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The Buying Process
Looking for that perfect home? Let's get busy. Planning ahead and
working with Ron or Ward can make your transaction as smooth as
possible.
Overview of the buying process...
1. Put your trust in experienced professionals:
At The Equity Group, Inc., Realtors® are known for their high level of
experience and knowledge of the housing market. By working with Ron or
Ward Spears, you're already well on your way to realizing the home of
your dreams. These are some of the issues you should consider and
investigate when choosing a real estate agent:
Keep in mind that you are going to spend time with your real estate
agent while searching for your perfect house, so make sure you feel
comfortable with your choice.
2. Find The Right Home:
We are members of the Multiple Listing Service, which allows us access
to any property listed for sale in your area. Once you have come to an
understanding of the type of house you are seeking, we go to work for
you. We will research available homes for you and arrange for you to
view houses that match your expectations. Providing you with
information on communities, schools and employment is part of the
exceptional service you can expect when you work with us.
3. Get Pre-Approved by a Lender:
It will be important to be pre-approved by a lender prior to embarking
on the search for your perfect home. This will allow you to act
quickly when you find the home you want to purchase and puts you in
the best position from the seller's point of view. It also eliminates
any surprises later on and, often, you'll find you qualify for more
than you realized. We have access to the top lenders in the area and
can put you in touch with those loan officers who have provided
excellent service in the past.
4. Write the sale contract:
Once you find a home that fits your needs, We will provide you with
facts and information you need to make the purchase decision. In
addition to the basic terms of the sales contract, there are a variety
of contingencies which may be included in the contract. Some might
already be present as optional clauses in the contract, while separate
addenda are available for the others. Your contract will be written on
a form called an earnest money agreement. Together we will fill out
the earnest money agreement and go over each entry. We will also
discuss the negotiation strategy: Remember, we are representing you if
you have retained us with a buyer broker contract. Take advantage of
our expertise. You're working with the best of the best in the
industry.
5. Arrange for home inspection:
If your contract has been made contingent upon a satisfactory home
inspection, you will immediately need to hire an inspector. We can
recommend several names of reputable companies in the area. The
inspection needs to be completed within the specified number of days
from the date of acceptance. The inspector may describe the home's
condition, and, if he or she identifies any major problems, may
suggest a way to repair the problem. In the event of major problems,
you might have to renegotiate the terms of your contract. Different
loans sometimes require different inspections. We are here to consult
for advice.
You make the appointment for the home inspection, we will do the
necessary arrangements. Keep in mind that failure to complete the
inspection and submit any resulting requests, if any, by the date
specified in the sales contract waives any rights under the inspection
clause. You won't want that to happen.
6. Complete the Loan Process:
Now you have found a home, offered a contract, agreed on price and
terms. Now, it is time to promptly complete the loan process. If you
are pre-approved you'll need to follow the lender's instructions to
close the loan. If you were pre-qualified but not approved, you'll
need to complete a few more steps. Either way, you must have final
approval by the date specified in the sales contract. Once the
agreement has been reached, the seller will sign the sales contract
and addenda. If there are certain contingencies that must be met by
specific dates, e.g. attorney's approval, home inspection, financing
approval, etc., these dates are specified in the sales contract.
Loan Contingency: The lender will arrange to have the property
appraised, a service for which you may be charged. A professional
appraiser will estimate the market value of the property. This
information is required because the lender will loan you not more than
a given percentage of the value of the property.
If the appraised value is less than the purchase price you have agreed
upon, the amount of your mortgage may be smaller than you anticipated,
and you will have to provide a larger down payment. If any of the
terms of the loan, as specified in the loan contingency cannot be met,
you have the right to withdraw the contract, and the earnest money
will be refunded.
The costs to buy a home:
Down payment
Loan application fee (covers the appraisal and credit report)
Loan origination fee (or assumption fee if the loan is going to be assumed)
Loan discount fee or points
Other costs involved (title insurance, escrow fees, etc.)
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