Mortgage Center
The Buying Process
The process of buying a home or investment generally starts with
determining your buying power; that is, your financial reserves plus
your borrowing capacity. If you give a real estate agent some basic
information about your available savings, income and current debt, they
can refer you to lenders best qualified to help you. Most lenders--banks
and mortgage companies--offer limited choices. Agents work with many
lenders and are knowledgeable about the various financing options
available to meet your needs. Most agents will recommend that you get
per-approved for your loan.
Finding
Once you know how much you can and want to invest, the next step is
to find the properties available that most closely fit your needs.
Sometimes the property you are seeking is available but not actively
advertised in the market, and it will take some investigation by your
agent to find all available products. Your agent will probably suggest
that you make a list of "Most Important Features," and features that you
can live without. This will help your agent focus on what's most
important to you.
Selecting
Your job is to make the final selection of the right property for you. This
is when excitement and emotion run high. Your real estate agent can
assist you in the selection process by providing objective information
about each property. Agents who are REACTORS® have access to a
variety of informational resources. REACTORS® can provide local
community information on utilities, zoning, schools, taxes, etc. There
are two things you'll want to know. First, will the property provide the
environment I want for a home or investment? Second, will the property
have resale value when I am ready to sell?
Negotiating
There are a myriad of negotiating factors, including, but not limited to
price, financing, terms, date of possession, and often the inclusion or
exclusion of repairs and furnishings or equipment. The purchase
agreement should also provide a period of time for you to complete
appropriate inspections and investigations of the property before you
are bound to complete the purchase. Your agent can advise you as to
which investigations and inspections are recommended or required.
Due Diligence
With a negotiated agreement in hand, it is time to complete the
evaluation of the property. Depending on the area and property, this
could include inspections for termites, dry rot, asbestos, faulty
structure, roof condition, septic tank and well tests, just to name a few.
Your agent can assist you in finding qualified responsible professionals
to do most of these investigations and provide you with written reports.
You will also want to see a preliminary report on the title of the
property. Title indicates ownership of property and can be mired in
confusing status of past owners or rights of access. The title to most
properties will have some limitations; for example, easements (access
rights) for utilities. Your agent, title company or attorney can help you
resolve issues that might cause problems at a later date.
Financing
Once you have the house you want "under contract," you'll have a
specified time frame in which you must obtain the proper financing to
purchase the home. If you have not already done so, your agent will
refer you to various lenders that can help you secure proper financing.
Source: National Association Of REACTORS® Talking Points.
determining your buying power; that is, your financial reserves plus
your borrowing capacity. If you give a real estate agent some basic
information about your available savings, income and current debt, they
can refer you to lenders best qualified to help you. Most lenders--banks
and mortgage companies--offer limited choices. Agents work with many
lenders and are knowledgeable about the various financing options
available to meet your needs. Most agents will recommend that you get
per-approved for your loan.
Finding
Once you know how much you can and want to invest, the next step is
to find the properties available that most closely fit your needs.
Sometimes the property you are seeking is available but not actively
advertised in the market, and it will take some investigation by your
agent to find all available products. Your agent will probably suggest
that you make a list of "Most Important Features," and features that you
can live without. This will help your agent focus on what's most
important to you.
Selecting
Your job is to make the final selection of the right property for you. This
is when excitement and emotion run high. Your real estate agent can
assist you in the selection process by providing objective information
about each property. Agents who are REACTORS® have access to a
variety of informational resources. REACTORS® can provide local
community information on utilities, zoning, schools, taxes, etc. There
are two things you'll want to know. First, will the property provide the
environment I want for a home or investment? Second, will the property
have resale value when I am ready to sell?
Negotiating
There are a myriad of negotiating factors, including, but not limited to
price, financing, terms, date of possession, and often the inclusion or
exclusion of repairs and furnishings or equipment. The purchase
agreement should also provide a period of time for you to complete
appropriate inspections and investigations of the property before you
are bound to complete the purchase. Your agent can advise you as to
which investigations and inspections are recommended or required.
Due Diligence
With a negotiated agreement in hand, it is time to complete the
evaluation of the property. Depending on the area and property, this
could include inspections for termites, dry rot, asbestos, faulty
structure, roof condition, septic tank and well tests, just to name a few.
Your agent can assist you in finding qualified responsible professionals
to do most of these investigations and provide you with written reports.
You will also want to see a preliminary report on the title of the
property. Title indicates ownership of property and can be mired in
confusing status of past owners or rights of access. The title to most
properties will have some limitations; for example, easements (access
rights) for utilities. Your agent, title company or attorney can help you
resolve issues that might cause problems at a later date.
Financing
Once you have the house you want "under contract," you'll have a
specified time frame in which you must obtain the proper financing to
purchase the home. If you have not already done so, your agent will
refer you to various lenders that can help you secure proper financing.
Source: National Association Of REACTORS® Talking Points.
404-681-1512 Office
770-654-9869 Cell
404-759-2988 Fax
Email: NicholsRealtor
@bellsouth.net
3930 Tamiami Trail
Cumming, GA 30041
770-654-9869 Cell
404-759-2988 Fax
Email: NicholsRealtor
@bellsouth.net
3930 Tamiami Trail
Cumming, GA 30041
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| Nancy Nichols 400 Realty |
404-681-1512 Office
404-759-2988 Fax