FAQ's on buying your new home.
 
What does a Buyers Agent/Realtor costs?
Good news, buying a home may be the biggest investment of your life but hiring a knowledgeable agent to guide you through the process is FREE!! Yes, FREE, that’s ZIPPO, NATTA, $0.00!! How do I get paid? Through the closing of your new home I will split the commission set by the seller and seller’s agent. So the current home owner pays ME for the services I provide YOU!!!
 
What are those services?
 
Well they begin with discussing with you what you are looking for, then helping you find the financing you can afford. Once we know your price range and needs/wish list I will sign you up on a daily automated search through my Virtual Office. Then as we find properties that interest you I will set up showings through the Seller’s Agent. On the time of the showings I will provide you with the complete MLS listing along with a detailed CMA (Comparative Market Analysis). When we find the home of your dreams, the CMA we will give us a great basis to place an offer on the home. It doesn’t end there! No, this is really just the beginning!! I will represent you in negotiating the best price.  Once we have an accepted offer I will then assist you in finalizing your mortgage approvals, home inspections, and be there to solve any and all problems or issues that may arise. You can relax and plan where the TV and couch is going!! During the process of drafting and signing the Purchase and Sales agreement I will work with the seller’s agent, your mortgage broker, and your lawyer to insure a proper and secure document on your behalf. I will also assist in the final details of the sale up to and beyond the close. I am your agent, I am here to guide you, provide you with the tools, and most of all PROTECT YOU! Remember, this is all at NO COST TO YOU. My commission will be split with the Sellers agent’s commission after the close of the sale.
 
what is expected from me?”
 
This is probably what you are asking. Well through the search process, first I ask for your honesty; second, your patience. Sometimes when searching for a home we confuse our wants and our needs. Beginning your home search will require us discussing and perhaps skewing our search criteria as we go.  This is all part of the process.  But when you do find your home, You Will Know!!! 
 
Do I need a Pre-Approval
 
Yes!!  As we start it is important to get a pre-approval from a mortgage broker. This will set our price range as well as allow us to make offers. You cannot make an offer on a home without a pre-approval. 
 
Cost to expect?
 
Well it’s not going to cost you anything up till now. Not for me or my services; not for the pre-approval process!! But once we go to place an offer there are some costs.
 
Offer Deposit/Purchase and Sale Deposit – (Please note this varies from sale to sale and mortgage plan to mortgage plan.  Please discuss with your Realtor and Mortgage Broker).  The strongest offers will have up to 5% down by the signing of the P&S. Or 3.5% for FHA.  This is a deposit to bind the offer and in the end protect the buyer from the seller taking other offers and protect the seller from the buyer jumping ship after losing a month off the market. 

Typically a $1000.00 deposit will be made with the offer. Then after the offer is accepted this money is held in a non-interest baring escrow account by the Seller’s agent. 

An additional Money deposit is then made at the signing of the Purchase and Sales Agreement (up to 5% or the cash downpayment - varies but the more you are willing to put down at this time, the stronger the offer looks to a seller. 

Again, this money along with the Offer Deposit is held by the Seller's Agent in a non-interest baring escrow account.  This is two to three weeks after the offer is made and accepted. During this time we will have an inspection on the. Inspections are typically made within seven days after the offer is accepted.  Now remember this deposit is fully refundable if negotiations after the inspection are not agreed upon or if a mortgage/financing is not approved to purchase the property. It is also helpful to remember that upon the closing these monies can go towards the down payment, your closing costs, or in some cases totally back in your pocket.

Do I need a Home Inspection?

 
Yes/No - Home Inspection – After an offer is made and accepted the buyer has 7 days to issue a home inspection. This is not a mandatory step, but a highly recommended one.   I will work with you in setting up a qualified home inspector. The home inspection will protect you! A good home inspector will go completely in and outside of the home and may conduct pests and radon tests. They will inspect your heating and electrical systems along with the buildings structural integrity. They will also provide you the buyer with helpful points on how to operate and maintain your home. This is an invaluable learning experience of your home, especially for a first time buyer!! The costs for these inspections can run from $400 to $600. Ranges can be higher or less depending on the size and test needed to be done.

Do I need an Attorney?

Yes/No - Real Estate Lawyer – Though I am here to protect and guide you it should be noted that I am not a lawyer and should not or will not provide legal advice. I will go over every contract to best represent you and protect you, but I HIGHLY RECOMMEND you hire a Real Estate Lawyer to go over the P&S and the closing documents. I will be more than happy to direct you towards a good upstanding lawyer. The costs can range from $600 to $800. Remember this may be the greatest investment of life – PROTECT IT!!