HOME-BUYING
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HOME INSPECTION

HOW TO USE HOME INSPECTION REPORTS TO NEGOTIATE SALE
PRICE?

When you get the inspection report back on a home you're looking to
buy, you may be able to use that report to negotiate the price.
Instructions
Step One
Be sure your purchase contract includes an inspection clause that
makes your obligation to purchase the home dependent on the
results of a professional
home inspection performed within a stated period of time (usually
10 to 15 days) during the sales transaction.
Step Two
Hire a professional home-inspection to inspect the home within the
contingency period.
Step Three
Review the condition of each item listed on the home inspection
report; decide if the condition of each item or component is
acceptable or unacceptable to you.
Step Four
Obtain estimates on repairs or replacements described in the home
inspection report if estimates are not provided by the home
inspector.
Step Five
Compare your original offer to the estimated costs of any repairs or
replacements.
Step Six
Present an addendum to the sellers within the contingency period at
a reduced price to cover the costs of repairs or replacements or give
the sellers the option
of getting the work done themselves
FINAL HOME INSPECTION WALK-THROUGH

Here is a list of items to check on a final walk-through:


Turn on and off every light fixture
Run water & look under sinks for leaks
Test all appliances
Check garage door openers
Open and close all doors
Flush toilets
Inspect ceilings, wall and floors
Run garbage disposal and exhaust fans
Test heating and air conditioning
Open and close windows
Make sure all debris is removed from the home
When the Home is Occupied
Sometimes sellers don't move out until the day the transaction closes or
even a few days after closing. In those situations, I recommend that
buyers do a final walk-through in the presence of the seller. Why?
Because the seller knows all the little quirks about the home and can
answer questions the buyers may have.

A good question to ask a seller is:

What is the one improvement you've always wanted but never got around
to implementing?
This is also a good time to ask the seller for a forwarding address so the
buyers can send mail. It's smart to stay on good terms with the seller
and, in some parts of the country, like California, buyers almost
never meet the sellers. Moreover, because you never know when you
might need to get in touch with the former owners, the final walk-through
is an excellent opportunity, as strange as this may sound, for
the parties to say hello.
HOME BUYING PROCESS
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Top 10 Home Buying Mistakes

Buying a house is the largest investment most people ever make; yet all too often it's a
decision made in haste without adequate preparation.  Use our list of
common house-buying mistakes to avoid costly regrets.  

1.  Doing it alone. Buying a house is a complex transaction. Even if you don’t use an agent,
you’ll need a complete, dependable team: lender, lawyer, inspector,
insurer, as well as referrals and advice from friends and family. Enlist the help of these
individuals early in the buying process.

2.  Buying at first sight. You may be in love with the place, but does it fit your family’s needs
and budget? Make a list of your needs and wants and make sure the
house fits your requirements. Check out the neighborhood and the community before you buy
by visiting at different times of the day and week to learn about
noise and traffic patterns. Even if you don’t have kids, check out the local schools to make
sure your resale value will be good.

3.  Not getting pre-qualified and pre-approved. Being pre-qualified gives you a general idea of
how much you can afford to borrow.
Being pre-approved means a lender has verified your information and credit rating and
agreed to provide you with a specific amount of money. You are in a
better position to go house hunting knowing exactly how much you can afford and that you
have financing.  

4.  Overbuying. You may qualify to borrow more, but can you afford to? Analyze your monthly
costs: debt, food, transportation, entertainment, and savings. As a
general rule, your total monthly debts, including your mortgage, should not exceed 36 percent
of your income before taxes. Be sure to budget enough to cover
closing costs (often two to five percent of the home’s purchase price), plus moving,
redecorating and maintenance. Allow for increases in ongoing expenses such
as utilities and taxes.

5.  Misplacing your trust. No matter how much you like the agent, sellers, inspector, or the
guy down the block who vouches for them, remember this is a business
transaction. Your decision is binding. Do your own research and know your support team’s
roles and responsibilities.  

6.  Relying on oral agreements. Get it right and get it in writing. Written agreements almost
always trump oral ones when it comes to contracts. If the offer says
the lawnmower is negotiable, but the agent says it’s included, get it in writing.  

7.  Skipping the fine print. You need to understand what you’re signing before you pick up a
pen. Ask for documents in advance, make time to read them and ask
questions. Get copies of your mortgage papers a few days ahead of closing.

8.  Forgetting or betting on resale. Avoid buying a home that costs 50 percent more than
neighboring homes and think before buying the most expensive home
on the block. Your neighbors’ lower home values will weaken yours. Remember, markets
change. If you buy intending to flip your investment and the market falls
and you have to sell, your selling price may not be enough to even cover your mortgage.

9.  Making an unconditional offer. Protect yourself with at least two of these contingencies in
your offer:

Mortgage financing -- You’re pre-approved, but is the house? Before a bank will lend you
money, it will want a formal appraisal of the
property to confirm that there is sufficient equity in it to warrant the loan. If the house
appraises lower than the sales price, the loan may be declined.
Inspection -- never buy an existing or new home without a thorough home inspection. Walk
through the home with the inspector to learn more about the house
and any concerns he or she may have.
Insurance -- confirm you can get adequate coverage. In some areas, it’s difficult to get
hazard insurance.

10.  Having buyer’s remorse. No place is perfect. There will always be surprises. Don’t let a
few initial blips spoil the whole ride. And don’t miss a great house
waiting for the perfect one
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Contact us to pre-qualify you  first.
Pre-qualification will put you in a stronger position  to
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You must have find a Realtor: Buying and selling real estate is a complex matter. At first it might seem that
by checking local picture books or online sites you could quickly find the right home at the right price.

But a basic rule in real estate is that all properties are unique. No two properties -- even two identical
models on the same street -- are precisely and exactly alike. Homes differ and so do contract terms,
financing options, inspection requirements and closing costs. Also, no two transactions are alike.

In this maze of forms, financing, inspections, marketing, pricing and negotiating, it makes sense to work
with a professional who knows  the market.
LOOK AT HOMES: A home is more than just a collection of bedrooms and bathrooms. Several properties --
each with four bedrooms, three baths, and the same price -- may well represent radically different designs,
commuting distances, lot sizes, tax costs, interior dimensions, and exterior finishes.

Each of us is different and so it's important to list the features and benefits you want in a home. Consider
such things as pricing, location, size, amenities (extras such as a pool or extra-large kitchen) and design
(one floor or two, colonial or modern, etc.).

Next, it's important to consider your priorities. If you can't get a home at your price with all the features you
want, then what features are most important? For instance, would you trade fewer bedrooms for a larger
kitchen? A longer commute for a bigger lot and lower cost?

Lastly, consider your needs in several years. If you'll need a larger home, maybe now is the time to buy a
bigger house rather than moving or expanding in the future.
CHOOSE A HOME: As a buyer, here's what actually happens. A home has been placed on the market for
which the seller has established an asking price as well as other terms. In effect, this is an offer.

At this point, you have three choices: accept the seller's offer and create a contract; reject it and not make
an offer; or suggest different terms and make a counter-offer. If you choose this last option, the seller may
accept, reject or make a counter-offer.

GET FINANCING: Often the cost of real estate financing is routinely greater than the original purchase price
of a home (after including interest and closing costs). Because financing is so important, buyers should
have as much information as possible regarding mortgage options and costs.

What kind of loan?
There are thousands of loans available out there from a variety of lenders, but in general, the mortgage
you choose will likely be determined by at least several key factors.

How do you get a loan?
To obtain a loan you must complete a written loan application and provide supporting documentation.
Specific documents include recent pay stubs, rental checks and tax returns for the past two or three years
if you are self-employed. During the prequalification procedure, the loan officer will describe the type of
paperwork required.

Where do you get a loan?
Mortgage financing can be obtained from mortgage bankers, mortgage brokers, savings and loan
associations, mutual savings banks, commercial banks, credit unions, and insurance companies.
MAKING AN OFFER: While much attention is spent on offering prices, a proposal to buy includes both the
price and terms. In some cases, terms can represent thousands of dollars in additional value for buyers --
or additional costs. Terms are extremely important and should be carefully reviewed.

How much?
You sometimes hear that the amount of your offer should be x percent below the seller's asking price or y
percent less than you're really willing to pay. In practice, the offer depends on the basic laws of supply and
demand: If many buyers are competing for homes, then sellers will likely get full-price offers and
sometimes even more. If demand is weak, then offers below the asking price may be in order.

HOME INSPECTION: How many inspections?
A number of inspections are common in residential realty transactions. They include checks for termites,
surveys to determine boundaries, appraisals to determine value for lenders, title reviews and structural
inspections.

Structural inspections are particularly important. During these examinations, an inspector comes to the
property to determine if there are material physical defects and whether expensive repairs and
replacements are likely to be required in the next few years.

Such inspections for a single-family home often require two or three hours, and buyers should attend. This
is an opportunity to examine the property's mechanics and structure, ask questions and learn far more
about the property than is possible with an informal walk-through.

HOW TO USE THE INSPECTION REPORTS TO NEGOTIATE THE SALE PRICE?
CLOSING TIME: In practice, closings bring together a variety of parties who are part of the "transaction"
process.
For example, while the history of property ownership has been checked, it's possible that the records
contain errors, unrecorded claims or flaws in the review itself, thus title insurance is necessary. At
closing, transfer taxes must be paid and other claims must also be settled (including closing costs, legal
fees and adjustments). In most transactions, the closing agent also completes the paperwork needed to
record the loan.

What to expect
Settlement is a brief process where all of the necessary paperwork needed to complete the transaction is
signed.
Closing is typically held in an office setting, sometimes with both buyer and seller at the same table,
sometimes with each party completing their papers separately.

Whatever the case, the result is that title to the property is transferred from seller to buyer. The buyer
receives the keys and the seller receives payment for the home.

From the amount credited to the seller, the closing agent subtracts money to pay off the existing mortgage
and other transaction costs.
Deeds, loan papers, and other documents are prepared, signed and filed with local property record offices.

What you need to do
One of the best parts of settlement is that buyers and sellers need to do very little.
Before closing, buyers typically have a final opportunity to walk through the property to assure that its
condition has not materially changed since the sale agreement was signed.

At closing itself, all papers have been prepared by closing agents, title companies, lenders and lawyers.
This paperwork reflects the sale agreement and allows all parties to the transaction to verify their
interests. For instance, buyers get the title to the property, lenders have their loans recorded in the public
records and state governments collect their transfer taxes.
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