House Hunting Time!

Your realtor of choice needs to know the following!

What is the ideal timing of your proposed move?
How long do you have to look at homes?
Is your present home sold/on the market?
Do you need to sell your home in order to buy a new one?
If we found a home today that satisfied your needs, would you be ready to decide?
What style of home do you prefer?
What features do you want in your next home?
Is there a specific area that you like?
Is there a particular school system you want? Why?
Are there any existing medical conditions that will require special features in a home?
What do you have in your present home that must be in your next home?
Are you prequalified by a lender? By whom and when?

Explanation of the MLS system; any home can be shown

• “All” homes that are listed with the Multiple Listing Service can be shown by your realtor of choice

• The realtor name on the company sign, is the listing/marketing realtor; your realtor of choice can still show these homes

• Homes can be seen that are for sale by owner; appointments are made by the buyer’s realtor

Showing procedures for homes of interest

• The buyer is the main focus, in order to be given the newest and most select properties that fit the buyer’s needs

• A buyer can drive by homes that have been chosen, before showing appointments are made.

• Appointments are made, by the buyer’s realtor with the sellers, for showing the selected homes of interest

• As a courtesy to the seller, buyers have an obligation to observe showing appointments with their realtor

Homework

• A home has been found!

• Think it over, preferably overnight!

• Review your list of items that you wanted in a home; compare with the home of choice

• Have your realtor make a second and/or third time viewing appointment.

• Bring another “set of eyes’; another opinion is valuable

Explanation of purchase and sale agreement

• A purchase agreement form is reviewed between buyer and realtor; the time to be comfortable with these documents is “before” the blanks are filled in.

• All of the steps in the purchase process are explained, to make the buyer as comfortable and knowledgeable as possible, including appraisals, inspectors, timing, contingencies, etc.

• A sample copy for the buyer is provided for reviewing independently

Discussion of importance of terms:

• Conventional Mortgage
  A loan approved under Fannie Mae or Freddie Mac guidelines

• FHA
  The Federal Housing Administration; guidelines are set for interest loans on residential properties

• VA
  Veterans Administration loans are available to all qualified veterans. The VA requires no down payment and offers higher loan limits than FHA

• Closing Costs
  The expenses that are incurred in the closing of a real estate or mortgage transaction, by a seller or a buyer.

• Down payment
  The amount of money the lender requires from the buyer, for procuring the type of loan that is being arranged.

Explanation of closing/settlement process

The closing agency performs the following:

• Orders preliminary title report

• Oversees and coordinates solution of any problems revealed in the preliminary title report

• File documents to clear title of all liens, encumbrances, judgments, clouds on title, or easement questions

• Orders title insurance policy

• Verifies that all work orders are completed and re-inspected if necessary

• Prorates any rents, taxes, or utilities to the date of closing

• Prepares all documents and closing papers for buyer and seller to sign

• Arranges for both parties to sign closing documents

• Files all documents with the local government to close the sale

• Upon closing, dispurses funds per the closing instructions

Home inspection discussions

It is recommended that a buyer hire a certified home inspector to inspect the home, once a purchase and sale offer has been accepted. A list of several qualified inspectors are provided to the buyer. This inspection is a contingency of purchasing the home. Areas that the inspector will cover are discussed between buyer and inspector.

Referrals to lenders

• If needed, a list of lenders can be provided. There are dozens of different loan options available today. These should be explored with a lender of choice, as ones purchase power will change with each loan instrument selected.

Assistance with paperwork and any details

Buying a home is a road filled with many confusing choices. Having an accredited buyer’s agent at ones side to help and represent one with any concerns, keeps one from taking the wrong turn.

Allowing and asking for the help of a capable, dedicated professional is your choice!

Extras:

Baby-sitting service during home search
Itineraries/maps, with locations of work, airport, etc.
List of favorite restaurants and activities
Refreshments in car
Toys for kids in car
Buyer guide