Simple Steps to buying a home: |
1. Find a Buyer's Agent you can trust! |
Every smart Buyer will have a Buyer's Agent to represent them in their transaction. REMEMBER: The Listing Agent by law MUST represent the Seller and work for their best interest. Every Buyer needs their own personal Buyer Agent that will represent you, making sure you get the best price for your new home. An inexperienced agent often times doesn't have the knowledge to write up an offer that will completely protect you as a buyer such as adding necessary contingencies and aquiring all necessary Addendums, Disclosures, Notifications and Inspections in the Purchase and Sale Agreement. You need a Buyer's Agent with experience and proven track record! With Sheri's 15 years experience of negotiating experience as a Realtor, you are guaranteed the best possible service and the best possible price on your future home! |
2. Have your Buyer's Agent pre-qualify you! |
Before you start looking for a home, you need to know your price range! Sheri can personally pre-qualify you online. (see "Pre-Qualify" section) Sheri daily keeps current on mortgage interest rates and loan programs available and can confidently direct you to the one that is best for you. |
3. Start looking for homes! |
Sheri loves working with buyers! Buying a home is an extremely exciting endeavor! It's her job to make it pleasant for you! Sheri can send you printouts of all homes available that fit your specific criteria as soon as the listing hits the MLS Listing Database via email, fax or mail... preferably email because you'll receive it immediately! Sheri will continue to send you listing updates as well so that you can drive by the homes at your convenience. The listings that interest you, call her and she'll arrange for a showing! |
4. Submit an offer |
Once you've found that Perfect Home, it's time to write an offer. Your Buyer's Agent will make sure you get the best possible price for your new home, make sure all necessary contingencies are in your Purchase and Sale Agreement to protect you as a Buyer, make sure all necessary Addendums and Disclosures are included, and all necessary Inspections are ordered. |
5. Proceed through Closing Process |
Once your closing offer is accepted by the Seller, then the Closing Process begins! Your Buyer's Agent will assist you in submitting Loan Application, order inspections, title search, and appraisal.Then loan approval is granted, closing documents are signed, documents are recorded, funds dispersed to Seller, and finally you move in! It is your Buyer's Agent job to make this a pleasant and smooth-sailing process! |
What is a Buyer's Agent/Representative? |
| A Buyer's Agent is a Real Estate Agent who works for the Buyer. The Buyer does not pay any compensation to the Agent. The Buyer's Agent receives compensation from the seller, unless there is a contract between the Buyer and Agent for compensation. Every smart Buyer will have a Buyer's Agent to represent them in their transaction. BUYER'S WARNING: The Listing Agent by law MUST represent the Seller and work for their best interest. Every Buyer needs their own personal Buyer's Agent working for their best interest! |
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Frequently Asked Questions: |
What is the difference between "pre-qualified" and "pre-approved"? |
If you are "pre-qualified" you have determined, with a loan officer or real estate agent, what price you can afford based on the down payment, your debts, your income, and the amount the mortgage company will approve for your mortgage. Being "pre-approved", your credit, employment verifications, and funds have been approved by the lender. |
What are closing costs? |
Closing costs are an accumulation of charges paid to different entities associated with the buying and selling of real estate. For buyers, they are usually about 4-6% of the total sales price of a property. Some of the closing costs you might encounter are: application fees, appraisal fee, county taxes, credit report, discount points, documentation fee, escrow fees, homeowners' association fees, loan fees, mortgage insurance, origination fees, tax registration and title insurance premium. |
What is a point? |
One point is equal to 1% of the new loan amount. Whenever government regulation, state usury laws and/or competitive practices prohibit the lender from charging a rate of interest that would make the real estate loan competitive with other fields of investments, the lender must seek some method of increasing the yield for the investors. By charging "points", the lender can bring the real estate loan up to those other investments. |
What is earnest money? |
When you make an offer, you will need to put up an earnest money deposit as a sign of good faith that you are seriously interested in buying a home. That deposit becomes a part of the purchase price and is held in a trust account until there is full acceptance of the offer. Typically, an earnest money is 3-5% of the other amount. |
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. |
