BUYING

In the beginning we will discuss some basic questions about your finances in order to help you determine the size of loan for which you may qualify and price range of the home you can purchase. We will discuss your preferences in a home, such as the number of bedrooms and bathrooms, size of the yard, etc. This will help us narrow down the number of houses you may be interested in preventing you from wasting vast amounts of your time.

The Search

After we decide what kind of home you want, in order to eliminate wasting your time, we will do an enormous amount of work for you that you will never see. We will sort through all houses on the market to find the ones best meeting your specifications, print and mail or e-mail spec sheets for you to evaluate, and make appointments for you to see them. Once the appointments are made, we will tour those properties so you can find the one just right for you.

The Contract

Once you have found the house of your dreams, we will help you write a purchase contract. This is your offer to the seller to purchase the house. After writing an offer, we will present your contract to the listing agent and seller as soon as our meeting can be arranged. In many cases, the sell will counter your offer by changing some terms.

When this happens, we will discuss the counter offer and if you like we can make another offer. Most contracts do not go back and forth too many times before being acceptable to both purchaser and seller. Once the seller accepts your contract as it is written, we will have a ratified contract.

Loan Process

One of the most important people you will meet during this process will be your loan officer. This is the person who will take your loan application and work to get your loan approved. However, keep in mind that by this time we will have you pre-approved for the loan and it will only be a matter of completing the proper paperwork.

As you look for a lender, it will not only be important to look at rates and terms, but at the lender’s reputation. We will help by recommending a loan officer with whom we have had successful transactions.

Settlement

Settlement is the time when the money and deed are exchanged through the settlement attorney. The attorney will coordinate the settlement by gathering the necessary information from you, the seller, and the lender. The attorney will assure the following:

• Compliance with the loan terms provided by your lender
• Ensure all lender’s documents are properly signed
• Ensure seller’s loan on the property will be paid off and released
• Ensure  the deed transferring the property to you is in proper form

The original deed is sent to the courthouse for recording and later delivered to you. Upon completion of settlement, you will be the owner of the property!!!

Why have a buyer’s agent?

A buyer’s agent will represent you and your interests in the purchase of your home. This is different from a listing agent transaction where the buyer is not technically represented.

Who pays the commission?

The Seller Does.

The seller has generally signed a listing agreement with his agent specifying a certain fee to be paid, and many times it has provisions for splitting that fee with the agent who sells the property?

The Offer Procedure

1. The agent representing the buyer presents the offer to you. One of us will be present to ask, as well as answer questions for you.
2. After the buyer’s agent has answered all of your questions, we will privately review the offer and make a decision to accept or counter the offer.
3. Items to pay special attention to.

·        What is the length of time for loan approval?

·        Time frames on all inspections, termite, home inspections, and all disclosures

·        Are there limits of liability on all repair work?

·        Who is paying for repairs?

·        The length of the contract. The “under contract” period and estimated closing date.

·        Are there contingencies? How will they affect you?

·        Recalculate your bottom line before you make a decision.