Timeline for closing a home sale

Several factors can delay approval process

Some home-sale transactions close quickly, while others can take months. Two significant factors that affect most home sales are inspections of the property and financing the purchase.
Inspections should be done within the first couple of weeks after the offer is ratified, i.e., accepted by both buyer and seller. Usually, the day after ratification is day one of the contingency and closing time periods. This may vary from one location to the next.
When transactions fall apart soon after ratification, the cause is usually something discovered during the buyer's inspections. It's a good idea for sellers to get presale inspection reports so that the buyers have as much information about the property as possible before they make an offer.
Most home inspection reports make recommendations to consult other specialists such as a roofer, furnace contractor, drainage specialist or engineer. Few sellers have these additional inspections done. Even if they do, the buyers might want a second opinion.
Inspections are also somewhat subjective. One inspector might say a roof needs to be replaced; another might say it has a few years of life left as long as it is properly maintained. Transactions fall apart because the buyer and seller can't come to an agreement on inspections, which means the sale doesn't close, the house goes back on the market and the buyers renew their home search.
If the inspection issues are worked out satisfactorily, the next major hurdle that could delay your sale, or crater it, is the loan contingency. Cash buyers bypass this rigorous process; however, they do need to provide the sellers with evidence that they have sufficient liquid funds to close the sale.
All-cash deals can close whenever the buyers and sellers agree, after all inspection issues are resolved. Closing can occur in a week or two. Some all-cash buyers include an appraisal contingency in their contract to confirm that they're not paying over market value.
In this case, it would take longer to close because an appraiser would need to visit the property and work up an appraisal report. If the property didn't appraise for the purchase price, the buyer might be able to back out and have the deposit returned.
Both buyer and seller would start all over again. However, if they negotiated a resolution, the sale could close quickly and would take far less time than it does to close a sale involving a mortgage.
HOUSE HUNTING TIP: Purchase contracts include contingencies and time periods for them to be met. To avoid having to ask for extensions, make sure that the time periods you request are reasonable. An extension might not be granted if the seller has a backup offer for a higher price.
Buyers should get preapproved for the financing they need to close a home sale before their offer is accepted. This way, they are assured of what they can afford to pay. Preapproval can cut a few days off the loan approval process.
Loan approval can go relatively quickly if you present all required documentation promptly and your financial situation is not complicated. It can be more time consuming for buyers who are self-employed or are using other than W-2 income to qualify.
Part of loan approval involves an appraisal on the property by a licensed appraiser. This can slow the process down depending on the lender, how backlogged they are and the loan amount. A large loan amount can prompt the need for two appraisals, which adds more time to the approval process.
THE CLOSING: If you're buying in an area where homes are selling quickly, it may take 35 to 45 days from contract acceptance for final loan approval and closing.

Financial advice for women that goes beyond the basics

Book Review: 'The Seven Pearls of Financial Wisdom: A Woman's Guide to Enjoying Wealth and Power' By Tara-Nicholle Nelson

Book Review
Title: "The Seven Pearls of Financial Wisdom: A Woman's Guide to Enjoying Wealth and Power"
Author: Carol Pepper and Camilla Webster
Publisher: St. Martin's Press, 2012; 352 pages; $25.99
A number of notable personal finance experts have made attempts to share their knowledge, insights and experiences on money matters with women-friendly money books and courses. However, many of these are relatively narrowly focused on subjects like budgeting, investing, getting out of debt, real estate, or building a career or business.
Now there's a new entree into this genre by former Rockefeller money manager Carol Pepper and Forbes journalist Camilla Webster: "The Seven Pearls of Financial Wisdom: A Woman's guide to Enjoying Wealth and Power."
I read a lot of finance, self-help and other books from similar genres, and spend much of my time exploring and creating multimedia resources in the same areas. Against that backdrop, "Seven Pearls" at first glance came off as overly simple, and lacking, mmm, pizzazz. What you won't find in this book is a bunch of charts and graphs and links and bullets and short-attention-span gimmicks or cutesy phrases and acronyms. The paragraphs can run long, and the voice is less girlfriend-ey and more straight shooter.
What you will find in "Seven Pearls," however, is 300 pages of straightforward, substantive, visionary, step-by-step guidelines for creating a truly prosperous life, including clear advice for managing your money, business, career, family and romantic relationships, and professional advisers toward that end.
Pepper and Webster don't coddle or infantilize readers, nor do they assume that the average reader is mired in financial desperation or struggle just to believe they deserve to flourish. In fact, many women may not be emotionally ready to receive and execute on the advice it contains. Some will need to take a course like Conscious Bookkeeping or work through a book like Karen McCall's "Financial Recovery" or Julia Cameron's "The Prosperous Heart" before they can truly appreciate and act on the simple but serious wisdom contained in "Pearls."
Pearls provides Pepper and Webster's opinionated, yet ego-free, guidance on a wide-ranging, but interconnected, set of topics including:

• developing a set of investment guidelines for your portfolio.
• starting and managing a business.
• finding, vetting and selecting the right spouse.
• raising wise children.
• managing your wellness with DNA testing.

What I know from working with many women who want to use real estate to build their net worth and family futures is that what causes some to hesitate to take responsibility for growing their finances is the fear of the unknown territory of prosperity -- the fear that they will fail on the nuts and bolts of managing the more complex taxes, legal structures, adviser teams, business plans, financial statements and such that they might face if they do find financial success.
"Seven Pearls" neatly obliterates such fears and concerns, providing a nuts-and-bolts outline and action plan for women who do earn a good income -- and those who plan to in the future.
Pepper and Webster provide hundreds of pearls of financial wisdom in seven areas of their lives, carving out a vision for a prosperous life by doing some touching, some deep dives and lots of clear, actionable recommendations in the areas of:
1. Wealth building: business, career, investments and retirement planning, including how to manage your own emotions to avoid common (and costly) business, tax and investment mistakes, and select and manage your team of advisers.
2. Romance and marriage: managing the costs incurred while dating; financial red flags that prospective mates might raise; and how to handle the financial negotiations and disclosures that are necessary to minimize the too-common financial causes of marital strife.
3. Power: In this section, the authors coach women around many of the powerless beliefs and behaviors that happen so often even among educated career women -- like refusing to speak up for oneself or failing to -- and direct them to the image, social media and organizational tools for building and deploying their own powerful, personal brands, including everything from Twitter to seats on corporate boards.
Motherhood, crisis and loss, retirement and legacy building are also given intensive treatment in "Seven Pearls." For reader-friendliness, each chapter starts off with a set of questions that surface the problems that will be addressed within.
Many women now make more money than their husbands or prospective mates, yet many of these same women lack more than a basic understanding of financial tools. "Seven Pearls" is the first women's finance book I've seen that is tailored to take readers far beyond money crises and beyond the basics (though it does offer some crisis guidance and much advice for avoiding crises in the first place).
Rather, the authors effectively usher readers into a life season of wisely, assertively and knowledgeably using an advanced set of tools for managing their prosperity, their relationships and their futures, without fear, intimidation or unnecessary complexities.
In "Seven Pearls," Pepper and Webster offer successful women the logistics and structure on which they can construct a fully prosperous life, minus the fluff.
Tara-Nicholle Nelson is author of "The Savvy Woman's Homebuying Handbook" and "Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions." Tara is also the Consumer Ambassador and Educator for real estate listings search site Trulia.com.

Mom....Before I was myself you made me, me

Before I was myself you made me, me
With love and patience, discipline and tears,
Then bit by bit stepped back to set me free,

 

Allowing me to sail upon my sea,
Though well within the headlands of your fears.
Before I was myself you made me, me

With dreams enough of what I was to be
And hopes that would be sculpted by the years,
Then bit by bit stepped back to set me free,

Relinquishing your powers gradually
To let me shape myself among my peers.
Before I was myself you made me, me,

And being good and wise, you gracefully
As dancers when the last sweet cadence nears
Bit by bit stepped back to set me free.

For love inspires learning naturally:
The mind assents to what the heart reveres.
And so it was through love you made me, me

By slowly stepping back to set me free.

The Stress of Buying a New Home

Buying a home can be one of the more stressful experiences in life. It is often a long and sometimes intimidating process, lasting up to six months on average. The Real Estate market is huge and changes often with swings up and down. It's easy to become overwhelmed by how much is ahead of you and how little you know about the process. But with the right attitude, it can also be an enjoyable, even exhilarating experience.
Here are some tips to make your home-buying experience positive and less stressful.

Preparing to Move

Organize Be prepared by becoming knowledgeable. Educate yourself on each step of the process so you know what to expect. Get organized ahead of time. Keep a notebook and calendar dedicated exclusively to the home-buying process. An Excel spreadsheet is a great way to organize and compare all the information you gather, such as the homes you are interested in, potential lenders, and different mortgage rates.
Finances Assess your financial situation before you begin looking for a home. Come up with a solid number for the maximum amount you can afford, as well as a target amount you would like to spend, ahead of time. Overestimate the closing costs (interest rates can change). This is also a good time to begin gathering the financial documents that you'll need when applying for a loan.
Keep your finances in order until you close on your new home, which could be as long as six months away. Do whatever you can to help improve your credit score; don't acquire new debt (no major purchases, new loans or new credit cards), reduce or eliminate any current debt, and pay your bills on time. It is never too early to begin improving your credit and is best started as early as two years prior to purchasing a home.
Find an Agent Find a real estate agent who you trust and connect with on a personal level. Communication in this relationship is fundamental. Some questions to ask yourself: Are they good at translating industry jargon into terms you can easily understand? Do they communicate well using media that works for you, such as email, cell phone, or video conferencing? Credentials are a big factor too. Choose an agent with proven expertise in both the type of property and property location that interests you.

Finding a Home

"Think from the end," is a common phrase heard in human potential circles. See yourself in your new home. How does it make you feel? What does it look like? Keep a journal to record these thoughts. Be as descriptive as possible. This can help to not only narrow down precisely what you are looking for in a home, but it can also help anchor you emotionally during a potentially unstable time by keeping the big picture in mind.
While dreaming of your new home is an important first step, keeping your expectations in check is equally important. Keep in mind that the criteria of what you are looking for in a home will change along the way. No house is perfect. Be willing to compromise on some of your requirements. Make a list of your top priorities (must-have's) and lower priorities (nice-to-have's). This will help identify areas where you can be more flexible.
Once you've found a home you like and know what you can work with financially, don't let the latest market news influence your decision to move forward. If you start second-guessing the housing market or interest rates, you risk losing the home to another buyer. Choose a home because you love it. Listen to your heart.

Waiting for Acceptance

Once you've made an offer on a new home, try to relax and engage in your routine activities while you wait to hear whether the seller accepts your offer. During this waiting period, there are many potential stressors that could send your mind reeling. What if the seller rejects your offer, or comes back with an unreasonable counter-offer? Was your offer too little, or too much? Be prepared to make many offers before one is accepted. Keep in mind, even if your offer is accepted, there's no guarantee it will close. Try to remain detached from the outcome until after the property has been inspected and you've been approved for a mortgage.

Inspection Period

Hire experienced and certified inspectors to conduct a thorough inspection of the property including possible insect damage. Be present during inspection, so you can ask questions regarding the home and become knowledgeable about any issues that are discovered.

Getting approved for a Loan

Taking out a loan can be the most stressful part of the home-buying process. Transactions typically take at least a month to complete. Having your financial situation scrutinized can be an uncomfortable process. Worrying about whether you will be approved is an added stressor. It helps to gather your financial records (credit card balances/statements, bank statements, investment statements) prior to meeting with a loan officer. Obtain a copy of your credit report; you're entitled by law to one free credit report per year. A copy of your 4506 T form (IRS Tax Return Transcript), which includes a summary of your tax information, is also available online for download.
Don't lose sight of the fact that you have options when choosing a lender and a mortgage. This can help restore a sense of control when so much of the home-buying process is out of your hands. Talk to several lenders; don't just go for the first lender you talk to. Consult with your Real Estate agent to help you through the process of securing a mortgage. Don't hesitate to ask questions until you understand the answer.

After Close, Moving In

Congratulations! You've successfully negotiated yourself through the complex maze that is home-buying and now find yourself at last kicking back on your couch with your favorite drink in the home of your dreams.

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Team Clyde's "For Your Eyes Only" Deal of the Week May 6 2011, Good Karma

The Heroic Action of SEAL Team 6 in Killing OBL brings Good Karma
Welcome to “Clyde’s Coffee Break” for May 6, 2011. Clyde’s Coffee Break is a weekly Local Real Estate Market Update brought to you by Stephen & Donna Clyde, Team Clyde of RE/MAX Connection Realtors in Marlton New Jersey.
Every Friday afternoon Clyde’s Coffee Break will bring you an update on the local real estate markets in Burlington, Camden and Gloucester Counties. Real estate markets are local, and what you are hearing or reading in the national news coverage doesn’t reflect what is happening in your county, town, development or even on your street.
So tune in every Friday afternoon, grab a good cup of coffee take a quick break and find out what is happening in the real estate market here in South Jersey.

Team Clyde's "For Your Eyes Only" Deal of the Week May 3 2011, Berlin Boro

The "For Your Eyes Only" Deal of the Week from Team Clyde, after reviewing every property on the MLS, Team Clyde has uncovered this amazing value in Berlin Boro’s Carriage Stop Development........that is ready for you to Move right into. This beautiful 3 bedroom, 2.5 bath home in great residential neighborhood in Berlin is across the street from soccer fields, Rec Center, and Berlin Community School. A 2 car Garage, Finished Basement, Hardwood & Pergo Floors, Large Fenced Back Yard and Part of Eastern High School District. This is the one you must see to appreciate.... Priced at ONLY $275,000. For more detailed information visit: www.SJHouseHunter.com/TR5851309

The Truth About Rent To Own

Most people are really familiar using the term “rent to own”. Areas such as Prime Time and Rent A Center have constructed an empire with lease to own merchandise, though the buyer usually ends up paying double what the merchandise is in fact worth. While this may possibly be wonderful for those who've bad credit rating, most people prefer to avoid going this route. Houses are no exception, specifically if you are purchasing a house over a rent to own schedule.

Even although lease to own may possibly be good for any brief period of time, it proves to be an pricey way for someone to purchase something they intend to keep. Rent to own merchandise for instance, may sound quite compelling at a number of dollars a week. The agreement is commonly for around 15 - 20 months, which can be wherever the firm makes their money. While you may be paying just one or two dollars a week, the total amount swiftly adds up to almost twice the price of the item.

Together with paying rent, you’ll also have to pay applicable sales tax as well. Like merchandise, rent to own real estate has it’s disadvantages. Even although it can be good for individuals with not so fantastic credit score, you will generally end up paying again a lot more than you'll with a home loan. You’ll still have to pay again your lender with a mortgage, despite the fact that that amount won’t be nearly as high because it would in case you made a decision to get a house using a lease to own schedule.

In most cases, rent to own houses are set up about the market by the owner. This way, you will offer directly with the owner. It is going to start out as a traditional lease, then proceed to a rent to own basis in the event you decide you need to maintain the home. You and also the owner will then work out an arrangement, which will normally be rather a few many years. Some owners are quite flexible and will work with you just to get the cost they want for their residence, while other people will cost you really a bit more, in order to make a hefty profit.

If you've poor credit score and can’t get approved for a home loan, then rent to own could be your next very best alternative. Despite the fact that some don’t like to do it due to the price, for several it is a far better choice than an apartment. With rent to own houses you are paying money towards the house, instead of just paying lease. In some cases this is fine, while you have to have to make sure to double verify using the owner before you agree or commit to anything. This way, you’ll know how significantly you will be paying for the home - and for how long.

When you just bought or are thinking purchasing a residence, you will quickly receive several offers inside the mail for various products and services for your new residence. That is due to the fact marketing companies collect your info and market it to numerous companies as a new homeowner list. Simply because new homeowners require so numerous diverse things for their new home, quite a few corporations create and mail postcards or catalogs to such individuals. Exactly the same is true when you recently began construction or even a remodel of the new household. That information is sold as a new building permit list. Similarly, new mothers and fathers may also find themselves swimming in various offers on a new parent list. It is critical that you pay attention to these kind of offers, which can save you quite a lot of time and money.

Guide on Preparing for a Home Inspection

Guide on Preparing for a Home Inspection
Before the home selling and home buying transaction, it is recommended for the buyers to do an inspection of the real estate property .

Home inspection is an evaluation of the house and is done by a trained professional inspector that has an experience in evaluating all the features in a home to give you all the information you need .

A professional inspector is the one who will check the property and evaluate if it is a valuable investment for the buyer . Taking time preparing for home inspection is important because it can help you save money and time later on.

Do repairs ahead of time and make sure that the doors, faucets, smoke detectors and windows are functioning .

The roof should be in good condition and clean dirty gutters from the roof . The foundation of the home will also be checked to find out if there are any cracks, and damage .

Clean your house to give an impression of the well maintained property and not neglected . It would also be more interesting for the home buyer to see that you take good care of your Home.

If you have pets, secure them from the areas where the inspector will check .

Be sure that the doors can be unlocked . The inspector will check the electrical systems and appliances as well to see if they function, so be sure it will be accessible for the inspector to avoid delays. They also need to check each corner of your home so clear out all boxes and storage spaces . Condition of your walls and ceilings will be inspected for any sign of damage and weakening . He will record and point out any safety concerns about fireplaces and electrical outlets.

Be truthful in answering every questions they will ask you.

It is important to have a good preparation to avoid problems .

Team Clyde's "Clyde's Coffee Break" Weekly Local Real Estate Market Update April 29th

News Headlines are CRAZY and SCHIZOPHRENIC..CNBC makes no sense with their headlines on the housing market. One day its up and everything looks good, the next day its down and we are looking at another crash….two days later everything is good..they are SCHIZO!!!!. The headlines are all over the place and make no sense.
Welcome to “Clyde’s Coffee Break” for April 29, 2011. Clyde’s Coffee Break is a weekly Local Real Estate Market Update brought to you by Stephen & Donna Clyde, Team Clyde of RE/MAX Connection Realtors in Marlton New Jersey.
Every Friday afternoon Clyde’s Coffee Break will bring you an update on the local real estate markets in Burlington, Camden and Gloucester Counties. Real estate markets are local, and what you are hearing or reading in the national news coverage doesn’t reflect what is happening in your county, town, development or even on your street.
So tune in every Friday afternoon, grab a good cup of coffee take a quick break and find out what is happening in the real estate market here in South Jersey.

“Clyde’s Coffee Break” for April 22 2011. Happy Easter to everyone, check out our PERKS Club PERKS

Welcome to "Clyde's Coffee Break" for April 22 2011. Happy Easter to everyone, check out our PERKS Club PERKS, Clyde's Coffee Break is a weekly Local Real Estate Market Update brought to you by Stephen & Donna Clyde, Team Clyde of RE/MAX Connection Realtors in Marlton New Jersey.
Every Friday afternoon Clyde's Coffee Break will bring you an update on the local real estate markets in Burlington, Camden and Gloucester Counties. Real estate markets are local, and what you are hearing or reading in the national news coverage doesn't reflect what is happening in your county, town, development or even on your street.
So tune in every Friday afternoon, grab a good cup of coffee take a quick break and find out what is happening in the real estate market here in South Jersey.

Team Clyde's "For Your Eyes Only" Deal of the Week in Berlin Boro

The "For Your Eyes Only" Deal of the Week from Team Clyde, after reviewing every property on the MLS, Team Clyde has uncovered this amazing value in Berlin Boro........Stunning 3 bedroom 2.5 bath townhouse in Carriage Stop. Great wide open floor plan with upgraded kitchen, custom woodwork, crown moldingh, hardwood floors, full finished basement and so much more - a very special place to call home. Don't miss this opportunity. Priced at ONLY $234,900. For more detailed information visit: www.SJHouseHunter.com/TR5870324 3

Team Clyde's “Clyde’s Coffee Break” for Tax Day" April 15th 2011

Welcome to “Clyde’s Coffee Break” for Tax Day" April 15th 2011. Clyde’s Coffee Break is a weekly Local Real Estate Market Update brought to you by Stephen & Donna Clyde, Team Clyde of RE/MAX Connection Realtors in Marlton New Jersey.


Every Friday afternoon Clyde’s Coffee Break will bring you an update on the local real estate markets in Burlington, Camden and Gloucester Counties. Real estate markets are local, and what you are hearing or reading in the national news coverage doesn’t reflect what is happening in your county, town, development or even on your street.

So tune in every Friday afternoon, grab a good cup of coffee take a quick break and find out what is happening in the real estate market here in South Jersey.

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