Making an Offer

One of the most important aspects of buying a home is the negotiation process and this is where I come in. Utilizing my experience as a skilled negotiator in and out of the real estate industry, I am able to leverage my combined knowledge of the market with professional leadership and communication skills, laying the foundation for the best possible financial outcome for you.

Homes are selling very fast in this market and you need a Real Estate Company that knows how to get the deal closed. I will be by your side every step of the way. Together we'll be going through quite a bit of searching and preparation in trying to find the home you wish to purchase.

After being shown the properties available to you based on your initial list of desirable features and narrowed down your options, I will assist you with gathering further information so that you can make the right choice before you make any offers. At this point, you will have found the home you want, and will be commencing the process to proceed with an offer on the property.

There are a number of factors that will affect your decision on what to offer on the property. Market conditions are always a factor. For instance, if it is a “buyer’s” market, you will have some more negotiating room for the property. In a “seller’s” market, you may want to place your best offer up front in order to be the one chosen by the seller.

Also to be considered are the values of the properties around the one you want. These figures are typically called the “comps” or “comparables”. I will show you all of the properties on a list that have closed or are for sale currently in the vicinity of the property you are submitting an offer on. These comps must be analyzed and a realistic value for the property established. There will be an appraisal on the property after you open escrow and often what you are willing to pay for a property and what an appraiser determines as its value are two different numbers!

You will also want to establish the close of escrow date, or date you will actually become the owner, before writing an offer. If you are obtaining a loan, a lender will generally need about 30 days to complete your loan, order and evaluate the appraisal, and furnish the closing documents. If you have been pre-approved, this time frame may shorten. Of course, you will want to give yourself ample time to conduct any inspections on the property prior to your chosen closing date.

You should never enter into an agreement without as much information as possible. My commitment to providing you with superior expertise and services can be demonstrated by Rector Hayden's Support Team designed to assist you and help you be the most informed buyer you can be.

An offer to purchase property is a legally binding document, and will be explained to you in detail prior to submitting any offers. I want you to be prepared, but also enjoy this exciting experience.

Home Inspections

In general, buyers are entitled to conduct a series of inspections on the property that they are about to purchase. After your offer has been accepted, you will want to hire a certified professional home inspector to conduct an inspection of the property. I recommend only using inspectors that hold a current Home Inspector's License.

Some of the items typically investigated during an inspection are: appliances, plumbing, A/C, heating, electrical, structure, foundation, roof and attic. If you are obtaining a loan, your lender may require specific inspections, such as an inspection to certify that the home is free of wood-infestation insects (i.e. "termites").

I can also provide you with resources for obtaining information on crime statistics, city planning and zoning, school information and environmental concerns that may affect your decision to purchase.

Visit my Blog for more useful information on your home purchase.

To make an appointment or find out more information: Click here

APPLICATION CHECKLIST FOR LOAN PRE-APPROVAL

– 30 DAYS OF PAYSTUBS

– TWO YEARS OF W2’S

-IF SELF-EMPLOYED THEY’LL NEED LAST TWO YEARS OF TAX RETURNS WITH ALL SCHEDULES

– TWO MONTHS OF CHECKING/SAVINGS ACCOUNTS INFO (BANK STATEMENTS)

– MOST RECENT RETIREMENT STATEMENTS (IRA, 401K, ETC.)

– LIST OF ALL STOCKS, BONDS, AND/OR CERTIFICATES OF DEPOSIT (IF POSSIBLE PAST TWO MONTHS STATEMENTS)

– COPY OF STATE ISSUED DRIVER’S LICENSE OR ID CARD

– IF CURRENTLY RENTING, LANDLORD’S NAME, ADDRESS, AND PHONE NUMBER

Do’s and Don’ts Once You’re Pre-Approved

Do:

1. Keep the process moving by responding to your loan officer’s requests for documents ASAP
2. Convey questions or concerns as they develop
3. Continue to make all mortgage/ rent payments on time
4. Stay current on all existing accounts and debts
5. Continue to work your normal work schedule without any unplanned time off or jobs changes
6. Continue to use your credit as normal
7. Be prepared to explain and document any large deposits in your bank account

Don’t:

1. Do not make any major purchases (car, boat, jewelry, furniture, appliances, etc.)
2. Don’t apply for any new credit
3. Do not pay off charges or collections
4. Don’t make any changes to your credit profile
5. Do not change bank accounts
6. Don’t make any unusual or large deposits into your bank accounts or move money around from one bank account to another without first discussing it with you loan officer

Some Advantages to Home Ownership

• Tax benefits (interest & property taxes)
• Build Equity
• Mortgage payments stay the same (vs. rent)
• You can decorate or do what you want with your home

Buyer FAQ’s

Q- What are my advantages in buying a home?

• There are many benefits to owning your own home. Some of these would include pride of ownership, an increased sense of security, the ability to make improvements of your choice, and not least of all- tax benefits

Q- Should I work with many Realtors at the same time?

• You should really work with only one Realtor. Because all Realtors have access to the MLS and all of the available listings, one Realtor with whom you feel comfortable will save you time; you won’t need to re-qualify each time you work with a new Realtor.

Q- What am I supposed to do at a showing?

• Make a list of everything you like and don’t like as you go through each home. Then, as you travel to the next house, you can review this information with your Realtor. Rate the home on a scale of 1-10. 1 being your least favorite and 10 being your dream home.

Q- Is it possible to find your dream home?

• Yes! However, the reality is that no house is going to be perfect. There will be something that’s not exactly right or in accordance with the criteria you want. If you can get 90% of the features that you require, this may very well be the right home for you.

Q- What should I know about the offer to purchase?

• Ask your Realtor for a sample copy of the contract. There are differences in financing, contingencies, inclusions, exclusions, and specific dates.

Q- Do I have to have a home inspection?

• Regulations and requirements regarding home inspections differ widely throughout the country. It is recommended that you get a licensed home inspection. Your Realtor can recommend many reputable Inspectors.

Q- Do I negotiate the contract with the seller?

• No, your Buyers Agent negotiates with the seller using fair market value of similar properties that have been sold.

Q- When should I begin to look into financing?

• At the time you sit down for the buyer’s counseling interview, you may wish to start the process. You should talk to a mortgage broker and pursue getting a pre-approval. That way when you are ready to put in a offer, you look like a strong ready, willing, and able buyer to the seller.

Q- What documents should I bring to the lender?

• Your Buyers Agent will give you a list of all the items pertaining to income and debts that your lender will require in order to speed up the process of approval.

Q- What is “Buyer’s Remorse”?

• Buyers usually second guess themselves as to whether or not they made the correct decision. This normally sets in between the time the contract is signed and is closed. You can contact your Realtor if/when you begin to get those feelings. Just know that these feelings are perfectly normal and most buyers feel this way.

Q- Once the offer is accepted, what’s next?

• Your Buyers Agent will lead you through the steps that you need to take after an offer is accepted. There are many service providers you need to contact at certain times during the transaction. Your agent will lead you through this process.