Frequently Asked Question for Buyers

Here are some frequently asked questions from buyers and what to expect throughout the home buying process.  If you have a question not listed here please feel free to contact me.

Buying FAQ:

Buying a house can be exciting and rewarding, be prepared and know what to expect throughout the process.

Why pre-qualify?

This should be the very FIRST step before you ever begin looking for a home. I recommend buyers get pre-qualified before beginning their home search. Knowing exactly how much you can comfortably spend on a home reduces the potential frustration of looking at homes beyond your means. You need to have a pre-qualification letter in order to make an offer on a property, so get a head start by getting pre-qualified today.

Click here to get pre-qualified with Premier Nationwide Lending.

Click here to get pre-qualified with AmCap Lending.

Please choose David Clark or Kristi Hernandez as your preferred loan officer for AmCap pre-qualification.

 

 

How do I get financed for a home loan?

1. Financial pre-qualification or pre-approval

  • Application and interview
  • Buyer provides pertinent documentation, including verification of employment
  • Credit report is requested
  • Appraisal scheduled for current home owned, if any

2. Underwriting

  • Loan package is submitted to underwriter for approval

3. Loan approval

  • Parties are notified of approval
  • Loan documents are completed and sent to title

4. Title company

  • Title exam, insurance and title survey conducted
  • Borrowers come in for final signatures

5. Funding

  • Lender reviews the loan package
  • Funds are transferred by wire

How do I make an offer on a home?

Once you have found the property you want, we will write a purchase agreement. While much of the agreement is standard, there are a few areas that we can negotiate:

The Price

What you offer on a property depends on a number of factors, including its condition, length of time on the market, buyer activity, and the urgency of the seller. While some buyers want to make a low offer just to see if the seller accepts, this often isn’t a smart choice, because the seller may be insulted and decide not to negotiate at all.

The Move-in Date

If you can be flexible on the possession date, the seller will be more apt to choose your offer over others.

Additional Property

Often, the seller plans on leaving major appliances in the home; however, which items stay or go is often a matter of negotiation.

Typically, you will not be present at the offer presentation – we will present it to the listing agent and/or seller. The seller will then do one of the following:

  • Accept the offer
  • Reject the offer
  • Counter the offer with changes

By far the most common is the counteroffer. In these cases, my experience and negotiating skills become powerful in representing your best interests.

When a counteroffer is presented, you and I will work together to review each specific area of it, making sure that we move forward with your goals in mind and ensuring that we negotiate the best possible price and terms on your behalf.

Are you a First Time Home Buyer?

Looking for a BUYER’S AGENT?  Be reassured that I will walk you through the process step-by-step, while educating you to make informed decisions throughout the home buying process.  From pre-qualification, home search, the offer, inspections, negotiations to closing.  Let me be there to help you every step of the way.

Closing FAQ:

The closing process finalizes the sale of your home and makes everything official. Also known as settlement, the closing is when you get paid and the buyer receives the deed to your home.

What do I bring to closing?

Closing day marks the end of your home-buying process and the beginning of your new life! To make sure your closing goes smoothly, you should bring the following:

  • A certified check for closing costs and down payment. Make the check payable to yourself; you will then endorse it to the title company at closing
  • An insurance binder and paid receipt
  • Photo IDs
  • Social security numbers
  • Adresses for the past 10 years

What can you expect expect at closing?

The closing agent will look over the purchase contract and identify what payments are owed and by whom; prepare documents for the closing; conduct the closing; make sure taxes, title searches, real estate commissions and other closing costs are paid; ensure that the buyer’s title is recorded; and ensure that you receive any monies due to you.

Transfer of title moves ownership of the property from the seller to you. The two events that make this happen are:

  • Delivery of the buyers funds.  This is the check or wire funds provided by your lender in the amount of the loan.
  • Delivery of the deed.  A deed is the document that transfers ownership of real estate. The deed names the seller and buyer, gives a legal description of the property, and contains the notarized signatures of the seller and witnesses. At the end of closing, the deed will be taken and recorded at the county clerk’s office. It will be sent to you after processing.
  • Legal fee or title insurance premium

After the closing, make sure you keep the following for tax purposes:

  •  Copies of all closing documents
  •  All home improvement receipts on the home you sold