Choosing the Right Professional: Pick someone that you like because you are going to be spending a lot of time with this person. This same person can show you any listing on the market because of the Lakes MLS. All the agents show each others listings. Make sure your agent is going to listen to you, work hard finding the right place, and do all the paperwork. Pick someone who is honest, trustworthy and has integrity, It is your right to interview an agent in several firms but only work with one! Ask what they are going to do for YOU!
Agency Relationships: Working with a real estate agent that represent your interest can save you both money and time. Agencies are required to provide a disclosure form to you stating what their relationship with you is. Whether that of Sellers Agency, Buyers Agency or Dual Agency.
Seller Agent: A Seller agent can assist the Buyer but does not represent the buyer. The Sellers agent must represent the interest of the Seller
Buyer Agent: A Buyers agent can assist the Seller but represents the Buyer. The Buyer can obtain a variety of information that may assist negotiations from the Buyers Agent that the Sellers Agent could not provide.
Dual Agent: Under this relationship both buyer and Seller can be represented by the same real estate agency as long as it is disclosed and agreed to by both buyer and Seller. Under this agreement neither real estate agent can disclose confidential informational that would affect negotiations.
Get Pre-Qualified For A Loan: Have your agent introduce you to a lending broker. The lender can determine the maximum loan amount you quality for. By doing this in advance when the time comes to write an offer you just need to make it subject to it appraising at purchase price or more.
Determine What You Need: Inform your agent what your housing requirements are. Include the features and characteristics of the house and neighborhood you are looking for and what you like about your present home.
A Home Tour: Your agent will then show you the homes you described or that are available closes to what you requested. BE sure and tell the agent what you like or dislike about each home. That way the agent can better find the “right” home!
Home Inspection: Unless you are buying a new home with a warranty or you know houses it is wise to get a professional home inspection so you don't get any surprises. You can have your Seller or you can purchase a home warranty on the home of your choice.
Pest Inspection: Your lending institution might require this. The cost is approx $80 which would be your expense.
Survey: If you cannot figure out where the lot lines are make sure you request the Seller mark the lot corners or lines or do a survey of the property. This can be negotiated with the Seller in your offer.
Writing An Offer: When you find the right home, your agent will prepare and present your offer to the Seller. Your agent will help with your financing, appraisal, inspections and anything else. Remember everything is negotiable. You will be asked to write an earnest money check to accompany the offer. Your Earnest money is applied to the purchase price when the offer is accepted. If your offer is turned down, your earnest money will be returned to you.
If The Offer Is Accepted: It becomes a legal binding contract and your earnest money check is cashed, waiting for the rest of your offer to be put in place.
Financing Contingency: When the offer is accepted if you have not been pre-qualified, you will have a few days to apply for a loan. If you are pre-qualified your Lending Institution will go ahead and order the appraisal, home inspection if requested, and pest inspection. When that is all satisfied then the abstract is ordered. The Seller pays for the continuation of the abstract. You pay the Title opinion which varies with the local attorneys. Your Lending institutions will give you a breakdown of all your expenses before closing. It's called a 'Truth in Lending' report.
Title Opinon: Your attorney will read the abstract and inform the lending institution and your agent if there is any mortgages, liens, or title problems. It is the Sellers responsibility to give you clear title to the property you are purchasing. Only the items listed will be taken care of. If the Attorney or Abstract misses a mortgage etc. it is their responsibility to clear it up.
Closing: Closing can be at the Lending institution, Real Estate Office or the Home you are buying. Which ever is best for all. At that time you will sign the mortgage papers, go over the Closing statement with your agent. Receive a check usually for any tax pro-ration. You will also see the Deed to the Home. Your Lending Institution will take the deed, mortgage and abstract. They will then continue the abstract again showing you own it. This will be your expense which is figured in your closing costs. The Seller is than paid and you are given the keys to your new Home!!