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WEICHERT, REALTORS® - Hallmark Properties Buyer's Guide:
Buyer FAQ
“Questions that buyers frequently ask us.”
Q. How much does it cost to work with a real estate professional?
A. All prospective home buyers can work with a qualified, licensed agent absolutely FREE of charge! WEICHERT, REALTORS® - Hallmark Properties agents offer a wide range of real estate services geared towards helping home buyers find the Central Florida home of their dreams.
Q. How many homes should I plan to view and how should I make the final decision?
A. Generally you should view a number of homes so you can become familiar with what you can expect to get for your money. When you find a home you really like, it's a good idea to go back and look at it at a different time of day. This will give you greater insight into what it will be like living in the home full time.
Q. How can I check my credit rating before I apply for a mortgage?
A. Your credit rating is based on a combined score generated from three credit bureaus that look at your credit history, amount of credit available, and recent inquiries to determine what's called your FICO score. A smart way to go is to have your WEICHERT, REALTORS® - Hallmark Properties agent check your rating for you and, if appropriate, suggest ways for you to improve your credit. For a small fee, you can get your score or review your credit report by going online to www.myfico.com or contacting the credit bureaus directly at:
Equifax, www.equifax.com
Experian, www.experian.com, (888) 397-3742
TransUnion, www.transunion.com, (800) 916-8800
Q. Why should I consider paying points?
A. Buyers often choose to pay a one-time charge called mortgage “points” in exchange for a lower interest rate. Usually paid at closing, each “point” costs 1% of the mortgage amount, or $2,000 on a $200,000 loan. The lower rate reduces the monthly mortgage payment, and points paid in conjunction with the purchase of a home are generally tax-deductible in the year they’re paid (see tax advisor). Monthly savings will often exceed what was paid in points in just a few years’ time.
Q. What is the purpose of an attorney review?
A. In states where the real estate agent writes the contract, there may be an attorney review period. This specified period allows the attorney to cancel the contract or request it be altered. Both buyer and seller would then have to agree to the revised contract in writing. During this period, either party may void the contract without penalty.
Q. What is title insurance and why do I need it?
A. Basically, title insurance assures that you have clear title to the home you’re purchasing. A title search is the primary component of “due diligence,” a process that will be started either by your attorney, if you are using one, or by the title company you choose. The title search determines whether the seller actually owns the property and if there are any claims against it.
Q. What happens if the house I want to purchase does not appraise at the amount expected?
A. If the house doesn’t appraise at the amount expected, other alternatives are typically found. A second appraisal may be sought, the buyer may be willing to put more money down, the seller may adjust the price or offer other concessions, or the two sides may negotiate to split the difference between them.
What should you do first – Buy or sell?
“What should you do first – sell your house or buy your next one?”
If you already own a home, you’re probably struggling with this basic question: what do I do first, buy the home that I want or sell my existing home? And the answer is as individual as you are. Generally, most real estate professionals would advise you to list your present home and shop for your new home simultaneously. However, depending on the market and/or your individual needs, you may want to consider an alternative. In a very robust real estate market, a home could sell within a few days of listing. So if you have very specific criteria for your new home with regard to location, size, views, age, etc., in a competitive market you may want to begin searching for and buying that home first before you sell your existing home. Your WEICHERT, REALTORS® - Hallmark Properties sales associate will discuss with you fully your individual needs and circumstances to help you find the right solution.
Preparing to Shop
House hunting
A Same-Day Credit Decision!
Using basic information such as your income, debt, assets, and employment history, our mortgage specialists are generally able to get you a credit decision within minutes. The Credit Approval Guarantee will specify the actual loan amount, as well as the loan type and term. The approval is subject only to an acceptable appraisal of the home you eventually purchase.
Is “No Money Down” Financing Available?
If this will be your first home purchase - or if you prefer to put the equity from your current home’s sale into other investments - you may want to discuss with your WEICHERT, REALTORS® - Hallmark Properties mortgage specialist that don’t require any cash outlay. “No down payment” loans can go as high as one million dollars. And when borrowing less than $650,000, there are loan options that usually allow qualified buyers to fold in closing costs and other fees to make the purchase a true “no money down.”
Making an Offer
“What’s involved in making an offer?”
When you have found the house that meets most of your needs and dreams, you’ll probably find yourself getting emotionally involved. You may imagine moving your furniture in, planting flowers, and envisioning your first big holiday party. But try not to get too attached prematurely. There are a number of steps you must take before you’re holding the keys in your hand, and you need to think clearly and objectively at this point so that the offer you make is a realistic one.
What Should I Offer? That is the Question.
There are a number of factors that will affect the offer you make. Supply and demand, the condition of the home, how long the house has been on the market, and your personal circumstances with regard to how soon you need to close on a home all come into play when framing your offer. You might also weigh in the demand for the home and how much you really want it. If you “low ball,” some sellers will react with a counter offer; others might dismiss your offer outright. In an active market, you’re likely to lose out by making a low bid. If multiple bids are anticipated, it’s advisable to go with your “best offer.” Your sales associate will advise you on ways to make your offer more attractive: for instance, a mortgage credit approval and flexibility on the closing\settlement date can help make your offer stand out and ultimately close the sale. Your WEICHERT, REALTORS® - Hallmark Properties sales associate, a neighborhood specialist, will help you think through all of these issues so you can determine what is the best offer for you to make at the time.
Inspections
“What is involved in a home inspection and is it necessary?”
While only certain inspections are required by mortgage lenders or government mandate, a comprehensive home inspection is considered a wise thing to do when purchasing a home. However, since it is not required, the buyer must pay for it. It is also recommended that at the time of the inspection, you accompany the home inspector so that you can learn firsthand as much as possible about the home you are about to purchase - including such basics as where the main water shut-off is and electrical distribution boxes are. Mortgage lenders typically require inspections for wood-destroying insects. Inspections mandated by the state or municipality could include: smoke alarm inspection, testing of well water, septic system test, and a certificate of occupancy - all of which are typically paid for by the seller. All other inspections are generally paid for by the buyer and must be done within a specified time frame, as indicated in the contract. Some insurers require inspection of underground oil tanks.
What if the inspections turn up problems?
Few homes are perfect. Some problems may be a matter of simple cosmetics; others may be more serious and call for costly repairs. The good news, however, is that in most cases the seller and the buyer are able to come to terms. You and the seller may decide to compromise, with both sharing the costs of repairs, or the seller may pay for any repairs. Or you may decide that the issue is not important enough to risk losing the home.
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Confused? Visit the WEICHERT, REALTORS® Real Estate Glossary for definitions of puzzling real estate terms.
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