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Next, you need to give your agent as much information as possible about the perfect home. Size, location,
number of bedrooms/baths, amenities, and so on. The more information you give, the better. You should also let your agent know when you will be available to look and when you anticipate making a purchase.
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BEFORE looking you should talk with a lender (or a number of lenders) and ask to be pre-qualified. Of course you can check for rates, discount points, fees, etc. to see who offers the best overall package. There
are a wide variety of types of loans that lenders can offer you, and there are many creative financing options available to you. You may also want to ask for a good faith estimate of your expenses, etc. (Be careful that you do not have a number of lending institutions pull your credit report since that can lower your credit score.) Your Realtor can help arrange appointments with various lending institutions.
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LOOKING AT HOMES
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This is the fun part. Using your criteria,
your Realtor can supply you with information about available homes. This is best done by email or mail before you even arrive to look. You should be able to eliminate some just by reviewing all the information about these
homes. Others will require a visit.
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When you start looking we recommend you eat a good breakfast and be ready to start around 9 AM. Keep the number of houses you are looking at to a reasonable amount and end by 4-5 PM. As you look, take notes and try to eliminate houses as you go.
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For instance, if house #1 and #2 are not suitable and #3 is one that you would buy were it the best you saw, then you would evaluate #4 against #3 and so on.
At the end of the day you would have only the best one left. (Of course you could not be quite so strict and end up with 2
or 3 possibilities, but you don't want to have more than that to decide between.)
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As you look, it's important to keep your Realtor informed of what you like or dislike in the homes. It will help him refine his search for you.
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Once you have narrowed your choices, your Realtor should obtain information such as: tax card, plat, property disclosure, deed and deed
restrictions and anything else pertinent to the house.
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You are now almost ready to Make
An Offer on your First Choice. First, your Realtor working as a Buyers Agent should perform a Comparative Marketing Analysis (CMA) or as I like to call it a Fair Market Analysis (FMA) to help you determine the Fair Market
Value.
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Before making an offer, you should have decided how much you are willing to pay and the conditions or terms you are willing to accept. You should also have determined, after consulting with you Realtor, how much earnest money you will offer, what personal property you wish to include, your financing, and your desired closing date. Your agent should have your initial offer in writing before presenting
it. (After the initial offer, you may be involved in counter offers that may be conducted verbally but once you and the seller have agreed upon the terms of the contract,
have come to a meeting of the minds, you and the seller will sign
and initial all applicable parts of the contract.)
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Next you will proceed with applying for your loan and obtaining your loan commitment. Normally the lending institution will have an appraisal conducted during this process. You will also want to have at least a property inspection and a wood-destroying insect inspection. Your Realtor can help coordinate these for you. You may also want a water test, radon inspection, septic
inspection or others. Based upon the results of these inspections, you may want to request repairs. These repairs, as well as other contingencies (conditions) that are in the contract, should be completed prior to closing. (See Property Inspection on Buyer home page)
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In preparation for closing, your attorney (your Realtor can give you names from which to choose) will be conducting a title search, obtaining title insurance, and taking care of other details involved in the execution of the contract including ensuring that all conditions of the contract have been met.
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Prior to closing (usually within 24 hours of closing) you should conduct a walk through of the property. This is to ensure that the property is in the same condition (excepting normal wear and tear) as when you made your
offer, that all repairs or other required actions have been
accomplished and that all items that are to stay with the house are present.
Finally The Great Closing Day Arrives.
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You may perform your required actions by mail or in person. You will sign loan documentation, the HUD 1 (Settlement Statement) and some other documents provided by your attorney. You will provide either a cashiers check or wire transfer for the amount due to finish the purchase,
and the attorney will have your deed recorded with the Register of Deeds.
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Congratulations! With the help of a Good Realtor,
you are now the proud owner of Your New Home!
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