by Jeff Pittman | Sep 30, 2014 | Buyers, Sellers
The escrow process, also known as closing, is one of the most complicated pieces of real estate puzzle because there are several moving parts and quite a bit of paperwork to get in order. The process begins once seller signs the purchase agreement and ends when the buyer gets the keys to their new home. Escrow ensures that the entire process runs smoothly from start to finish. You’ve probably heard the word escrow used in phrases such as “the house fell out of escrow”, or “we’re waiting for escrow to close.” So the first question is, what is an escrow? What is escrow? Simply stated, escrow is the involvement of an impartial third party in a real estate transaction. This neutral third party acts as an intermediary between the buyer and seller, and also collects and remits funds as instructed. Buyer’s funds are deposited with the escrow company, which then remits to the seller on the buyer’s behalf. The escrow is essentially an independent neutral account and the vehicle by which the mutual instructions of all parties are complied with. The basic concept is to ensure that both the buyer and the seller are protected during any real property transaction. How does the escrow process work? The escrow is a depository for all monies, instructions, and documents necessary for the purchase of your home. These include your funds for down payment, your lender’s funds, and documents for the new loan. Generally, the Buyer deposits a down payment with the Escrow Holder, and the Seller deposits the deed and any other necessary papers with the Escrow Holder. Prior to close...
by Jeff Pittman | Sep 2, 2014 | Buyers, Sellers
If you own a luxury home priced at $1 million or more, selling presents unique challenges. For luxury sellers, it’s more important than ever to understand the buyer so that you can effectively market your property and entice the highest bid. So who is your most likely buyer and what are they looking for? A study done by the Luxury Institute of consumers with a minimum household income of $250,000 showed that young money is most likely to be your next homebuyer. 43% of younger wealthy consumers expressed interest in buying a residential property in 2014 compared to just 21% of 55+ participants. According to the study these younger buyers are also willing to pay more than their older counterparts. On average, young buyers spent more than $2.1 million on their recent home purchases where as older buyers with the same yearly income spent only half that, $1.1 million. So what is it these young buyers are looking for? Let’s break it down. The Right Amenities An open floor plan and fully automated or wired homes rank as the top amenities all ages of luxury buyers are looking for. Think about everyone’s favorite brand Apple, it’s all about simplicity, technological ease and clean modern lines. Younger buyers however find these amenities more important than the 55+ crowd: pool, outdoor kitchen, home gym, home theater and a wine cellar or room. Today’s generations want to be able to entertain friends and family in their home and these are the amenities that allow them to do it in style. The least important amenities for all age groups include a separate catering...
by Jeff Pittman | Aug 4, 2014 | Buyers, Homeowners, Sellers
The moving process can quickly become messy and exhausting-especially if you are moving a lot of people and a lot of stuff. If you are preparing for a big move, there are several things you can do to lower stress levels and help the process go smoothly and quickly. Read on to get a few ideas for moving lifesavers that will keep you from tearing your hair out on moving day. For more moving tips, check out this list of 10 tips for moving with Pets. Create the Ultimate Checklist Before dragging out the boxes, stay organized by compiling a list of all things that need to be packed. It can be sorted based on things that can go immediately or things that should remain at the current home until moving day, such as certain foods and toiletries. You can organize the itemized list by room, so that you can tackle one room at a time when it moving day comes. When creating a “to-do” list for the move, try to strategize so that the list can be your guide for the order that you’d like to tackle each task. Too Equipped to Quit This might seem like a no brainer, but if you don’t have the proper supplies and equipment before the move, it will make everything infinitely more difficult. Even something simple like running out of tape will get you off schedule when you have to run to the store for more. Moving supplies include boxes, markers, labels, packing tape, bubble wrap or old newspaper. Make sure you have a dolly for moving heavier items and covers for furniture you...
by Jeff Pittman | Jun 18, 2014 | Buyers, Homeowners, Homes, Sellers
Choosing eco-friendly products, conserving energy and building for sustainability has been popular within the past several years but when it comes to your home, what does it really mean to “go green”? According to the latest NAHB Remodeler’s survey, these are the most popular green building features for 2014 (in order of popularity): Low-emissive (Low-E) Windows High-efficiency HVAC systems Smart thermostats Energy Star appliances Other green features that homes have these days, most predominantly newly constructed homes, include water conserving fixtures and high-performance insulation. Let’s break down each of these green features for your home to help you decide if a green remodel (or new home) is right for you. 1.What are Low-E Windows? These windows are high performing and reduce energy loss by 30-50%. How you ask? They’re glazed with a microscopically thin metal layer which controls heat transfer through these insulated windows. Low-E windows are best at blocking heat transmission which means most importantly they keep your home cooler during the summer. This particular type of window is a low solar-gain low-E glass which is actually coated in several layers of silver (Werewolves and sweltering heat beware!). 2.How much do high-efficiency HVAC systems cost? High-efficiency HVAC systems cost anywhere from $2,000 to about $6,000 and they easily pay for themselves in utility expenses over the years. Upgrading your HVAC system can reduce your house’s energy consumption up to 40% and save you hundreds every year. It also increases the value of your home when it comes time to sell. Not only do these HVAC systems save you money over time, they also improve the quality of air you and your families breathe....
by Jeff Pittman | May 6, 2014 | Sellers
Spring is the busiest time in the real estate industry. Homeowners are planning to put their homes on the market to be moved out in summer, warmer weather is bringing home buyers out once again and all in time for spring cleaning. Which brings me to the first thing on your home seller checklist… 1. Do some spring cleaning – The best way to prepare for the big move is to go through your house and do some spring cleaning. There are two major goals when spring cleaning: 1.) Get rid of junk you don’t need and 2.) Make your house sparkle. To get rid of what you don’t need clean out your closet and donate the clothes you don’t wear anymore and go through everything in your garage and sort through what you need and what you need to throw out. The more you get rid of now, the less you will have to pack later. To make your house sparkle, take the time to complete those deep cleaning tasks you’ve been putting off all year. When you put your home up for sale buyers will be poking around in every nook and cranny so make sure everything is dusted, clean and looking great! 2. Start packing – It’s never too early to start packing if there is a move in your future. Obviously you won’t be boxing up your pots and pans quite yet but there’s plenty you can get in order now to make the moving process quicker and easier down the road. Pack up your winter clothes, Christmas decorations, fine china and other things you won’t need...
