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Q: What steps need to be taken before I think about purchasing a home?
A: The first thing to do is to get your finances in order. Before you can purchase a home, you should meet with a qualified lender to help determine what amount and type of mortgage loan you are qualified to obtain. Some facts you will need to know prior to meeting with the lender is your total household income, amount of cash available for a down payment, credit card balances, other loan balances (vehicles, boats, etc.), school loans, as well as other factors that affect your income such as child support, tax payments, dividends, etc. Please refer to the “Preferred Vendors List” on my website for a list of recommended lenders.
Q: What are the steps to become “pre-qualified” to purchase a home?
A: After you have met with a lender as described above, the lender will establish the price point for which you are qualified to purchase. The lender will provide a pre-qualification letter for you. Please remember, this does not mean that you are qualified to buy the house, you have been “pre-qualified” based on information you have given to the lender prior to an actual loan application.
Q: Why do I need an agent to buy a house?
A: The Listing Agent represents the Seller; he or she receives a commission for selling the house. The Buyer Agent represents YOU, the Buyer, looking out for your best interests; the commission for the Buyer Agent is also received from the Seller at closing.
Q: Can I buy a home if I do not have a down payment?
A: Many lenders offer financing options without a down payment.
Q: Can I own a home if I have filed bankruptcy?
A: If you have been current in the payment of your bills for a while after the discharge of bankruptcy, there is a good chance you would be able to purchase a home.
Q: If I find a home that I like and you do not have it listed, can you still show me the property?
A: Yes – Our team are licensed Real Estate Brokers in North Carolina, so we are able to show you any house, new or resale; we have access to all information relating to a house for sale.
Q: Is it a good idea to make a low offer on a house?
A: Our Buyer Agent specialists will do their “homework” before you make an offer on a house, ensuring that we make a reasonable offer and get the lowest price possible. If you make a low offer and the offer is rejected or countered, another offer may be received by the Seller from another Buyer that is more acceptable to the Seller. Sometimes a Seller can be “insulted” with a low offer and refuse to negotiate with that Buyer. Every seller has a rock bottom price that they are willing to accept and we will make sure we get there.
Q: Why should I work with one Realtor during the buying process?
A: It is in your best interest to work with a Buyer Agent representing YOU, paying close attention to your needs, wants, etc. Our services as a Buyer Agent are FREE to you as a Buyer.
Q: Can you explain the typical real estate transaction process?
A: Consultation with Buyer Agent to analyze needs of Buyer
- Mortgage pre-approval process
- Begin search of homes for sale
- Write Offer to Purchase
- Negotiate offer
- Executed contract delivered to Buyer and Seller
- Home inspections scheduled and completed
- Mortgage application
- Review home inspection reports
- Review of Settlement (HUD)/Closing Disclosure Statement with Buyer Agent
- Attend closing