Tips For Buyers

Choosing a Realtor®

Of all the decisions you'll face when buying a home, there's none more important than the person you choose to represent you. Click here to read what Laura's clients have to say about her.

The job of your Real Estate Agent is to support you in finding the right home with the best possible terms, and to aid you through the entire process. Your Real Estate Agent will explain the process of buying a home, and familiarize you with the various activities, documents and procedures that you will experience throughout the transaction.

Once Laura assist you to find the right home, she will be an assertive advocate that works on your behalf to obtain the best deal and terms.  Laura will assit you in acquiring and interpreting information about the property and its condition as well as the seller's motivations, and will help you to become more knowledgeable about the market and buying process.

Tips For Selecting A Realtor®

Your Real Estate Professional should be:

• Knowledgeable about the communities of interest to you.
• Aware of the complicated local and state requirements affecting your transaction.
• Effective in multi-party, face-to-face negotiations.
• Highly-trained, with access to programs for continued learning and additional certifications.
• Technology-focused.
• Supported by professional legal counsel.
• Committed to the highest ethical standards.

Click here to read about Laura's education, experience and designations.

Financing

Most real estate professionals and mortgage lenders recommend pre-qualifying for a loan before selecting a home to purchase. This process will help you:

• Determine the price range you can afford and are comfortable with.
• Understand the types of loans you qualify for.
• Determine what your monthly payment will be.
• Estimate the down payment and closing costs.

The Loan Process

Your Real Estate Agent will help you to select a mortgage lender. Once you have made your decision, these are the steps of the process:

Application - All pertinent documentation is obtained. Fees and down payments are discussed, and the borrower will receive a Good Faith Estimate (GFE) and a Truth-in-lending statement (TIL), itemizing the rates and associated costs for the loan.

You will be asked to provide certain documents to your lender in order that your loan can be processed in a timely manner.

Loan Submission - Once all the necessary documentation is in, your completed file is submitted to a lender for approval.

Loan Approval (Underwriting) - This is where the lender examines your income, credit, and financial history and confirms the amount of money to lend. Loan approval, or underwriting, generally takes 24 to 72 hours. All parties are notified of the approval and any loan conditions that must be received before the loan can close, like an appraisal.

Appraisal - An appraisal is ordered by the lender and conducted by a certified appraiser, who completes a comprehensive evaluation of the home, land and features, and establishes a value for the home you are purchasing.

Closing - Once you, the borrower, have signed the loan documents, they are returned to the lender. If all the forms have been properly executed, the lender sends the loan funds by wire transfer to escrow. At this point, the borrower finishes the loan process and actually buys the house.

Finding and Choosing the Right Home

Based on criteria that you and your Real Estate Agent establish together, your Agent will help you find the perfect home. There are many factors to consider in selecting a property, including location, bedroom and bath count, schools and amenities.

Your Real Estate Agent will apply their extensive community knowledge and professional resources to research available properties, and show you the homes that best meet your needs. If you find a property that interests you through the internet or your own research, let your Real Estate Agent know so that a showing can be arranged.

As you view different properties, your criteria may change. Open and direct communication with your Real Estate Agent is a key element of a successful property search.

Making an Offer

Once you have found the home that you wish to purchase, your Real Estate Agent will apply their professional training and do all the necessary research to help you structure an effective offer.  The terms and conditions of your offer, amount of deposit and possession date are likely to be factors when an offer is made, and your buyer representative will help you in your preparation of a purchase offer.

When a purchase offer is made, the sellers may be concerned with certain aspects, including the ability of the purchasers to fulfill their agreement, the terms and conditions of the offer, the split of closing costs and even the motivations of the prospective new owners. This is where your Real Estate Agent's negotiation skills come into play. When an offer is made, the seller will have the option of accepting, rejecting or counter-offering. Your Real Estate Agent will negotiate the best possible terms for you.

Your Real Estate Agent will draft the purchase agreement, advising you of protective contingencies, customary practices, and local regulations. Home warranty, title and escrow arrangements will be detailed in the offer. Although your Real Estate Agent will give you advice and information, it is your decision as to the exact price and terms that you wish to offer.

Managing the Escrow

When the purchase agreement is accepted and signed by all parties, your Real Estate Agent will open escrow for you and your earnest money will be deposited. The escrow is a neutral third party that will receive, hold, and distribute all funds associated with your transaction.

Removing Contingencies

Prior to closing escrow, all of the contingencies of the purchase agreement must be met. Your Real Estate Agent will coordinate this process. Typical contingencies include:

• Approval of the Seller’s property disclosures.
• Approval of the preliminary title report.
• Loan approval, including an appraisal of the property.
• Physical inspections of the property.
• Pest inspection and certification.
• Acquisition of homeowner's insurance.
• Proration of property taxes based on seller's tax base.

Closing Escrow and Moving In!

When all of the conditions of the purchase agreement have been met, you will sign your loan documents and closing papers. You will deposit the balance of your down payment and closing costs to escrow, and your lender will deposit the balance of the purchase price. The deed will then be recorded at the County Recorder's office, once this is confirmed you will take ownership of your home!

However, don't forget, shortly after the close of escrow, a supplemental tax bill is generated for you as the new owner with your property taxes based on the current value of the property.  The supplemental bill is due upon receipt and property taxes are due twice a year on November 1- delinquent December 10, and February 1- delinquent April 10.  Also make sure to apply for the Homeowner's Property Tax Exemption if your new home is your primary residence.

Contact Laura today so that she can start working for you as your Buyer's Agent!