What
to Expect from Your Agent when Buying a Home
When buying a home, you should have
a counselor
to help you with all aspects of the process, not just showing you properties,
but walking you through the myriad details that come with a major purchase.
Your agent should
ask your lender for a list
of items required for closing, and find out if they provide online or faxed
loan status updates. If not, the agent must talk to the lender as often as necessary
to make sure all work is being done–on your part and theirs. Your agent
should be sure deadlines are met, such as promised dates for all inspections
and loan commitments and convey all information to the seller's agent on time.
A good agent will provide
a list of service
professionals who have good track records: surveyors, home inspectors, pest
control companies, and attorneys.Your agent should go with you to inspections
if possible, sticking to the sidelines and watching what takes place in order
to have a thorough understanding of needed repairs. Your agent will supply a
list of all utility companies that service the new home. They'll arrange for
services to begin on the day of closing.
Your agent will ensure that you are talking with someone about home insurance.
Many home buyers wait until the last minute to obtain an insurance rider.Your
agent should also ensure that all paperwork and necessary documents are ready
for the closing.
In short, your agent should be available and informed so that they can negotiate
the best possible outcome for you.
Contact me TODAY for
Southern-style service in buying your next home.
What Not to Do When Buying a Home
Don't Ignore Lender Requirements
Know what is expected of you and take care of it. Answer lender questions
and provide required paperwork as quickly as possible, a smooth closing depends
on it. If you are working with an agent they will help you with this. Contact
me to learn more.
Don't Let Your Emotions Take Over
During and after an inspection it is important to keep a cool head. Be realistic.
No home is perfect, especially older homes. It's not unusual for new owners
to take care of some repairs themselves. If the seller's refuses to do a small
repair, don't allow that to keep you from a home you truly love.
On the other hand, don't fall so much in love with the house that you'll buy
it no matter what needs to be done. Decide what type of repairs you can realistically
tackle, then stick with the decision.
Let your Agent Communicate with the Seller
Personality conflicts often cloud judgments. Remember, this is the seller's
home. You might be excited about moving in, but a casual statement about "ripping
up that ugly carpet" might be hurtful enough to keep the seller from
negotiating with you about repairs or other issues that crop up.
What
should you do about Home Repairs?
Unless the buyer makes unrealistic demands, it's often in the seller's best
interests to negotiate and make repairs. Once a problem is known, it becomes
a material fact that must be disclosed to all potential buyers. Sellers occasionally
think they can raise the price of the house in order to cover their repairs,
but
if the house is already priced correctly
that will not usually be effective. An overpriced house will sit on the
market instead of selling. The sellers will continue to make payments instead
of moving into a new house, costing them more than the price of the repairs
in the long run.
If your seller elects to make repairs before closing, take your home inspector
back as soon as you receive word that repairs are complete. You don't want to
find out on the day of closing that repairs have not been made, or have been
made poorly.
What
to Look for on Your Final Walk-Through
The final walk-through is not the time to do a home inspection. It's simply
an opportunity to make sure that the home is the home you agreed to buy. It
should be done after the sellers have moved but before the sale has closed.
Inspect floors for rips or gouges. Look at the walls, especially around door
frames that large furniture and appliances might have been moved through. Do
a test of appliances and other items such as the furnace and air conditioning.
Those items should have been checked during the home inspection, but there's
always a chance they've quit working since that date. Make sure all items the
sellers agreed to leave are still there. Make sure all items the sellers agreed
to remove have been removed.
If the condition of the home has changed since your offer to purchase, you are
in a better position to get the problems handled before the deed changes hands.
Consult with your realtor to make sure that all issues are addressed properly.
Preapproved
or Prequalified for a Mortgage?
Prior to purchasing your home, you need to be preapproved, not prequalified
for a loan. What is the difference? Being preapproved means that your lender
has verified that you can afford a certain dollar amount in a house.
Prequalified means that you have discussed financing with a lender ands there
are possibly unknown items that have not yet surfaced. These issues could hinder
you from obtaining the funds that you need for final purchase and halt the buying
process.
Once you are preapproved you are in a good position to purchase your dream home.
Also, if there are several offers on the home in question, your preapproval
could tip the balance in your favor.
Want
to learn more about financing? Click here.
Should
you sell your home before buying?
If possible, it is always best to sell your home before buying another. If you
find your dream home and put in an offer contingent on the sale of your present
home, you stand to lose your Dream Home because another offer without such a
contingency can come through.
If you cannot wait to sell your home, it is possible to do a Bridge Loan to
purchase your chosen property. This is an alternative to selling prior to purchase.
The next home you choose may not ever match the one that got away, so it is
best to be in the strongest negitiating position possible when making an offer.
You can best accomplish this by selling
before you buy.
Answers
for Home Buyers, Served up Southern Style
...with Straight Talk About Your Concerns.
Do you have questions? I have answers! Click the topic to the right to learn
more about buying a home in Louisville, KY.
All home buyers should understand their wants and needs before beginning the
buying process. Write them down for reference, and use them as you approach
the
MLS house listings. This will narrow
your search time greatly and give you the largest number of options. A few things
to think about include the style of home that you prefer, the number of bedrooms,
the need for a garage or basement, and the size of the yard. What must you have?
What things are optional? However, also be sure to look past the obvious. When
thinking about your future kitchen, think about how you use the kitchen. Are
you an amateur chef? Will you be entertaining? What kinds of special needs will
you have? Are there other special interests and hobbies that will need to be
addressed? Perhaps your family has allergies and hardwood floors are best for
your needs. These type of needs can be further refined by talking to me. Know
that there are times when you think you know what you are looking for, but it
might not be listed exactly that way in the MLS search. That is when I can truly
assist you.
Contact me today for more information about
buying a home in Louisville, KY, or for answers to any questions not addressed
here. There is no question too large or small.
