“A Tale of Two Houses” Audio Book Appendices

Tale of Two book cover

Thank you again for purchasing the audio edition of “A Tale of Two Houses”. Below are the Appendices mentioned in the book.

Appendix A

Questions to ask potential Real estate agents

Questions to ask a real estate agent before selecting one to represent you:

  • How many houses have you sold in the past year?
  • Why should I select you to represent us?
  • How often can I contact you?
  • How do you plan to market the house?
  • On average how close is the sale price to the list price?
  • What is the average number of days on the market for homes that you sell?
  • What happens if we aren’t satisfied with our service? Can we get out of the contract?
  • Can you provide a list of references?

Appendix B

Mortgage Resources

Below are links to resources mentioned in the book:

Take Home Pay Calculator Spreadsheet

15 year mortgage payment calculator

20 year mortgage payment calculator

Appendix C

Glossary

Glossary of terms covered in the book

  • Amortization schedule-A table showing each payment of a loan, breaking out the reduction of principal and the interest portion as well as the remaining balance on the loan at the end of the payment. (Chapter 1 and 17)
  • Appraisal-required by the bank to assess the value of the property being bought or sold. (Chapter 7 and 16)
  • Buying Agent-A real estate agent who is representing the buyer and works on their behalf (Chapters 4)
  • Closing Costs-Fees paid at the closing of a sale of a home by either the buyer or the seller. (Chapter 5, 7, 10, 16, and 17)
  • Comparable sales-A report listing recent home sales in the area that closely match your home’s characteristics. (Chapter 2 and 5)
  • Down Payment-A sum of money that is paid at the time of closing by the buyer to reduce the amount of money borrowed on a home, thus reducing the monthly payment and creating instant equity. (Chapter 1, 3, 7, 9, and 17)
  • Equity-The value of a home less how much is owed on the home. (Chapter 1, 7, 10, 11, and 14)
  • Escrow account-Money held by a third party to make payments on your behalf. (Chapter 7, 9, 16)
  • Home Inspection-An examination to determine the condition of a home performed by someone who has the proper training and certification. Performed after a home is in contract. (Chapters 6 and 15)
  • House Poor-Term used to describe home owners who are not struggling financially, but feel like they are, because of a large monthly commitment to housing expenses. (Intro and Part 2)
  • In Contract-Term used to describe the time between when a deal has been accepted and the closing has not occurred. Typically this last between 30-45 days. (Chapter 4, 5, and 14)
  • Listing Agent-A real estate agent who is representing the seller and works on their behalf. (Chapter 4)
  • Loan to Value ratio (LTV)-The ratio of a loan compared to the value of the home. Usually expressed as a percentage. (Chapter 12)
  • Mortgage Points-Fee paid at closing that secures a lower interest rate. Each point equates to 1% of the sale price to be paid at closing. (Chapter 10 and 16)
  • Multiple Listing Services-Service used by real estate agents that allows collaboration between agents to help sell houses. (Chapter 13)
  • I.T.I-Term used to describe the breakdown of your mortgage payment. The letters are as follows: (Chapters 9, 11, and 13)
    • P-Principle-The amount reducing your outstanding balance
    • I-Interest-Monthly interest calculated on the outstanding balance
    • T-Taxes-The amount going to property taxes
    • I-Insurance-The amount going to Home Owner’s Insurance
  • Par Loan-A mortgage loan without any mortgage points (Chapters 10)
  • Private Mortgage Insurance (PMI)-Insurance the borrower pays each month to insure the lender against loss in case of foreclosure. For most mortgages this is required as long as the Loan to Value ratio is more than 80%. (Chapters 7 and 12)
  • Request to Remedy-After a home inspection, a request sent from the buyer to the seller to request repairs to the house. (Chapters 6, 7, and 15)
  • Sale Settlement contingency offer-A house in contract that is dependent on the buyer selling and closing on their home in a specific amount of time (Chapters 14)
  • Short Sale-The process of selling your home for less, or “short,” than what you owe. The mortgage company must agree to this type of sale. (Chapters 7 and 15)
  • Underwater-Term used to describe when your home value is less than what you owe on the home. If you went to sell your home the proceeds would not be enough to retire the debt on the home, hence the home is “underwater.” (Chapters 1, 10, 12, and 17)

Appendix D

Media Appearances

Below are media appearances that I have made on other people’s blogs, podcasts, and webinars sharing my story about why I wrote “A Tale of Two Houses.” If you know of any other shows or blogs that would welcome the message of “A Tale of Two Houses” please email me at JWFinancialCoaching@gmail.com