Michael & Melisa James Sell Real Estate

WHAT IS TITLE INSURANCE? For most people, buying a home is the biggest investment they will ever make. Knowing this, most homeowners protect that investment by purchasing insurance against hazards such as fire, theft and weather damage. But there is another hazard - one which can pose an even greater risk to home ownership - defects in the title to the property. You can avoid the risk losing part or all of your investment through title insurance. Title insurance is available ...for both property owners and mortgage lenders. It covers the buyer up to the purchase price and the lender up to the mortgage loan amount, whether a purchase loan or a refinance. You only pay once - at settlement - but insurance protection lasts as long as you own the property. In preparation for settlement, the title company performs a detailed examination of the historical records concerning the property. The search not only confirms ownership of the property, but also reveals such matters as unsatisfied mortgages, judgments, easements, other restrictions and encumbrances affecting the property. It will also disclose favorable matters, such as easements and reservations benefiting the property. The title company's report will provide a basis for the seller to resolve any outstanding issues prior to settlement, so that the buyer will be assured of getting "clear" title and the lender's mortgage will be a first lien on the property. In the event an undisclosed claim arises to challenge to your ownership of the property, the title insurance policy protects you by defending your title - in court if necessary.

Financing Your Purchase Unless you can afford to pay cash (in which case you’ll be a very popular buyer!), you’re going to have to finance your home purchase. Navigating the loan process is easier if you understand some basic terminology. In exchange for the money you borrow (the "Loan"), you will give a written promise to the lender, detailing the terms of repayment (the "Promissory Note"), including the initial amount borrowed (the "Principal"), the cost of the Loan ("Inter...est") and the time frame for repayment (the "Loan Term"). You will also pledge your home as security for repayment of the loan (the "Mortgage"). Basically, you get the money, and the lender gets the Note, backed by the Mortgage. The lender records the Mortgage in the land records of the county where the property is located, creating a lien on the property and providing potential buyers and others notice that the Lender has a security interest in the property. When the Loan is paid off, the lender satisfies (removes) the Mortgage from the public record. Principal: the original amount of the Loan. Interest: the amount the lender will charge you for the use of the principal. How much you pay depends on a number of factors, including the type of loan, the interest rate and the length of time you have to repay the principal. One of the most attractive benefits of financing your home purchase is that you may be able to deduct the interest you pay on the Loan from your personal income tax obligation. Consult with your tax advisor for more details about the tax savings benefits. Amortization: refers to the reduction of principal through payments. Modern mortgage loans are calcuted to be "self-amortizing", i.e., the regular, fixed, monthly payments over the term of the loan will not only repay the original principal but also the interest that accrues on the declining principal balance. During the early years of the loan (typically for the first 2 to 3 years on a 30-year loan), most of the payments will be applied toward interest. During the later years of the loan, a greater percentage of each payment will be applied to principal.

Spacious two story, 3 bedroom, 1 bath home is a few blocks from Graduate Hospital and accessible to all the city has to offer! This home has a tile foyer with hardwood floors in the living room, dining room, and den. A very open floor plan with high ceilings and a fireplace mantel. Good sized bedrooms. This home needs some TLC but has incredible potential and is priced to sell! Similar homes nearby have sold close to 350k! Great opportunity to customize your own home or fix up and sell! With some cosmetic upgrades, this easily becomes a luxury townhome. Now is the time to invest in Philadelphia's fastest growing area! Schedule your showing today! Home is being sold in "as is" condition. SELLERS ASSIST AVAILABLE!!!

BENEFITS OF A SELLER'S AGENT When buying or selling homes, people often question the need for a Realtor because they are tempted to avoid paying the commission. Keep in mind that if you take on the duties of buying or selling a home unassisted, you also assume many difficult responsibilities. Without a Realtor, Sellers do all the work and take all the risks...... Time and expense You have to pay for costly ads that may prove ineffective. You will also have to pay for any legal fees. You are "on duty" seven days a week to show your home or miss possible contact with potential buyers. Screening Your "For Sale" sign and advertising may attract unqualified, curious people seeking entry into your home. Identifying a real prospect is often difficult. Without an agent, you could spend all your time with unqualified buyers. Furthermore, an agent will use their valuable contacts to find the right buyer. Negotiation For sellers without a Realtor, negotiations lead to the most difficulties. A skillful third-party negotiator is usually necessary to secure a beneficial final agreement between the buyer and the seller and to provide a greater net return on your investment. Financing Arrangements Realtors can save you hours of research by sharing their knowledge about where money is available and who has the most competitive rates. Is It Worth It? The commission "saved" may prove inadequate to meet the total costs of your own time and marketing efforts. Who wins if you sell through a Realtor...? You do!