HOME BUYING/SELLING Hill AFB Housing Office 777-1840.

HOME BUYING/SELLING HOME BUYING/SELLING Hill AFB Housing OfficeHill AFB Housing Office

777-1840

DisclaimerDisclaimer

The Housing Management Office, Hill AFB, the United States Air Force, nor the Department of Defense endorses any commercial agencies

The information provided by the Housing Management Office is general in nature

Home BuyingHome Buying Advantages of a Realtor Knowledgeable about the area

– Access to the Multiple Listing Service– A good realtor is at your service… 24/7– Can contact ahead of schedule before arriving in town– Have a listing of homes ready to view when you arrive– No Cost to the Buyer as far as Commissioning Fees– Can Qualify you prior to looking at homes to see what

you can afford– Does the majority of paperwork with the Mortgage

Company, you just show up at closing.

Home BuyingHome Buying

Not Utilizing a Realtor If a home is For Sale by Owner one can often

negotiate the price lower due to no commissioning costs.

Average commissioning fee is 6% of the sales price of the house

Example: 6% of $175,000 = $10,500.00 3% to buying agency 3% to selling agency

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Ask around for a good Realtor - Everyone has a story about the purchase of their home!

Speak to the neighbors in the area you are interested in

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LOCATION, LOCATION, LOCATION

School Districts Hospitals Shopping Areas Close to Work Buy a house that you think will “re-sale” itself 3 or 4 bedrooms/2 or more baths, 2 car garage are

good “resales”

Home BuyingHome Buying Pre-qualify for free by a Realtor or Mortgage

Company. Know what you can afford before looking

Try to stay below your high end of qualifying

Example: Qualify for $200,000, stay within range of $150,000-$180,000. You’ll have many things to buy for the house and yard and have the money to do so without squeezing yourself.

Nothing like having a new home and no money for anything else = STRESS!

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RULE OF THUMB

Generally, your total mortgage

payment should not exceed 29% of your monthly gross income

Home BuyingHome Buying

Home Inspection Conducted by a Private Home Inspector.. different

from a VA or FHA inspection

Protect yourself, it will be your cost but worth the money- Average $300-$400

If items need to be fixed sometimes it can be negotiated with the Seller/Buyer

Home BuyingHome BuyingHome Owners Warranty Different from Home Owners Insurance Average $400 per year – covers many home

repairs. Example: Pay $45 for the repair man to come out

and fix items on the warranty and that is it! Maybe worth the money to invest in each year Example: Replace toilet, $50 service call, $200

labor, $75 parts. That is just one repair in a year and you’ll probably have more!

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One will almost never find a home that

has 100% of what you’re looking for.

Be flexible, try and sacrifice one or two things and then you’ll find that home that is best suited for you and your

family!

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Comparative Market AnalysisComparing other homes that have sold in

the area and the average costRealtor will do this for youWill help you decide on a price to offerRemember, you can negotiate!

Home BuyingHome BuyingChecklistChecklist

FinancingFHA VAConventionalOther ways to financeContact your Realtor/Mortgage Company

for more details

Home SellingHome Selling

Advantages of a RealtorCan advertise it more widely/Multiple

Listing ServiceCan connect with other Realtors who have

buyersCan show the home when you are not

present (have a lockbox on the home)

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Not Utilizing a RealtorSave commission, can pocket itHave to advertise yourselfRearrange your schedule if someone wants

to see your homeHave to have someone show it for you if

you PCS.

Home Selling TipsHome Selling Tips

Post your home with:Housing Management OfficeLocal NewspaperOn the InternetFind a mortgage company/real estate

attorney to do your closing once you find a buyer

Home SellingHome Selling

ALWAYS GET A RELEASE OF LIABILITY

If the buyer defaults you will not be responsible for the loan but you can ask that you be called if you want to

make up the payments and take back the home

Home Buying/SellingHome Buying/Selling Good investment Good tax break Home ownership/good feeling Possibly make a profit when you move versus

renting and not getting any money back If interests start to drop think about refinancing; can

save about an estimated $130 per month on a 1.25% interest rate reduction

Sometimes closing costs are added to the mortgage loan

If interest rates drop, think about Streamlining your Loan. Most times closing costs are minimal if any on FHA/VA loans

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Plant a few flowers/bushes outsideDo a little touch up paintingShampoo the carpetKeep the home in good shape inside and outGive a key to the neighbor to show the

house in case you cannot be there

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You can do it yourself to save the commission but be prepared for the work and

effort!

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Further information can be obtained in the Housing

Management Office