THE BUYING PROCESS
RE stands for Real Estate
1) Making an offer: So we found the right home!
• Your RE professional will call the listing agent to get all appropriate information.
• Your RE professional will discuss with you the real estate market data and advice you on an offer amount and terms. Strong offers usually have fast closing time (cash deals), good faith deposit (between 3% and 10% of the purchase amount), and short inspection time (5 to 7 days).
• Please note sometimes negotiations aren’t all price. A great contract can involve other seller concessions that create the right deal for you.
• We have to be in constant communication.
• Many real estate price negotiations involve multiple counter offers and a lot of back–and–forth.
• It is not always legally possible to determine why someone is selling, but based on our experience there are things we can glean from their listing and price activity that will allow us to help you to negotiate from a position of strength.
• We will do our best to get you both, great price with great terms.
• Common practice: 15 to 30 days closing for cash deals and 45 days closing for financed properties.
2) Offer accepted: You are on your way to become a homebuyer!
• Make sure all pages are signed and initialed.
• If in an Association: make sure to get financials, FAQ’s, Association documents and application for board approval.
• If in an Association: There is an application fee that ranges from $100 to $350. Usually higher if international verifications are required.
• Your RE professional will communicate with your lender and title co. and provide all of you with a copy of the executed contract.
• Deposit of earnest money and delivery of receipt to the buyer client.
• Please make sure to follow up with your loan officer and provide them with all documentation they request.
• Assist you with ordering inspections and coordinating them and providing access to assure they’re completed on time.
• Review Inspection report, if new or critical issues are discovered, negotiate repairs or renegotiate the price.
• Once the step above is completed and agreed upon, ask lender to schedule appraisal.
• A copy of the appraisal should be provided to you.
• Follow up with title co. or attorney for title paperwork.
• If the property is in an Association, make sure: application has been submitted and estoppel has been requested.
• Select home insurance company and coverage, and then submit to the lender.
• Follow up with lender to see if all contingencies have been submitted.
You RE will always encourage you to get an inspection but it is your decision whether this is done or not.
Cash buyers are encouraged getting an appraisal but it is your decisions whether this is done or not. This is only a requirement when there is a lender involved.
Insurance for condominiums: Usually it is included in the condominium fees. However this does not include content in the unit or finished work. It is the owner’s option to buy additional insurance.
International buyers: Your RE will always recommend you speak to an accountant. All we know is that when selling (by law) the title company or closing agent must retain a percentage of the total sale amount. For more information please click the link below from the Internal Revenue Service (IRS).
You are free to choose the inspection, repairs, and insurance companies of your preference.
Your RE professional will provide you a list of previously used services but remember we do not endorse or recommend any one in particular.
Your RE professional will provide you a list of questions to ask these professionals.
It is also recommended to ask friends and family for services they have had success with.
Courtesy of: Daneya Eid –Broker-Associate Sun Realty Direct Line: 239-789-8919
Your RE is not an attorney, not an insurance agent, contractor or home inspector. However, it is familiar with procedures, market prices, neighborhood information and is always in constant contact with the above mentioned professionals working for you as a team.
A MUST for borrowers:
• Do not apply for other loans, cars, or credit cards.
• Keep your payments current.
• Don’t do anything that could affect your credit and/or interfere with your loan.
• You, your lender and we need to be in constant communication at ALL TIMES. This is key to the success of the transaction.
3) Closing time: Ready for the keys?
• At this point all terms and contingencies have been met.
• Schedule a final walk-through inspection
• Moving details: set up utilities, schedule move in.
• Day before closing: review HUD statement; send wire to the selected title co. or attorney. Bank: send funds to close.
• Closing day: Buyer: review and sign all loan documents, Seller: sign documents and transfer deed. Bank: Review all documentation and approve disbursement of funds and you obtain keys to YOUR new home!
• Title co. will record your deed and will mail you a copy or you can print one from public records.
Congrats!!!! YOU ARE A HOMEOWNER!!!!
4) Post Transaction
• Change all locks of all doors and update security system (if applicable)
• Complete any planned repairs or improvements.
• Get acquainted with your new neighborhood and community.
• Complete our survey.
• Settling in: check out events at the local community center, check out our website for fun things to do! This can be found under RESOURCES: Lifestyle Guide.
• Stay in touch!
We look forward to keep hearing from you!
Thank you for letting us share this adventure with you!!
The best compliment we can get is a referral!!!
Courtesy of: Premier Living Real Estate, Inc.