·         SHOPPING FOR A LENDER

·         THE HOME BUYING PROCESS

·         INSPECTIONS AND APPRAISALS

·        CLOSING

Before selecting various homes to possibly purchase, you need to have your financial “House in Order”.  To begin this process, you need to contact a qualified mortgage lender, and either pre-qualify or become pre-approved for financing.

 

With pre-qualification or pre-approval, you can determine which loan program best fits your needs, and which programs you qualify for.  By going through this process, you know exactly how much financing you are qualified for, and it gives you an idea of the price range home you can afford.  It’s no fun to find your ideal dream home, and then realize you can’t afford it.  Doing your financial homework eliminates that from happening.

 

By consulting a mortgage lender, your monthly payment can be pre-determined most of the time, which will allow you to go ahead and budget your money before making this large investment.

 

Be sure that your real estate professional is knowledgeable in regards to special first-time buyer programs, or special grants, to help you get the dream home of your choice, but within the budget you can afford.

 

SHOPPING FOR A LENDER

A very important part of purchasing a home is finding the right lender. The agents at YOUNT AUCTION AND REALTY have the knowledge needed to direct you to many lenders in the area that can help you arrange your financing.  Whether it be a direct lender, or a mortgage broker, you will receive the needed attention to this most important process.

 

Some of the things to be aware of when shopping for a lender:

• Quoted rates over the phone are rarely locked prices. Unless you sign an agreement or application stating such with your lender, rates can change unless they are pre-determined for a specific period of time.
• Interest rates change daily.  A quote you may get today may not be available at the same rate tomorrow.
• Interest rates quoted by lenders are affected by your credit scores from your combined credit reports, your employment status, and your gross income.  Make sure all three of these important items are clear and in line, so you may speed up the loan underwriting process.

 

THE HOME BUYING PROCESS

Now that you know what your spending limits are for your dream house, now you can get down to the business of searching for that perfect house, within your pre-qualified range, within your specifications.  After assisting you with the financing arrangements, your YOUNT AUCTION AND REALTY Professional can go to work:

1. providing immediate access to any new listing from various MLS databases within your desired area;
2. previewing new listings, internet listings, Open Houses, and For Sale by Owners that suit your home requirements;
3. gathering information and securing viewing appointments;
4. providing a comprehensive market evaluation of the properties you choose to view;
5. offering a step by step communication of all processes leading to the Offer to Purchase and negotiating the eventual close of the transaction within the terms you approve;
6. Negotiating the right price for you through the offer and counter-offer process until the price of purchase is mutually agreed upon.

INSPECTIONS AND APPRAISALS

Upon mutual acceptance of the offering price, your YOUNT AUCTION AND REALTY Professional will work with you and your lender in arranging for the proper inspections.  Those inspections being inspections conducted by a licensed Home Inspector, and pest inspections conducted by a licensed Pest Control Professional. Both are equally important, and are done at the buyer’s expense, which can be paid for at closing.  Please click the link below for some answers to frequently asked questions about Home Inspections.

 

QUESTIONS AND ANSWERS ON HOME INSPECTIONS

 

Along with the above mentioned inspections, your lending institution will probably require an appraisal of the selected property to insure the value of the property meets or exceeds the negotiated contract price.  The buyer always has the right to select the appraisal company, or if you aren’t familiar with any specific company, YOUNT AUCTION AND REALTY will offer suggestions for credible appraisal companies, or you may leave it up to your lender.

 

CLOSING

You have gone through all the processes above, and now it’s winding down to the final days.  Your REALTOR from YOUNT AUCTION AND REALTY will make sure the closing attorney has all the necessary information to accurately close the purchase.  The attorney will review with you all details about the cost of purchasing the home chosen.  All costs associated with that purchase will be detailed on a formal closing statement (HUD-1 Form) and it will be explained to both buyer and seller so each will thoroughly understand their individual responsibilities regarding the closing costs. For more complete answers to questions regarding what is involved in closing costs, please click on the link below:

 

QUESTIONS AND ANSWERS ON REAL ESTATE CLOSINGS

 

Upon closing, you are the proud owner of the home you have worked so hard to get.  Whether it be your first time, or repeated times, buying a home is an exciting time, and YOUNT AUCTION AND REALTY wants to be there for you, from Step 1, to the end.  We share your excitement after closing, and we look forward to possibly serving your real estate needs again in the future.  CONGRATULATIONS.