Buyers Guide
Priced Too Low
We want to be careful not to price the home too low, as we do not want to leave money on the table. Our goal is to get you as much money as we can.
Priced Too High
We also want to be cautious of pricing too high. Homes priced too high produce far fewer showings, and those showings do not generate offers.
Accurately Priced
Pricing a home accurately is the best way to ensure that the home will sell in the shortest time possible and achieve the highest price possible.
WHY USE A REALTOR?
BENEFITS
When you engage a REALTOR as your standard agent, you have a professional advocate working on your behalf. Your REALTOR can offer you the benefit of solid business experience and training. REALTORS have access to timely market information, can negotiate solely on your behalf, reduce your stress, and save you money.
Typically, buyers engage a REALTOR as an exclusive agent. An exclusive agent is required to perform specific duties for his or her buyer client.
These duties include:
- Negotiate terms and conditions of a real estate purchase contract
- Prepare written offers and counter-offers
- Promote your interests
- Maintain the confidentiality of your personal and financial information
- Account for any money received, in which you have an interest
The Lender
The Lender you select may be affiliated with either a bank, savings & loan, mortgage company or a mortgage brokerage firm.
The Lender’s role is to:
- Assemble information (regarding your income, debt, employment, past credit history, current savings & information relating to the property through an appraisal) on your financial situation to help you receive approval for the loan.
- Discuss with you whether or not you should lock-in or float your interest rate.
- Review your financial situation to ensure you qualify for the loan. They will explain in detail your specific loan to make sure you fully understand it and review your closing estimated closing costs, your monthly payment & explain private mortgage insurance and how it works.
- Send out your information to be verified by your employer, creditors, banks, etc. The appraisal and credit report are ordered at this point.
- Submit loan to underwriter for approval (once all the information is received).
- Loan approval! The file is then sent to the closing department to be organized and sent to the settlement company.
- Sends instructions for loan closing to settlement attorney once they notify the Lender that they have received the title binder, survey, termite report, prepaid hazard insurance, well & septic reports, etc.
- The Lender is available to answer any questions you have in reference to your loan at any time during the loan process or after it has closed.
- Picking the right lender, one who communicates with you and your agent is imperative! We have excellent relationships with several local lenders and can help you select the perfect one that best suits YOUR specific needs.
Below are a few quick tips when the hunt is on:
- When you see a sign in a yard or an online listing of a property you are interested in, give us a call or text us the address or MLS number of the home.
- When you go to an Open House or visit a FSBO (for sale by owner), let the agent or seller know you are currently working with an agent and give them our card.
- When you visit a new home site, inform the sales associate that you have a realtor and give them our card.
The Settlement Process
Settlement is the last step in the home buying process, the procedure by which the title to a property passes from the Seller to the buyer. The settlement agency conducts the closing and works with a title company to prepare the documents, etc. needed as a condition of the loan.
The settlement agency is a neutral party representing the contract, with the responsibility to fulfill the terms of the contract relative to transferring title. If there is financing involved, the settlement agency also stands in a fiduciary relationship to the lender.
The settlement agency does the following to prepare for closing:
- Obtains an abstract of title which is a statement based upon the public records that show the chronological order of the history of the title.
- Orders a survey (a physical inspection to determine the house location on the property).
- Title examination conducted. Required as a condition of the title insurance company and based upon the exam, a commitment for title insurance is prepared, thus allowing the lender to release the loan package to the settlement agency.
- Reviews loan package which contains the documents to be signed by the buyer at closing. The package includes a breakdown of the lender’s charges, and loan instructions for the settlement company to follow.
- Prepares the settlement statement required by the U.S. Dept. of Housing & Urban Development which provides the buyer & Seller with a complete statement of credits and charges based on the contract terms. The settlement statement is signed at closing along with the deed and deed of trust and any other lender documents for the buyer. When these documents are signed, the borrower becomes the new owner of the property.
- You will need a certified check or wire transfer of closing costs and down payment funds for closing.
- Don’t forget your valid Drivers License or government issues ID to verify identity.
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