THE BUYING PROCESS by leader6

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									            BUYING YOUR HOME – THRESIA’S STEPS TO SUCCESS

1. Use a REALTOR® Who Works by Referral
   Most REALTORS® spend the majority of their time and resources looking for new business (cold
   calling, door knocking, etc.). I devote myself 100% to serving the needs of my clients before,
   during and AFTER each transaction. All I ask in return is that you refer me to people of
   comparable quality to yourself who are thinking of buying or selling a home. You see, as long as
   my clients keep referring me, I don’t have to spend time prospecting and can do an even better job
   working for you!

2. Get Pre-Approved
   In a fast moving market like today, being pre-approved can be the difference between getting your
   dream home or losing it to another buyer. The seller will know you can afford their home, and
   you will avoid the painful process of falling in love with a home, only to find out that you can’t
   afford it. The pre-approval process is quick, usually less than half an hour, and most lenders will
   do it for free. Talk to the lender of your choice, or call me for a referral, but do it before you start
   shopping so that you will be ready to go when we find the right house.

3. Review a Preliminary MLS List
   By working with me to determine your exact criteria, we will be able to view a list of homes that
   match your needs. This list can be viewed on your computer or mailed to you. It is a good idea to
   drive by some of the properties that interest you. This will help us to narrow down geographical,
   architectural, and other preferences while giving you a good idea of what is available. Once we
   have the criteria defined, we will look for new listings that match your needs daily. If you happen
   to drive by a home that looks interesting, just call me with the address and I will be happy to pull
   the listing information for you.

4. Find Your “Dream Home”
   We’ll go shopping and find the right home for you. Some people fall in love with a particular
   home, while others find several that could work. While neither approach is “right”, keep in mind
   that falling in love limits our ability to negotiate the best deal for you – the number one rule in
   negotiating is that the person who needs the deal the most has the least power.

5. Make the Offer
   Once we find the best option, we’ll write up an offer. A couple of important pieces of information
   to keep in mind:
       a) If the market is hot, we’ll need to move quickly.
       b) We’ll need to provide an earnest money check with the offer. This is our “good faith”
          money that tells the seller we are serious about the offer. It is typically about 1% of the
          sales price and is part of your total down payment.
       c) The offer we write is a legal document that is approximately 8 pages long. We will be
          going over EVERY paragraph so that you know exactly what you are committing to do.
          The process takes 1 to 2 hours depending on how many questions you have.
       d) You want to make the best offer possible. Oftentimes people think that they need to start
          low and negotiate their way up to an acceptable price. This approach might work if you
          don’t mind losing the house. But in a market where it is common to have multiple offers
          to choose from, the lowest offer usually loses. Make the best offer possible, and if the
          sellers counter the offer with a higher price, you can always say “No” – you don’t have to
          go higher in price, but it’s nice to have the choice before the seller finds another buyer.

6. Negotiate the Contract
   If the offer is signed, you and the seller are under contract and the earnest money is deposited into
   an escrow account. It is more common, however, that your offer is not accepted as is, even if it’s
   full price. Other factors come into play (dates, loan types, etc.) and the seller will probably want
   to make some changes. This is done through negotiation. We will review all negotiations to
   determine if they are in your best interest. If so, both parties will sign the offer and you will now
   be under contract and the earnest money will be deposited.

7. Changes to the Contract
   The contract represents the entire agreement between you and the sellers. There can be no written
   or oral side agreements. Changes may be made to the contract, however, if all parties agree and
   everyone signs the appropriate document.

8. Inspection Phase
   This is the phase where we try to learn everything about the house that we might object to and
   didn’t know when we made the offer. The seller must disclose all material facts they currently
   know about the house and any inclusions by completing the Seller’s Disclosure of Property
   Condition document. You also have the option of doing the following:
      a) Hire a home inspector. I HIGHLY recommend you do this! It’s the best $200-$400 you
           can spend. The inspector goes through the house from top to bottom looking at all major
           systems (roof, plumbing, electric, furnace, hot water heater, etc.). They issue a report on
           the “health” of the house. You can also inspect the home yourself (or with a friend or
           relative) or waive the inspection option altogether.
      b) You can contact the local school district for information about the schools, including test
           scores, extra curricular activities, etc. You are the only one who knows what makes a
           “good” school, so by all means do some research if this is a relevant issue.
      c) You can also contact local police departments for information on crime statistics, Megan’s
           law information (list of sex offenders), etc.

   If the results of any of this research cause you to want to terminate the contract you have the right
   to do so at your subjective discretion, under paragraph 23 of the contract. This is known as the
   Termination Option.

9. Inspection Issues and Resolution
   If the inspection raised issues that you want the seller to address, you may object to the condition
   of the property or inclusions. This is an entirely different negotiation process and often more
   emotional than the original contract negotiation. Once again, how hard we fight depends on how
    much you love (or need) this house. The seller is under no obligation to resolve anything. How
    hard the seller fights back is determined by how badly they need to sell. Most of the time an
    agreement that is acceptable to both sides can be found. If an agreement cannot be found the
    buyer may withdraw their request for repairs and the contract will stand.

10. Appraisal
    If you are getting a new loan to purchase the house, the lender will require an appraisal to be done.
    Although the cost is about the same as the inspection, these are two very different things. The
    purpose of the appraisal is simply to determine if the house, which is the asset that secures the
    loan, is worth the sales price. Most of the time this is just a formality, but if the house does not
    appraise, you may elect to terminate the contract, or we can attempt to negotiate a resolution with
    the seller.

11. Preparing for the Move
    There is much to be done before the moving day arrives. For many people, this can also be an
    emotional time. For that reason, plan ahead and prepare yourself and loved ones in advance.

12. Closing
    This is the meeting at which all documents will be signed and the deed to the house will be
    transferred to you. This process takes approximately one to two hours if all parties are in
    agreement, there are few questions about the process, and the documents are not read word-for-
    word. Be prepared, however, for the closing to take longer if it does not go as planned. It is
    not uncommon for the closing to be delayed, for issues to be raised during the closing that extend
    the normal time, or even for the closing to be postponed by a day or more. It is an unfortunate fact
    of life that no one person can control all of the factors that impact the closing. You should be
    prepared to be flexible.

13. Possession
    By tradition, possession is turned over to you approximately three days after the closing, giving
    the seller time to move once they are assured that the transaction is completed. This timeframe, is,
    however, defined by the contract and is part of the negotiation process. If you are selling a home
    of your own, you will probably offer less than three days, because you will have to move before
    you have to give possession to your buyers. Regardless of the situation, the contract defines the
    exact date and time of possession and must be adhered to.

14. Client Appreciation Program
    My services will not end with your closing. I will place you in my Client Appreciation Program.
    You will receive seasonal greeting cards, valuable mailings, and occasional small gifts. This is
    just my way of saying “Thanks” for your business and your continued support through referrals
    of your friends and family members.

    Thresia Wood “The Name To Know In Real Estate”
    Cell: 832-265-9656
    Email: Thresia.Wood@Century21.com
    Web: www.ThresiaWood.com

								
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