly intricate process, much of it handled by us, behind the scenes! There is no specific timeline that can be assigned, because each sale is tailored to our sellers, individually.
We look forward to taking this step with you and welcome all of our clients to the first step of their listing! Contact us at 401-580-8672 today!
LIST OF TERMS TO KNOW:
MLS: A multiple listing service (MLS) is a service used by a group of real estate brokers, that allows each of them to see one another’s listings of properties for sale.
P&S:A Purchase and Sale (P&S) agreement is a legal document that has been prepared and agreed to by attorneys representing the buyers and sellers. Please note, in Massachusetts, it must be signed by a buyer and seller after both parties have come to an agreement on an offer.
Escrow account:Escrow refers to money held by a third-party on behalf of transacting parties.
Addendum: an item of additional material, omissions or requests, added to the offer.
Inspection contingency:A contingency clause defines a condition or action that must be met in order for a real estate contract to become binding. A contingency becomes part of a binding sales contract when both parties (i.e., the seller and the buyer) agree to the terms and sign the contract.
Appraisal: An expert estimate of the value of the home.
Mortgage Commitment Letter: A loan commitment letter is a letter provided by a mortgage lender that indicates a borrower has passed their underwriting guidelines and that they are willing to offer the borrower a home loan. A loan commitment letter is an indication that the buyer’s home loan has been approved.
Comps:Comparables (or comps) refers to properties with characteristics that are similar to a subject property whose value is being sought.
Smoke certification: A certificate issued after the home is inspected by the local fire department for properly working smoke detectors, as well as carbon monoxide detectors. This law is designed to save lives. A property can not change hands without a certificate issued by the local fire department.
CD (Closing Disclosure): A Closing Disclosure is a five-page form that provides final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs)..
Walk-through: The “Walk Thru,” “Final Walk Through,” or “Verification of Property Condition” should always be preformed. No matter what you call it, the walk-through is typically done a few days before a buyer is going to close escrow.
It goes without saying that your credit plays a vital role in qualifying for a mortgage, but do you really know what’s on your credit report? Many people haven’t had or needed the opportunity to see what’s on their credit report and it can come as a last minute surprise and obstacle when there is outdated or erroneous information on it. Getting a copy of your report from sources like www.annualcreditreport.com is a safe and free way to see if there’s anything that needs to be addressed.
Here are a few things to avoid when utilizing credit before and during the mortgage application process…….
DON’T APPLY FOR NEW CREDIT OF ANY KIND. Each inquiry on your credit report can take a couple of points away from your score. Inquiries for a mortgage do not have the same affect, however, and many lenders will discourage you from other lenders pulling your credit. That is not the case. The computer systems at the major credit reporting agencies were designed to recognize that you’re shopping for a mortgage and allow you to have several inquiries from lenders to get the best rate and closing costs. In the meantime, stay away from applications for credit cards, car loans and any other credit.
DON’T LET YOUR BALANCE GET TOO CLOSE TO YOUR LIMIT. Maxing out your credit cards or even getting close to that limit is a sign of irresponsible use of credit. You may be on time every month, but the fact that you’re using so much of your credit on a regular basis puts a strain on your credit score. Keeping balances at 75% or less of your available limit will keep your credit score in a good and qualifying range.
DON’T CANCEL CREDIT CARDS. Many people think that cancelling a credit card that has no balance will look like they have less credit available to them, when in fact, it increases the amount of credit they are utilizing. If you have two credit cards with limits of $5000 with one being maxed out and one having a zero balance, you’ve used 50% of your available credit. Cancelling the one with no balance leaves you with 100% of your credit accessed. This will hurt your credit score.
DON’T SKIP PAYMENTS ON ANYTHING. Even if you expect to pay something off as a result of your mortgage application, whether as part of your purchase or paying off with a refinance, anything can happen to delay your closing and if that means a delay in paying an account, your credit score and qualification can be jeopardized.
DON’T MAKE A LARGE PURCHASE AFTER YOUR INITIAL APPROVAL. Receiving your initial approval is only part of the approval process. There are still other steps to be taken to get your mortgage to the closing table and one of those items is called a “credit refresh.” Although it won’t show up as an inquiry, your lender will take another look at your credit report to ensure that you’ve kept up on your payments and haven’t run up any new debt. Doing any of this can affect your score and qualifications for the mortgage. Buy that new living room or bedroom set after the closing.
Being armed with this information should help you to get and maintain the credit score necessary to be qualified for a mortgage and obtain the best rate possible. If you find that there is outdated or erroneous information on your credit report, consult a credit repair professional or your mortgage originator.
Thank you to Rick Masynk, branch manager of Network Funding in North Smithfield, RI. Rick has built his reputation as a knowledgeable, professional, proven resource to the Real Estate Professionals throughout Rhode Island, Massachusetts and Connecticut by providing top quality service to all of his clients. He works with prospective homebuyers to custom tailor a financing package to maximize their purchasing power and achieve their long and short term goals, and is thoroughly trained and knowledgeable in all aspects of real estate financing.
RICK MASNYK Branch Manager NMLS# 8621 at Network Funding, LP #2297 Massachusetts Mortgage Broker License #MC2297 Massachusetts Mortgage Lender License #MC2297
621 Pound Hill Rd, Suite 103
North Smithfield, Rhode Island 02896
Licensed to do business in CT, MA, & RI
Rhode Island Licensed Lender
In Connecticut: Network Funding, Limited Partnership
Equal Housing Opportunity
Curb appeal is one of the most important factors to getting people in the door to your home! We, as humans, judge books by their covers and homes by their exteriors- when potential buyers pull up to your listing, they yearn for the iconic expression of the season. Those first impressions need to be positive get people to look at your home, so how can you up that curb appeal this Spring?
Make sure that the front of your home is welcoming. Paint the front door a nice contrasting color and add a nice wreath. Be sure your old light fixtures are replaced (if needed) and all bulbs are in working order (and match!)- it’s all about the little things. Finally, place seasonal potted plants on each side of the door or down the front steps as a welcoming entrance.
Power wash your siding to get rid of dirt and moss. Revealing your beautiful home is a must!
Freshen up dull paint, especially the trim. If you have wood siding, make sure it is sealed and there are no soft spots. Putting your best foot forward will ensure the best offers.
If you have a porch or deck– give it a good power washing or fresh coat of stain. Put out your furnishings and be sure that they are clean. A fresh set of cushions are the perfect way to liven it up! You want your potential buyers to imagine themselves in these same spaces you’ve created memories in over the years! A welcoming, bright, well tended yard will do just that.
Repair any walkways and stairs damaged by the harsh winters. This is true curb appeal for many from young couples, imagining a family of babies and toddlers running and climbing, all the way to elderly buyers, who desire less maintenance and need level ground.
Trim and shape all perennials, and make sure your gardens are weeded. Throw a fresh layer of mulch down and remove any of plants that come up but look out of place.
If you want to take some of your plants with you to your new location, place those flowers and plants in planters. Digging things up from the garden AFTER an offer can strike a nerve, but potted plants can come with you easily!
Trim overgrown shrubs and prune all of the dead branches. Clean, well kept properties exude confidence in themselves! It’s all about what people see when they drive up- the epitome of curb appeal!
Give your lawn a good edging. It is not just neat and clean, it is truly eye-popping! Again, clean lines!
It takes more than well-tended gardens. Try planting colorful floral groupings that will catch the eye of passers-by. In nature, everything is in odds- something to keep in mind while planting. Threes and fives often look beautiful, and give a nice grouping of color and vibrancy!
Creating the perfect curb appeal for your home is a fun way to freshen up and see your property in a whole new light! Even if you’re not listing, giving your gardens, entrances and outdoor spaces TLC each season will benefit you greatly when you are ready to sell!
Do you have questions about curb appeal?
Call Donna at 401-935-8202 or email DonnaSilva@AlieshaNoonanAndAssoc.com
Whether you’re moving to a smaller home because you’re an empty nester, retiring, or just want to, don’t let it scare you. You will have to say farewell to some of your belongings, of course, but with careful planning, your move will be simple!
Get a feel for the size of your new home. Room sizes and layout are very important for planning purposes. Compare your new rooms to their counterparts in your present home. Create a floor plan and insert your furniture to see exactly what will fit.
Reduce! At least four months before the move, start reducing by going through boxes of saved items, photographs and paperwork. Get through one box or area at a time and it will be done before you know it. If you want, you could have photographs stored on a memory card, USB, external drive or cloud server- this is a great way to reduce all those boxes of photo albums and loose pictures and negatives.
Make a list of items that you cannot live without. If you did not need them or use them in the past 6 months, sell or donate. Going through each item in your home and adding it to a sell, donate, keep pile can help immensely. If there’s something you cannot live without, be sure to access your new storage areas and see where it will fit.
Declutter your supplies. Be sure to get rid of empty cartons, bottles, expired medicines and beauty products that you don’t use. Anything that is unopened can be donated to a shelter (especially bottles of shampoo, conditioner and lotions!). If it’s alredy opened, decide if you will use it now or toss it! No need to move things you’ll never use to another, smaller location.
Ask for help. Ask your friends and relatives if they may need some of the things you are getting rid of or if they’ll help you load and take them to the nearest thrift shop or second hand store. Be sure to take them right away so that you do not change your mind on any of the items you decided you can live without.
Sell online to save time. Check out Ebay, Craigslist, Wix, or in different Facebook groups or personal albums. There are lots of ways to cash-in on the treasures you aren’t taking with you.
Be sure to get rid of duplicates in the kitchen like extra set of dishes, duplicate knives, silverware sets and utensils. After all, how many potato peelers or spatulas do you need?
Label your boxes. This saves time and confusion when you’re packing, loading and unpacking. The more organized you are, the less stressful your move will be.
Are you ready to downsize your home? I can help find your new home. SRES (Senior Real Estate Specialist) I have been trained and I am in this age group, as well as an experienced empty nester. Call Donna at 401-935-8202 or email DonnaSilva@AlieshaNoonanAndAssoc.com