Steps to Home Ownership

Steps to Home Ownership

Buyers Consultation
Together we will discuss your housing wants and desires. Your time frame, housing preference, suitable locations and neighborhoods, important community amenities, and special needs that you may have. This is your wish list.
We’ll also talk about financing options, how much home you can afford, and what is your actual comfort level.
Pre-Qualification for Loan
Meet in person or Online, with professional mortgage consultant to determine your full ability to obtain a housing loan. I will provide you with contacts, individuals that I had worked with in the past who will do provide a full array of financing options and loan programs to determine what best meets your needs. There is no obligation on your part and the credit report and inspection are credited at closing without any obligations to use a preferred lender and or your choice.
Home Search
The exciting process of looking at homes and communities to determine where you will be living next! The process begins with online viewing of MLS listings of those homes that seem best suited to fit your needs. We update you daily as new listings enter the market that match your specific needs. Together we visit the properties that you are most interested in viewing first hand. This process continues until we find a home that you feel matches your needs just right!
Offer / Negotiations
Whatever your time frame, we will find your dream home. We then do all the research to determine the correct market value of the home, and information about the seller to put you in the strongest negotiating position. Together we put together an offer you are comfortable with, and then negotiate with the seller’s agent on your behalf. Always keeping your goals and your best interest in mind.
When you prepare the offer is the only opportunity to make YOUR FINAL AND BEST PRICE,  You may in the process of the contract have a second chance but it is not a guaranteed.
Personal Property
Light fixtures, drapery rods, chandeliers, washers, dryers, refrigerators, heating oil in the tank, storm windows and doors, firewood, even swimming pool chemicals, and other items not physically attached should be specified in writing if they’re to be conveyed to the buyer.
When you and the seller sign, you are agreeing to the contract conditions. Before you sign it, read it carefully and make sure you understand every detail. Ask questions. Verbal agreements should be written into the contract. If you plan to have a lawyer represent or advise you, retain one as early as possible.
The amount of “earnest money” should be clearly stated, plus the amount of money you will be paying at settlement and your sources of financing. A common purchase deposit in many areas is $1,000 or  1-2% of the purchase price, deposited in escrow.
Counter Offers
Your agent will take the offer to a “contract presentation” with the home seller and the listing broker. In some areas, the three of them will discuss the offer, and the seller will accept it as written, or make “counter offers” on unacceptable aspects, or reject it. The selling broker will then bring back the offer to buy to the homebuyer, who can accept it, counter-the-counter offer, or reject it. The offer to buy becomes a contract when all parties have initialed every counter and signed the offer.
Contingencies of a Contract 
Next step is a General Home Inspection
You will have to pay  for this inspection, but the peace of mind or detection of a problem is well worth the cost of inspecting. Time depends on the home size and issues found, inspector if hired will be licensed and will provide you a detail report.  It is a detail report of all found at time of home inspection. Inspector will check all visual, electric, plumbing, attic, roof, basement as well test your heating, hot water and all appliances present at the time of the home inspection.

  1. Home Inspection Repair Work – Standard contracts of sale require sellers to be responsible for plumbing, heating, mechanical, and electrical systems to be in working order at time of settlement. You should conduct a “pre-settlement walk-through inspection” which should be made several days before or not later than the day of settlement ( Cost paid by you is that of $280-$425, size of home is the factor)
  2. Contingency on Financing – Be specific about the total loan amount, the date a second or third mortgage is due, and the exact financing terms. Many contracts have an “alternative financing clause” that allows buyers to accept different financing than that which is written in the contract, as long as it doesn’t affect seller’s net proceeds.
  3. Appraisal – At official application date the lender will collect a check or credit card and or you will pay upfront for the appraisal, fees are $470-$550. Lender confirms cost with you as well. The lender is borrowing the funds and will ensure that the property is worth what you are paying for and that the property is in livable conditions. The house must have all in working conditions and repair like conditions. Low Appraisals: Negotiate the price   High Appraisal: You win nothing changes
  4. Termite Inspection ($35) – The contract may require the seller or buyer, depending upon the area, to pay for a termite inspection. The results of this inspection may further require payment for removal of the infestation and repair of any damages from the infestation. You should get a written report at settlement indicating that the property is free and clear of any active termite infestation. In some areas, well and septic certificates are also required.
  5. Title Attorney or Insurance Company –  The buyer has the right to select a title attorney or insurance company. You should shop and compare prices before deciding what attorney or title company will conduct your settlement. Also, be sure to clear the title company with the lender, whose interests are also involved.

Lender Approval
Once inspections are completed I will help you stay on track, and focused, in order to get your mortgage loan fully approved. We help you compare rates, and programs with different lenders, in order to get the best loan package available. You will also need to transfer the utilities into your name and obtain home owners insurance to being on the scheduled day of closing.

  • Respond immediately to all lender requests: Lenders often need more information from you while your home loan is being processed. Even if it seems excessive, make sure you provide everything needed in a timely fashion.
  • Keep track of all deposits and withdrawals: No cash deposits, ask your lender with details if needed.
  • Maintain your credit profile: Don’t apply for new credit, don’t make a job change, don’t leave your present job, don’t buy a car, don’t spend anything on your credit cards or close any credit accounts—because any one of these moves could hurt your credit score or change your debt-to-income ratio.

Final Walkthrough
We will complete it 1st a week  prior to closing. We will walk through the home again, top to bottom, making sure that you are happy with the product, and that the home is in the same condition as when you wrote the offer.

  • Bring your home inspection report, a copy of your contract and the sellers’ property condition disclosure form so you can check on specific flagged items.
  • Check for items that the sellers agreed in the contract to convey to the buyer, such as window treatments or fireplace tools. Remember that these items have to be identified in writing, not just in an oral agreement.
  • Check for items the sellers left behind that you don’t want. If the sellers don’t want their basement bookcases, that doesn’t mean you have to keep them. Check your contract to see if the shelves were mentioned. If not, it’s the sellers’ responsibility to remove them.
  • Test all the appliances to make sure they still work.
  • Turn on the heating and air conditioning for a few minutes to see if they are operable.
  • Bring an inexpensive electrical tester from a hardware store to make sure all the outlets work.

I will prepare a list of utilities for you to transfer the utilities which must be done by the closing date to avoid set up additional fees.
Also I will have the exact address of the location where we will meet for closing time schedule
The lender will call you to confirm the amount required for you to bring to the table.
I always attend settlement with you, being sure to check all the figures, explain the details of the paperwork, and to be sure that nothing is missing.
All papers have been prepared by closing agents, title companies, lenders and lawyers. This paperwork reflects the sale agreement and allows all parties to the transaction to verify it for their interests. For instance, buyers get the title to the property, lenders have their loans recorded in the public records, and state governments collect their transfer taxes.
Important things to look for is the interest rate making sure that it matched what was promised, payment amount, the property address, and your personal information to be reported the IRS
Check up
I follow up with you after closing, to be sure you are happy with your new home.
Follow up
From time to time we will check in with you to keep you posted on important real estate news, and local information about your community.
I also ask that you pass our name on to your friends and relatives that you think would benefit from the exceptional real estate services that I have provided to you.

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