To start you on your path with confidence, we have compiled a list of some of the most common terms used when buying a home.
A professional analysis used to estimate the value of the home. A necessary step in validating the home's worth to you & your lender to secure financing.
The cost to complete the real estate transaction. Paid at closing, they include: points, taxes, title insurance, financing costs, items that must be prepaid or escrowed. Ask your lender for a complete list of closing cost terms.
A number ranging for 300 to 850, that is based on an analysis of your credit history. Helps lenders determine the likelihood that you'll repay future debts.
Down payments are typically 3-20% of the purchase price of the home. 0% down programs also exist, ask your lender for more information.
The interest rate you pay to borrow money to buy your house. The lower the rate the better.
A letter from a lender indicating that you qualify for a mortgage of a specific amount.I
An individual who provides services in buying and selling homes. Real estate professionals are there to help you through the confusing paperwork, find your dream home, negotiate any of the details that come up, and to help you know exactly what's going on in the housing market.
The best way to ensure that your home-buying process is a confident one is to find a real estate pro who will guide you through every aspect of the transaction with the best "the heart of a teacher", putting your family's needs first.
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Many people believe you need a 20% down payment to buy a home. There are loans available that allow buyers to put down as little as 3% or 0% with a VA or USDA loan.
Your credit score is a numeric representation of your history and ability to pay back debts in the past. Different home loans have different credit requirements.
Once you have a handle on your credit score and down payment savings, contact a local agent you trust who can guide you through the process of buying your first home.
Your agent will have a list of lenders that you can work with to get pre approved for your mortgage. This will help keep you on budget during the next step.
The experience of buying a home can be both exciting & exhausing. The first step is to choose & stay with the right agent. Buying your home is more than a business transaction, we know. Its personal. Our team has the exclusive concierge service that is committed to our one-on-one relationships, reducing time, energy & making your home buying experience a pleasant & exciting one...
Choosing a Real Estate Agent is the first step along the road to homeownership, and we appreciate you taking the time to coniser us. We invite you to contact us with any questions you may have about our services that will help east the decision making process. We look forward to working hard for YOU!
Deciding what you need is of the utmost importance. What we have found is sitting down with everyone involved and filling out a "wishlist" helps differentiate everyone's needs versus their wants. It will also provide room for hopes & wishes while managing everyone's expectations.
The buyers agent assists the buyer in evaluating properties, preparing offers, developing negotiating strategies and works in the best interest of the buyer. If YOU as a buyer wish to have an agent represent you, you must enter into a buyer agency agreement. In most cases the seller pays the commission.
Unless you are a cash buyer, the Pre-Approval is your next step. We can provide you a list of preferred lenders who can get you pre-approved. They will help you determine what you are comfortable spending for your monthly payment which will quantify the price range we will be searching for homes. The lender will also explain the earnest money deposit, down payment and closing costs.
Our team pre-screens homes for you that meet your style, location, price and size. Sometimes we will discover new listings together. If you are like most buyers you will search online and visit open houses. Just make sure you send those listings to us so we can research the properties & discuss them with the open house agents. You may also want to consider For Sale by Owner (FSBO) homes or new construction homes, we can help you with those as well.
Once we have found the home you wish to purchase, we will work together to determine what offer you are willing to make. Remember prices is not the only term! You may have found a home that is in a competitive situation, our team will help you present offers that will get accepted.
Accept, reject and countering ... After we present your offer to the seller, the offer will either be accepted, rejected or the seller will make a counter offer. This is when we will negotiate terms of the contract if necessary to create a win-win for both buyer and seller. Things we will discuss: neighborhood values, condition of the property, intended repairs or improvements. All of these factor into your position when negotiating your offer price.
It is imperative for the Buyer to abide by/stay within contract timelines or you may be in default of the contract terms. (Ex. financing, inspections) Inspection costs vary based on the property being purchased, Our team will help you understand the costs involved based on your property type. We will help you manage and schedule inspections as needed as well as attend the inspections with you.
The inspection is an opportunity for you to get to know your new home and how to maintain it. The inspection is designed to identify problems or defects in the home that could have damage, safety concerns or problems that require unforseen costs in the future. A general inspection should include: appliances, plumbing, electrical, air conditioning, heating, roof, attic, foundation and general overall structure.
Your home cannot "pass or fail" an inspection, and your inspector will not tell you whether he/she thinks the home is worth the money you are offering. The inspectors job is to orient you with the home and make you aware of repairs that are recommended or necessary. The seller may be willing to negotiate the completion of repairs or offer a credit in lieu of completion of repairs. Every situation is different!
A few days before closing you will review closing disclosures for accuracy. During the closing you will sign documents for ownership of the property and the acceptance of the loan.
Prior to the closing the property will be vacant, clear of trash and debris, broom clean and in substantially the same condition as existed on the date of Contract Acceptance. If you are buying AND selling a home, we will work closely together to coordinate your move seamlessly!
The time has come and you can take possession of your new home. All the effort, time and energy has been worth in. NOW we get to hand you your keys!!