How Do I Find The Right Home?
Some people feel that going through the Real Estate Classified Section and finding an ad that appeals to them is a good way to find a house. However, there is a better way. That is to sit down with your Real Estate Professional, and discuss your price range, desires, preferences, needed amenities and everything you really want and need in your next home. You will then have access to the entire Multiple List System which covers all the properties listed for sale. You can leisurely select the homes that you would like to see. This consultation, is the first step in your search for a home, and one I always perform before we look at a single house. This helps me to pick just the right homes to show you. By setting up appointments, you can see these homes in a short period of time and have a better idea of what is right for you. Jot down notes as you go from one home to the next, and feel free to discuss with me all of your likes and dislikes.
What Price Home Can I Afford?
Most people use financing of one type or another to buy a house, since few of us can afford to pay for a home in cash. The amount you can afford will depend upon how much cash you have for your down payment, plus the amount of loan you can afford according to your income and debts. Before viewing any homes I will set up an appointment with a lender for you, so that you have an up-to-the-minute estimate on all your costs, and your qualification amount. Many lenders can pre-approve your loan before you go shopping for a house. This puts you in a very strong position when negotiating with a seller.
We've Found Our Dream House. What Now?
Once you've found the right home you will want to review detailed information about the Purchase Agreement and decide what your offer will be. I will review the contract with you, and together with your lender will provide you with an estimate of your projected costs, based upon the offer you make. If the house was built before 1978, Federal law states that you must also receive a Lead Paint disclosure, and explanatory booklet.
Contract Negotiations
How do you make an offer to purchase? Once a specific property has been selected, in order to buy the property several things must be satisfied: the offer must be in writing, there must be mutual agreement between all parties, and there must be something of value, or “consideration” in order the make the offer enforceable. In Alabama the consideration typically takes the form of a cash security deposit or “earnest money check.”
As your Real Estate Consultant, I will complete the Purchase Agreement with you. I will explain the purchase agreement to you, and the various contract clauses that are placed within a contract for your protection. I will also provide you with market data in order for you to make a knowledgeable decision. If I am representing you as your Buyer Agent I will be glad to give you an opinion as to whether I believe the home is priced in line with the current market, and to help you formulate your offer in terms which are beneficial to you.
When you have signed the Agreement to Purchase, it will be presented to the seller, either in person, or through the Listing Broker. Following presentation several things may occur:
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Once the contract has been presented to the seller, it may be accepted
unconditionally. Congratulations, you have just purchased a home, or - -
The contract may be accepted in part by the seller, but other portions of the contract altered. This is called a " counter offer". You are not obligated to the terms of the counter offer. At that point you have the option of accepting, countering, or rejecting the counter offer, or -
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The contract may simply be rejected.
Each Agreement to Purchase has a definite expiration time and date. In the event the seller takes no action prior to the expiration time/date, the contract is considered to be rejected. Please remember that any change to the contract constitutes a brand new offer which may or may not be rejected. I'll be glad to discuss this further with you.
If either party required to sign the Purchase Agreement and attend the Act of Sale is unavailable, we will arrange with an attorney to have a Power of Attorney drafted in order to complete the sale. POWER OF ATTORNEY DOCUMENTS ORIGINATED IN OTHER STATES MAY NOT BE SUFFICIENT. CHECK WITH YOUR ATTORNEY.
Deposits
Once an Agreement to Purchase has been completed and signed, you should be prepared to provide us with a check for the agreed upon deposit. Typically, purchasers will pay a cash deposit to demonstrate their good faith. This may be in the form of a personal check or cash. The deposit will usually be held by the Listing Broker in his Escrow Account, and will be credited to you at the closing.
