 |
|
Overview of Buying to Closing Process |
How to Find The Best Home
There are hundreds of properties for sale. Signs are everywhere. Newspapers and catalogs are loaded with ads. Each looks better than the last, but then, sometimes none look very appealing. You may grow tired of looking, looking and looking. You may become confused. You may wonder, where has the fun gone?
Relax for a moment and chat with one of our agents. What is it that you really want? What do you need? How much do you feel comfortable spending? Together, you will identify "must have" and "like to have" items and establish priorities. Your agent will listen. The agent will get to know you and learn what you really want. The agent will be patient and knows the market. You will benefit from the agent's knowledge & experience.
Some hearty buyers want to use several agents, the more working for them the better, right? No, wrong. The Best way to find a home is to pick a Realtor that you trust and in which you have confidence. In choosing a Realtor, consider their interest in you and in your family. Consider their track record, their competency and their firm's performance record.
It is no accident that Empire Real Estate has been in the business for half a century. Our agents are ready to share with our buyers every property that we know for sale. We are in touch with every major Real Estate Company every day. We know what is new on the market, what's a good house and what's not, and we often know of properties that are going to come onto the market; some even before they are listed. Real estate is our life; and we want you to be happy. We will help you find the best property for you.
Discovering The Homes Condition
No surprises, you want no leaking pipes or bad furnaces when you move in. Neither do we. Fortunately, several steps can be used to reduce your exposure to these unwanted surprises.
Start with the Residential Real Estate Property Condition Disclosure prepared by the seller. Standard real estate practices provides that most sellers must give you one. Read it carefully. It is not a warranty, but the seller must be honest and there is valuable information in it.
The offer to purchase agreement will provide you with the opportunity for inspections as a condition to your purchase. We will provide you with a list of professional inspectors for you to choose from. Their cost is reasonable, and you will learn a lot. It is best if you attend the inspection. If the inspections reveal serious problems that you couldn't see and that weren't previously disclosed, the seller must either fix them or you don't have to buy the property, unless the property is being sold in “as is” condition. Though, you are still not obligated to purchase the property if the repairs are out of your realm to correct them. A professional inspector's eyes and your eyes will reduce your exposure to unwanted surprises.
We also can provide a special one-year Warranty Plan that will cover certain appliances and systems in your home. There is a cost, of course, and a deductible for each claim. Nonetheless, many purchasers have found this extra assurance comforting.
Money, Money, Money
How much down? What are Closing Costs? What is the best mortgage for me? Fixed rate or adjustable rate mortgage? FHA, VA, Insured conventional, and Conventional,...what does it all mean?
Finances are important and we want you to feel comfortable about them early in your property search.
While it can be confusing, it doesn't need to be. Each program is designed to fit certain buyers. Each has special benefits but also liabilities. What you want to find, and what we want to help you find, is the best situation for you, not for someone else, but for you. We will guide you through this financing maze.
Before you begin negotiating, you will have already been working with your lender closely, and have estimated how much money you will need, for both the down payment and closing costs. We will estimate your monthly payment, including a component for taxes and insurance, if you will be including them in your payment. Negotiating to buy a home from a sound position based on knowledge is always the best plan.
Your Empire Associate will be pleased to attend the loan application with you. We can tell you what information you will need to have available. Then after application, we will follow up with the loan processing, appraising, inspections and title work, all requirements for a smooth closing.
As problems pop up, as they sometimes do, we are ready to help solve them. Our considerable experience can be of real help to you. Click here for mortgage calculators!
Negotiating The Purchase
All the details of your purchase will be in writing. Agreements that the seller may make with you are not enforceable, unless they are in writing. That's the law. Therefore, it is very important to carefully consider the terms of your offer to the seller to protect your interests. Empire Real Estates' experience can really help in this area.
Many important concerns will already be covered in the offer to purchase agreement. For instance, the sellers must prove that they own the property. Inspections are carefully explained. A contingency for your financing is available. How the earnest money will be handled, possession, and a host of other details are included. We will add any special conditions that may concern you. Our experience in this area can be invaluable.
The seller may accept your offer, make a counter offer or turn your offer down. Whatever the seller's response, we will be at your side throughout the negotiations and closing of the transaction. All of our skills and knowledge will be available to you.
The Closing
You will soon be closing on your home. The sellers will convey title to you and you pay them. Generally, you will execute a mortgage, and you may feel nervous. We understand these feelings and will be available for your questions and assist you in any way we can.
Before closing, if time allows, we will review the entire transaction with you and try to help you not overlook any details. We will review with you a preliminary closing statement to be sure it is correct. At Empire Real Estate, we are proud of our record for smooth closings.
It is time for excitement and joy. Soon you will be moving into your new home. Soon you will be enjoying the benefits that caused you to love this home.
Tips on Preparing for Your Home Inspection
When interviewing a home inspector, ask the inspector what type of report format he or she provides. There are many styles of reports used by property inspectors, including the checklist, computer generated using inspection programs, and the narrative style. Some reports are delivered on site and some may take as long as 4 - 6 days for delivery. All reporting systems have pros and cons.
Take the time and become familiar with your report. Should the report have a legend, key, symbols or icons, read and understand them thoroughly. The more information provided about the site and home, the easier to understand the overall condition.
We recommend that you accompany your inspector through the entire inspection if possible. This helps you to understand the condition of the home and the details of the report.
At the end of the inspection your inspector may provide a summary with a question and answer period. Use this opportunity to ask questions regarding terms or conditions that you may not be familiar with. A good inspector should be able to explain the answers to your questions. If for some reason a question cannot be answered at the time of the inspection, the inspector should research the question and obtain the answer for you. For instance, if the inspector's report states that the concrete foundation has common cracks, be sure to ask, "Why are they common?" The answer you should receive will be along these lines: common cracks are usually due to normal concrete curing and or shrinkage. The inspector's knowledge and experience is how the size and characteristics of the cracking is determined.
Read the report completely and understand the condition of the home you are about to purchase. After all, it is most likely one of the largest investments you will ever make.
|
|
|
|
|
