Buyers
You are about to embark on one of the most important and exciting decisions in your lifetime, the selection and purchase of a home. It is a decision that will bring you years of comfort and joy. Yet, the idea of spending your free time evaluating homes and neighborhoods, figuring your down payment and monthly costs, applying for a loan, and finalizing the purchase can be an overwhelming process. For some buyers, the process is tedious and confusing. This is why we have incorporated both the purchasing and financing together into a “one stop shopping” experience.
A Triwood real estate agent can help you find a house efficiently and quickly. Discuss with him/her the type of home you believe will be right for your needs.
Your Triwood agent’s expertise and experience will be crucial in helping you find the right home of your dreams. He/She has access to the Multiple Listing Service (MLS), which provides information on virtually every home for sale in the market. This is a useful tool because it provides the most current comparative information available for more informed shopping.
In addition, your Triwood agent will show you homes that you can comfortably afford. He/she will have the resources to help you understand how much a lender will let you borrow and on what basis it is calculated. Once you have calculated a price range, your agent will work with you to establish criteria that will lead you to the right home.
When you are ready to make an offer, your Triwood agent can assist you. He/she cannot suggest a lower price than what is listed, but he/she can tell you what comparable homes are selling for in the same neighborhood. Your realtor will act as the intermediary between you and the seller who likely to also be represented by an agent. If there are negotiations over price, closing date, contingencies, and items – such as appliances – to be left or taken, your realtor will be your representative.
Shop Smarter…Not Harder
What Type of Home Do You Want?
Perhaps you know exactly what you want…4+ bedrooms, 2+ bathrooms, fenced yard, etc. If so, your realtor can look for specifics. If you are not sure, make a checklist of wants and need and discuss those with your agent. Your requirements may change once you start your search. Communicate with your realtor as your search progresses.
Get Your Financing in Order
Your Triwood realtor can also provide lending expertise. You need to be pre-approved to be competitive in your home search.
Making Your Purchase
Once you have found the perfect house, your realtor will take you through the purchasing process:
Submit your offer to buy the house. The seller may accept your first offer, or you may go through several counter-offers before you and the seller agree on the terms of the sale. Once you both agree, you have a contract of sale which spells out the details and responsibilities of all parties involved in the transaction.
Top of Page
Making Decisions About Your Purchase
Below are some of the items you’ll need to consider and how the purchase process works:
How Much Should You Offer To Pay?
Should you offer to pay the seller’s asking price or a lower one? Consider such factors as: How long has the house been on the market? Is its price reasonable? Your realtor can show you comparable home sales (comps) for similar properties in the neighborhood to help you. How competitive is the area’s home buying market?
What Happens To Earnest Money?
A “deposit” is made, in part, to show the seller your seriousness about buying. Your realtor will inform you of the amount that is usually given in your area. The seller doesn’t actually receive the Earnest money. A third party, “Escrow Company” – holds the amount in a special trust – or escrow account until the sale is closed or the contract is broken.
If you go through with the sale, the money is applied to your down payment or other closing costs. If you fail to buy the house, the seller has the right to keep the money. However, you can get your money back until the point at which you are notified that the seller has accepted your offer. And if the seller fails to fulfill his/her obligations, the money is yours.
What Conditions Do You Want To Place On Your Buying The House?
When you commit to buy the house through your offer, you may make that commitment contingent upon certain things happening, such as you securing financing, feasibility studies, and or home inspections.
What Are You Buying?
The contract should spell out everything that is part of the purchase that may not be clearly part of the real estate. Common items that could cause questions include appliance, light fixtures, shades, blinds, curtains and rods, screens and storm windows, shelving and cabinets, potted flowers, shrubs and trees, or perhaps a swing set that is cemented down.
What Special Provisions Should Be Included?
Most contracts for sale include some standard provisions, such as one for property taxes, insurance costs, utility bills, and special assessments to be prorated at closing between buyer and seller. Others outline particulars about what happens if the property is damaged before closing or if the seller or buyer fails to go through with the sale. You may want to add your own special provisions. For example, you may want a new home builder t provide you with home warranty insurance at no cost to you.
When Should Closing Occur and When Do You Take Possession?
The contract will have a place for you to write in the time when you would like to take physical possession of the house. If you can’t go through with the purchase because the closing doesn’t take place by a certain time, the contract should say “time is of the essence”. This statement binds you too, so be sure you can fulfill your part of the contract by the stated date.
The Settlement Process
All the pieces are starting to come together. Triwood Mortgage has approved your loan. Except for the seller’s paying of the existing mortgage, the title is clear. The property inspector you hired has submitted a report and finds no major structural or mechanical flaws in the house. You, your realtor, and the seller’s agent have completed a “walk-through”, a final inspection of the property.
Closing
Your lender will then send your documents to the escrow company. The escrow company will prepare the documents for the signing of the buyer and seller. The lender’s documents will then be sent back to the lender for review. When the review process is approved, Escrow will be notified to record the sale and transfer the money. Once the transaction is closed, refer to your contract for possession date. If the home is vacant, buyer can usually take possession on closing date. If home is occupied possession is usually three days after closing.
Congratulations! You are now a home owner.
