For Buyers
Here’s a quick look at the steps you’ll take when buying a home with Bob
Leigh & Associates, Realtors:
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Conduct a preliminary search with Bob Leigh &
Associates, Realtors property search |
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Contact a loan officer to get pre-qualified for your
mortgage. |
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Contact a Bob Leigh Sales Associate to look for a house in
your price bracket (and/or to list your current home if you also want to
sell). Then begin looking for a home with your Realtor. Take along a
checklist so you can evaluate and remember the differences between each
home you see. |
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Once you find a home you want to make an offer on, you’ll
sign a purchase agreement and give the seller earnest money to seal the
deal. If your offer is accepted (sometimes with contingencies),
determine a date you wish to close and have the house inspected to
ensure there’s nothing seriously wrong with the property. |
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Notify your loan officer that you’ve found a property so they
can begin the appraisal and title process. And, lock in your interest
rate. Your loan officer will send you a new good faith estimate which
shows your monthly mortgage payment as well as your estimated cash
needed for closing. The closing attorney will notify you of the time and
date you close on your home and the items you’ll need to bring to
closing. |
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Notify your phone company, utilities (don’t forget water and
sewer), moving company, post office, newspaper and magazines, friends
and family. |
Negotiating the Purchase
When you have selected the house you want to buy, your next step is to submit
a signed real estate offer to purchase. Your Bob Leigh sales associate will take
you through a step-by-step process in order to prepare your real estate offer:
- You know the seller's asking price, but you need to decide how much you
will offer.
- Decide how much earnest money to offer. Your earnest money is usually
held by the listing company until the sale is closed or the contract is
broken. When the sale is closed, it is applied to the down payment or
closing costs. But, if you fail to buy the house after the seller has
accepted your offer, the seller has the right to keep this earnest money.
- Specify your desired closing date and possession date. Allow yourself
enough time to obtain financing.
- Determine which items you may want to negotiate in the price you are
offering. Items the seller may not necessarily be leaving behind may include
any of the following: appliances, light fixtures, chandeliers, gas logs,
fireplace tools, window coverings and swing sets.
Your Bob Leigh sales associate will present the offer to the seller's agent.
The seller will either accept, reject, or counter your offer with changes in the
terms. If the seller submits a counteroffer, you may either sign it as
acceptance of the agreement, make another counteroffer, or withdraw your offer.
When both the seller and buyer agree to the terms and sign the document, it
becomes a valid contract.
Home Inspection & Insurance
"Beauty is only skin deep" is especially true for houses. A fresh coat
of paint or new carpeting may disguise serious flaws. That's why you want to
make sure a professional inspects your new home. And to protect your most
valuable investment, be sure to have homeowner's insurance.
Homeowner's Insurance
Your home typically is the single biggest investment you'll ever make and by
protecting it with homeowner's insurance you'll have financial protection
against the unexpected. Aside from protecting your home and your possessions, it
provides you with liability coverage.
Home Inspection
A professional home inspector surveys the foundation and structure, roof,
exterior, major systems (electrical, heating, cooling and plumbing), and
appliances that will stay with the home.
Tour the house with the inspector, who will point out potential trouble
areas, as well as what's "sound." If the inspection does turn up some flaws, a
seller is often willing to make repairs, but it may depend on market conditions.
Take notes as you tour. Get the inspection report in writing. This document
will support or deny the contingency addendum to your agreement.
You can add a home inspection contingency to your purchase agreement. This
requires the seller to make legitimate repairs - or if the seller is unwilling
to do so, it allows you to cancel your agreement.
An inspection may take a few hours and cost a few hundred dollars, but it can
save you time and headaches in the long run. Your real estate professional can
recommend a professional inspector or you may want to look into homes that are
inspected prior to sale.
Title Services
You're finally in the home stretch. You've signed a purchase agreement and
it's time to close on your new home. The closing (also called the settlement)
usually takes place at a closing attorney's office. Your real estate
professional will help coordinate a convenient date for you.
Title insurance affords our customers a convenient source for protecting
their investment.
Understanding Title Insurance
A title is the document that verifies your legal right to your new home. To make
sure there are no past errors or legal entanglements that might affect your
ownership rights, all properties are subjected to a title search before closing.
There are two kinds of Title Insurance: a lender's title policy and an
owner's title policy.
To protect their interest in your property, mortgage lenders require buyers
to purchase a lender's title policy. Such a policy, however, does not protect
your interest, as a homeowner.
To protect your interest, you need an owner's title policy. This policy pays
for all court costs and related fees associated with any claim that might come
up. Also, if a claim is found to be valid, your actual loss - up to the face
amount of the policy - is covered.
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