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

2. Disclaimer 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

3. Home 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.

4. Home 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

5. Home Buying 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

6. Home Buying 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

7. Home 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. Youll 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!

8. Home Buying RULE OF THUMB Generally, your total mortgage payment should not exceed 29% of your monthly gross income

9. Home 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

10. Home Buying Home 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 youll probably have more!

11. Home Buying One will almost never find a home that has 100% of what youre looking for. Be flexible, try and sacrifice one or two things and then youll find that home that is best suited for you and your family!

12. Home Buying Comparative Market Analysis Comparing other homes that have sold in the area and the average cost Realtor will do this for you Will help you decide on a price to offer Remember, you can negotiate!

13. Home Buying Checklist Financing FHA VA Conventional Other ways to finance Contact your Realtor/Mortgage Company for more details

14. Home Selling Advantages of a Realtor Can advertise it more widely/Multiple Listing Service Can connect with other Realtors who have buyers Can show the home when you are not present (have a lockbox on the home)

15. Home Selling Not Utilizing a Realtor Save commission, can pocket it Have to advertise yourself Rearrange your schedule if someone wants to see your home Have to have someone show it for you if you PCS.

16. Home Selling Tips Post your home with: Housing Management Office Local Newspaper On the Internet Find a mortgage company/real estate attorney to do your closing once you find a buyer

17. Home 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

18. Home 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

19. Home Selling Plant a few flowers/bushes outside Do a little touch up painting Shampoo the carpet Keep the home in good shape inside and out Give a key to the neighbor to show the house in case you cannot be there

20. Home Selling You can do it yourself to save the commission but be prepared for the work and effort!

21. Home Buying/Selling Further information can be obtained in the Housing Management Office