Real Estate Terms Defined

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Both buying and selling a home can be intimidating experiences, especially if your Realtor® begins using terms with which you are not familiar, before really explaining them. Team Groesbeck’s goal as your Realtor® is to make the home buying or selling process as smooth as possible, beginning with defining a few terms for you!

Adjustable Rate Mortgage – An adjustable rate mortgage is one that has a fluctuating interest rate; they typically have a lower initial interest rate for a set time, then adjust according to an index.

Certificate of Title – This proves that the property is legally owned by the seller, and that no other party has any claims over it.

CMA – CMA’s (Comparative Market Analysis) are done by agents when you are looking to sell your home. They will put together a report to determine a fair asking price based on the current market and how other homes are doing in your area.

Comps – The term “comps” refers to properties that are comparable to your property. This takes into account the home’s size, close amenities and location, in addition to other factors.

Deed – The deed is a legal document proving transfer of ownership from the seller to the buyer.

Disclosures – Disclosures are details about the home that a seller must provide to a buyer. For example; if the basement often floods in heavy storms or if there is lead in the home, the seller would need to disclose this information.

Due Diligence – Due diligence refers to the buyers’ responsibility to research and verify details about the transaction. For example, it is the buyer’s responsibility to coordinate an inspection, and confirm that the information coming from the seller’s attorney and broker are legitimate.

Escrow – Escrow is the time period when purchase funds are released from one party to another and the transfer of the home is completed. The escrow company is a neutral third party who executes the transaction utilizing the purchase agreement and other documents.

Firm Commitment – A firm commitment is a promise from a lender that they will enter into an agreement with another entity (typically a buyer) within a certain period of time.

Fixture – Fixtures are items of value that are permanently attached or a part of a property. This can include lighting, carpeting, or landscaping; these items have the potential to cause disputes between the buyer and seller and are sometimes used as leverage for negotiations.

HOA Docs – Some homes fall under the jurisdiction of a Homeowner’s Association. In this case documents outlining the association’s regulations will be provided either by the association, or through your Realtor®.

Pre Qualification – Borrowers (home buyers) must go through a process where the lender confirms that the borrower qualifies for a loan, based on their credit history and current financial standing. This is done using only the information the buyer provides the lender. The amount for which one is pre-qualified is to be considered an estimate, and is not set in stone. This information does, however, show your Realtor® and the seller of the home in which you are interested that you are serious about the home buying process.

Pre Approval – Getting pre-approved is the next step, and is more involved than the pre-qualification process. The buyer will complete an official mortgage application with their chosen lender, and supply the lender with necessary documentation so an extensive check can be done on their financial background and current credit rating. You will be given an exact amount for which you are approved and completing both the pre-qualification and pre-approval process will allow you to know how much you can actually afford.

While these are only some of the many real estate terms, Jean Groesbeck & Assoc. LLC will guide you along the way to ensure your transaction runs smoothly.  Located in Old Town Anacortes, Team Groesbeck is available daily to work for you and can be reached at (360) 941-3734 or Jean@JeanGroesbeck.com.

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Move-In Ready, Single Level Home in Skagit County

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1803 E Fox Hill St. (MLS 1204699) in Mt. Vernon is a move-in ready and spotless one level home located on a quiet cul-de-sac, listed at $250,000.

Featuring 3 total bedrooms including a spacious master suite and 1.5 total baths, the home’s fully fenced yard has a shed for additional storage, as well as raised flower beds, compost box, patio, dog kennel on a concrete slab with dog house and plenty of room for an RV!

The attic was also configured to provide additional storage space.

1803 E Fox Hill St. is located just two blocks to College Way, which makes for easy access to I-5 and travel about Skagit County.

For additional information about this property or to schedule a showing, please contact Jean Groesbeck & Assoc. LLC, licensed under Coldwell Banker Bain, at 809 7th St. in Old Town Anacortes.  Team Groesbeck can be reached daily at (360) 941-3734 or via email at Jean@JeanGroesbeck.com.

Selling Your Home? Be Informed of the Seller’s Disclosure!

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The seller’s disclosure form is an important form that must be completed by everyone selling a home.  The form is comprised of various questions about your home that you may not have considered since you purchased the property yourself.

As it is one of the documents that the buyer will most closely look at, all questions need to be answered to the best of your knowledge. If they are not, it may delay the closing process and prompt even further questions from the buyer.

Fortunately, there are a few ways to put your mind at ease while completing this very detailed, legally-binding document!

  • Research your home. If you have recently moved into your home then you likely have much of the necessary information accessible, as it was made available to you when you purchased the home. If it has been a decade or so, you may have to do some digging through old paperwork to find information such as the make, model, and age of various components of your home (HVAC system, water heater, etc.). Buyers will want to note this information to see what kind of money, if any, will need to be spent upon moving in.
  • Be as accurate as possible. You hopefully had an inspection done when you moved into the home, which should be able to give you information on the roof, plumbing, electrical, etc. While doing your research, try to be as accurate as possible rather than guessing when something may have been installed or replaced.
  • Honesty is the best policy. Answer all questions to the best of your ability. If there is information to which you do not have access or a question is not applicable to your property, note that in the seller’s disclosure form. You do not want to appear ill-informed about your home and want to offer up as much information to the buyer as possible.

Remember, the seller’s disclosure form is a legally binding document that is required of all home sellers; however there is no reason to be intimidated by it! Just make sure you are aware of what has been done in your home and which things potential buyers may take issue with. This will help both the home selling and buying process go smoother than you can imagine!

Contact Jean Groesbeck & Assoc. LLC daily for more information on what to take into consideration when buying or selling your home at (360) 941-3734 or Jean@JeanGroesbeck.com.

First Mortgage Payment & Automatic Payment Set-Up

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Content provided by Dean Hayes, Bay Equity Home Loans

This article outlines making your first mortgage payment and how to setup automatic payments on your mortgage.

Congratulations! You have just purchase a home or completed a refinance of your current home, and you have a shiny, brand new mortgage that you will need to start making payments on.

What’s next?

Click here to learn more and to view the blog in its entirety.

The Benefits of Staging Your Home to Sell

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As real estate brokers with home staging certifications, Old Town Anacortes-based Jean Groesbeck & Assoc. LLC sees the firsthand effect a well-staged home can have on the mind of a home buyer. If you are thinking about selling your home, we offer complimentary home staging services that might just make you fall in love with your home all over again!

Home Sellers Are Biased – Staging one’s own home is like asking them to be objective about their children. Unless you have truly hated your home since you bought it, it will be difficult for you to let go of your own decorating style and the emotions that have been cultivated since living there.

You Will Learn! – Have you ever looked at a home magazine or watched the DIY Network only to fantasize about being able to decorate the way they do? Now you can learn! Stagers work with you to properly display items in your home to bring out the best features possible. It might give you the chance to learn how you want to decorate your next space!

First Impressions Must Be the Best – Buyers will only get one first impression of your home – make it the best! You get a good feeling when you walk into a home that has been properly staged.  It isn’t fake, it isn’t dirty, and it allows potential buyers to develop their own sense of comfort and connection to the home.

Look Better than Other Homes – When a home isn’t properly staged, buyers are only driven further from your listing and closer to your competition. Keep your buyers connected with your property!

Appears Move-In Ready – Proper, neutral home dĂ©cor allows buyers to visualize living there. They will imagine their own possessions in each room, and how their family will fit into the space. It will also lessen the impact of any maintenance issues that may arise during inspection, as they are already pleased with the home’s overall aesthetics.

Looks Well-Maintained – Again, issues have the potential to arise in almost any inspection, and a home that appears to be well-maintained from the outside will help the buyer feel more comfortable with any “internal” work that may need to be done, rather than focusing on changing things like countertops or radical paint jobs.

Looks Better in Photos – These days, homes are typically first viewed on the internet. Well-done staging allows for better quality photos and allows a potential buyer to fall in love with the home before viewing it in person.

It’s Free! – Jean Grosbeck & Assoc. LLC offers free staging services from a certified professional to all who sign with us. Our staging professional is experienced in making a home comfortable for anyone who views it.

For more helpful staging tips or information on selling your home, reach out to Team Groesbeck today and be sure to check out our page that explains the staging process.

How to Cancel your Mortgage Insurance

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Content provided by Dean Hayes, Bay Equity Home Loans

Nearly 4 out of 10 people don’t know that you can buy a home with less than 15% down. When you do, you will be paying mortgage insurance – an insurance policy that protects the lender in case you don’t make your payments and default on your home loan.When-can-I-Cancel-my-Mortgage-Insurance

Many people believe mortgage insurance is a waste of money and want to get rid of it as soon as possible. Actually, I can show you the math where mortgage insurance is a very inexpensive alternative to the cost of waiting, but that’s another post.

If you have mortgage insurance on your home mortgage and want to get it removed, we have to first start by identifying the type of mortgage that you have.

Click here to view this blog in its entirety.

Spotless Single-Level Anacortes Home: 1808 Cedar Springs Ln.

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1808 Cedar Springs Lane in Anacortes (MLS 1198587) has been updated in 2017 and is a spotless, move-in ready home that provides stress free living.

Listed at $425,000, this single level home has 2 bedrooms, 2 baths, an over-sized 1 car garage with an epoxy floor and more than 1,300 SF of superbly used space.  Built in 2004, the exterior of the building and the beautiful grounds are maintained for you.

This home has a very private patio that opens up to an expansive lawn bordered by lush vegetation. It is newly painted, has new granite and quartz surfaces and new fixtures.  Set in a great in-town location, 1808 Cedar Springs Lane is located across the street of Ace of Hearts and the dog park.

Contact Coldwell Banker Bain/Jean Groesbeck & Assoc. LLC daily for all of your real estate needs!  Located in Old Town Anacortes at 809 7th St, Team Groesbeck can be reached at (360) 941-3734 or Jean@JeanGroesbeck.com.

 

Rare Single Level Living in Mt. Vernon’s Eaglemont Community

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JOIN TEAM GROESBECK SAT., SEPT. 30 FOR AN OPEN HOUSE FROM 11 A.M. TO 1 P.M. AT 4701 BEAVER POND DR. N IN MOUNT VERNON

Located at 4701 Beaver Pond Dr. North (MLS 1194609) in Mt. Vernon, this is a rare single level home within the desirable Eaglemont community and is listed at $475,000.

Featuring 3 bedrooms, 2.5 baths and approximately 2,388 SF, RV parking and a 2 car garage, this home is a fantastic find.

Enjoy a formal living area and dining room or cozy up to the convenient gas fireplace in the family room.  The spacious and gorgeous kitchen features granite counters, elegant hardwoods, stainless steel appliances and a breakfast nook!

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The ample master suite has a generous walk-in closet, walk-in shower, dual vanities and soaking tub.

Beautifully landscaped with a relaxing waterfall, unwind on the deck and take it all in!

Located in Old Town Anacortes, Jean Groesbeck & Assoc. LLC is licensed under Coldwell Banker Bain and can be reached daily at (360) 941-3734 for all of your real estate needs throughout Skagit County and beyond!

Excellent 15,000 SF Anacortes Lot with Development Opportunity

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Located off D Ave. in Anacortes (MLS #943659), this 15,000 SF lot could be a great investment opportunity set in an excellent location!  The property has the potential to be subdivided or for two duplexes to be built with a conditional use permit.

Easily accessible to Hwy. 20, Oak Harbor and NAS Whidbey Island are just a short drive away. City sewer and water are available, and electricity, phone and cable are in the street.

Contact Jean Groesbeck & Assoc. LLC in Old Town Anacortes for more information or to view this property at (360) 941-3734 or Jean@JeanGroesbeck.com.

Seller’s Guide to a Home Inspection