Finding the Right Home

• You can search for your new home in the newspaper, on the internet, or by driving neighborhoods and looking for signs.

• A professional agent has access to the MLS (multiple listing service) which is typically 2 days ahead of the information on the internet.

• By hiring an agent you do not have to read ads and drive neighborhoods, your research can be done by your agent on the computer and networking with other agents. This allows you to spend your time evaluating what you want and the best options that are available to you in the market place.

• It is also very helpful to have a trained professional help you process all this information and be a "sounding board" for you.

Home Inspections

In recent years home inspections have become very popular. So popular in fact, that there is now a professional organization ASHI (American Society of Home Inspectors), that trains inspectors, gives them exams, and oversees a Standard of Practice and a Code of Ethics.

A home inspection is really a condition report. The inspector will check out and evaluate the structure, the systems and the general overall condition. This inspection is not a structural inspection as it is frequently called. A licensed engineer is required to do a structural inspection.

The home inspector may find indications of potential problems and then recommend having this particular item investigated by a professional who specializes in that area. The most common example of this is having a licensed and bonded roofing contractor inspect the roof.

Typically, home inspections are 1/2 day long and cost approximately $300.00 to $350.00. It is customary for the buyer to pay this cost. Most inspectors will allow the buyer to be involved with the entire inspection and will generate a written report at the end of the inspection.

Contact me , I would be glad to give you a list of local home inspectors.

Financing

Getting with a lender is the first step in the buying process. By first deciding what you  want to spend, or what you can afford, it is a lot easier to look for your new home. Other benefits are that you aren't worrying whether or not you can finance the homes you're looking at, which reduces stress. And if you have your loan pre-approved when you present your purchase offer, you're a stronger buyer in the seller's eyes.

PREQUALIFIED vs. PRE-APPROVED

Prequalified is really nothing. This only means that you have talked with a lender. What is in your best interest is to decide on a lender and make application, pay for a credit report and have your loan approved subject to appraisal & title. There are a lot of loan programs for different types of purchases. Contact me and I can get you a list of lenders who will fit your needs.

Closing & Settlement

Finalizing your purchase is called closing. Closing is defined as when the seller has the money and you the buyer have the deed. A day or two before closing you will go to the escrow company and sign papers. Once the transaction closes you get possession of your new home on the day that you agreed to, early on in the purchase & sale agreement. Typically, with conventional financing and without buying down the rate, you can expect approximately 3% in closing costs on the buyer's side.

Buyer's Agency

A buyer's agent is a licensee who has entered into an agency relationship with only the buyer in a real estate transaction. The law is very clear on what duties are required of a buyer's agent. Typically the licensee is compensated by the seller even though the agent is representing the buyer.

Frequently Asked Questions

• What is an earnest money deposit?  

  This is the deposit made by the buyer of real estate, it is a pledge of good faith, and is applied to the down payment and/or costs of purchase.

• What are points?  

  One point is 1% of the loan amount and is typically prepaid interest on your loan amount. Points are used to "buy down" the interest rate on the loan

• What is the difference between a REALTOR and a real estate agent?  

  REALTOR identifies real estate professionals who are members of the National Association of REALTORS and subscribe to its strict Code of Ethics. Not every real estate agent is a REALTOR.

• What is title insurance?  

  Title insurance protects the named insured against loss because of defects, liens, encumbrances, adverse claims or other matters not shown or disclosed to the new owner that attach before date of policy.

• What is closing?  

  The date on which a property legally changes hands from seller to buyer.

• What is escrow?  

  The deposit of instruments and funds with instructions to a neutral third party (escrow company) to carryout the provisions of an agreement or contract.

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