Home Buyer Guide

by Kathy Myers Carson, ABR, GRI

‘THE GARY FOSTER TEAM"  -   Re/Max 1^st Olympic

434-660-4025      OR   kcarson@jetbroadband.com

 So you've made the BIG decision - you are ready to buy a house!   Now What?!?  I want to help you unravel the Mysteries  of this process and help you avoid the Hassles!

 SO LET'S GO - LET'S TALK ABOUT BUYING A HOUSE!

STEP ONE:            "THE LOAN"

One of the worst things I, as a Realtor, could do, would be to show you a house that you could not yet afford.  That's why the FIRST  STEP to home buying is to get yourself Pre-Qualified for a home loan.  By being Pre-Qualified for a loan you put yourself in a strong position to negotiate with a Home Seller.  We present your Pre-Qualification Letter with the purchase offer for a house. 

 STEP TWO:           "THE AGENT"

What is a Realtor®?   Do I really need one?

Why can't I just call the agent whose name is on the sign?

 •·        A Realtor® represents the interest of either the Seller or the Buyer.  This means that the Agent is striving for the best deal for the person they represent.

•·        Yes, you do need a Realtor®.  The process of buying property is a maze of legal paper work and it is the Agent's job to guide you through this maze and to make sure it is your interests that are protected. 

•·        You can call that Agent whose name is on that sign, BUT, that Agent is representing the Seller not you the buyer.

YOU can hire a BUYER Agent:

•·        You do not pay this agent.  The seller pays the Realtor® compensation when a house is sold.

•·        If you want to hire me as your Buyer's Agent, I will require you to sign a Virginia Association of Realtors® Exclusive Right To Represent Buyer Agreement

•·        The BUYER Agent works for YOU - this agent owes you LOYALTY, OBIDIENCE, CONFIDENTIALITY, FIDUCIARY RESPIONSIBILITY, and ADVICE.

 As your Buyer Agent - What would I do:

 •·        I interview you & find out what type of house you like, where you want to live, do you want a "fixer-upper", etc.

•·        I look at the current listings in your price range, review your "wish list" and then we look at houses.

•·        I guide you through the looking process, the weeding out process, making the offer, the negotiation & the closing.

I want you to be happy - Realtors are successful because of REPEAT BUSINESS - this is just your first house!  I want your repeat business and I want you to refer your friends and family to me to work with in buying homes. 

 FOR THE WORK I DO, I ASK ONLY ONE THING OF YOU AND THAT IS YOUR LOYALTY!!

 If you attend an Open House tell the hosting agent that you are working with me. 

 STEP THREE:               "THE HOUSE"

 The Home Looking & Buying Process:

 •·        We try to give sellers a 24 hour notice that we want to see the house - we do this in  an organized way. 

•·        I can show you any house in Amherst, Appomattox, Bedford, Campbell Counties & the City of Lynchburg, if it is listed for sale in the Lynchburg Area Multiple Listing Service. 

•·        I will strive to find you the best house possible at the best price possible for your situation as it is at the present.  There is NO PERFECT HOUSE - even if you built it you would want to change it before you moved in - so you have to learn to compromise your expectations. 

•·        I will never pressure you to make an offer on a house.

•·        COMMUNICATION - we must have total communication between us if this is to be a fun and successful venture.  If you Love a house then say so - if you Hate a house say so.  This will help me to show you houses you are truly interested in.  Your time is valuable and so is mine. 

STEP 4 :                THE OFFER

 Making An Offer:

 •·        You find a house.

•·        I do a Market Analysis - Real Estate is not a Science.  A property is only worth what you are willing to pay & what the Seller is willing to sell the property for.

•·        You decide on an OFFER for the house.  We write a Contract and you make a monetary deposit (good faith deposit).

•·        The Negotiation process starts - sometimes this takes a week.  You have a Home Inspection and then the Negotiation starts all over again.

 What are you going through at home?

 This is a major Life Decision so you are going to be nervous.  You will probably have Buyer's Remorse

Where you will question your decision - This is Normal!

You will have sleepless nights - This is Normal!

These conditions will pass!!  Ask yourself - What is the Worst that can happen?  You buy the house & realize you have made a mistake - so we'll sell it - not good but not the end of the world!!  You will live!

 The Offer is Accepted:

 •·        I notify your lender and take them a copy of the contract.

•·        You pick a Closing Agency or Attorney.

•·        You wait.... And do whatever the Lender asks you to.

•·        We conduct a Walk-Through a day or so before the closing.  We make sure everything is the same as it was on the day that you made your offer to purchase the house, "no better, no worse."

STEP 5:                   THE CLOSE

Closing:

 •·         A Closing Date is set - this date is not set in stone.  The date can be moved forward for many reasons, do not get upset about this - it is normal.

•·        You are given a HUD Statement by either the Closing Agent or by me.  This will detail all of the expenditures for the transaction.

•·        We meet at the Closing agency or Attorney's Office.

•·        You will bring a Certified Check for the exact amount of the Closing Costs.

•·        You sign a ton of papers.

•·        You get the KEYS & YOU ARE A HOMEOWNER!!!!

CONGRATULATIONS!!!!