When searching for a home, a real estate professional can help you throughout the process by showing you properties in your preferred community, answering any questions you have, helping you with paperwork, and of course helping you to negotiate an offer when you choose a home. When going through this very important process, it's important to work with a real estate expert you can trust.
Finding the Right Real Estate Expert
Whether you choose to work with a real estate professional or a Realtor, it's important to note that only a licensed professional can sell you a home. Take the time to ask questions about their background and qualifications before deciding who to work with.
Questions to Ask Your Realtor or Licensed Real Estate Professional
Buying a home is likely one of the biggest investments you will make in your lifetime, so it's perfectly reasonable to be selective when choosing a real estate professional. Remember, you have the right and freedom to choose someone whose capabilities, experience, and drive you feel most comfortable with. Creating a list of questions to ask prospective agents is a great way to get a better sense of their personality and expertise. Here are a few questions you may want to include:
- What are your professional designations? What professional experience do you have?
- How familiar are you with my chosen community?
- What can I expect from you during the buying process? What will the buying process look like?
- Can I have a list of your references?
- How will you stay in contact during this process? How can I expect to hear from you?
- What's your philosophy about working with inexperienced home buyers? What is your stance on honesty?
Get Pre-approved
Getting pre-approval is an essential part of the home-buying process. This step is important because it determines your buying power. During this process, we will ask you questions about factors that may influence your buying power, such as your income and debt. This information will help us identify the best mortgage lending options for you.
Understanding Your Credit Rating
In today's market, it's important to understand your credit rating so you can qualify for the best possible loan. Talk to your real estate advisor for a referral to a mortgage broker to get prequalified and determine the exact loan amount you are eligible for.
Know Your Rights as a Borrower
As a borrower, you have the following rights:
- You have the RIGHT to shop for the best loan for you and compare the charges of different mortgage brokers and lenders.
- You have the RIGHT to be informed about the total cost of your loan, including the interest rate, points, and other fees.
- You have the RIGHT to ask for a Good Faith Estimate of all loan and settlement charges before you agree to the loan and pay any fees.
- You have the RIGHT to know which fees are non-refundable if you decide to cancel the loan agreement.
- You have the RIGHT to ask your mortgage broker to explain exactly what they will do for you.
- You have the RIGHT to know how much the mortgage broker is being paid by you and the lender for your loan.
- You have the RIGHT to ask questions about charges and loan terms that you do not understand.
- You have the RIGHT to a credit decision that is not based on your race, color, religion, national origin, sex, marital status, age, or whether any income is from public assistance.
- You have the RIGHT to know the reason if your loan application is denied.
- You have the RIGHT to request the HUD settlement cost booklet, "Shopping for Your Home Loan."
Source: https://www.hud.gov/topics/buying_a_home
Know What You Really Need vs. What You Want
Consider what's most important to you as a homebuyer. Factors to think about when searching for a home may include:
- Price and affordability
- Size (number of bedrooms and bathrooms, and room for growth)
- Garage and parking
- Resale value
- How long you expect to stay
- Yard size
- Location (proximity to schools, work, activities, etc.)
- Schools
- Neighborhood (condition, demographics, etc.)
- Walkability (Walk Score)
Provide as much information as possible about your wishes and requirements to your Realtor, such as local amenities, transportation, schools, shopping, and more. This will help your Realtor find the perfect home that matches all your criteria.
While shopping for a home, it's helpful to utilize the many tools available to assist you during your search.
There are several ways you can shop for a home:
- Online
- By driving around the neighborhood
- Contacting us for help with your search
- Creating an account today and starting your search
- Using site property search features (e.g., map tools, iPhone app)
- Using IDX (Internet Data Exchange) to market your home
We Can Help You Make the Right Offer
During this step in the process, we will work closely with you to help negotiate and/or make an offer that you feel most comfortable with. We will assist you with:
- Considering your purchase price
- Settlement and financing costs
- Negotiations and offer price
- Inspection terms
- Finalization and closing
When purchasing a new home, it's essential to hire an inspector who will provide you with a written report on the current condition of the property. When making such a significant investment, it's crucial not to overlook this step. A home inspection will give you peace of mind, ensuring that you are making a quality investment and fully understand what you're getting as you move forward in the home-buying process.
If you're satisfied with the results of the inspection, your offer can proceed. If not, you may want to negotiate-either by asking the seller to pay for repairs or by requesting a lower price.
Some of the key areas to have inspected include:
- The structure of the home (walls, roof, foundation, etc.)
- The exterior of the home
- Electrical and plumbing systems
- Major systems (heaters, air conditioners, furnaces, fireplace, etc.)
- Appliances
- Garage
- Doors and windows
- Basement and attic
If any issues are identified, we can work with you and the seller to negotiate a solution.
1. What does your inspection cover?
The inspector should ensure that their inspection and report meet all applicable requirements in your state (if applicable) and comply with a well-recognized standard of practice and code of ethics. You should be able to request and review a copy of these items in advance and ask any questions you may have. If there are specific areas you want to ensure are inspected, be sure to identify them upfront.
2. How long have you been practicing in the home inspection profession, and how many inspections have you completed?
The inspector should be able to provide their history in the profession and perhaps even a few referrals. Newer inspectors can be highly qualified, and many work with a partner or have access to more experienced inspectors to assist them during the inspection.
3. Are you specifically experienced in residential inspection?
Related experience in construction or engineering can be helpful, but it is no substitute for training and experience in the unique discipline of home inspection. If the inspection is for a commercial property, this should also be addressed.
4. Do you offer to perform repairs or improvements based on the inspection?
Some inspector associations and state regulations allow inspectors to perform repair work on issues uncovered during the inspection. However, other associations and regulations strictly forbid this as a conflict of interest.
5. How long will the inspection take?
The average on-site inspection time for a single inspector is two to three hours for a typical single-family home. Anything significantly shorter may not allow enough time for a thorough inspection. Additional inspectors may be brought in for very large properties or buildings.
6. How much will it cost?
Costs vary significantly depending on the region, size and age of the house, scope of services, and other factors. A typical range might be $300-$500, but consider the value of the home inspection in relation to the investment being made. Cost does not necessarily reflect quality. HUD does not regulate home inspection fees.
7. What type of inspection report do you provide, and how long will it take to receive the report?
Ask to see sample reports to ensure you can understand the inspector's reporting style and confirm that the timeline for receiving the report meets your needs. Most inspectors provide their full report within 24 hours of the inspection.
8. Will I be able to attend the inspection?
Attending the inspection is a valuable educational opportunity, and an inspector's refusal to allow this should raise a red flag. Never pass up the chance to see your prospective home through the eyes of an expert.
9. Do you maintain membership in a professional home inspector association?
There are many state and national associations for home inspectors. Request to see their membership ID and perform any due diligence you feel is necessary.
10. Do you participate in continuing education programs to keep your expertise up to date?
No one can know everything, and an inspector's commitment to continuing education is a good measure of their professionalism and dedication to serving consumers. This is especially important for older homes or properties with unique features that may require additional or updated training.
(Source: HUD Home Inspection FAQs)
The actual closing is typically handled by the title company. The closing appointment usually takes around 30 to 90 minutes, and we will assist you in reviewing and interpreting all important documents. You should receive your keys within two days of closing!