Frequently Asked Buyer Questions

1. What’s the first thing I need to do if I want to buy a home?

The first thing you should do when considering buying a home is get your financing in order. There are many types of mortgages and options when it comes to financing. A lender can prequalify you over the phone, and there is no charge for that. Based on the information that you give him, he will let you know what you qualify for, and will provide you with a prequalification letter. Many sellers require a prequalification letter with your offer, so it is a good idea to have that before you write the offer on your home. I will also make your offer look stronger. The prequalification letter does not mean that you are qualified to get a loan, it is just an estimate of what they believe based off of the information that you have provided them.

2. If I find a home that I want to see and it is listed with another company, should I call them directly?

No. You should call your Realty World Homes of Distinction Agent. We are able to show you ANY home, new or resale, regardless of who it is listed with. If you see a home on-line, in the newspaper or if you are just driving around, please call us, and we can provide you with the information that you need and schedule an appointment to show it to you. Also, if you visit an open house, or a new home community, please tell the selling agent in the home that you are already represented by another agent, and provide them with your agent’s name. We are looking out for our client’s best interest, and we want to help you with whatever home you decide on.

3. When I find the home I want to buy, how do I buy it?

There are many steps to buying a home, but the first step, after you have gotten your prequalification letter, is to write an offer. Your agent will go over the contract with you to make sure that you understand what you are signing. As part of the offer, you will need to decide on a price that you are willing to pay for the home, an escrow deposit amount, what type of financing you will be getting, what day you want to close, how any repairs will be handled, and anything else that needs to be included in the contract based on your personal situation. The offer will then be presented to the seller, and they will either accept it, reject it or counteroffer. Negotiations after the initial offer are sometimes conducted verbally until an agreement is reached. Once all of the details have been agreed to all parties will need to sign and initial any changes, and at that point you have a binding contract.

4. Once the contract is signed, then what do I do?

Once all parties have agreed to everything in the contract, and it is fully executed you will need to follow-up with your lender to get your mortgage in place. The lender will require you to make application, and will need your financial information including, your annual income, credit card balances, automobile loan balances, any signature or school loan amounts, and any other factors that affect your income such as child support, alimony, tax payments, dividends, etc. The lender will require an appraisal on the home, and usually asked for that costs up front. You will also need to schedule any inspections that you choose to do during your inspection window. Your agent will help you with coordinating that if you need them to. After your lender has everything they need from you, and you have completed your inspections, there is a time period when you are waiting on the lender to process your loan through their system. This can take anywhere from 2 – 4 weeks. They will be diligently working to get everything done to close on the closing date written in your contract.

5. What happens on the day of closing?

The closing will take place at a title agency or an attorney’s office, depending on what the seller chooses. Prior to closing you will be given the amount of funds you will need to bring to closing. These funds have to be in the form of a certified check. There will be lots of papers to sign from the lender, and the closing agent will go over all of those for you. Signing all of the closing documents normally takes about an hour. Once everything is signed, the closing agent will fax some of the forms back to the lender so they can give authorization to release the funds. Once that is done, the sellers are given their checks, and you are handed over the keys to your new home.