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Why use a Realtor?
Benefits of using a REALTOR include: |
Realtors are committed to treat all parties to a transaction honestly. We subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. Realtors can help you negotiate things like price, financing, terms, date of possession, and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should also provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required, as well as be there to help while you are busy at work or play.
As soon as you are reasonably sure the property is right for you, the process of obtaining financing begins. Your agent can help you in understanding different financing options and in identifying qualified lenders.
The REALTOR can also help you in the closing, by helping to guide you through the process and making sure everything flows together smoothly. |
View the Property
1. Finding your property. REALTORS have access to information on properties that may be for sale that are not advertised. They use a Multiple Listing Service or MLS provided to them by the professional associations they are members of. This system lists thousands of properties that are for sale in your area. Your dream home could be just around the corner, and you wouldn't know it.
2. REALTORS can assist you with local community information on utilities, zoning, schools, etc.
3. REALTORS can provide you with information to help you decide if you will be able to resell the home when you want.
4. REALTORS can help you to evaluate the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few.
5. Your REALTOR can help you negotiate the price you will pay for your home by providing you with Comparative Market Analysis to let you evaluate if you are paying a fair price for the home you want to buy.
6. Your agent can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports.
7. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your agent can help you resolve issues that might cause problems at a later date.
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Here are a few things the REALTOR does for you:
1. Helping you with the offer to purchase.
2. Assisting with Lead Based Paint inspections and laws.
3. Assisting with Radon requirements and testing and laws.
4. Formulating the Offer to Purchase.
5. Scheduling Inspections (Home, Termite, HVAC, Lead Based Paint, Radon, etc.).
6. Preparation of documents.
7. Final Inspection before closing.
8. Changing utilities to your name.
9. Changing your address.
10. Going to closing, and taking possession issues.
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Useful Information
Before You Start Looking For Your New Home: Check your credit rating . Straighten out any errors before its too late. Determine a comfortable monthly budget for your new purchase, including down payment and monthly payment. Find a loan program that meets your needs and get pre-qualified (preferably pre-approved). Determine what neighborhood best matches your needs. Identify important features you need your new home to have. Closing Costs to Expect: Lender fees include charges for loan processing, underwriting, preparation and establishing an escrow account. Third-party fees include charges for insurance, title search, and other inspections such as termites. Government fees include deed recording and state & local mortgage taxes. Escrow and interest fees include homeowner's insurance, loan interest, real estate taxes, and occasionally private mortgage insurance. |
Loan Qualifications
Have a contract for the home you want to purchase.
Bring your original statements for the past two months from each bank, credit union, or other financial institution where you have an account.
Prepare a list of all loan account numbers and addresses (car loans, personal loans, student loans, other loans, etc.). Include loans you may have co-signed.
Have your employment history ready. Names and addresses of employers. W-2 forms for the past two years. Tax returns for the past two years. Most recent pay stubs.
Have your Residence history prepared (name and address of current landlord, or mortgage company, list of where you have lived for the past two years).
Miscellaneous information may include divorce decree, court orders, bankruptcy discharge papers, etc. |
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