Buyers Guide
Why Use a Realtor
1.-Your REALTOR can help you determine your buying power- that is, your financial reserves plus your borrowing capacity. By giving your REALTOR some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you.
2.-Your REALTOR can assist you in the selection process by providing objective information about each property. Agents have access to a variety of informational resources like local community information on utilities, zoning, schools, etc. There are two things your want to know. First , will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?
3.-Your REALTOR can help you negotiate. Buying a home requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page government- mandated settlement statements.
4.-Since a home often symbolizes family, rest, and security, not just four walls and a roof, home selling or buying is often a very emotional undertaking. And for most people, a home is the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you keep focused on both the business and emotional issues most important to you
Key Professionals Involved in a Real Estate Transaction
REALTOR
Licenced real estate agent and member of the National Association of REALTORS.
Listing AgentForms legal relationship with the homeowner to sell the property. Buyer’s AgentWorks with the buyer to locate a suitable property and negotiate a successful home purchase
LOAN OFFICER
Representative of a bank or other financial instutution. They help customers identify their borrowing options and help them understand the terms of their loan
HOME INSPECTOR
An inspector objectively and independently provides a comprehensive analysis of a home’s major systems and components
APPRAISER
An appraiser works on behalf of a lender and provides a market analysis of the submect property.
Who Pays for What?
Under the Trec 1-4 Family Residential (Resale) Contract
Buyer
Appraisal fees
Preparation of loan documents
Interest on the notes from the date of disbursement to one month prior to dates of first monthly payments
Recording fees Copies of easements and restrictions
Loan title policy with endorsements required by lender
Loan-related inspection fees Expenses incident to any loan
Home Buyers Checklist
Beginning to end:
Determine your budget
Research neighborhoods
Determine your must-haves
Attend open houses
Conduct an inspection
Get homeowners insurance
Complete a final walkthrough
Sign and revise documents
Before you buy:
Gather up all documents
Get pre-approved for a mortgage
Determine your preferred location
Hire a reputable real estate agent
Create a list of musthaves/ deal-breakers
Additional Tips
If you’re thinking of buying a home, there are a few tips to keep in mind. First, make sure you have a good credit score and enough savings for a down payment. It’s also important to get pre-approved for a mortgage so you know how much you can afford. Research different neighborhoods and consider factors like commute times and nearby amenities. Don’t rush into a purchase without getting a home inspection and understanding any potential maintenance or repair costs. Finally, consider working with a trusted real estate agent who can guide you through the process and help you find the perfect home for you.
Things to look For
When buying a home, it’s important to consider the LOCATION and the condition of the property. The location should be convenient for your daily needs and should have good access to transportation, schools, and amenities. The CONDITION of the property should be thoroughly inspected to ensure it’s structurally sound and doesn’t have any major issues that could be costly to repair.
