Judy Luxon ABR, CRS, GRI Realtor

Judy Luxon ABR, CRS, GRI Realtor The Buying Process

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Before we begin the Home Search I will:

Review your financial position to determine the price most suited to your ability to pay and comfort level. Pre-qualifying will help you in the following ways:

Interest rates are usually locked in for a set period of time.
You will know in advance exactly what your payments will be on offers you choose to make.
You won't waste time considering homes you cannot afford.
You can select the best loan package without being under pressure.
Seller may choose to make concessions if they know that your financing is secured, and this may make your offer more competitive.

Estimate purchase costs and explain them in detail.

Explain financing alternatives to help you select the one best suited for you.

Discuss home styles, availability, location, schools and any specific features you desire.

Explain the Offer to Purchase Agreement in detail, as well as the Multiple Listing Service (MLS)

AS A MEMBER 0F THE (MLS) I CAN SHOW YOU ANY AVAILABLE PROPERTY.
IF YOU SHOULD SEE AN AD IN THE PAPER OR A SIGN IN A YARD, CALL ME FOR MORE INFO.
IF YOU WANT TO SEE IT, I'D BE HAPPY TO SHOW IT TO YOU!

Prepare a market report, pricing recommendations and an estimate of equity from the sale of your present home, if applicable.

Provide you with information on all properties currently for sale, including new and pre-owned homes, single family homes and condominiums.

During the Home Search I will:

Discuss the benefits and drawbacks of each home in relation to your specific needs.
Keep you informed on a regular basis.
Check the MLS data base and with other brokers daily for new listings that meet your criteria.
Prepare an itinerary and "tour" map on which all homes meeting your criteria have been located.
Keep you up to date on changing financial conditions that may affect the market.
Be available to answer your questions or to offer assistance regarding your home purchase.
Discuss market trends and values relative to properties which my be of interest to you.
Assist you with homes offered by "For Sale By Owner." A homeowner trying to sell their home themselves is usually doing so in hopes of saving the commission. Coincidentally, this is the reason a buyer wants to deal directly with a homeowner. Many times a homeowner will work with an agent, even though his home is not listed, if the agent introduces the buyer to the property. If you should see a FSBO and want the advantages of my services, please let me contact the owner and set the appointment.
Show you new homes as well as pre-owned homes if you desire.
Introduce you to local builders to discuss building your next home. I can work with most builders and can get all the information you need to make any decision, but I will need to accompany you to the property on the initial visit. By letting me help you with builders, you get all the services offered in this presentation and those offered by the builder as well. You'll get more, but you won't pay more for it.

Viewing Homes After your initial counseling appointment, I will have a good idea of your wants, needs, price range, and location and will enter your requirements in the Multiple Listing Service (MLS) computer. From the many listings in its inventory, the computer will print a list of homes tailored just for you. I will make arrangements to show you those that seem to meet your desires.

As you walk through the homes, feel free to open the cabinets and closets. Most often the sellers will be absent, but should they be present, they will understand your need to examine the home carefully. When a home appeals to you, make notes. It is easy to forget details. Often there will be a brochure available for you to take along to help you recall the home as you review your tour, and whenever possible, I will have given you a copy of the MLS information on homes you are viewing.

Don't be surprised if the first home you see is the perfect one for you, and don't be discouraged if none of those you visit the first day are what you want. I am committed to finding the one that you will want to call 'home' and will work diligently until you find it. Usually, I will be able to find the home of your dreams rather quickly and will find 3-5 homes that best fit the desires you expressed.

At The end of the Home Search I will:

Prepare an Offer to Purchase agreement and explain each detail.
Provide you with copies of all documents involved in the purchase agreement and financing.
Assist you in determining the appropriate financing and help you select the best financial institution to handle your mortgage.
Accompany you to the loan application if you so desire.
Provide you with a loan application checklist.
Provide you with an estimated cost of closing or settlement; including points, title insurance, appraisals, credit reports, etc. prior to the loan application.
Make arrangements for the mortgage application.
Coordinate any necessary inspections of property to evaluate the major elements of the home.
Assist in securing interim financing if your present home has not yet sold.

Purchase Contract (Offer and Acceptance) In negotiating the purchase of your new home, the initial step will be to make an offer to purchase. This offer should be in writing and accompanied by an earnest money check to show good faith.

The offer will include:

The amount you are willing to pay
Financing terms
Any personal property specifically included
Loan commitment date
Closing and occupancy date
Other contingencies, including inspections

The offer will be written on a local Association of Realtors contract form. If the initial offer is not accepted by the seller, further negociations generally reach terms agreeable to both buyer and seller. When buyer and seller agree on terms, the buyer immediately applies for financing and arranges for inspections. I will assist you in these processes.

Earnest Money Deposit. At the time a written offer on a property is iniated, you will be required to make a deposit in the form of a personal check or cashier's check. The amount deposited will be kept in the escrow account of Coldwell Banker McMahan Co. or Broker of the listed property and will not be turned over to the seller. This money represents your sincerity in the attempt to purchase and is fully refundable if the offer is not accepted, if your loan is not approved or if sone other condition of the contract is not met by the seller. You should anticipate a minimum of $500. THIS EARNEST MONEY WILL BE CREDITED TO YOU AT CLOSING AS PART OF YOUR DOWN PAYMENT AND/OR CLOSING COSTS.

Title Insurance. When property is sold or refinanced, the lender and/or Buyer needs a preliminary title report to see exactly what liens and encumbrances are against the property.

Items that a preliminary title report show include:

Easements of record
Restrictions, covenants and conditions
Liens and/or judgments
Exact vested owner of record
Legal description

When the sale of the subject property is final and the title company has recorded the necessary documents, they will issue a policy of title insurance to the new lender and the buyer showing clear title to the property.

After Finding Your Home: The Home Inspection: By having a home inspection, the home's vital systems are checked and it's easy to make sure the home you've chosen is a smart buy. If you wish, I will help you set one up after you have chosen the home you like.

Items on your home inspection report will include:

Foundations, Basements, and Structures (Basement floor and walls, proper drainage and ventilation, evidence of water seepage.)
Exterior Siding, Windows, Doors (Exterior walls, windows and doors; porches, decks, balconies.)
Roof (Roof type and material, condition of gutters and downspouts.)
Interior Plumbing System (Hot and cold water system; the waste system and sewage disposal; water pressure and flow; and hot water equipment.)
Electrical System (Type of service, the number of circuits, type of protection, outlet grounding, and the load balance.)
Central Heating System (Energy source, type of cooling equipment, capacity and distribution.)
Interior Walls, Ceilings, Floors, Windows and Doors (Walls, floors, ceilings, stairways, cabinets, and countertops.)
Attic (Structural, insulation and ventilation information.)
Fireplace (Notes about the chimney, damper and masonry.)
Garage (Doors, walls, floor, opener.)
Appliances (Includes a wide range of built-in and other home appliances, smoke detectors and television/cable hookups.)
Lot and Landscaping (Ground slope away from foundation, condition of walks, steps and driveway.)

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