If
you’re here, you must be interested in buying a home or maybe, even
your first home. There are many reasons to buy a home, tax benefits,
investing in your future, or the simply desire to enhance your lifestyle
by having a pet, a yard enjoy, rooms to decorate or renovate at your
leisure.And
as you begin your search it would be my pleasure to be your guide, your
assistant and confidant in this transaction. Whether you are first
time home buyer or an experienced homeowner, having the right person in
your corner is important. Please read the following paragraphs to
understand some of the steps needed to begin your home search (please
consult your tax adviser or lawyer for financial advice). If
you haven’t inspected your credit information recently, you may want to
request your free Credit Report as offered once a year from all of the
three major credit reporting agencies Transunion, Experian &
Equifax. Pre-Approval Letter Now
that you've made the decision to buy a home, you need to make the
initial step in determining how much you can afford by getting a
Pre-Approval Letter from a qualified mortgage expert. Similar to
receiving a credit card offer in the mail… being pre-qualified is much
different from being pre-approved, it only requires a high-level review
of information you provide. A pre-approval letter from a mortgage
consultant involves the verification of information involving but not
limited to credit checks, debt-to-income ratios, down payment
verification, etc. Once
you have completed this process with your mortgage consultant and all
information has been reviewed and verified, you will receive a letter of
preliminary approval of the loan. Sellers tend to take a Buyer more
seriously when they have a Pre-Approval letter in hand when submitting
their offer to purchase a property. And in knowing the amount you can
afford, the search becomes much more precise and you’re able to manage
your own expectations. Buyers Time Line The
time line involved in buying a property can vary depending on the Offer
submitted and any issues that may arise during the transaction.
Involved in this period a buyer has several stages to complete as
indicated in the Offer and subsequent P&S (Purchase & Sales)
documents. A
Buyer has options to have a property inspection with a Home Inspector,
to determine any issues unknown to the Buyer prior to the offer. If the
inspection reveals anything of concern, you have the right to withdraw
the offer, suggest a monetary adjustment, etc. You may choose to move
forward if there are no issues following inspection. (You may choose to
have additional inspections, such as Termite/Insect, Lead or Radon.) As
part of the Buyer’s process you will need to sign the P&S,
ascertain a Mortgage Commitment, Final Inspection and the Closing.
(Click on Buyers Time Line for a PDF chart of the process) Home Inspection An
inspection is done to insure establish whether the property is
acceptable prior to signing the P&S (Purchase & Sale Agreement).
Generally, inspectors provide buyers with a comprehensive report
following the evaluation of: Structural Elements: construction of the walls, ceilings, floors roof and foundation Exterior evaluation: Exterior
walls are inspected, landscaping, grading (to understand water any
issues), elevation, drainage, driveways, fences, sidewalks, stairs,
doors, windows, lights and exterior receptacles. Roof & Attic: Framing, ventilation, type of roof construction, flashing & gutters Plumbing: a
good inspector will help you understand the plumbing, identify the pipe
materials used, the waste and drain pipes, venting, including their
condition. Evaluation of toilets, showers, tubs, sinks faucets and
traps. Systems & Components: Water heaters, furnaces, air conditioning, duct work, chimney, fireplace & sprinklers Electrical: Main panel, circuit breakers, types of wiring, grounding, exhaust, fans, receptacles, ceiling & light fixtures Appliances: dishwasher, range, oven, built-in, microwave, garbage disposal, and smoke detectors Garage: slab, walls, ceiling vents entry, firewall garage door, openers, lights, exterior, windows, receptacles, & roof The Closing Before
the transaction is official and recorded at the Registry of Deeds, a
formal closing is needed with the Seller, Buyer, REALTORS involved,
their attorneys if needed and the Attorney appointed by the Bank/Lender
to have all appropriate documents signed, monies exchanged. So be
prepared to bring your license for identification… As
you can see there are many components in a real estate transaction; as
your guide, confidant and coach, it is my responsibility to provide the
support and knowledge needed to aid you in achieving success! I look forward to being in your corner and addressing all of the tasks needed to ensure you reach Home Ownership!
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