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        <title>Real Estate Blog</title>
        <link>https://www.thetorgersonteam.com/blog/tags/inspection/</link>
        <description>Check out our blog posts about the Chattanooga area, events, activities, and real estate concerning the Chattanooga and North Georgia area!</description>
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    <guid>https://www.thetorgersonteam.com/blog/real-estate-lingo-from-a-z/</guid>
    <link>https://www.thetorgersonteam.com/blog/real-estate-lingo-from-a-z/</link>
        <title>Real Estate Lingo From A-Z</title>
    <description> <![CDATA[ 



Whether you’re buying a home or looking to sell yours, chances are you’ll come across your fair share of real estate jargon. Oftentimes realtors will use acronyms as part of their listings, and rather than having to look up every word, we wanted to bring the complete list of most-used terms to you Check out our collection of real estate lingo so you look like a pro for your next move. 


3B/2.5B - Three bedrooms and two and a half bathrooms. In order to be called a bedroom in our area, the room must be a sleeping area with a window and a closet. A full bath is a room with a toilet, sink and bathtub. A half bath otherwise known as powder room only has a toilet and a sink. 


Appraisal - An appraisal is an unbiased professional opinion of a home's value. If you list your home for a certain amount and it ends up appraising for less, that could hinder the deal from going through. 


Appreciation - An increase in the value of a property. 


Buyer’s Agent - There are usually two agents involved when you buy a home; the “buyer’s agent,” who represents you, and the “listing agent,” who represents the home seller.


CMA - A CMA or a comparative market analysis is partially how the realtor will come up with the price of your home. The CMA is a report that shows the prices homes comparative to your home sold for and helps the realtor decide what the best price is that you can get in today’s market in your area. 


Closing Costs - Closing costs are all of the expenses that must be paid by the buyer and seller at the closing table. These costs usually include commission, mortgage fees, title insurance, etc. 


Contingency - This is a part of an agreement that keeps a contract from being binding until a certain condition is met. For example, if you make an offer on a home, most likely you will make that offer contingent on an inspection so you can get out of the contract in the event that you find something major wrong with the house during the inspection period. 


Counter Offer - A new offer, made after a previous offer has been rejected by the owner.


Depreciation - A decrease in the value of a property over time. 


Equity - The value an owner of a property has in the home above the debt owed. 


Fixtures - These are items that are somehow fixed in a home that would cause damage if taken out. This would include carpets, built-ins, etc. These items are usually included in the sale of the home unless otherwise noted. 


FSBO - For sale by owner


Interest - The amount paid by a borrower to a lender in addition to the main amount borrowed (the “principal”). The interest rate can be fixed or variable depending on your mortgage company and the type of loan. 


Inspection - After you’ve made an offer on a home, you’ll need to schedule an inspection in which you’ll pay a profession to check the home and review things like the plumbing, electrical, foundation, walls, heating and appliances for potential problems. 


Listing - Real estate agents frequently refer to homes for sale as “listings.” A “listing” on a website shows information about the home, like the price and number of bedrooms. If a home were FSBO, it would not be considered a listing. 


Lockbox - This device is what holds the key to a for-sale home so that real estate professionals can open the home to show their clients. The lockbox can only be opened by a realtor with your permission, a special device and a unique code so that your home is safe during the list process. 


MLS - The MLS or multiple listing service is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. Our local MLS is not accessible to anyone, but a licensed realtor will be able to give you access to all of the homes listed there. This is the only up-to-date source for for-sale homes, whereas third party sites like Trulia and Zillow can have incorrect or outdated listings. 


Pre-Approval Letter - Before you start looking at homes, many realtors will require you to have a pre-approval letter from the bank or mortgage company. This letter estimates how much they’re willing to loan you, and thus gives you an idea of what kind of home  you can afford. 


REALTOR®: A real estate broker or sales associate who is a member of the National Association of REALTORS®. Not all real estate agents are REALTORS®.


Reverse Mortgage - A type of mortgage, usually used by older homeowners, where repayments don’t need to be made until after the property is sold, or the last homeowner dies. 


Zoning - An urban planning tool used by local governments to determined how land is to be used. You’ll want to look into what school a home is zoned for before you buy it. Even if you don’t have children and don’t plan to have children, homes in good school zones can sell much faster. 
 ]]> </description>
    <pubDate>Wed, 02 Aug 2017 15:43:00 -0400</pubDate>
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    <guid>https://www.thetorgersonteam.com/blog/top-5-deal-killers-why-home-buyers-walk-away/</guid>
    <link>https://www.thetorgersonteam.com/blog/top-5-deal-killers-why-home-buyers-walk-away/</link>
        <title>Top 5 Deal Killers: Why Home Buyers Walk Away </title>
    <description> <![CDATA[ 
 


Whether you’re selling your home or looking to buy a home, it’s important to know the reasons why the deal may not work out in order to plan in advance. We’ve made a list of our top five reasons so you can do what you can to avoid them 


1. The home didn't appraise for the contract price


In a market like ours where there are so few homes available, it’s very possible for a buyer to get into a multiple offer situation. In that case, if you really want the home, it’s important to offer your highest and best. But what happens if the home doesn’t appraise for the agreed-upon contract price? In this case, the buyer might have to bring additional funds to the table, which might not be an option, or get a second opinion. Or the seller has to be willing to negotiate to a lower price. Either way there are options to make it work, but both parties have to be willing to try. 


2. The inspection report shows too many/expensive problems. 


If you’re selling a definite fixer upper, you have to leave space in the sale price for buyers to make necessary repairs if you’re not willing to make them yourself. Also, keep in mind that not all buyers have the time or the patience to purchase a home that needs a lot of work. If you do find a buyer who is willing to go for a less than turnkey home, they may still walk away if the inspection report is overwhelming. The best bet is to go ahead and ask your realtor for advice on repairs to make before even listing the home. This will open you up to more prospective buyers and make the process easier in the long run. 


3. The home is at the top of the buyer’s price range


Once you decide on a price point that feels comfortable for you, be sure to stay there. If you’re comfortable at a certain price but end up in a multiple offer situation on a house already at that top end of your budget, it may be better to pull back. Sometimes in cases like these, buyers bite off more than they can chew and then get cold feet. Just be sure whatever you decide, you are comfortable with that in the long run.


4. Mold/Termites/Foundation issues


Any of these three things can be the kiss of death for a deal. As a seller, if you already know you have these problems, then you already know that they need to get fixed and fast. In the event that you can’t afford to do that, you’ll have to disclose that to prospective buyers, price your home to reflect the issues and sell as-is. There will be someone willing to deal with these issues, but it could take a little time for that person to come along. Just as long as you are up front beforehand, you’ll save everyone a lot of time in the long run. 


5. Sellers who aren’t willing to negotiate


Of course you’re partial to your home—it’s yours and you’ve made a lot of fond memories there. But remember to leave the sentiment at the door when it comes to selling your home. An experienced realtor knows the market value of your home, and you have to be willing to listen. If you choose not to listen to them when it comes to the initial list price, you'll likely feel that in the negotiations later (if you get any offers at all). Most homes have problems and usually buyers and sellers will come to terms so they can proceed with the transaction. If you want to sell your home, it’s important to be open to the prospect of negotiation to find a price point that is agreeable for both you and the buyer. 
 ]]> </description>
    <pubDate>Wed, 19 Apr 2017 17:06:00 -0400</pubDate>
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    <guid>https://www.thetorgersonteam.com/blog/top-5-new-construction-mistakes/</guid>
    <link>https://www.thetorgersonteam.com/blog/top-5-new-construction-mistakes/</link>
        <title>Top 5 New Construction Mistakes</title>
    <description> <![CDATA[ 



You’re building your dream home Or at least buying one that is customizable to make your dreams a reality. You might think you know what to expect, but there are several common mistakes people make when looking to buy new construction. 


Mistake 1: Not using a realtor


There’s a sales agent on site at the new construction, so you don’t need a realtor of your own, right? Not so much. Consider whose side the sales agent is on. When you’re buying a home, you want someone to advocate for you and your needs. If the seller’s agent is working for the neighborhood, they have the developer’s best interests in mind—not yours. Choose a realtor who will work for you to negotiate the terms of the sale and advocate for you.


Mistake 2: Not asking what’s included


Model homes are usually decked out in the best upgrades to show buyers the potential of the floor plan. Don’t assume that what you see there is what comes standard. Ask the sales agent for a detailed list of add-ons so you an decide what you want and what you need to negotiate to be included.


Mistake 3: Not checking in during the building process


Although your builder and the crew is likely trustworthy as far as getting the work done, not visiting the site during the process is a mistake. If you aren’t there to note poor construction or something that you decide you don’t like, it will be much more difficult to change down the road. 


Mistake 4: Not getting an inspection


Just because a home is new doesn’t make it exempt from issues. There are still opportunities for mistakes in construction, so it’s best to hire a certified inspector before closing. 


Mistake 5: Not looking closely during a final walk-through


When you finally see your finished home, the excitement can sometimes overshadow the purpose of the walk-through. Go room by room and thoroughly look for small details that the workers may have missed such as minor paint issues or nail pops. This is your chance before closing to make sure your home is just like you want it, so be sure to look closely. 
 ]]> </description>
    <pubDate>Tue, 16 Aug 2016 17:26:00 -0400</pubDate>
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