Tips
for BUYING A HOME!
Choosing
an Agent Of
all the decisions you'll face when buying a home, there's
none more important than the person you choose to represent
you.
The job of your
Sales Associate is to support you in finding the right
home with the best possible terms, and to aid you through
the entire process. Your Sales Associate will explain
the process of buying a home, and familiarize you with
the various activities, documents and procedures that
you will experience throughout the transaction.
Tips
For Selecting an Agent
Your Real Estate
Professional should be:
Knowledgeable about the community of interest to you.
Aware of the complicated local and state requirements
affecting your transaction.
Effective in multi-party, face-to-face negotiations.
Highly-trained, with access to programs for continued
learning and additional certifications.
Technology-focused.
Supported by professional legal counsel.
Financing
Most real estate
professionals and mortgage lenders recommend pre-qualifying
for a loan before selecting a home to purchase. This process
will help you:
Determine the
price range you can afford.
Understand the types of loans you qualify for.
Determine what your monthly payment will be.
Estimate the down payment and closing costs.
The
Loan Process
Your Sales
Associate will help you to select a mortgage lender. Once
you have made your decision, these are the steps of the
process:
Application
- All pertinent documentation is obtained. Fees and down
payments are discussed, and the borrower will receive
a Good Faith Estimate (GFE) and a Truth-in-lending statement
(TIL), itemizing the rates and associated costs for the
loan.
You will be asked
to provide certain documents to your lender in order that
your loan can be processed in a timely manner.
Loan
Submission - Once all the necessary documentation
is in, your completed file is submitted to a lender for
approval.
Loan
Approval (Underwriting) - Loan approval, or
underwriting, generally takes 24 to 72 hours. All parties
are notified of the approval and any loan conditions that
must be received before the loan can close.
Closing
- Once all parties have signed the loan documents,
they are returned to the lender. If all the forms have
been properly executed, the lender sends the loan funds
by wire transfer. At this point, the borrower finishes
the loan process and actually buys the house.
Finding
and Choosing the Right Home
Based on criteria
that you and your Sales Associate establish together,
your Associate will help you find the perfect home. There
are many factors to consider in selecting a property,
including location, bedroom and bath count, schools and
amenities.
Your Sales Associate
will apply their extensive community knowledge and professional
resources to research available properties, and show you
the homes that best meet your needs. If you find a property
that interests you through the Internet or your own research,
let your Sales Associate know so that a showing can be
arranged.
As you view different
properties, your criteria may change. Open and direct
communication with your Sales Associate is a key element
of a successful property search.
Making
an Offer
Once you have
found the home that you wish to purchase, your Sales Associate
will apply their professional training and do all the
necessary research to help you structure an effective
offer.
This is where
your Sales Associate's negotiation skills come into play.
When an offer is made, the seller will have the option
of accepting, rejecting or counter-offering. Your Sales
Associate will negotiate the best possible terms for you.
Your Sales Associate
will draft the purchase agreement, advising you of protective
contingencies, customary practices, and local regulations.
Home warranty, title and escrow arrangements will be detailed
in the offer. Although your Sales Associate will give
you advice and information, it is your decision as to
the exact price and terms that you wish to offer.
Managing
the Escrow
When the purchase
agreement is accepted and signed by all parties, your
Sales Associate will open escrow for you and your earnest
money will be deposited. The escrow is a neutral third
party that will receive, hold, and distribute all funds
associated with your transaction.
Removing
Contingencies
Prior to closing
escrow, all of the contingencies of the Purchase Agreement
must be met. Your Sales Associate will coordinate this
process. Typical contingencies include:
Approval of the
Seller's Property Disclosure Statement.
Approval of the preliminary title report.
Loan approval, including an appraisal of the property.
Physical inspections of the property.
Pest inspection and certification.
Acquisition of homeowner's insurance.
Closing
Escrow and Moving In!
When all of the
conditions of the purchase agreement have been met, you
will sign your loan documents and closing papers. You
will deposit the balance of your down payment and closing
costs to escrow, and your lender will deposit the balance
of the purchase price. The deed will then be recorded
at the County Recorder's office and you will take ownership
of your home.
Your Sales Associate
is a valuable source of helpful tips for planning and
coordinating your move.
For
an appointment call 239-542-5777or write to
info@sellingparadiserealty.com |