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 Home Buyer Information

As your buyer's Consultant/Professional, we are advocates for you and your family. We will help you find the right home, put together an offer, negotiate the terms, and coordinate the closing. The following is detailed information on the home buying process, which we hope it will be a useful tool to prepare you to be an informed homebuyer!

 Buyer Services

As your Consultants, we will:

• Educate you on the home buying process.
• Refer you to knowledgeable lenders that can assist you with your home loan.
• Discuss your housing search parameters and set up an automatic online search for new listings.
• Let you know as soon as new properties become available.
  Show you properties that match your needs.
• Help you evaluate homes based on comparable market data.
• Guide you through the offer process and negotiate the terms of the contract with the seller and listing agent.
• Provide you with detailed property information, including title, seller's disclosure statements, and any additional documentation that may be necessary for the home.
• Provide you with referrals for related services, such as home inspection, escrow, title, and other services.
• Schedule and attend your inspection.
• Help you negotiate your inspection with the sellers.
• Provide consistent follow-up with your lender and closing agent to ensure that all deadlines are met.
• Keep you informed on the status of your closing.
• Do everything on our part to ensure a smooth and timely closing.
• Welcome you to your new home!

 Buyer Checklist

Completing the tasks on this checklist will educate you about the buying process and strengthen your position when you are ready to make an offer.

• Be an informed buyer: Researching the home buying process prior to beginning your home search will enable you to feel comfortable and confident about the process. Explore this website for more valuable information to learn more.
• Find a qualified lender:  A lender, who can help you determine what type of loan works best for you and how much you can afford to spend.
• Get pre-approved:  Have your lender provide you with a pre-approval letter. This letter will help us determine your price range and will also strengthen your offer when we've found the right home.
• Know your finances:  Determine a down payment and monthly payment that you feel comfortable with. Talk with your lender about your estimated closing costs. If you need to increase your savings, create and implement a budget.
• Determine your housing needs and criteria:  Once you have narrowed down the features and price range you are looking for, we will help you determine what cities and developments will best match your needs.
• Begin the process:  Now that you have prepared, you are ready to start looking at homes!

If you have questions or need help with any of the steps in this process, do not hesitate to call or contact us!

Real estate transactions involve one of the largest financial investments most people experience in their lifetime. Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the assistance of a Real Estate Consultant/Professional.

• Knowledge:  A real estate transaction is complicated. In most cases there are several addenda involved in a single transaction, such as inspection forms, disclosure forms, mortgage documents, etc. It is important to have a knowledgeable Realtor guide you through this experience, ensuring a smooth and timely closing.
• Access:  Realtors have access to the largest number of available properties and instant notification when new properties come on the market.
• Efficiency:  Working with a Realtor will save you time. Realtors have strong knowledge of local markets, experience in handling a wide variety of real estate transactions, and strong negotiating skills. This combination streamlines the real estate process, saving you time and money.
• Guidance:  Realtors provide objectivity. Buying or selling a home can be a very emotional experience. Having an empathetic, yet objective, neutral party helps you stay focused on both the business and emotional issues most important to you.
• Experience:  Realtors have done this before. The typical American family will only buy and sell a few homes in their lifetime. Realtors help families with this process every day. Realtors stay on the cutting edge of new technology and participate in countless hours of continuing education. The real estate laws and regulations are constantly changing. Realtors will provide you with the most up to date information on today's marketplace.
• Professionalism:  Realtors are members of the National Association of REALTORS, a trade organization of nearly one million members nationwide. Realtors subscribe to a stringent code of ethics that helps guarantee the highest level of service and integrity.

When working, you will find our services to be invaluable. Please call or contact us for help to buy or sell a home.

 The Closing Process

Curious about what happens during the typical Real Estate Closing Process? This is what you can expect:

 Step One: Negotiations

• The buyer submits an offer to the seller.
• The seller can either accept the buyer's terms, or submit a counteroffer to the buyer.
• The negotiation process continues until both parties agree on the terms.

 Step Two: Mutual Acceptance

• Once the parties have agreed and signed off on all of the terms, mutual acceptance is created.
• The date of mutual acceptance will direct all future deadlines within the contract.
• If an inspection is to be conducted, the buyer's agent will schedule and attend the inspection.
• The findings of the inspection will be negotiated between the buyer and seller until mutual agreement on repairs is reached.

 Step Three: Legal Documents

• The buyer's representative will open escrow with the closing agent identified in the purchase and sale agreement. A copy of the mutually accepted contract will be sent to escrow and the earnest money check will be deposited.
• Escrow will conduct a title search, order payoff information, and prepare the closing paperwork.
• The buyer will complete a formal loan application and apply for homeowners and title insurance.
• The buyer's lender will order an appraisal and submit the loan application for final underwriting. Once the loan receives full approval, the loan documents will be sent to escrow.

 Step Four: Schedule Closing

• The closing agent will schedule signing appointments for the buyer and seller.
• The lender will send all documents to escrow to be signed.
• The closing agent will provide all parties with the settlement statement to be reviewed.
• Once the buyer has signed the documents, they may be sent back to the lender for review.
• When the closing date is reached and all documents have been signed and reviewed, escrow will record the deed and disburse funds to the seller.
• The keys will be exchanged and the buyer will obtain possession of the house.

 Buyers Frequently Asked Questions (FAQ)

• Q: When should I get pre-approved?
• A:  If you are planning a move within the next six months, you should get pre-approved before you begin your home search. Being pre-approved will help you determine a price range you are comfortable with and will also strengthen your position when making an offer.
• Q: How much house can I afford?
• A:  Ultimately, how much you can afford has to do with what down payment and monthly payment you feel comfortable with. Typically, homebuyers will purchase homes that cost between 1.5 and 2.5 times their annual income. Your lender will help you determine a price range that is right for you and your family.
• Q: Why should I have my own agent, can't I just use the listing agent?
• A: Although it is not a requirement to work with your own agent when purchasing a home, it is a good idea. It is important to have an agent that represents only you and your best interests. If you work with the listing agent, they are representing you AND the sellers. Plus, because fees are paid out of the seller's proceeds, services offered to buyers are at no cost to you.
• Q: What is earnest money?
• A: Earnest money is a "good faith" deposit submitted with your offer to show the sellers that you are serious about purchasing their home. Earnest money is a required part of the contract, though there is no set amount. The amount of earnest money that you offer in the contract can be used as a negotiation tool. The money eventually becomes part of the purchase, and will show as a credit to you on the settlement statement.
• Q: What are closing costs?
• A:  Closing costs are charges paid to various entities during the real estate transaction. They can include escrow fees, document preparation fees, appraisal fees, and lender fees. Your lender should be able to provide you with a close estimate of your closing costs before you make an offer on a home.
• Q: Is it necessary to conduct a home inspection?
• A:  Again, it is not required to conduct an inspection, but it is a very good idea. Inspections typically cost between $300 and $500 and can save you thousands of dollars in the long run by exposing defects that otherwise would not be known until after the home is purchased. The inspection is part of the negotiation process and gives you an opportunity to ask the seller to make the suggested repairs. Whether or not your inspection discovers issues with the house, it is a small price to pay to have a peace of mind.
• Q: Will I need an appraisal?
  A:  If you are planning on taking out a loan to purchase your house, virtually every lender will require an appraisal before the loan is approved.
• Q: What is title insurance?
  A: Title insurance protects against loss from any defects in the legal title, liens against the property or other adverse claims. The lender usually requires title insurance.

Do you have other questions about buying or selling a home? Feel free to call or e-mail me.