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Buying a home will likely be one of the largest financial transactions you will ever make. At times it may seem overwhelming and confusing. Working with a knowledgeable and professional real estate agent can help make the process much less stressful and much more enjoyable.
HOW MUCH CAN I AFFORD?
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THE PURCHASE AND SALE AGREEMENT:
A legal contract between the buyer and the seller that outlines the agreement between them.
Contract typically includes:
- Earnest money deposit
- Financing terms
- Inspection terms
- Seller’s Disclosure Form
- Comprehensive Rider
- Various addendums
- Disclosures: Lead paint, HOA, Condo, etc.
- Closing instruction
CONTRACTS
CONTRACT FOR SALE AND PURCHASE
AS-IS CONTRACT
THE NEGOTIATIONS:
Ever-changing market conditions demand that you obtain the services of a qualified agent, skilled in the art of negotiations.
Items considered in the negotiation phase often include:
- Market value of the house
- Condition of the house
- Financing terms
- Circumstances surrounding the sale
- Loan pre-approval at the time of the offer
- Earnest money
- Closing date
- Once your offer has been presented to the sellers, they will either accept it, counter it, or reject it. Often times, sellers accept portions of the agreement but counter other portions. Once the contract is mutually accepted by both buyer and seller, the rest of the purchase process begins.
Inspections & Approval:
After your new home has been put under contract, certain contingencies will come into play:
- Inspection period – This will vary depending on the type of contract agreed upon. An As-Is contract will typically have a 10-day as-is period whereas a typical Contract for Sale will have a 20-day period
- Remaining escrow deposits
- Financing Contingencies – Typically 30 days
- HOA and Membership Approvals
- Insurance
- Walk-through
TITLE INSURANCE/CLOSING PROCESS:
The closing agent:
- Requests a title report and policy
- Drafts the deed and/or other necessary documents
- Arranges to pay off existing loans when necessary
- Prorates taxes and insurance between buyer and seller
- Computes interest in loans
- Records the appropriate documents
- Disburses the documents and monies to each party involved
FINANCING
Determining how much you can afford before your home search will save you valuable time in choosing the right home in the right neighborhood.
There are many different ways to finance a home. This table describes some of the options you should discuss with your real estate sales professional and the lender you select.
| HOW IT WORKS | BENEFITS | DISADVANTAGES | WHEN TO CONSIDER |
|---|---|---|---|
| Fixed-Rate Mortgage Borrower and lender agree upon an interest rate and corresponding principal and interest payment. They remain constant throughout the life of the loan. |
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| Adjustable-Rate Mortgage (ARM) Borrower and lender agree on an initial interest rate that will change periodically, usually in relation to a specific index. Payments rise and fall accordingly. |
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| Balloon Mortgage Starts out as a typical fixed-rate mortgage but has a shorter mortgage term, usually 5-7 years, and requires borrower to pay off the balance at the end of the term. |
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| Government Loans Through various lenders, the Federal Housing Administration (FHA) and Veterans Administration (VA) offer opportunities for many Americans. |
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| Convertible ARM Starts out as a typical ARM but provides an option to lock in a fixed rate without refinancing. The option is made available after a set time. |
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WE CAN HELP YOU BUY ANY HOME
By working with the Echo Fine Properties Team, you will have access to information on all homes currently listed for sale in our area.
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