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.
Assisted by a fully-staffed marketing department.
Supported by professional legal counsel.
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.
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 Sales Associate 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.
Documentation 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) 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.
Closing Once
all parties 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. 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 Sales Associate establish together, your
Associate 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 Sales Associate 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 Sales Associate know so that a
showing can be arranged. As you view different properties, your
criteria may change. Open and direct communication with your Sales
Associate is a key element of a successful property search.
Making an Offer Once
you have found the home that you wish to purchase, your Sales Associate
will apply their professional training and do all the necessary
research to help you structure an effective offer.
This is
where your Sales Associate's negotiation skills come into play. When an
offer is made, the seller will have the option of accepting, rejecting
or counter-offering.
Your Sales Associate will negotiate the best possible terms for you.
Your
Sales Associate 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 Sales Associate will give you advice and
information, it is your decision as to the exact price and terms that
you wish to offer.
Managing the Transaction When
the purchase agreement is accepted and signed by all parties, your
Sales Associate 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 the transaction, all of the contingencies of the Purchase
Agreement must be met. Your Sales Associate will coordinate this
process. Typical contingencies include:
Approval of the Seller’s Property Disclosure Statement.
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.
Closing the Transaction 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 and you will take
ownership of your home.
Your Sales Associate is a valuable source of helpful tips for planning and coordinating your move.
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