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Hello and thank you for visiting my site… 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 licence 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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