buyer faq 1. choose a realtor® After reviewing this packet, we are sure you see why Team Manzon is passionate about being your REALTOR®. It's because we know we are the best choice and we will not stop until you are happy in your home! Our full-time professionals will work closely together with you to find the right home for you.
2. GET PRE-APPROVED
WHAT ARE THE STEPS OF THE HOMEBUYING PROCESS?
6. PRESENT OFFER & SELLERS RESPONSE: I will present your offer to the Seller & Listing Agent. The Seller has 3 options: 1) Accept your offer, 2) Counter your offer, or 3) Reject your offer. My personal knowledge of your needs and qualifications will enable me to represent you in the best way possible. I will review the seller's response with you. My negotiation skills & knowledge will benefit you in reaching a final product.
7. OPEN ESCROW
We can provide guidance to financial institutions where you can obtain information to get the best possible financing available. Getting preapproved is an important step because your lender will let you know what you are preapproved for AND make sure you are comfortable with the monthly payments. If you are not ready to buy now, they will get you on a plan to be ready to buy!
When the Purchase Agreement is accepted and signed by all parties, I will open escrow for you. At this time, you will need an "earnest money deposit," which is usually 1% - 3% of the purchase price. The escrow or title company will receive, hold, and disperse all funds associated with your transaction. This is the time allowed per your Purchase Agreement to: - Finalize financing - Perform inspections - Appraisal of property - Satisfy any and all additional contingencies to which the Purchase Agreement is subject to.
3. CONSULTATION
8. DUE DILIGENCE
This is the fun part! WE will talk about all your wants and don't wants - more than just bedrooms, bathrooms, and sq.ft. This meeting will save you hours of searching online or looking at houses that aren't what you want. We are the professionals. We ask the questions, you tell us about your dreams and we will find it for you!
During the escrow process, there are some activities you will be responsible for scheduling or completing. These include: - Review professional Physical Inspection. We will schedule with you and review it with you in detail. - Review the Pest Inspection Report and certification. - Obtain Insurance Policy and coordinate between your insurance Agent and the Escrow Officer to make sure your policy is in effect at the close of escrow. - Contact all utility companies about 2 weeks before the close of escrow, so you can transfer them into your name at the time of closing. We will give you a list of local utilities. - Maintain your credit score by ensuring no new credit accounts are opened and avoiding larger credit purchases. - Be prepared to request a cashier's check or set up a wire money transfer from your bank several days before the closing date.
4. FIND YOUR HOME We will show you homes based upon the criteria we establish. The more precise and direct you are with me. the more successful your home search will be.
5. WRITE AN OFFER Once we have found the home that you wish to purchase, we will do the necessary research to help you structure an effective offer. I will advise you on protective contingencies, customary practices, and local regulations.
9. CLOSE OF ESCROW When all the conditions of the Purchase Agreement have been met, you will sign your loan documents and closing papers. You will deposit the balance of your down payment and closing costs to escrow and your lender will deposit the balance of the purchase price. The Deed will be recorded at the County Recorder's office and you will take ownership of your home!
buyer faq WHAT IS ESCROW?
WHEN IS THE BEST TIME TO BUY?
We like to describe escrow as this... The seller and buyer are on the opposite sides. The agents are like the lawyers and Escrow is like the judge. They are the unbiased third party in the transaction.
The best time to buy is when it makes sense for your family - this includes financially. There are definitely other factors that go into this however, we don't recommend you wait until the market is "perfect" because there is no such thing. A lot of buyers are afraid of buying because they would prefer to wait until the prices of homes drop. Well when that happens, the rates may increase. When you meet with us, we will be able to get with your lender and everyone else who is a decision-maker in your family to determine if it is the right time for you.
HOW MUCH MONEY DO I NEED TO BUY A HOME? This is a case by case situation and one that we will get more clarity on when we speak to your lender. It depends on the price of the home and the type of loan you are eligible for a down payment assistance program. We will connect you to one of our trusted lenders to determine approximately how much you will be needing!
WHAT IF THERE IS SOMETHING WRONG WITH THE HOME? A lot of buyers ask this question when writing an offer. The good thing is. you have what is called the "Contingency Period" to do your due-diligence - that means conducting all the inspections and further investigations on the property. Typically, this is 17 days into the escrow timeline.
I NEED TO SELL A HOUSE TOO. HOW DOES THAT WORK? There are many different ways to structure this depending on the situation that is BEST for you and your family. The good news is we have a Listing Specialist on our team that will help you sell your house and a Buyer Specialist that will help you buy a home. They will work together to make sure both go smoothly and in your favor and timeframe.
HOW MUCH DO YOU CHARGE? This is our FAVORITE question! You met us, you reviewed almost our whole packet and it sounds too good to be true, right? We must charge a fortune?! Well, the good news is... our services are free to YOU! We directly negotiated our fees with the Seller and Seller's Agent. Some other agents charge additional fees on top of what they negotiate with the Seller and Seller's Agent. We do not charge ANYTHING!
WHEN IS THE BEST TIME TO BUY? The best time to buy is when it makes sense for your family - this includes financially. There are definitely other factors that go into this however, we don't recommend you wait until the market is "perfect" because there is no such thing. A lot of buyers are afraid of buying because they would prefer to wait until the prices of homes drop. Well when that happens, the rates may increase. When you meet with us, we will be able to get with your lender and everyone else who is a decision-maker in your family to determine if it is the right time for you.
buyer faq DO I NEED TO GET A GENERAL INSPECTION?
WHAT ARE THE UPFRONT COSTS OF BUYING A HOME?
We recommend ALL of our clients at the very least get a general inspection. From there the inspector will let you know if there are any "red flags", Then, you can get a specialized inspection.
Upfront costs include: - Earnest Money Deposit and Down Payment (if applicable) - Cost of Inspections: General inspections are typically less than $500, depending on the size of the house. There could be additional inspections, such as a pool inspection, should there be a pool or a roof inspection if the General Inspector suggests it.
For example, if he says, "The ceiling has a mark that could possibly be from a leak," we would want to then get a specialized inspection.
WHAT IS AN EARNEST MONEY DEPOSIT (EMD)? An EMD is the "Earnest Money Deposit" and is usually 1% - 3% of the total purchase price. Once escrow is open, you can deposit the EMD into the escrow account to show the seller that you are serious about the home. Until you remove all contingencies of the transaction (typically 17 - 21 days into the escrow schedule, the EMD is refundable. If you remove the contingencies and then back out of the sale, you lose your EMD and the seller gets to keep it. It is important to use an agent who knows what they are doing to make sure not to risk your EMD.