https://www.rochesterrealestateblog.com Rochester Real Estate | LOCAL Homes For Sale | Homes for sale in Rochester, NY, LOCAL Rochester real estate listings, market data, REALTOR® info, and high quality content updated every 15 minutes! Wed, 25 Jun 2025 11:50:30 +0000 hourly 1 https://wordpress.org/?v=6.7.2 https://www.rochesterrealestateblog.com/wp-content/uploads/2016/11/cropped-SITE-LOGO-512-x-512-1-32x32.png https://www.rochesterrealestateblog.com 32 32 https://www.rochesterrealestateblog.com/june-home-maintenance-checklist-summer-prep/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20501 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/may-home-maintenance-checklist/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20484 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/april-home-maintenance-checklist/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20364 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/march-home-maintenance-checklist/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20338 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/buy-a-house-in-new-york/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19906 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/sell-a-house-in-new-york/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19905 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/non-warrantable-condo/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19796 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/builders-spec-construction-loans/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19795 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/moving-to-the-finger-lakes-region/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19875 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/pros-cons-online-home-value-estimators/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19794 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/role-of-location-home-valuation/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19768 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/lowes-vs-uhaul/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19758 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/property-condition-disclosure-statement/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19632 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/delayed-showings-negotiations/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19547 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/selling-home-moving-out-of-state/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19542 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/unconventional-methods-for-selling-a-house/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19519 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/sell-house-off-market/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19503 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/what-is-piti/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19498 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/home-renovation-budget/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19490 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/co-borrower-credit-score/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19474 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/new-construction-final-walk-through/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19458 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/pumping-a-septic-tank/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19450 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/multiple-offers-on-homes-at-once/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19414 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/real-estate-photo-ready/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19409 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/home-builders-warranty/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19394 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/july-2023-rochester-ny-real-estate-market-update/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19403 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/real-estate-commission/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19366 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/quitclaim-deeds/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19358 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/selling-home-as-is-cash/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19347 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/is-my-house-haunted/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19342 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/find-history-house/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19316 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/june-2023-rochester-ny-area-real-estate-market-update/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19313 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/real-estate-lawyer/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19181 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/may-2023-rochester-ny-area-real-estate-market-update/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19162 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/buying-home-first-time/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19058 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/what-look-for-home-inspection/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18983 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/companies-buy-houses-for-cash/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18889 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/does-home-staging-work/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18814 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/avoid-when-getting-mortgage/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18797 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/replacing-roof/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18771 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/restrictive-covenants/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18714 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/court-force-sale-divorce/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18693 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/real-estate-agent-vs-broker/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18650 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/determine-square-feet/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18167 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/real-estate-agent-sued/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18133 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/5-types-home-inspections/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18119 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/pros-cons-rent-own-homes/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18104 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/things-before-moving/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18084 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/become-real-estate-agent/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18071 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/renting-house-apartment/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17871 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/5-factors-buying-house/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17851 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/appraisal-gap/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17827 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/renting-with-roommates/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17794 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/things-know-buying-land/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17773 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/home-sellers-wait-respond-offer/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17745 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/how-to-buy-a-house-with-a-low-credit-score/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16819 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/things-to-consider-when-shipping-a-car/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16248 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/home-depot-truck-rentals-what-to-know-including-pricing/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16156 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/16-things-to-do-before-listing-your-home-for-sale/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16138 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/biggest-home-inspection-mistakes-to-avoid/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16112 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/how-credit-score-impacts-buying-house/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16086 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/top-winter-home-selling-mistakes/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16051 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/winter-home-buying-mistakes/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16013 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/address-change-form-post-office/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15981 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/what-does-contingent-status-mean-real-estate/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15956 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/diy-renovation-ideas-backyard/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15937 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/how-to-rent-an-apartment/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15931 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/tips-selling-a-home-virtually/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15907 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/winter-storage-checklist/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15885 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/should-i-waive-my-home-inspection/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15870 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/biggest-self-storage-companies/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15836 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/earnest-money-house-deposits-explained/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15760 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/moving-mistakes-to-avoid/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15568 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/top-mortgage-myths/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15102 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/first-time-home-buyer-mistakes/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14815 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/10-tips-adding-appeal-to-home-this-summer/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14237 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/smart-home-technology-selling-a-home/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13782 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/top-frequently-asked-questions-home-sellers/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2424 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/first-time-home-buyer-programs/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock http://rochesterrealestateblog.com/?p=580 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/how-new-doors-windows-boost-your-home-value/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13643 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/5-things-to-know-when-flipping-your-first-house/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13574 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/mortgage-options-for-self-employed-borrowers/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13450 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/top-10-best-places-see-christmas-lights-rochester-ny/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=10236 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/what-are-the-pros-and-cons-of-multifamily-homes/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13219 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/low-cost-home-improvements-you-should-make-before-selling-your-home/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13114 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/15-things-millennial-home-buyers-look-at-while-buying-a-house/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13028 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/how-does-a-fence-increase-the-value-of-your-home/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12995 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/5-simple-and-low-cost-fixes-to-make-your-home-more-appealing-to-buyers/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12779 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/how-to-improve-a-homes-curb-appeal-rochester-ny/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12665 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/7-ways-create-an-energy-efficient-home/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12633 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/hiring-movers-vs-moving-yourself/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12592 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/pay-off-student-loans-before-purchasing-a-home/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12531 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/should-i-build-a-new-home-or-buy-an-existing-home/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2497 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/buying-a-condo-vs-renting-a-condo/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12402 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/9-money-saving-moving-tips/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12341 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/how-to-create-a-proper-home-maintenance-checklist/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12300 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/tips-for-tenant-screening/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12291 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/best-social-media-blogs-2017/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12045 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/best-home-improvement-blogs-2017/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12044 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> https://www.rochesterrealestateblog.com/best-mortgage-blogs-2017/ Tue, 04 Feb 2014 22:20:33 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12043 your offer has been accepted! [caption id="attachment_462" align="aligncenter" width="300" class=" "] It should take 60 days to close from the date the offer was accepted.[/caption] Now what?  Buyers often ask, why from acceptance does it take so long to actually close?  Generally a real estate closing takes 60 days from offer acceptance to closing.  There are many "cooks in the kitchen" who play an extremely important part behind the scenes in actually getting the transaction closed! Inspectors, attorneys, insurance companies, appraisers, underwriters, surveyors and title companies are a handful of important professionals who play a vital role in getting you from accepted offer to the closing table!  Below is an overview of what these professionals do and why it takes approximately 60 days to close from offer acceptance. Inspectors Most buyers will make their purchase offer contingent on various inspections and/or tests.  They have the right (or not) to perform many different types of inspections or tests, including (but not limited to) a home inspection, radon test, pest inspection, lead paint inspection, and septic inspection. Once the buyers offer is accepted, they will have a set amount of days to perform the inspections or tests.  The majority of inspections or tests are at the buyers own expense since they are the ones that need to be satisfied with the results!  Once the inspections or tests are completed, the buyer has the option to remove the contingencies of the inspection(s) "clean" with no conditions OR they have the option to ask the seller to have specific work and/or repairs done prior to closing.  Buyers are encouraged to look into different inspection companies and should make sure that the company they select will provide them with a detailed (we love pictures), easy to understand, and neat report.  Having a detailed report can be the difference in a seller agreeing to repair or fix valid requests from a buyer. Mortgage (Loan) Officers/Originators Mortgage (loan) officers are often the first point of contact for buyers in their pursuit of home ownership (other than maybe a real estate agent).  They are generally the first professional a buyer will see once they've had their offer accepted. [caption id="attachment_466" align="aligncenter" width="210" class=" "] Once an offer is accepted, it's time for the buyer to apply for their mortgage![/caption] When a buyer meets to apply for their mortgage can vary depending on the situation - before, during, or after the inspection process.  Within their accepted offer, there will be a date for the bank to issue their mortgage commitment to the buyer.  A good lender on average should take 30 days from acceptance to issue the buyers mortgage commitment.  The processor, underwriter, and appraiser also play an important part in the buyer obtaining a written mortgage commitment. Mortgage Processors Once the loan officer meets with the buyer for application, the file is assigned to a mortgage processor.  The mortgage processors job is to ensure all of the information in the package is correct and verified.  At this point the loan officer will often "pass the torch" to the processor and they will be the main point of contact for the buyer from this point forward. Mortgage Underwriters The mortgage underwriter normally will have final approval and final responsibility to approve the buyer's loan.  They check to make sure the loan is within loan guidelines and also make sure that the tax, title, insurance, and closing documentation is in place.  Once they give the "clear to close" the ball is now in the attorney's "court" to set a closing date and time. Appraisers When applying for their mortgage, a buyer will also bring payment for a bank appraisal.  There are two main reasons for a bank appraisal to be completed. First, the appraiser is going to give their point of view on the fair market value of the home to make sure the value supports the purchase price.  In addition, they are looking for major safety issues with the subject property, such as, peeling paint, broken windows, or missing handrails.  If the appraiser cites any issues, they must be completed and reinspected prior to the loan being cleared to close.  Depending on the mortgage type (i.e. FHA, VA, Conventional) the appraiser has certain requirements to adhere to. Attorneys There are three attorneys (bank attorney, buyers attorney, sellers attorney) that play a role in getting an accepted offer to the closing table.  In most cases, the accepted offer will be contingent upon the review and approval of the buyers and sellers approval within a set amount of days from acceptance.  From this point, the sellers attorney will have the abstract updated, a title search done and review it for problems, cure the problems (if applicable), get the discharges of any mortgages, prepare the deeds, and order the instrument survey.  These documents will be sent to the buyers attorney for their review on behalf of their client, the buyer.  Once the bank gives the "clear to close" the banks attorney, buyers attorney, and sellers attorney will coordinate the closing date and time. Surveyors [caption id="attachment_467" align="aligncenter" width="168" class=" "] A survey will be required by the bank prior to closing[/caption] A survey is required to be completed for the subject property when transferring of ownership.  The seller typically pays for this and the cost is normally around $500.00 (depending on other factors).  The sellers attorney will usually wait until the buyer has obtained mortgage commitment before they order the survey.  This ensures the seller doesn't pay for the survey just to find out the buyers mortgage is declined.  Once the surveyor completes their map, they provide it to the attorney for review.  In the buyers commitment there will be the "certifications" needed for the survey.  Should there be any encroachments on the neighboring properties, a boundary line affidavit will be generated and signed off by all effected parties. Title Companies Once a buyer and seller agree to terms, the title company plays a large part.  Title companies are often tasked with searching the history of title for defects or "clouds."  This could include (but not limited to) other claims on the property in the form of liens or easements.  Most mortgage lenders will require a title search prior to approving the buyers loan.  The title company also offers an optional title insurance to a buyer against past/future fraudulent claims to ownership. Insurance Companies Depending on the percentage of loan to value, the lender will require the buyer to obtain home owners insurance prior to them clearing the file to close.  The buyers lender and attorney will require an "insurance binder" be sent to them showing payment and proof of insurance.  There are many insurance companies and it's suggested that a buyer shop around for different quotes since each companies quote can be different. The above professionals are extremely important to most real estate transactions.  If the above professionals do not do their jobs in a timely fashion this can delay a closing, which can be frustrating to a buyer and seller!  An experienced real estate agent should be able to keep all parties working towards the common goal, getting the deal closed in a timely fashion!     About the authors:  The above information was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With almost 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]>