Steps to purchasing a home through me.
Topic: Real Estate

1)     Meet with me for a Buyers consultation. At this meeting we will exchange information about each other’s expectations in the partnership and about your requirements for your new home.

 

2)     Together we will look at houses and find one you like.

 

3)     I will supply you with market information to help you to make a decision on a price to offer. Whatever price you decide on, I will represent your interest.

 

4)     I will help you to put in a written offer. Include a pre-approval letter from your Bank or Mortgage Company and an initial deposit amount, usually $1000 written to Weichert Realtors. (Don’t worry! Your check will be placed in an escrow account with Weichert Realtors and held there until the closing. If the offer is not accepted the check will be returned to you).

 

5)     Your offer will be presented to the Seller and negotiations will begin. The terms and the price will be negotiated back and forth until an agreement is reached. I will represent you and your best interest in the negotiations.

 

6)     If an agreement is reached, your offer is accepted. The contract will be submitted to your attorney to be reviewed. Further negotiations will take place between your attorney and the seller’s attorney until all the terms and conditions are agreed upon (usually takes about 3 days).

 

7)     Within ten days after attorney review is complete you must conduct a home inspection, at your cost. Your home inspector will do a structural inspection, a termite inspection and a test for radon. If the house was built before 1978 you may also choose to have your inspector conduct a lead paint inspection. Your inspector will submit a report to you and your attorney. Your attorney will then negotiate for any repairs that are recommended in the inspector’s report.

 

8)     Also within ten days after attorney review you will be required to submit the remainder of your deposit money. Again, all of your money will be held safely in Weichert’s escrow account until closing. Sometimes the seller’s attorney asks to hold the money in their escrow account, and that is safe also.

 

9)     Your Bank or Mortgage Company will order an appraisal of the house.

 

10)  Your mortgage commitment letter from your bank or mortgage company will be submitted by the date set forth in the contract.

 

11)  You will secure home owner’s insurance for your house.

 

12)  A closing date and time will be scheduled by your attorney.

 

13)  You will contact the utility companies to have accounts converted to your name.

 

14)  You will do a walk-through of the house the morning of the closing to make sure everything is in order and all repairs agreed to, have been satisfactorily done.

 

15)  You will attend the closing. Remember to bring your check book for any additional money that you may have to pay. Your keys will be turned over to you at the closing table and you will be able to move into your new home immediately.

 

 

Please note that I will attend the inspection, walk-through and  closing with you. Sometimes I also attend the appraisal if the Bank or Mortgage Company requires me to do so.

I will keep you posted every step of the way to make sure you understand all that is taking place. Your attorney will advise you as to what your closing costs will be and will advise you of his role in helping you to complete the process. Please know that I will be working for you even between the steps listed above.

The Buyer Consultation

The Buyer consultation is a very important first step when starting to work with an Agent. The consultation is usually conducted at the Agent's office and may last about 30 minutes. The Buyers and Agent exchange information regarding each other's expectations and requirements. The Agent finds out the needs and wants of the Buyers. For example, what is their motivation for moving? What towns would they like to live in?  Do they need to be close to a train station or other public transportation? What are their needs and desires for their new home? The Agent explains the process of buying a house and answers any questions the Buyers may have about it. During this meeting the agent assists the Buyers in getting pre-qualified for a mortgage, if they haven't already been pre-qualified. The Consumer Information Statement and the Exclusive Buyer Agreement are explained and signed. The Buyers and Agent look at listings that match the buyers' criteria and choose some to see.

The Buyer consultation is important because the information obtained will save both the Buyers and the Agent a lot of time and helps the Buyers and Agent to feel more comfortable with each other. The Buyers and Agent now understand each other and the Agent is equipped to find the Buyers their new home.

 

Multiple offer situations still exist!
Topic: Real Estate

We hear on the news everyday that the real estate market is in a slump or is going down. I am sure this is true in many parts of the country but I am still experiencing multiple offer situations in my market area. Other associates in my office are also experiencing the same thing. It is not unusual to hear of Buyers putting in several offers and ending up in multiple offer situations every time. Usually, Buyers who end up in this situation three or more times and lose out every time, are ones who pay strict attention to the news and set out to get a bargain based on what they have heard. Yes, prices have dipped a little in our area and some houses are staying longer on the market, but generally, houses that are in good condition and are priced well are still going fast and are being sold for a high percentage of the asking price. Many Buyers are going by what they hear on the news so they tend to put in low offers and sometimes lose a house that they really love. I tell my Buyers that if they absolutely love a house, chances are there are other Buyers who also love the same house, so be bold and be brave and put in a strong offer and don’t be surprised if they end up in a multiple offer situation.