Our goal is to help Buyers make great choices through education of the real estate process, location, and affordability. We guide you through the purchase process, your responsibilities as a Buyer, our responsibilities as your agent, and to help provide you with the questions you might need to ask the variety of professionals involved in this process as a Buyer.
We respect that a home buyer’s are making what is generally the largest purchase that a person, couple, or family will likely make. We are very careful to help you make educated decisions based on value, condition, skills, and finances.
Here are some terms we can help you become familiar with.
____________________________________________________________________
Home Buyer Types
-
Downsizing
-
First Time Buyers
-
Investors
-
Upsizing
____________________________________________________________________
Buyer Documentation Usually Required
-
Paystubs
-
Bank Statements
-
Credit report
-
Utility Bills
____________________________________________________________________
Credit Report Criteria
-
Types of credit
-
Credit Scores
-
Debt on the credit report
-
Verification of data
____________________________________________________________________
Mortgage Companies
-
Generally offer the largest number of financing programs
-
Generally offer the largest number of Down payment Assistance Programs
-
Generally more accessible (non-banker hours)
____________________________________________________________________
Banks
-
Generally a more Limited amount of programs
-
Generally not as flexible as a mortgage company
-
You may have a personal relationship with one (important)
____________________________________________________________________
Credit Unions
-
Generally has a Limited amount of programs
-
You may have a personal relationship with one (important)
-
Often more flexible in terms / conditions
____________________________________________________________________
Common Financing Programs
FHA
-
Generally requires a 3.5% down payment
-
Most down payment assistance programs are FHA related
-
Possible 203k Repair programs available (ask your lender)
-
Will likely require PMI insurance (adds to your payment)
-
Some home Sellers may choose to not allow FHA financing
-
Generally requires a more detailed appraisal / inspection
-
Appraisal may require repairs to be done
-
May have an assumable clause
-
Appraisal stays with the property for 6 months
____________________________________________________________________
Conventional
-
Generally requires a 5% to 20% Down payment
-
May Require PMI Insurance (if under 20% equity)
-
May have an assumable clause (ideal)
____________________________________________________________________
VA
-
Potential 0% Down payment
-
May have an assumable clause
-
May require specific veteran paperwork
____________________________________________________________________
Hard Money Lenders
-
Generally for short term investment properties
-
Private money with its own requirements
-
Generally a large down payment
-
Generally a much higher interest rate
-
Generally wants a lot of equity in property as security
________________________________________________________
Realtor Agency
-
Your Realtor works for you and not the Seller
-
Your Realtor may act as a Dual Agent only with your permission
-
An agreement MUST be in place before a property can be shown
-
The same type of agreement must be signed for every property shown
____________________________________________________________________
Realtor Commission
-
Agreed in advance with you
-
May be paid in part/full by Seller
-
May be paid in part/full through Seller Concessions
-
May be paid in part/full by lenders
-
May be paid in part/full by you
____________________________________________________________________
Realtor Documentation
-
Realtors write offers on your behalf
-
Realtors use board (state specific legal) documents
-
Realtors provide a market analysis’ so you can make an educated offer
-
Realtors provide Seller documents for review
-
Realtors submit Buyer approved offer documents
-
Negotiation begins and documents completed
-
And much more….
____________________________________________________________________
Realtor Ethics
-
Realtors must abide by a National Code of Ethics
-
Realtors have a legal, ethical, and moral responsibility to work in your best interest
____________________________________________________________________
Our Experience
-
We have 14+ years real estate experience
-
We have 7+ years as a Financial Health Counselor prior to real estate
-
See our Contact / About page for more details
____________________________________________________________________
Prior to seeing a property
-
A Buyer Agency Agreement must be completed
-
A Proof of Funds (or financing) must be provided
-
The Buyer identifies what property to see
-
A Realtor schedules a showing
-
You Visit properties with Realtor
____________________________________________________________________
Making an Offer
-
Realtor provides CMA
-
Realtor provides an opinion on the property
-
Realtor and Buyer agree to the terms of the offer
-
Realtor writes up your offer
-
Realtor submits your offer
-
Realtor negotiates your offer
____________________________________________________________________
After an Accepted Offer
-
You hire a home inspection
-
Lender sends an appraiser to evaluate property
-
Realtor/Lender/Title Company to record/order/update paperwork
-
Lender provides Clear to Close after all their conditions are met
-
Realtor/Lender/Title Company to review paperwork
-
Realtor schedules the closing
-
Buyer to wire/get a Certified check for their closing funds
-
Closing
-
Your new keys and your new house!
____________________________________________________________________
Create Your Own Search
Click HERE to create your own Personal MLS Search
____________________________________________________________________
We can help answer ALL of these questions click here.
Follow me on Facebook.
Call us today @ (734) 362-9511!