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Tag: Buy

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Frequently Asked Questions

Frequently Asked Questions

How will you tell me about the newest homes available?

The Multiple Listing Service Website provides up-to-date information for every home on the market. We constantly check the New on the Market list so we can be on the lookout for our clients. We will get you this information right away, the way that is most convenient for you: by phone or email.

Will you inform me of homes from all real estate companies or only EXIT Realty Home Partners?

We will keep you informed of all homes. We want to help you find your dream home, which means we need to stay on top of every home that’s available on the market.

Can you help me find new construction homes?

Yes, we can work with most builders and get you the information you need to make a decision. On your first visit with the builder, we will accompany you. By using our services with a new construction home purchase, you will receive the services we offer, as well as those provided by the builder, at no additional cost.

How does for sale by owner (FSBO) work?

Homeowners trying to sell their home without agent representation are usually doing so in the hopes of saving the commission. If you see a FSBO and want the advantages of our services, let us contact the owner for you and make an appointment. Most times the homeowner will work with an agent even though their home is not listed, since the agent is introducing a potential buyer to their property.

Can we go back through our property again once an offer is made but before possession?

Usually, we can notify the seller and schedule a convenient time to visit the property again. Immediately before the closing, we will schedule a final walk-through and inspection of your new home.

Once my offer is accepted, what should I do?

Celebrate and focus on moving into your new home! You will want to schedule your move, pack items and notify businesses of your address change. We will provide you with a moving checklist to help you remember all the details. We will also give you a good faith estimate and HUD statement, which will indicate the amount you will need to bring to closing.

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Understanding Closing Costs

Understanding Closing Costs

(2 - 5% of Purchase Price)

Down-payment
The down-payment amount is the difference between the selling price of the property and the amount of money borrowed to purchase the property. The deposit provided with the offer is deducted from the down-payment. Example: Selling price is $300,000. Deposit with offer is $10,000. Mortgage loan is for $270,000. Remaining down- payment will be $20,000.


Prepaid Utilities
The buyer is responsible for paying utilities as of the closing date and may also need to reimburse the seller for prepaid utilities.


Prepaid Property Taxes
Property taxes are calculated based on the value of the property. If the seller has prepaid property taxes, the buyer may be required to reimburse the seller.


Interest Adjustment
The interest adjustment is the amount of interest accrued between the closing day and the date of the first mortgage payment.


Legal Fees/Disbursements
Legal fees include conducting a title search on the property, putting title insurance in place, registering the home in the buyer’s name, and facilitating financial disbursements upon closing.


Transfer Taxes (Land, Estate, etc)

Down Payment

Prepaid Utilities

Prepaid Property Taxes

Interest Adjustment

Legal Fees/Disbursements

Transfer Taxes (Land, Estate, etc)

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What to Avoid When Purchasing a Home

What to Avoid When Purchasing a Home

The following is a list of rules to adhere to before and during the process of applying for a real estate loan:

1.DO NOT CHANGE JOBS

Changing jobs, becoming self-employed or quitting your job before or during the loan processes will create a real problem in qualifying you for the loan.

2. DO NOT SWITCH BANKS OR MOVE YOUR MONEY AROUND

3.DO NOT PAY OFF BILLS

Your loan officer will advise you if it is necessary to pay off bills tohelp you qualify for a loan, and what the best way to pay off any bills would be.

4. DO NOT MAKE ANY MAJOR PURCHASES

This includes a new car, furniture or other major purchase.

5. DO NOT USE CREDIT CARDS EXCESSIVELY OR LET YOUR ACCOUNTS FALL BEHIND

6. DO NOT SPEND MONEY YOU HAVE SET ASIDE FOR CLOSING

7. DO NOT ORIGINATE ANY INQUIRIES INTO YOUR CREDIT

8. DO NOT MAKE LARGE DEPOSITS WITHOUT FIRST CHECKING WITH YOUR LOAN OFFICER

9. DO NOT CO-SIGN A LOAN FOR ANYONE

10. DO NOT OMIT DEBTS OR LIABITIES FROM YOUR LOAN APPLICATION

If you must do any of these things contact your loan officer. They can help you by re-qualifying you if necessary and advising you of your options. By avoiding these pitfalls you can look forward to a successful loan closing and living in your new home!

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Your Home Inspection

Your Home Inspection

If you are purchasing a resale property, we highly recommend that you have a professional home inspector conduct a thorough inspection. The inspection will include the following:

  • Appliances
  • Plumbing
  • Electrical
  • Air conditioning and heating
  • Ventilation
  • Roof and Attic
  • Foundation
  • General structure

The inspection is not designed to criticize every minor problem or defect in the home. It is intended to report on major damage or serious problems that require repair. Should serious problems be indicated, the inspector will recommend that a structural engineer or some other professional inspect as well.

 

Your home cannot “pass or fail” an inspection, and your inspector will not tell you whether he/she thinks the home is worth the money you are offering. Their job is to make you aware of repairs that are recommended or necessary.

The seller may or may not be willing to negotiate completion of repairs or credit for repairs, or you may decide that the home will take too much work or money. A professional inspection will help you to make an educated decision. In addition to the overall inspection, you may wish to have separate tests conducted for pests and radon gas.

 

In choosing a home inspector, consider one that has been certified as a qualified and experienced member of a trade association.

We will be present at your inspection, so we will coordinate our schedule with the inspector and the seller (the seller will not be present for the inspection). We recommend the buyer being present for the inspection. This is to your advantage for many reasons. You will be able to clearly understand the inspection report and know exactly what areas need attention. Plus you can get answers to many questions, tips for maintenance and a lot of general information that will help you once you move into your new home. You will also see the home through the eyes of an objective third party.

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Buying Your Home Step-By-Step

Buy

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Your Ally in the Home-Buying Process

Your Ally in the Home-Buying Process

We are your trusted advisor; your ally in the home-buying process. When you find a property you like we will help you develop an offer including the offering price and other terms. We will advise you about the importance of a home inspection and other inspections, if any, required by law in your area. We can assist you in understanding different financing options and assist in identifying qualified lenders. We work with a team of professionals to help you smoothly navigate the home-buying process from beginning to close.

Heather E Driscoll Signature Black

Services you will receive:

  • Assistance in identifying the required characteristics of your new home
  • Identification of available homes that meet your criteria and additional homes as they come on the market
  • Accompany you on home tours
  • Information on communities, schools, places of worship, and other lifestyle information
  • Helping to determine your buying power, down-payment required, and maximum mortgage amount for which you qualify
  • Review of similar properties recently sold
  • Regular communication to review progress
  • Expert advice when preparing an offer
  • Keen negotiating skills
  • Closing Information
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Advantages of A Buyer Agency Agreement

Advantages of A Buyer Agency Agreement

1. Your Interests are Professionally Represented

A Buyer’s Agent will take care of all details of your real estate transaction, letting you concentrate on your life and full-time job while we do our job. We will guide you through the home-buying process from the beginning by exclusively representing your interests as we assist you with finding the perfect home for you, presenting and negotiating your contract, working through the inspection and appraisal process, and finally closing on your new home!

2. You Get a Personal Specialist Who Understands Your Needs

A good Buyer’s Agent gets to know your specific real estate needs and concerns. This partnership is developed through great communication. Your Buyer’s Agent will save you time by providing you with details about a home before you even see it, and listen to your feedback about each home to make better educated decisions during the search process.

3. You Will Quickly and Conveniently Get a Great Home

It is nearly impossible to find a great home that meets your needs, negotiate a contract and close the transaction without an experienced agent. When you tour homes with your professional Buyer’s Agent you will already know that the homes meet your criteria and are within your price range.

4. Advantages of a Buyer’s Agency Agreement

Entering into a Buyer’s Agency Agreement has countless advantages. When you sign the agreement you are simply agreeing to “hire” a personal representative who, by law, must represent your best interests to the best of his/her ability. All of this personal service is available at no cost to you! The Seller’s Agent is responsible for paying your Buyer’s Agent fee at closing.

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Benefits of a Buyer’s Agent

Benefits of a Buyer’s Agent

THE SELLER WILL HAVE PROFESSIONAL REPRESENTATION – WILL YOU?

Heather E Driscoll Signature Black

Note: Having a Buyer’s Agent during construction doesn’t cost you, the builder has allocated funds for consumers represented by a real estate agent (if buyer doesn’t use an agent, those fund are saved by the builder or their representative is paid more – the savings are not passed on to the buyer/consumer).

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Why use a REALTOR®?

Why use a REALTOR®?

Only Sales Representatives who are licensed members of organized real estate (National Association of REALTORS® for US and Canadian Real Estate Association in Canada) can call themselves REALTORS®. Only REALTORS® are held to a high code of ethical and professional conduct by these organizations. Only REALTORS® have access to MLS data to provide you with current information to guide you through the buying process.

 

Your REALTOR® can help you determine your buying power. You need to know how much house you can afford before you start the search. Your REALTOR® will provide detailed information on properties that meet your criteria from the Multiple Listing Service® and other information resources only available to REALTORS®.

Heather E Driscoll Signature Black

DID YOU KNOW

Almost 90% of buyers purchase their home through a real estate agent.

Buyer Statistics, National Association of REALTORS®, 2015

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                   Phone:   (517) 489-2550

                 Email:  manager@exitathome.com

                   Address: 1427 W Saginaw St Suite 110

                  East Lansing MI 48823

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EXIT Realty At Home is the superior industry leader who makes your real estate goals the number one priority. Your success is our success. We apply our comprehensive market knowledge, seasoned negotiation skills, and on-going personalized client communication — all backed by EXIT’s modern & mobile technology. We are here to guide you home.