OUR PROMISE TO YOU
To serve the real estate industry as a community leader, friend and neighbor creating lifelong relationships.
To always do the right thing, even if it isn't what's easiest.
To take care of your needs at the highest level of attention to detail.
There isn't a request too small.
To serve as a trusted local expert and adviser by your side.
To consistently and clearly communicate with you in the manner and frequency of your preference.
To treat you and your family with integrity, respect and straightforwardness at all times.
To answer your questions, ease your concerns, reduce your stress and expertly handle the entire real estate transaction from listing to closing and beyond.
To hold ourselves accountable to selling your home for top dollar and ensure lifelong relationships with transactions ending in nothing short of complete satisfaction.
UPFRONT COSTS
What are some costs you can expect during the home buying process?
Closing Costs – Typically around the 3.5-4% of the purchase price in your area. Closing costs are standard fees and charges associated with the purchase transaction to secure the loan. Common closing costs include but are not limited to title fees, lender fees, recording fees, as well as homeowner’s insurance and taxes to be placed in an escrow account. Seller Contribution can usually be negotiated with the offer you submit. The amount the seller is to pay will need to be written into the fully accepted offer/contract.
Earnest Money Deposit – This deposit shows the seller that you are a serious buyer; in fact, most offers will not be accepted without the borrower putting down earnest money. The earnest money deposit is held by the title company, or by one of the realtor’s offices, in the brokerages escrow account. If the purchase goes through, the earnest money is put toward the overall closing costs or refunded to the borrower. If the purchase does not go through, the earnest money could either go back to the buyer or could be given to the seller depending on the terms of the contract. This should NOT be paid in the form of cash. The lender will need to verify the payment with a paper trail. Acceptable forms of payment include wire to title, cashier’s check or money order.
Home Inspection – This is not required for a loan, but borrowers often chose to have a home inspection completed as home inspections evaluate different aspects of the home than the required appraisal. The buyer is typically responsible for the cost of the home inspection.
Appraisal – All purchases require the home to be evaluated by an appraiser. This fee varies by area but typically ranges between $475-$600. The appraisal fee is typically paid by the
buyer and collected upfront once the contract has been ratified. Some lenders are able to put it into the closing cost fees if upfront payment isn’t an option.
LET THE SELLER KNOW YOU'RE SERIOUS
An informed seller will respond first to the buyer who demonstrates the ability to consummate the purchase.
A “Pre-Qualification” is an estimate of borrowing power based on information you, the buyer, have
provided to the lender.
Providing a “Pre-Approval” letter from a reputable lender as the first page of your offer shows respect to the seller and the seriousness of your Offer to purchase the property. This is a more formal process, which includes a credit check, possibly even employment verification, and verification of assets.
A “Loan Commitment” states that your loan has been processed and the bank has committed the funds to you. This will put you in the strongest position when competing for a property.
“Pre-Approval” and “Pre-Qualification” are not considered “Loan Commitment.” The further along you are in the approval process, the more comfort and trust you and the seller will have.
Please feel free to call us any time for additional information about qualification, pre-approval, or loan commitments.