Emotional and financial issues can naturally overwhelm prospective buyers. That’s why an objective, experienced agent by your side is an invaluable asset that will help you weigh the many issues and circumstances that determine the best approach to finding ideal properties. Your agent will help you to examine your cost vs. price, identify what you can afford, show you appropriate properties, and assist with the following:
Negotiations: We negotiate the terms of the deal for the sales contract in regards to price, down-payment, financing, inclusions, exclusions and closing date, as well as provide additional protective language when appropriate.
Contract Signing: We provide the attorneys for both parties with the agreed upon contract terms to draft, review or revise the contract of sale. We further, oversee this process to make sure that it is completed in a timely manner.
Financing: We provide your lender with building and re-sale information in support of your loan application, when necessary.
Appraisal: We coordinate all appraisal appointments and provide the appraiser with any needed information or documentation.
Property Inspection: We may recommend or coordinate property inspection appointments and provide the inspector with any needed information or documentation.
Board Application (Coops & Condos): We assist you in preparing this critical document and carefully review same prior to its submission to the Board of Directors.
Board Interview (Coops): We prepare and guide you through the finer points of this process.
Approvals: We follow up with the Board, or its representative, for approval information or any other information that may be required.
Closing: We assist in coordinating the closing date, time and location with interested parties, as well as conduct the final walk thru with you immediately preceding closing.
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Prepare for Homeownership
Save Your Money: When you buy a property, you’ll have to make a down payment, cover your closing costs, and have some cash reserves in the bank to satisfy the lender or Board. The down payment may be anywhere from 3.5% to 20% of the sales price depending on the type of property or financial profile. The more money you can save between now and the time you apply for a loan, the better off you’ll be.
Review Your Credit: Get a copy of your credit reports and improve or have corrections made to them, if necessary. You should know where you stand when you apply for a mortgage loan, as the lender will review your credit reports to determine your credit worthiness.
Determine Your Budget: The lender can tell you how much they’re willing to lend you not what you can afford to pay. You should determine what housing costs you can comfortably afford to carry, as the lender’s number may exceed that amount.
Seek Down Payment Assistance: If necessary, discuss with your lender the possibility of you qualifying for any special mortgage or down payment assistance programs. Or, determine if you can use the money you’ve saved in an IRA account to buy a home without paying a penalty for early withdrawal.
Get Pre-Qualified/Pre-Approved: Before we begin to find your perfect property, you should get pre-approved or pre-qualified for a mortgage to determine some financial parameters. This will save us time in finding you the right property. Further, this process can help you and your lender identify any problems that should be addressed immediately.
Source: The FARE Group, Real Estate Broker
