A Big Investment

Buying a home can be an overwhelming prospect. For many of us, buying a home is one of the largest investments we ever make, and with such a large purchase comes a little anxiety. Many questions arise when someone considers buying a home. Should I continue renting, or is it time to buy a home? How much of a down payment will I be able to make? What kind of a mortgage would be best? How many bedrooms and bathrooms will I need? Where do I look for available homes? How will I know if I'm getting a fair price?

A real estate agent can help answer all of these questions and take you through the home-buying process step by step. It's comforting to know that you have someone you trust who is dedicated to making your experience a positive one.

How a Real Estate Agent Can Help

Some people decide to go it alone in the real estate market. They don't want to pay an agent for services that they don't think they need. While many people buy homes without the help of an agent, those that do find suitable homes faster and can often get these homes for a lower price.

Resources of a Real Estate Agent

Real estate agents have many resources that aren't available to the general public:

• Listing Services - Real estate agents have access to many different kinds of listings. Although many multiple listing services (MLS) are available online, these are more of a preview to the MLS than anything else. Real estate agents have to subscribe and pay a regular fee to have unlimited access to the MLS.
• Time - Real estate agents are dedicated to finding you a home. Full-time agents search every day, all day for properties that fit the qualifications of their clients. They are oftentimes aware or real estate before it goes on the market because of their contacts within the industry.
• Knowledge - Real estate agents know that in order to help their clients, they must be knowledgeable of the area, especially for those relocating. They make a point to know the local school systems, details about different neighborhoods and local points of interest.
• Experience - One of the best aspects of having a real estate agent, is the benefit of having someone by your side that has been through the home-buying process before. An agent will have experience with the negotiations that go along with the closing process - what repairs the seller should make, what appliances should be included, the final price and so on. They will also be familiar with different regulations and paperwork that may be hard to understand without a real estate background.

As a real estate professional, I would be happy to answer any tiny question you may have, or to get started looking for your perfect home. If you need help in your search for a new home, don't hesitate to call.

View Steps to Buying a Home

As a real estate professional, I am happy to answer any questions, no matter how elementary you may feel they are prior to beginning the search for your new home. If you need help in your search for a new home, don't hesitate to call.

Once you've made the decision to purchase a home, here are some suggestions to aid you in your search.

Know Your Budget- Plan ahead. First, examine your financial situation. Inspect your credit reports and find out if there are any incorrect items adversely affecting your credit. Look at your current debts and income and decide on an affordable monthly mortgage payment, as well as a down payment. Getting pre-approved for a loan will help you gain the confidence of sellers when you make a purchase offer, and it will give you a realistic price range.

Be aware that there is a big difference between being pre-qualified and being pre-approved. While many homebuyers will get pre-qualified, they are not approved for a home loan without going underwriting approval from their chosen lender. A small glitch could cost you that dream home you so desire. So let's GET PRE-APPRROVED first - it could save you much disappointment later in the home buying process.

A few words of caution: Avoid any large purchases. Lenders evaluate your debt-to-income ratio, cash savings and large recent purchases when they consider you for a loan. Whether you pay cash or use a credit card, large purchases will affect this evaluation in a negative way. This can increase your loan's interest rate or even prevent you from getting a loan. It's best to wait until everything is finalized

Starting your search. Now you can start looking at homes. This is where your real estate professional comes in to play. Your agent will help you find homes that fit your needs and get you through the purchasing process.

Next, make a list of items that are necessities in your new home, others that are unacceptable and another for any amenities you might like. These lists will help your agent fine tune your search requirements and locate homes that meet the criteria you have established.

Making your offer. Before making an offer on a home, have your agent verify the listing declarations made by the selling agent in the MLS listing, perform a Comparative Market Analysis on similar homes in the area, so you can be sure that the asking price is reasonable. As a qualified real estate agent, I pay attention to other factors, such as necessary repairs and the amount of time the home has been on the market.

As you formulate your offer, I will ensure the written document reflects any earlier verbal agreements. Deviations from verbal agreements would affect the final offer of the home. During this stage, as a real estate agent, I am a valuable asset for any questions you might have. Missing or incorrect information on paperwork at this stage can cause delays you don't want to deal with.

Negotiating with Sellers can be intimidating and stressful. As your agent, I will help you move through the process to ensure your offer outcome is one that includes the best possible terms and conditions for a favorable result.

My job is to ensure you have confidence when you sign the Offer to Purchase and Contract on your new home. I understand the complex terms and clauses in the document - leave it in the hands of an expert!

What to do next: Once your offer has been accepted by the seller, we may begin ordering inspections and completing other required paperwork. I will be paramount in expediting, attending and assisting with these matters.

Your lender will need an appraisal (and usually is the one to organize such), financial documentation and any state or lender specific requirements for home or title insurance for final approval of your home loan, but the appraisal will not be as insightful as a home inspection. A home inspection will note any problems with the home. A home inspection is especially important on an older home or a home you suspect might have problems.

Repair Negotiations: In most cases, you the buyer, have a specific number of days to have a home inspected and present your request for repairs to the Seller.

Negotiating repairs can take many forms and can be a smooth or complicated process depending upon the repair, and the buyers and sellers expectations.

You may:

• Ask the sellers to make a few repairs
• Ask the sellers to make many repairs
• Ask the sellers to reduce the sales price; or
• Decline to purchase the property if the cost of repairs exceed limits set within your Offer to Purchase and Contract

The sellers' only obligation is to address defects that are named in the purchase contact or required by state and local laws. If the contract specifies an "as is" sale, the sellers may refuse to make repairs of any kind or to adjust the price in any way.

Having a qualified real estate professional help you navigate this process is essential and may be critical in saving you time and money.

The Final Steps: Before you close, we will have a final walk-through of the home. Making sure any contractually agreed repair problems have been sufficiently addressed and you are satisfied with the condition of the home.

After you sign the final papers and close on the home, the seller is no longer responsible for any of the home's problems.

Once you've closed on the home, the deed is yours and that officially makes you a new homeowner. Keep in mind your home is an investment. Treat it well and keep it in good shape and it will likely increase in value.

Angela Whipple
Advantage Realty and
Marketing Group LLC
4419 Myers Park Drive
Durham, NC 27705

Office:	919.306.1868
Fax:	919.287.2729

www.angelawhipple.com

Steps to Buying a Home

Now that you've made the decision to purchase a home, here are some suggestions to aid you in your search.

1. Plan ahead. First, examine your financial situation. Inspect your credit reports and find out if there are any incorrect items adversely affecting your credit. Look at your current debts and income and decide on an affordable monthly mortgage payment as well as a down payment. Getting pre-approved for a loan will help you gain the confidence of sellers when you make a purchase offer, and it will give you a realistic price range.
   
   
2. Starting your search. Now you can start looking at homes. Consider involving a real estate agent to help you find homes that fit your needs and get you through the purchasing process.
   
   Next, make a list of items that are necessities, others that are unacceptable and another for any amenities you might like. These lists will help your agent facilitate the search.
   
   
3. Making your offer. Before making an offer on the home you find, research any restrictions, codes or laws in the new location. Be familiar with similar homes in the area so you can know a reasonable asking price for the area. Consult a qualified real estate agent and pay attention to other factors, such as necessary repairs and the amount of time it has been on the market.
   
   
4. What to do next. Once you've settled on a price, you can begin ordering inspections and doing the paperwork. You'll need an appraisal for final approval on your home loan, but an appraisal won't be as detailed as an inspection, which will note any problems with the home. A home inspection is especially important on an older home or a home you suspect might have problems.
   
   As you begin the paperwork, make sure everything matches earlier verbal agreements. Deviations from verbal agreements should affect the final price of the home. During this stage, a real estate agent is a valuable asset for any questions you might have. Missing or incorrect information on paperwork at this stage can cause delays you don't want to deal with.
   
   
5. The final steps. Before you close, make a last walk-through of the home. Make sure any contractual problems were repaired and you are satisfied with the condition of the home. After you sign the final papers and close on the home, the seller is no longer responsible for any of the home's problems. Also, make sure you have any necessary insurance. Your state and lender will both have specific requirements for home or title insurance.
   
   
6. A few words of caution. Avoid any large purchases. Lenders evaluate your debt-to-income ratio, cash savings and large recent purchases when they consider you for a loan. Whether you pay cash or use a credit card, large purchases will affect this evaluation in a negative way. This can increase your loan's interest rate or even prevent you from getting a loan. It's best to wait until everything is finalized.
   
   

Once you've closed on the home, the deed is yours and that officially makes you a new homeowner. Keep in mind your home is an investment. Treat it well and keep it in good shape and it will likely increase in value.