Richard A. Zuber Realty takes pride in the experience and knowledge each of their agents has to offer. Most of our realtors grew up in the area and have a thorough knowledge of the immediate and surrounding areas and what each has to offer. Our experienced support staff offers knowledgeable assistance to our clients, customers, and agents. When you are ready for your home purchase, here are some guidelines to help you navigate the home buying process.
Choose an Agent
Choosing the right real estate agent is important as you’ll be working closely with your agent throughout the home buying process. You may not want to choose the first agent you come in contact with whether through the internet or in person. Buyer’s must sign a contract, typically a “Buyer’s Agent” Contract, prior to a realtor being able to show them any homes. Make sure your agent goes over this contract with you thoroughly. The contract will obligate you to pay a commission to your Buyer Agent.
Compensation can, at times, be received from the seller, but if the seller does not offer compensation OR does not pay the amount in your Buyer Agency contract, you will be responsible for paying those amounts or differences. Your buyer agent should also advise you that you can ask for a seller concession to assist with these broker fees within your offer on a home. They should advise you of the pros and cons of doing so. The choice of your offer will ultimately be your decision to make. If you are undecided on use of a particular agent, maybe see if that agent offers a “non-exclusive” agency agreement. Also be aware that agents may differ as to what compensation they want. No law or agency sets or recommends these fees. They are fully negotiable between you and your agent. Effective 8/17/24, no MLS service can display any compensation from the seller, so it is extremely important to understand your obligations for payment of any commissions.
You should also base your selection of agent based on their knowledge and capabilities. You may feel one agent is worth more than another due to those qualities. Your agent should be able to give you information on pricing, testing, mortgages and other items that you will need throughout your home buying process. Even though agents are not lenders, they should have a knowledge of possible programs available for your personal financial situation or be able to recommend a local lender who does.
Use a local agent who is familiar with the neighborhood you are searching. This is beneficial because they will know the ins and outs of that specific market. Through data exchange and multi-list cooperation, your agent typically shows you properties listed by other agencies as well as their own. Your agent should also be a full-time professional and have the availability to be a resource to guide you throughout the home purchasing transaction. Choose an agent who can use modern technology as well as ‘tried and true’ methods. Above all, be loyal to your agent and your agent will be loyal to you.
Select a Lender and Get Pre-qualified
Your lender is a crucial piece of the homebuying process. Try to obtain a local lender who will keep you informed and attend your settlement in case there are issues. Otherwise, you may be stuck with unforeseen fees and changes. A local lender feels more accountable to you. Internet lenders often have fees or charges above the range of local lenders. You want to know your interest rate and your APR (the larger the difference, the more fees that the lender is charging you). Have the lender review with you the amount needed for the home purchase including the down payment amount and settlement costs. If you need to use a seller concession for payment of your buyer broker fee or part of it, make sure your lender is aware of this so you can be assured that they will allow you to do so according to their lending guidelines and for the particular type of mortgage you are applying for. Your lender and realtor should have open communication with you and each other for a smooth transaction.
Research Homes
You can research homes online, but remember although often deemed reliable, information online is not always accurate. Let your realtor be your guide to help you with your home search. When you find a house that suits your needs, contact your agent to learn more about the property and schedule a showing.
Submit an Offer
Your realtor prepares and goes over the terms of your offer with you. They provide expertise, such as comparable sales prices, costs, offer comparisons, and suggestions on how to make your offer better than another. Always put your best foot forward in your initial offer as there may be another offer or competing offers against your bid. You may not get a second chance to change your initial bid. This is important depending on the type of market we are in. You need to decide if an inspection is important to you and if an inspection is required by your lender and type of mortgage. You need to forego inspections or seller concessions to get the home you want. You will need to deciding if foregoing inspections is worth the risk involved in doing so.
Proceed Through the Transaction
Your realtor should help you watch for time restraints in your agreement of sale. Do not delay an appraisal of the property for any reason. No one should tell you to delay for any reason. This purpose delay could jeopardize your deposit monies and cause a default situation. Stay on top of these dates. If delayed, you may have to waive some of your rights. You will order an inspection, apply for a mortgage if applicable, and proceed with any other items included in your offer. Promptly take care of replies, obligations, or requests so the sale is not delayed. You will need to get homeowner/fire insurance and title insurance, order transfer of utilities into your name, and reserve a settlement place and time. Your realtor is a good resource to help with these items.
Settlement
Be sure your realtor has given you the amount you need to bring to settlement in advance as well as the form of payment (i.e. some title companies need the funds wired while others accept a bank or cashier’s check). Most do not accept personal or certified checks. You will always want to conduct a pre-settlement inspection to be sure the property is in the condition in which you agreed to purchase it. You and your realtor should attend this inspection together. Make sure you have the required identification needed for closing from the title company. Usually, a buyer will need two forms of acceptable identification. Then proceed to the settlement table. At the end of the process, you walk away with keys and ownership to your new home!
After settlement, remember to set aside funds for the ongoing costs of homeownership. Be aware of solicitation companies trying to solicit services that you may or may not need. A common misconception is that you will need to pay to get a copy of your deed. You do not have to pay for a copy. You should receive your copy of the deed as well as title commitment in the mail 30 to 60 days after completion of settlement. If not, direct your questions to the title company that conducted your settlement.
Live happily in your new home. If a time comes for you to move or change, feel free to call on us again to sell your home or offer suggestions on refinancing.