The Selling and Buying Process
Selling and buying requires caution and knowledge of your property choice for several reasons:
- Knowing what you are purchasing is priced correctly: Obtaining home price with an unbiased company is extremely important so that you can be assured your home or investment property appraisal price is not less than its true value. This also grants a good equity basis, should you decide to sell in the future.
- Knowing the neighborhood values and trend for future values: Neighborhood values impact on your quality of life, expectation of neighborhood appearance, and reflect your chosen lifestyle. Matching your family values becomes an outward picture of the neighborhood, and a personal standard for your neighborhood.
- Closeness to major amenities, transportation, health care, and schools: Amenities such as shopping, community pool, recreational spots of interest, museums, and parks enhance your personal or family lifestyle. Each of these creates external value when you sell, and helps you receive more dollars when you move.
- Insuring that your housing comfort, style and features maximize your lifestyle and income comfort zone: Buy or selling your home's lifestyle enriches your neighborhood's value, and creates wealth for future purchasers in your neighborhood.
Pro Realty, LLC is committed to these personal values and family standards for all buyers, sellers, and investors. We report to you all our extensive services, results from investigation, pricing, financial risk, market values, and contract terms, matching all your home or property investment needs.
First-Time Homebuyers
Three basic questions to consider before purchasing:
- Do I have enough money for closing costs if the seller will not provide any?
- Do I have a Pre-Approval Letter from my lender before searching for a home, so I know what I can afford?
- Does paying rent or paying off a mortgage better fit my long-term plans?
Other questions:
- What are the considerations for purchasing a New Home?
- Where is it located? Is it in the correct subdivision?
- Do you need a home inspection?
- What is the home's ages?
- Are all appliances, heating, and cooling working properly?
- Are subdivision prices increasing or are they flat?
- Is the neighborhood proper for children? Is a park available?
- Is it close to schools and bus transportation?
- Are the children ready to start school, or is it too far away?
- Is the neighborhood close to a mall or shopping center?
- Are you close to a doctor's office in the event of an emergency?
- Are you satisfied with the neighborhood as a home environment?
- What are my options to insure that I am not buying the wrong home?
- Are all appliances in working order and no repairs in sight?
- Are you feeling comfortable in the area and are not traveling far?
- Are you too far away from medical and hospital care for seniors?
- Is the neighborhood appreciating in value, or flat?
- Will you sell at a profit when you depart or are transferred?
- What did the inspector say about the repairs needed in the home?
- Can I insist on a home inspection for "as is" homes? Caution!
- Can I perform a home inspection for "as is" homes?
- How much are my heating and tax costs for this new home?
- Consult with your realtor based on the new sales price of your home!
- What is the overall cost to operate all appliances and features?
- What amount of expenses from your budget are you expecting?
- Can you afford these costs if no insulation in walls, floors, and attic is present?
- What are my monthly costs for operating this new home?
- What are the expected utility costs based on previous occupant costs?
- Is the value within your budget?
- Are you sure you can operate the home within your budget?
- Be sure to analyze the operations cost before buying; have you looked at the previous owner's HVAC bills?
- How do I negotiate the closing cost for this new home?
- Ask for closing cost in your contract initially. Evaluate how much closing cost you need.
- Negotiate a cost suitable for you, but don't over estimate.
- Check with your Realtor to insure what value is really needed from your closing estimate.
- What happens if there are problems with the new home?
- Have the home inspector review these at the table with all parties present.
- Ask the seller if he would correct the deficiencies to professional standards.
- How do I communicate the problems with the seller?
- Review all problems with the Ihome inspector at the table. Negotiate the repair cost.
- Ask each Realtor to help with the deficiencies.
- Negotiate a final price with the seller and the other agent.
- If no one will do the repairs, seek a release rather than incurring the costs yourself.
- Can I include repairs into the contract at the seller's expense?
- Yes, if the seller agrees. Sometimes, however, repairs are too expensive to be corrected.
- How soon can I close on the home after repairs are done by the seller?
- Ask the seller how soon the repairs will be professionally done with Warranty.
- Do not forget to ask for the warranty!
- Can my Mortgage Officer assist me?
- Normally, the mortgage officer will try and work with you and help with a second mortgage for repairs if your budget allows.
- What are the events that I must follow to close on my Home?
- The mortgage officer will carry you through the closing steps before closing.
- What is Title Insurance, and do I need it?
- You should consider a Title Insurance in case someone says that they did not authorize the closing on the property. The Title Company will work with the Seller on your behalf to close the issue or refund your costs.
- When can I perform my final walk-through?
- On a date specified by your Realtor and the seller's Realtor; on the day of your choosing.
- When can I review the statements of the seller to insure that my corrections are professionally done?
- See your warranty by the professional making your repairs.
- On the day of closing, will my Mortgage Officer be there with me?
- Normally yes, unless there is a conflict with closings.
- When can I expect to receive my deed of ownership?
- Sometimes 4-6 weeks following closing if the courthouse is backlogged.
- Will my Realtor be with me during the closing?
- Most Realtors will be at the closing table along with the seller's Realtor.
- When will I receive my keys to the new home?
- At the closing table, passed from the seller to you or the Realtor. You may wish to change your locks, in case someone else has keys.
- After the closing, can I move in without delay?
- Check with your seller's Realtor; a Prepossession Agreement may be worked out between the buyer and seller.
- When shall I activate the utilities for my new home?
- Following the Walk-thru date so that you are ready to move in. Get all phone numbers from your Realtor in advance.
- When do I schedule my mail to arrive at my new home?
- Coordinate this with your delivery post office in advance to begin after you move in.
- Can I move in my personal belongings if the Seller will allow by arrangement?
- Do a Prepossession Agreement with the seller first. Expect to make a small payment in advance.
- The Home is Mine!
- As soon as you close and take ownership. Deed to be delivered later!
- What is my PITI payment for ownership?
- Consult your mortgage officer in advance and program payments by electronic transfer if you have the ability, so you do not miss any payments!