House-Hunting Tips
Buying a home? These eight tips can help make your house-hunting experience positive and rewarding.
1. Location counts. You've probably heard the old real estate joke about "location, location, location,"
but the point still bears repeating. Location is crucial. How far are you really willing to commute to your place of employment?
How good are the local schools, shopping centers, public transportation, seniors services and other public amenities? Will
your new home be next to a vacant lot or a commercial property? Even a picture-perfect dream home can be a mistake if it's
in an undesirable location, and a poor-location home can be a particularly bad choice if you anticipate reselling the home
within a few years.
2. Make a list. Do you (and your spouse, if you're married) really know what you need and want in your
home? You'll save yourself many hours of shopping (and potentially arguing) if you make a list ahead of time. Zero in on the
features you must have, would like to have, definitely don't want and would prefer not to have. Your goal is to find the right
home for your family without falling in love with one that doesn't suit your needs. Tip: Start compiling your wish list by
thinking about what you like and dislike about your current home.
3. Do your homework. Not long ago, consumers had very little access to information about recent home
sales prices, market trends, homes on the market, neighborhood statistics and the home-buying process. Today, all this information
and more is available on the Web. Go surfing. Get educated. Become empowered.
4. Get preapproved for a mortgage. Your top-dollar home price is a function of your household income,
your creditworthiness, interest rates, the type of loan you select and how much ready cash you have for the down payment and
closing costs, among other factors. Rather than guessing or estimating how much you can afford to spend, ask a lender or mortgage
broker to give you a full assessment and a letter stating how much you're qualified to borrow. The true amount may be much
more or much less than you think.
5. Use a checklist. Touring multiple homes is a confusing experience for most people. Rather than
relying on memory, make notes about the homes you visit. Turn your priorities into a personalized home-shopping checklist
and use it track the features of each home.
6. Wear comfortable clothing and sturdy shoes. House-hunting can be tiring, especially if you're relocating to a
distant community and want to see a dozen homes in one day. There's no sense in torturing your feet unnecessarily.
7. Be prepared to make an offer. House-hunting can also be frustrating, especially if you know in
your heart you're not really emotionally or financially ready to buy a home. If you're not ready, don't put yourself through
the exercise. If you are ready, go through a blank purchase contract ahead of time so you'll know what decisions you'll face
when you make an offer.
8. Relax. Granted, buying a home is a major life-altering event. But it's not worth making yourself
insanely crazy or super-duper stressed. Save time at the end of your house-hunting expedition to unwind, calm your thoughts
and emotions and keep the whole experience in perspective.
Buying A Home
1. Determine How Much You Can Spend On A Home - Get Pre-Approved!
You will then know the price range of homes
you should be viewing. It?s no fun to find your ideal home and then find out
you can?t afford it????
2. Find
a Home
This includes identifying location (city
or neighborhood), distance from work, size (bedrooms, baths, yard), and any other needs or special requests. As your real estate broker, we will provide listings of homes that match your requirements.
3.
Make an
Offer with an Earnest Money Deposit
Once you have found the home you want to buy,
an offer is written and submitted to the seller, along with an earnest money deposit.
The deposit is usually 1% of the sales price, and shows the seller that you are a serious buyer.
4.Your Offer is Accepted - Escrow Begins
After your offer is accepted, your earnest money deposit is processed within 3 days. "Escrow" refers
to the processes and paperwork to finalize the sale. The Escrow Company is the neutral ?depository? and communications facilitator
between the buyer and seller. This includes ordering title reports on your new
home, securing the deed, and working with the lender.
5. Home Inspection
Within 10 days after your offer is accepted, a Home Inspection will be made of your new
home. This is done by a qualified professional home inspector, you have an opportunity
to ask the inspector any questions on the home?s condition.
6. Close of Escrow
- Signing Final Documents
sign all final transfer and loan documents, and pay any closing
costs required. Closing costs vary based upon your loan and specific arrangements
with the seller. After the documentation if finalized and officially recorded, all that is left is receiving the keys to your
new home!
Buyer's BROKER
A buyer's broker
WORKS ONLY FOR THE BUYER. A buyer's agent has fiduciary duties to the buyer which include reasonable care, undivided
loyalty, confidentiality and full disclosure. However, in dealing with sellers a buyers agent must act honestly. In dealing
with both parties, a buyer's agent may not make any misrepresentations on matters material to the transaction, such as the
buyer's financial ability to pay, and must disclose defects of a material nature affecting the physical condition of the property
which a reasonable inspection by the licensee would disclose.
Why???
Buying and selling real estate is a complex matter.
At first it might seem that by checking local picture books or online sites you could quickly find the right home at the right
price.
Homes differ and so do contract terms, financing
options, inspection requirements and closing costs. Also, no two transactions are alike.
In this maze of forms, financing, inspections, marketing,
pricing and negotiating, it makes sense to work with professionals who know the community and much more.
May I Be of
Assistance ???
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Benefits
of Owning Your Own Home |
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Important
Things To Avoid Before Buying a Home |
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Don't
Buy a Car - or Did You Already Buy One? |
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The Business
Cycle and Buying a Home |
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Comparable
Sales and Your OFFER PRICE |
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Major
Factors Influencing your OFFER PRICE |
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Offering
to Purchase Real Estate- the Basics |
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Writing
an Offer - Safeguards Regarding the Property |
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How Financing
Details Affect Your Offer |
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Selecting
Service Providers |
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