Selling Resources

5 Reasons You Need a Real Estate Agent
7 Terms to Watch for in a Purchase Contract
Understanding Capital Gains in Real Estate
What Is Appraised Value?
What You'll Net at Closing
Setting the Stage For Showings
Does Moving Up Make Sense?
5 Things to Do Before You Sell
7 Steps to Preparing for an Open House
10 Ways to Make Your House More Salable
12 Tips for Hiring a Remodeling Contractor
Home Seller's Guide to Success - Get the Most for Your House Without the Hassles
Selling Your Home - Tax Guide

Buying Resources

Why Own:
        7 Reasons to Own Your Own Home
        10 Steps to Prepare for Homeownership
        Tax Benefits of Home Ownership

The Home Buying Process:
        10 Steps to Homeownership
        Becoming a Homeowner - Fannie Mae
        Montana Housing Division
        Online Course Guides Homebuyers down Path to Homeownership
        Tips for Buying in a Tight Market
        Tips for Finding the Perfect Neighborhood
        Your Property Wish List

Closing:
        5 Things to Understand About Title Insurance
        Common Closing Costs for Buyers

Condominiums:
        10 Questions to Ask Your Condo Board
        The Pros and Cons of Condos

Inspecting Your Home:
        10 Questions to Ask a Home Inspector
        10 Things to Take the Trauma Out of Home buying
        How Comprehensive Is Your Home Warranty?
        How High Tech Is Your Home?
        What Not to Overlook on a Final Walk-Through
        What Your Home Inspection Should Cover

Insurance:
        5 Things to Understand About Homeowners Insurance
        10 Ways to Lower Your Homeowners Insurance Costs

Your Loan, Your Credit:
        5 Factors that Decide Your Credit Score
        6 Creative Ways to Afford a Home
        8 Ways to Improve Your Credit
        10 Questions to Ask Your Lender
        8 Steps to Getting Your Finances in Order
        10 Things a Lender Needs From You
        Budget Basics Worksheet
        Choices That Will Affect Your Loan
        FHA Insured Loans
        How Big a Mortgage Can I Afford?

Mortgages:
        Looking for the Best Mortgage
        Mortgage 101
        Mortgage Bankers Association
        NAR's Financial Calculator
        Real Estate Center
        Steps to Prepare for Homeownership

Taxes:
        5 Property Tax Questions You Need to Ask
        Tax Info for First-time Home Buyers

General Questions

How to get to Big Sky:
Big Sky is just 45 miles south of Bozeman, Montana. 42 miles north of Yellowstone National Park.
Big Sky and Bozeman are serviced by Delta, Horizon Air, United Airlines and Northwest at Gallatin Field in Belgrade.
Shuttle Service is available.

Is Big Sky a city?
No, Big Sky is not a city; we are considered a Resort District. If and when Big Sky becomes incorporated then we would have the ability to form a government. Though Big Sky is not incorporated, the area does have several "government"-like entities including the Big Sky Owners Association (http://www.bigskymt.org/bsoa/) and the Big Sky Resort Area District. Many standard services (such as Department of Motor Vehicles and City Court) are found in Bozeman and are provided by Gallatin County.

Where is the closest hospital?
Bozeman Deaconess Hospital is located in Bozeman about 45 miles north.

What schools are in Big Sky?
Ophir School is the local elementary/middle school teaching grades k-8. For high school age, kids are bused to the high school in Bozeman.

How big is an acre?
An acre is an area of land equal to 43,560 square feet. For visuality purposes, an acre is most often compared to the size of a football field - not counting the two end zones, which are each 30 feet in length.

Is depreciation common?
Generally, real property never depreciates in value, or more so, it is not very common for property to depreciate. This is why it's a great investment. Carefully consider location and community when choosing a home, it could make a big difference.

What are basis points?
Basis points relates to changes in the interest rate for your home.

What are closing costs?
Closing costs are expenses incurred by buyers and sellers in transferring ownership of a property. These costs include title company settlement fees, title insurance, recording fees, inspection fees, appraisal fees, etc.

What are comparables or comps?
Recently sold properties that are similar in size, location, and amenities to the home for sale. These properties help an appraiser determine the fair market value of a property.

What are discount points?
Discount points are a type of point paid by the borrower to reduce the interest rate.

What are prepayment penalties?
A penalty fee charged for paying off mortgage early, thus allowing banks to still make money off of the loan in the event that you inherit a small fortune. Most loans these days do not have prepayment penalties - and if they do, they are only applicable for the first few years of the loan.

What does an appraisal mean?
An appraisal is an estimate of the value of a certain property by a qualified, independent individual.

What does preapproved mean?
When you are preapproved, you have a definite commitment from a lender. However, this commitment is always subject to the appraisal and often the final approval of the underwritter.

What is a broker?
An agent who is authorized to open and run his/her own agency. All real estate offices have one principal broker.

What is a buyer's agent?
On most transactions, there is usually a listing agent and a selling agent. The selling agent is sometimes referred to as the buyer's agent, because he works on the buyer's behalf and it is easier than explaining each time that the "selling agent" is not the listing agent and is actually the buyer's agent.

An agent hired by buyers to help them find and negotiate the purchase of a home. This agent works for the best interests of the buyers, not the sellers.

What is a closing?
The process of finalizing all the terms associated with the sale and purchase of a home. (Also known as a settlement)

What is a commitment letter?
A commitment letter is a formal offer of a loan by a lender. The letter states the terms under which the lender has agreed to the loan.

What is a contingency?
A contingency is a provision included in a sales contract stating that certain events must occur or certain conditions must be met before the contract is valid.

What is radon?
Radon is a naturally occurring radioactive gas that, when it has a accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal guidelines have been found in buildings in Montana. Additional information can be found at http://www.epa.gov/radon.