Should I talk with a bank before looking at homes?
Yes you should check with a bank AND or Mortgage Company. In most cases a Seller will want a verbal or written pre qualification from the mortgage company or Bank that you are working with.
You also will be disappointed if you look at homes that you can not get a mortgage to purchase.
Your Mortgage Person can also tell you about many different mortgage options that you may qualify to use. Some may have no or little down payment requirements.
Should I buy or continue to rent?
Because interest rates are still low and there are still great Mortgages for 1st time Home Buyers, we feel you should consider the option of Buying a home. That being said we also feel that you should only buy if you feel your income is stable and you are aware of the added expenses of the maintenance and responsibilities of owning your own home.
Can I find a rent-to-own property?
Yes, they are sometimes available but not as simple as paying rent and then owning. Many people don’t understand that rent to own will likely require a substantial down payment and higher interest rates. We are excited to say that we have been successful in rent to own sales for both Buyers and Sellers
Do I really need a Realtor when buying a home?
We certainly strongly suggest you let us help you buy and or sell your house. It can seem complicated and stressful but we are experienced and focused on making your home purchase or sale pleasant and a memorable non stressful event.
Who pays the Realtor fees when buying a home?
There are no guarantees, however, in most cases the seller pays the Realtor fees.
There are times that a Buyer signs a Contract with a Buyers Agent and that Contract may specifically state who will pay that Buyer Agent Commission. It may also be stated on the Listing Contract that a Seller signs, as to how All Agents involved in the sale will be paid.
Questions Asked While “House Hunting”
What is a short sale?
In many cases a short sale is a step before a foreclosure. The Mortgage holder and other lien holders on the property agree to release the liens for less then what is owed. The whole process can be time consuming so not good if you are in a hurry to close.
Should I purchase a foreclosure?
Sometimes foreclosures can actually be a smoother transaction than a short sale. A foreclosure, sometimes referred to as a REO, is a property that is owned by a lender. If you’re considering the purchase of a foreclosure, it’s important to understand that most are sold “as-is.” Foreclosures, if not purchased by an owner occupant, are often purchased by investors, fixed up, “flipped,” and sold to a owner occupant.
How are the schools?
We will be able to provide you with names or websites where you can find information on the local schools so that you can determine whether or not the schools are acceptable to you or not.
What are the average utility bills?
We know how important it is to calculate all your new costs of owning your home. We will do our best to get you all the utility costs and information related to your new home. We have links and contact info on our website for most all the electric, tv, internet, fuel companies, telephone and other services you may need.
How many homes should I look at before putting in a purchase offer?
This question is often asked and is a simple answer. The answer is, there is no specific number of homes you should look at before buying a home. Don’t feel that if you were to purchase the first home you look at that you’re making a mistake. Same can be said if it takes you looking at 25 homes. We have worked with hundreds of Buyers and most of the time the house just feels right to the Buyer. As Agents we love to watch the reaction of Buyers when they fall in love wit the house that meets all their requirements. Sometimes its one or two houses and sometimes it may take one or two years, but you will know when it’s the right house for you.
Questions Asked While Placing A Purchase Offer
How much should I offer the sellers?
When buying a home, you are the only one who can determine how much you should offer a seller. Certainly it’s suggested you ask for your Realtors advice and thoughts, but ultimately you are the only person who can determine how much you should offer.
How long does the seller have to respond to my offer?
It is best to specify when making the offer how long it will be good for. When doing a specified expiration of an offer, keep in mind the Sellers position as far as how quickly they are able to get back to your offer.
What if my offer is rejected?
If your offer is not accepted examine all the reasons why, was it too low, too many contingencies or did someone else make an offer also? You can then decide if you want to make another stronger offer.
Do I have the option to have any inspections?
When buying a home, you have the option to perform several types of inspections. You should be sure that The purchase offer you write can be contingent upon a satisfactory home inspection, and if you want a pest inspection, chimney inspection, and many other inspections. There are home inspection findings that are more common than others, however, no two homes are the same so it’s a great idea to get the home inspected.
Questions Asked After A Purchase Offer Is Accepted
What’s the next step?
Congratulations! Your offer was accepted, now what? Between contract acceptance and the closing date, there are many things that need to be completed. In a nutshell, after an offer is accepted, generally any inspections will be completed. After the inspections, you complete a formal mortgage application and last but not least, the title, abstract, survey, and any miscellaneous paperwork is completed. When buying a home, finding the perfect home is only one part of actually becoming a homeowner. Throughout the mortgage process, you should expect the bank to require documentation, letters, and other items from you to satisfy the bank conditions, so don’t be upset or surprised when this happens.
Do I need to do a final walk-through?
It is not required but you should walk through and be sure that the items that were included are left and in working order. In most cases the house should be left broom clean. Which means no excess garbage ,debris or unwanted items are left for you to dispose of after the closing.
When is the closing date?
It is important to understand that the closing date in the contract is only an estimate. The closing will be scheduled with you and your availability as soon is the Mortgage process id complete and the Attorneys have received, reviewed and prepared all documents that are required.