Archive for April, 2018

What are Your Responsibilities for Closing the Sale?

Monday, April 30th, 2018
Closing

What are your responsibilities for closing the sale of your house?

Congratulations! You’ve sold your house and have agreed with your buyer on a closing date. And everything that happens from the time escrow is opened until the final paperwork is recorded at the county courthouse is known as the closing.

Escrow will order the preliminary title report, the payoff balances from your lenders, the property tax balance due either to you or the county and other essential paperwork needed to complete the sale. But as the seller, what are your responsibilities for closing the sale?

Your Responsibilities as the Seller

During this period known as the closing, your responsibilities as the seller are to:

  • Maintain the house
  • Negotiate and repair issues the buyer’s inspector finds. Make sure repairs agreed upon are completed for the buyer’s final walkthrough.
  • If your buyer’s lender requires a survey of the property, review the document. If you think something is wrong, question the boundaries.
  • Notify your utility companies of your last day of service
  • Finish packing, loading up and moving out by the closing date

But don’t cancel your homeowner’s insurance policy yet. Wait to cancel it until the transfer of ownership has been recorded.

Your Responsibilities on Closing Day

On the day your home transaction closes, your deed is sent to be filed at the county courthouse. You and the buyer will sign a stack of closing documents at the title agency at separate times. You as the seller usually sign your stack of documents before the buyer signs their stack.

Agent commissions, mortgage payoffs, and down payments will all be paid on closing day. And if there are proceeds coming to you, you will receive a proceeds check.

At the time the buyer signs their stack of documents, they will receive the keys, remotes for the garage doors, and possibly receipts from any work that was agreed on to be done.

Bring the following with you on closing day:

  • The deed to your home, if the home is paid off and has no mortgage or liens
  • Your driver’s license or passport for a photo ID
  • If required, bring a certified check for the amount told to you by escrow
  • The keys, garage door openers, and security codes for the house

If you have been keeping warranties and instructions for heating, cooling, and plumbing systems, as well as for the appliances that will stay with the house, leave them for the buyer when you move out.

Your Responsibilities for Expenses as the Seller

  • The outstanding mortgage
  • Real estate commissions
  • Property taxes, utility bills, homeowner’s insurance, and condominium dues, if any are due (most of this is prorated at closing)
  • Escrow, title and/or attorney fees

Warranties are a kind of insurance policy that guarantees the mechanical systems and appliances for the year. If you live where home warranties are popular, this could mean another expense for you.

If your sales price doesn’t cover the total cost of paying off your loan and the other costs of sale, whatever you agreed to pay at closing will be deducted from your selling price or proceeds.

You can determine your closing costs will be here.

For more information on what your responsibilities as seller on closing day are, contact Charles D’Alessandroyour Brooklyn Real Estate Agent with Fillmore Real Estate at (718) 253-9600 ext.206 or email [email protected]. With over 30 years of experience in the Brooklyn real estate market, Charles is a Brooklyn Real Estate Agent you can trust to sell your home from the beginning of the home selling process to closing day.


Charles D’Alessandro

Your Brooklyn Real Estate

718-253-9600 ext. 206

[email protected]m

Resource: zillow.com

When You Need Home Improvement Projects with Great ROI Now

Sunday, April 15th, 2018

carpenter installing crown moulding

Almost every home could use some updating here and there, now and then. How about yours? In the blog post, “How to Add Value to Your Property for a Quick Sale,” we listed a general overview of home improvements that can increase the value of your home. But here are some home projects with a great ROI (Return On Investment) based on Remodeling magazine’s newly-released Cost vs. Value Report for 2018. Not only will these projects bring a better selling price, they’ll also help your home sell faster.

Remodeling is far more cost-effective than replacing, but real estate pros say replacing is still the way to go. There’s a great ROI of 76.1 percent for replacement jobs. That’s a whole 20 percent more than remodeling jobs, which are at 56 percent this year.

6 Weekend Projects with a Great ROI

Projects that increase the value of your home don’t always take a ton of time, effort, and money.

  1. Update Your Kitchen Cabinets

Old oak cabinets with dated shiny brass hardware don’t require a complete gut job. Instead, spend a weekend repainting your old cabinets with a neutral color of paint. Finish the project off with new hardware to complete an updated look.

  1. Add Crown Molding

Make your home look bigger with crown molding. Yes, crown molding at the top of painted walls draws the eye upward, making a room appear bigger than it is. Start with rooms that are likely to yield a great ROI:

  • Kitchen
  • Bathrooms
  • Living spaces
  • Master bedroom
  1. Landscape the Yards

No one will want to walk through your front door unless the first impression is stunning. You can overhaul your front yard easily and quickly. Impress potential buyers by adding a path of pavers or sprucing up your flowerbeds with colorful blooms, for example. These two home improvement projects are fast and easy to do.

But don’t stop in the front yard. If your home entertains a lot of outdoor activity, landscape the backyard, too. A functioning fire pit, patio or deck furniture (a simple picnic table works well), and strings of outdoor lights make everyone, including potential buyers, envision themselves enjoying a meal or drinks outside.

  1. Replace Your Garage Door

Replacing the garage door is an easy way to increase the value of your home. And it has a great ROI. Garage door replacement has an ROI of 98.3 percent. That’s up from 85 percent year-over-year!

  1. Beautify Your Bathrooms

Bathrooms, like kitchens, have a major impact on potential buyers’ emotions toward a home. They expect clean, up-to-date bathrooms, just like they do kitchens. And, thankfully, bathroom improvement overhauls are easily done in a weekend.

Take a look at:

  • Lighting fixtures
  • Vanities
  • Hardware
  • Tile

Does everything need updating, or just an item or two? Again, you don’t have to shell out a ton of money to update a bathroom. And if you have the patience, you can demo and retile the bathroom yourself to save a lot of money.

  1. Say Goodbye to Dated Trends

What was once considered fresh and fashionable in the 70s, 80s, or 90s is out. All of those trends now give your home a very dated and ugly appearance. It’s time for all that is really old to “get outta town” to make room for the 21st century.

The list of outdated decorating trends is truly endless. But wallpaper, floor-to-ceiling wood paneling that may or not be wood, and popcorn ceilings are the three biggest offenders. Removing these three things alone (a popcorn ceiling doesn’t take much effort) will increase the value of your home and yield a great ROI.

6 Home Improvement Projects that Yield the Greatest ROI

Nationally, when it comes to home improvement projects with a great ROI, curb appeal yields the most. But here are the top six projects with the greatest ROI according to Remodeling magazine’s newly-released Cost vs. Value Report for 2018:

Garage Door Replacement – yields a 98.3% ROI

Manufactured Stone Veneer – yields a 97.1% ROI

Entry Door Replacement (Steel) – yields a 91.3% ROI

Deck Addition (Wood) – yields an 82.8% ROI

Minor Kitchen Remodel – yields an 81.1% ROI

Siding Replacement – yields a 76.7% ROI

If you live in Brooklyn Brownstone, a few of these home improvement projects may not apply. But go for the ones that will work to increase the value of your home, inside and out. Oh! And Mother’s Day is fast approaching. Why not gift one of these home improvement projects to Mom, even if she isn’t considering selling her home?

Do you need help deciding which home improvement(s) to make for a great ROI? Contact  Charles D’Alessandroyour Brooklyn Real Estate Agent with Fillmore Real Estate at (718) 253-9600 ext.206 or email [email protected]. With over 30 years of experience in the Brooklyn real estate market, he knows what it takes to sell your home quickly and for the best price.


Charles D’Alessandro

Your Brooklyn Real Estate Agent with Fillmore Real Estate

718-253-9600 ext. 206

[email protected]