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ARE YOU A PROSPECTIVE HOME BUYER?
If you would like to participate in a Home Buying Hints WebSeminar, we have just the program for you. Sign up HERE and receive one e-mail per day for the next 10 days that will help you get on your way to buying your next home. It couldn't be simpler.
LOOKING FOR A NEW HOME?
Click HERE to request a copy of Bill's Homebuyer Guide.
If you know how much home you can afford and have started the home loan approval process AND have a grasp of your wants / needs / desires for your new home (we can help guide you on this - there are a few more things to consider than just how many bedrooms and bathrooms), then you are probably ready to start looking at properties.
Home Loan Pre-Approval
Once we find the right home, our negotiating position is greatly improved if you are pre-approved for a home loan. The pre-approval from your lender lets the seller know they are working with a serious buyer. A pre-approved buyer can also close on a property more quickly – another major consideration for a motivated seller.
Pre-Approval vs. Pre-Qualification
Pre-approval uses basic information as well as electronic credit reporting. It is a true home loan commitment, which means a commitment to financing your home and an indication of the total mortgage amount available to you. Pre-qualification is an estimate of what you can afford. When you pre-qualify for a mortgage, the lender collects basic information regarding your income, monthly debt, credit history and assets, and then calculates an estimated home loan amount for which you might be approved if all details and background information are verified.
Evaluating Candidate Properties
We will help you through the evaluation of those that we show you, the financing options available (and acceptable), estimate your costs associated with a specific purchase, prepare and present your offer, and negotiate the sale.
Click HERE to request a copy of Bill's Homebuyer Guide.
The Negotiation
Elements of the negotiation include knowledge of how long the home has been on the market, price reduction history, other offers in play or rejected, what personal property is included or negotiable with the sale, acceptable possession date, whether a relocation company is involved or not (just who owns the home, anyway?), comparables sold in the area and average time on the market.
Home Inspection
A home inspection is a visual analysis and unbiased opinion of the existing physical condition of the home.
It provides no projection of future performance of materials or systems within the home.
The inspection lasts two to four hours and includes the house and garage, fixtures and appliances included in the purchase, and results in a written report to document the findings. Specifically excluded are personal property, swimming pools and hot tubs, recreational facilities, fences, cosmetic conditions (carpet, vinyl, paint, wallpaper, drapes), outbuildings, environmental issues and testing, insect and rodent infestation. The price varies depending upon the size and style of the home. You can generally expect the cost to be in the $275.00 to $400.00 range and you must pay for the inspection on-site to receive your written report.
Getting to the Closing Table
Hmmmmmm . . . just how many things can go wrong between getting your purchase agreement accepted and actually taking title to the property? We actually don't know, but it is a VERY large number - and we are fairly confident we've seen and resolved most of them. Financing, appraisals, inspections, family situations, job changes, mother nature, work orders and many other things come into play and can have a profound impact on the original terms of the purchase agreement as written.
Understanding Agency Relationships
MINNESOTA LAW requires that early in any relationship, real estate brokers or real estate salespersons discuss with consumers what type of agency representation or relationship they desire. Click HERE for an overview of the types of agency relationships within the State of Minnesota.
Click HERE to request a copy of Bill's Homebuyer Guide.
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