Hello and thank you for visiting my site… If you’re here,
you must be interested in buying a home or maybe, even your first home. There are many reasons to buy a home, tax benefits, investing in your
future, or the simply desire to enhance your lifestyle by having a pet, a yard
enjoy, rooms to decorate or renovate at your leisure.
And as you begin your search it would be my pleasure to be
your guide, your assistant and confidant in this transaction. Whether you
are first time home buyer or an experienced homeowner, having the right person
in your corner is important. Please read the following paragraphs to
understand some of the steps needed to begin your home search (please consult
your tax adviser or lawyer for financial advice).
If you haven’t inspected your credit information recently,
you may want to request your free Credit Report as offered once a year from all
of the three major credit reporting agencies Transunion, Experian &
Now that you've made the decision to buy a home, you need to
make the initial step in determining how much you can afford by getting a
Pre-Approval Letter from a qualified mortgage expert. Similar to receiving a
credit card offer in the mail… being pre-qualified is much different from being
pre-approved, it only requires a high-level review of information you provide.
A pre-approval letter from a mortgage consultant involves the
verification of information involving but not limited to credit checks,
debt-to-income ratios, down payment verification, etc.
Once you have completed this process with your mortgage
consultant and all information has been reviewed and verified, you will receive
a letter of preliminary approval of the loan. Sellers tend to take a
Buyer more seriously when they have a Pre-Approval letter in hand when
submitting their offer to purchase a property. And in knowing the amount
you can afford, the search becomes much more precise and you’re able to manage
your own expectations.
The time line involved in buying a property can vary
depending on the Offer submitted and any issues that may arise during the
transaction. Involved in this period a buyer has several stages to complete as
indicated in the Offer and subsequent P&S (Purchase & Sales) documents.
A Buyer has options to have a property inspection with a
Home Inspector, to determine any issues unknown to the Buyer prior to the
offer. If the inspection reveals anything of concern, you have the right
to withdraw the offer, suggest a monetary adjustment, etc. You may choose
to move forward if there are no issues following inspection. (You may choose to
have additional inspections, such as Termite/Insect, Lead or Radon.) As
part of the Buyer’s process you will need to sign the P&S, ascertain a
Mortgage Commitment, Final Inspection and the Closing. (Click on Buyers Time
Line for a PDF chart of the process)
An inspection is done to insure establish whether the
property is acceptable prior to signing the P&S (Purchase & Sale
Agreement). Generally, inspectors provide buyers with a comprehensive
report following the evaluation of:
Structural Elements: construction of the walls,
ceilings, floors roof and foundation
Exterior evaluation: Exterior walls are
inspected, landscaping, grading (to understand water any issues), elevation,
drainage, driveways, fences, sidewalks, stairs, doors, windows, lights and
Roof & Attic: Framing, ventilation, type of
roof construction, flashing & gutters
Plumbing: a good inspector will help you
understand the plumbing, identify the pipe materials used, the waste and drain
pipes, venting, including their condition. Evaluation of toilets,
showers, tubs, sinks faucets and traps.
Systems & Components: Water heaters,
furnaces, air conditioning, duct work, chimney, fireplace & sprinklers
Electrical: Main panel, circuit breakers, types
of wiring, grounding, exhaust, fans, receptacles, ceiling & light fixtures
Appliances: dishwasher, range, oven, built-in,
microwave, garbage disposal, and smoke detectors
Garage: slab, walls, ceiling vents entry,
firewall garage door, openers, lights, exterior, windows, receptacles, &
Before the transaction is official and recorded at the
Registry of Deeds, a formal closing is needed with the Seller, Buyer, REALTORS involved, their attorneys if needed and the Attorney appointed by the
Bank/Lender to have all appropriate documents signed, monies exchanged.
So be prepared to bring your license for identification…
As you can see there are many components in a real estate
transaction; as your guide, confidant and coach, it is my responsibility to
provide the support and knowledge needed to aid you in achieving success!
I look forward to being in your corner and
addressing all of the tasks needed to ensure you reach Home Ownership!