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.
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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
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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
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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
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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