Buying a Home
| Buying a home: The Process TYPES OF REAL ESTATE AGENTS Traditional Agent Represents Seller all of the time Dual Agent Represents both Seller and Buyer at the same time Transaction Facilitator Represents neither Buyer nor Seller Buyer Agent in Traditional Firm Sometimes represents Seller, sometimes Buyer Designated Buyer Agent Represents Buyer or Seller in a specific transaction. Broker is a Dual Agent EXCLUSIVE BUYER AGENT Represents Buyer 100% of the time TYPES OF MORTGAGE CONSULTANTS Mortgage Broker Has greatest flexibility in programs, works with hundreds of lenders Mortgage Banker Has greatest control over transaction since they are the lender, may be restricted on program availability THE HOME SEARCH STEP 1. Pre-Approval for Mortgage Determines purchasing power; defines price range with Mortgage Consultant STEP 2. Needs and Wants Set priorities for size, location, style, features STEP 3. Select Search Areas Preview information on available homes STEP 4. Review Comparable Sales and Tax Data STEP 5. Drive-by Tour of Homes STEP 6. Tour Select Homes with a Buyer’s Agent STEP 7. Writing an Offer Strategy, negotiation, financing, contingencies, inspections CONTRACT ACCEPTANCE… Mortgage Application Requires credit check, home appraisal Settlement Schedule Deadlines for inspections, approvals, insurance, settlement Professional Home Inspection Buyer & Agent should be present Select Settlement Attorney For title search, title insurance, settlement statement Mortgage Approval Takes approximately 2 to four weeks Obtain Homeowner Hazard Insurance Lender requires Termite Inspection Seller arranges and pays -- BUYER BEWARE! Notify Utilities Final Walk-through Inspection SETTLEMENT - CONGRATULATIONS! |
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