Buyer's
Guide
to home ownership 101
Research
It is crucial to do some research on your local market so you can familiarize yourself with current inventory and get a pulse on typical sale prices of listings that fit you particular needs. Ready to start your search?
Get Pre-Qualified
You've decided to take the next step and seek out a lender for a pre-approval. A pre-approval is not a commitment for loan. Provide your information and the lender can tell you how much of a loan you can get based on your credit worthiness and other factors like household income. Not sure where to start?
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Visit Properties
It's time to start touring properties with your agent! Start making a list of properties you'd like to see and narrow down the list. This is important because you won't be able to see every home on your 'maybe' list. As a general rule of thumb, 3 - 10 showings in a day is average, any more than this is a very long day. All the homes you saw begin to morph together, making it hard to keep track what you liked and what you didn't.
Choose Your Agent
Choosing an agent can be a tough decision. Your agent will need to be someone you can trust and rely on. You will be sharing a lot of your personal information and your agent will be your direct representative in the process. You should pick an agent who you can work with on a regular basis who has knowledge of your market and you can relate with.
Make an Offer
Sit down with your agent and talk about your offer. There are a lot of strategies on how to approach a variety of situation. No property is the same and neither is an offer. An offer is a legally binding contract so be sure you have read over all the terms and that you know what you're singing. Having an attorney review is always suggested although not legally required.
Get Pre-Approved*
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Get Pre-Approved*
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Let's Negotiate
Your agent should be experienced in negotiation to get you the best possible terms and price. Keep in mind negotiations is the essence of finding a fair and equal meeting ground. Coming in guns a blazing is the sign of a immature or hot headed agent that can lose you a deal. Be honest, be reasonable, be persistent.
Inspections
Usually come after you are under contract. Look around on the web for inspectors with credibility. The inspector will search the home for any issues that could be a problem. This will be a tool used in further negotiation but most importantly that you and your family are safe and aware of any defects unseen by a untrained eye.
Finalize Loan
Talk with your lender and submit your application for your mortgage. Be sure you understand the rate and how interest will affect your payments. A 1% in your APR can change your monthly payment by hundreds of dollars per month. If your not sure and don't quite know about something, don't be afraid to ask!
Appraisal
An appraisal is an analytical approach to determining the value of a property. Appraisal value and Market value are NOT the same thing. An Appraisal will give you give a very point in fact cost and value approach. If If these two values are not close to one another, ask your agent why and get clarification.
Closing Day
There is a lot of paperwork, I know - who likes paperwork? As you sign the final dotted line, you are officially a homeowner. No take backsies! You've gotten through and deserve to celebrate yourself. You've accomplished a huge endeavor. Crack a smile, you did it!
Our Promise
You've closed but that doesn't mean our relationship ends here. Whether you decide to buy or sell in the future, just have some questions, want an update on your market, or you have a friend or family member who could use our service - we promise to be here for you and your family whenever you need, to always give the Gaddy standard of service because you are our top priority and that's the Gaddy Promise.
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Key Terms
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APPRAISAL
Assessment of the property’s
market value, for the purpose
of obtaining a mortgage and
performed by a licensed appraiser.
CLOSING COSTS
Expenses incidental to a sale
of real estate, such as loan fees, appraisal fees, and title insurance.
CLOSING STATEMENT
The statement which lists the financial settlement between buyer and seller, and the costs each must pay.
CONTINGENCY
Certain criteria that have to be
met in order to finalize the sale.
DEBT-TO-INCOME RATIO
The percentage of an individual's monthly gross income relative to
the amount of debt owed.
EARNEST MONEY DEPOSIT (EMD)
A good faith deposit the buyer makes with an offer to show that they are serious about buying the property. In exchange, the seller agrees to stop marketing the property.
INSPECTION
An expert conducts a formal review
of the property to find visible issues
that need to be repaired.
LIEN SEARCH
A background check on the property
and the seller to ensure there are
no outstanding debts or claims upon
the property.
PREQUALIFIED
Potential buyers provide an overall
financial picture and mortgage brokers provide an estimate of what level of
loan they will likely be pre-approved for.
TITLE INSURANCE
Insurance to protect the buyer and
lender against losses arising from
disputes over the ownership of a property.
RECORDING FEES
A fee paid to the local government
to officially report a sale of a home;
usually paid by the buyer.
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