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Buying
A home is the largest financial investment that most people will make in their
lives. Before
you get started, do some homework. This handy Buyer’s
Guide will provide you some things to keep in mind as
you are hunting for the home of your dreams. Also keep
in mind that having the right agents makes all the difference in the world.
Check out what our clients are saying about us on our home page by clicking
here.
1. Determine How Much You Can Afford
How much house you can afford is largely
dependent on how large a mortgage – basically, a home
loan -- you can handle. Start your research by using the
simple mortgage calculators we have to
see whether you can afford to pay the monthly mortgage
on the kinds of houses you have in mind.
You may even apply for a mortgage with us at Team Green
Realty. This is called getting pre-qualified for a loan;
we can tell you exactly how much you can afford and may
make the closing process go faster. In today's market,
getting pre-qualified should be the first step that you
take. It is also important that you get pre-qualified
BEFORE you start looking at homes. This will save you
time and money, as well as some potential heartache. You
can complete and submit a loan application online by
clicking
here.
Remember that owning a home involves more than a
monthly mortgage. You will also have to consider money
you will need to have on hand when you make an offer, when
you close on a home, and on a monthly basis after the
home is yours.
Payments you may have to make when you submit an
offer and at closing include:
- Earnest money, usually 3% of the cost of the
house, which you pay as a deposit on the house when
you submit your offer. It’s your proof that you’re a
serious buyer
Mortgage insurance, paid by borrowers making a down
payment of less than 20%
- Closing costs, usually 3% to 4% of the cost of
the house, to pay for processing all the paperwork
(negotiable as part of the deal)
Don’t forget the day-to-day expenses you may incur once you own
that home. These may include:
- Utilities
- Homeowner or condo association dues
- Property taxes
- City or County taxes
It is our goal to help
you get into a house that will fit into your budget, not
to push you over it. We want you to be able to enjoy
your life and not have to stress over making a house
payment each month, or being "house broke". We only
recommend mortgage brokers who share our philosophy. We
want your business FOR LIFE, not just for one
transaction!
Click
here for
a handy calculator to help determine your new mortgage
payment, your maximum purchase price based on how much
you can spend monthly, or return on your investment property.
2. Shop for a Home
House hunting can be both exciting and
frustrating. Most homebuyers see many houses
before buying one. To make the search easier and faster,
nearly half of all house hunters today begin by browsing
for properties on the Internet, using web sites like
ours. you can use our "Property Search" page, or
simply click here to search for homes.
The Internet is a quick way to see whether the houses
that are currently available meet the following critical
criteria: in the right location, with the right features,
and at the right price. If you have any trouble finding
properties that meet your needs via our website, feel free to contact us by
clicking here for email, or simply call us at
818.LVTMGRN (818.588.6476). We ALWAYS return phone calls and emails promptly. Homes can become available
instantly and we're always the most current resource for
literally up to the minute new home listing information.
Once you know what you want, where you want it and what
you can afford, it’s time to see the houses for
yourself. To help stay focused, bring with you a
checklist of things that you’ve decided ahead of time
are important qualities your future home should include.
Here are some suggestions to consider:
- Is there enough room for you
and your family to grow in this house?
- Is the house in move-in condition or will it
need work?
- Is it close enough to everyday needs, such as
grocery stores, schools, work?
- Will you feel safe here?
- Is the yard right for your needs?
- Do you like the floor plan?
- Is there enough storage?
- Will you be happy in this house in winter,
summer, spring, fall?
You may also want to take some exterior and interior
photos of each house you visit so that you can keep
track of its pros and cons. We are also happy to provide
you with detailed reports for each property that we show
you that include color photographs.
3. Find a Real Estate Professional...That's
were WE come in...
Note that we represent our buyers at no cost to the
buyer. That means that choosing Team Green to represent
you in a purchase costs you absolutely no money at all.
Not all real
estate practitioners are REALTORS® like us. The term REALTOR® is a registered
trademark that identifies a real estate professional who is a member of the
NATIONAL ASSOCIATION of REALTORS® and subscribes to its strict Code of Ethics.
We are strong believers in this designation and are proud to be members.
Here are a few of many reasons why it pays to work with us:
-
CLIENT SERVICE.
As far as we are concerned,
nothing is more important than client service. When working with our
team, YOU are the top priority. We feel that you should not have to wait
on us for anything--especially to return a phone call or email. We pride
ourselves on making sure that you are comfortable with all phases of the
transaction. This includes paperwork, processes, risks, as well as
rewards. We are not comfortable unless you are and we will never
pressure you to do something that you are not comfortable doing. Buying
or selling a home can be very stressful. We like to take on the hard
work and stress while you enjoy the rewards.
-
You
will have an expert to guide you through the process.
Buying or selling a home typically requires disclosure forms, inspection
reports, mortgage documents, insurance policies, deeds, and multi-page
settlement statements. As knowledgeable experts, we will help you
prepare the best deal and avoid delays or costly mistakes.
Negotiating real estate deals can be very
time consuming, complicated, as well as confusing. Having professionals
like us on your side makes a tremendous difference and give you a
competitive edge.
-
Get
objective information and opinions.
We can provide local community information on utilities, zoning,
schools, and more. We will also be able to provide objective information
about each property. As professionals, we will be able to help you
answer these two important questions: 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?
-
Find the best property out there.
Sometimes the property you
are seeking is available but not actively advertised in the market, and
it will take some investigation by professionals like us to find it. We
pride ourselves on giving 110% to our clients to help them find the best
property for them. We use all of the latest tools and technology
available to streamline the process and make it as stress-free as
possible.
-
Benefit from our negotiating experience.
There are many facets of a
real estate transaction and almost everything is negotiable, including
but not limited to; price, financing, terms, date of possession, and
inclusion or exclusion of repairs, furnishings, or equipment. In
addition, we do our best to structure our deals so that we have plenty
of time to complete the appropriate inspections and investigations of
the property before you are bound to complete the purchase. We will also
do our best to ensure that you get a comprehensive home warranty
package.
-
Property marketing power.
Real estate doesn’t sell
due to advertising alone. In fact, a large share of real estate sales
comes as the result of a practitioner’s contacts through previous
clients, referrals, friends, and family. When a property is marketed
with the help of REALTORS® like us, you do not have to allow strangers
into your home. We will generally prescreen and accompany qualified
prospects through your property.
-
Real estate has its own language.
If you don’t know a CMA from a PUD, you can understand why it’s
important to work with a professional who is immersed in the industry
and knows the real estate language.
-
We
have done it before.
Most people buy and sell only a few homes in a lifetime, usually with
quite a few years in between each purchase. And even if you have done it
before, laws and regulations change. REALTORS® like us, on the other
hand, handle hundreds of real estate transactions over the course of
their career. Having an expert on your side is critical.
-
Buying and selling is emotional.
A home often symbolizes family, rest, and security — it’s not just four
walls and a roof. Because of this, home buying and selling can be an
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 stay focused on both the emotional and financial issues
most important to you. We want the best for you and are here to help you
get it.
-
Ethical treatment.
Every member of the NATIONAL ASSOCIATION of REALTORS® makes a commitment
to adhere to a strict Code of Ethics, which is based on professionalism
and protection of the public. As a client of a REALTOR® like us, you
can expect honest and ethical treatment in all transaction-related
matters. It is mandatory for REALTORS® to take the Code of Ethics
orientation and we are also required to complete a refresher course
every four years.
4. Research Different Mortgages
There are a variety of mortgage types available today,
each with advantages and disadvantages depending on how
long you plan to live in the home, the financial
marketplace and your income potential, among other
things.
A fixed-rate mortgage is the most common. In a
fixed-rate mortgage, your interest rate and payment stay
the same for the life of the loan.
An adjustable-rate mortgage usually starts out at lower
interest rates and lower monthly payments than
fixed-rate mortgages, but your rate and monthly payments
may rise and fall based on a financial index.
There are also several government mortgage programs
available, including FHA mortgages, which are designed
to help people who might not otherwise qualify for a
loan.
You may also have a choice in loan terms.
It’s best to talk to us about your best mortgage option. We
can handle all of your financing needs.
5. Make an Offer
When you have found a house you really want, it is time to
make the offer. How much you offer may depend on a
number of factors:
- Is the asking price fair? Here
is where the
legwork you put in while shopping for a home pays
off. Decide whether this house is priced right or
out of line in the current marketplace.
- Is the house in good condition? Is this house in
move-in condition or will it need a lot of work?
Take any costs of improvement into consideration
when deciding your offer price.
- Has it been on the market long? Usually the
longer a house has been on the market, the more
likely it is the owner would accept a lower offer.
Or maybe it is just overpriced for the market.
- Is it a seller’s or buyer’s market? If the
houses you are interested in are being bought as soon
as they are listed, that means you have got a lot of
competition from other buyers; offer accordingly. If
houses are not selling fast, you may have more
leverage in negotiating a lower price.
Once you’ve determined how much you’d like to offer,
work with your real estate professional to submit
the proper information. This includes:
- A complete, legal description of the house
- The amount of earnest money you
are paying
- The down payment and financing details
- A proposed move-in date
- The price you are offering
- A proposed closing date
- The length of time your offer is valid
- Details of the deal
This can be just the beginning of the negotiation
process. The seller has three options: accept your
offer, counter your offer or reject your offer. Let us
advise you on the best way to present your offer for the
best outcome possible.
6. Begin the Contingency Period
When your offer has been accepted, the
contingency period begins. This is time that allows you
to obtain financing, perform inspections, and satisfy any
other contingencies of your purchase agreement.
Obtaining financing might include loan approval, which
will include an appraisal of the property. Also be
prepared to make your down payment, which is usually due
several days before the close of escrow.
Now is the time to schedule a professional inspection of
the property; it is one of the best safeguards you can
take before buying. A home inspector should check (and
may give you a rough price for repairs on) the
electrical system, plumbing and waste disposal, the
water heater, insulation and ventilation, water source
and quality, pests, foundation, doors, windows,
ceilings, walls, floors and roof.
Keep in mind that the inspector is not there to tell you
whether you are getting a good deal. He or she is there
to give you an educated opinion on whether the house is
structurally and mechanically sound and fill you in on
any repairs that are needed.
7. Buy Homeowner’s Insurance
A paid homeowner’s insurance policy is required at
closing. We will help make sure your insurance company
and your title officer are working together to put your
policy in effect by the close of escrow. But, if you get
your insurance agent involved early in your home-buying
process, he or she may also help point out ways to help
keep your insurance premiums lower.
8. Complete Your Closing
When the property you are buying has been
inspected and you have had your final walk-through of the
property to see that all contingency conditions – such
as final repairs made by the seller -- have been met,
it is time to face the paperwork. You will be signing
loan documents and closing papers, paying the balance of
your down payment and closing costs. This is the day you
get the keys to your new home. Congratulations!
Let's Get Started!
Ready to start your home search today? Complete
our Buyer's
Questionnaire and then click the "Submit by Email" button on the form.
If you prefer, you may also call us at
818.LVTMGRN (818.588.6476), or click here to contact us.
Having the right
agents on your side makes all the difference.
Check out what our clients are saying about us on
our home page by clicking here.
We ALWAYS return phone calls and emails promptly!
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