Helping Buyers to Understand the Market
You may choose to be represented as a customer or as a client
At Century 21 Blue Sky Region Realty Inc. we can provide you with both types of representation. He will point out to you the advantages of all types of representations.
Determining What You Can afford
Purchasing a home involves one-time costs and monthly expenses. The largest one-time cost is the down payment. It usually represents between 5-25% of the total price of the property. In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay for. These are listed in the following table:
The above is your normal monthly costs incurred with home ownership include mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.
Understanding Market Conditions
The real estate market is always changing. It helps to understand how market conditions can affect your position as a buyer. Century 21 Blue Sky Region Realty Inc. can provide you with current real estate market conditions and explain their impact.
Having a pre-approved mortgage will give you the confidence of knowing exactly what you can spend on a home before you start looking. You will also be protected against interest rate increases while you look for your new home.
Let us do the shopping for your mortgage - usually I have a good working relationship to all lending intitution and with our recommendations Interest rates obtain by us on your purchase may be 3/4% to 1% lower than the rates quoted to you. I will answer your questions and help you determine which financing terms and options are right for you. Scott Carr will give you numerous lending institutions as well as Mortgage Brokers to choose from.
Once you've found the home you want to purchase, there are some documents you'll probably be asked for in order to finalize you financing. They will include:
A copy of the real estate listing of the property. If the home is still to be built, the mortgage lender will need to see the architect's or builder's plans and details on lot size and location.
A copy of the offer to purchase or the building contract, if this document has been prepared.
Documents to confirm employment, income and source of down payment (if not provided at pre-approval).
The Major Elements Of An Offer
Depending on local market conditions, your choice of representation, your opinion of value and market information provided by Scott Carr , the price you offer may be different from the seller's asking price.
The Deposit shows your good faith and will be applied against the purchase of the home when the sale closes. I can advise you on an appropriate amount.
Includes the total price offered and the financing details. You may arrange your own financing or ask to assume the seller's mortgage, especially if it has an attractive interest rate.
These might include "subject to home inspection", "subject to you obtaining financing" or "subject to you selling your property".
Inclusions and Exclusions
These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors.
Closing or Possession Date
Generally, the day the title of the property is legally transferred and the transaction of funds finalized unless otherwise specified.
How To Make An offer
When it comes time to make an offer, Scott Carr can provide current market information and will assist you in drafting your offer.
Scott Carr will communicate your offer, sometimes known as an Offer to Purchase, to the seller, or the seller's representative, on your behalf. Sometimes there may be more than one offer on a property coming in at the same time. Scott Carr can guide you through this process.
Offer to Purchase is a legal document which specifies the terms and conditions of your offer to purchase the home.
The offer can be Firm or Conditional.
Firm Offer to Purchase: usually preferable to the seller, because it means that you are prepared to purchase the home without any conditions. If the offer is accepted, the home is yours.
Conditional Offer to Purchase: means that you have placed one or more conditions on the purchase, such as "subject to home inspection" or "subject to sale of buyer's existing home". the home is not sold until all the conditions have been met
Acceptance Of The Offer
Your Offer to Purchase will be presented as soon as possible. The seller may accept the offer, reject it, or submit a counter-offer. The counter-offer may be in reference to the price, the closing date, or any number of variables. The offers can go back and forth until both parties have agreed, or one of you ends the negotiations.
A lawyer is there to represent your interests and to process the legal documentation required.
Carrs Are Driven To Help You Get Further
Scott Carr can provide you with the names of numerous Lawyers who specialize in real estate.
The legal process differs from city to city. Your Lawyer will advise you on the steps to be taken before the keys to your new home are presented to you.
Having the property inspected by a qualified home inspector may give you the added confidence that you've made the right decision. When the procedure is complete, you will likely receive a full written report plus estimated costs for any necessary repairs.