Things Buyers Need to Know

1. Determine how much house you can afford. Although you may have a general idea of how much you feel comfortable spending, it's equally important to know how much the lender calculates you can afford. This is done during a pre-qualifying procedure with your lender. For more information refer to Financing:

2. Determine what type of house you want. Define your needs, tastes and preferences for your new home. By taking time to list your priorities in home features, think about your lifestyle, and describe the style of home you like and you'll save plenty of time in the house-hunting process!

3. Explore the community. Take the time to drive through and around neighborhoods. Value is enhanced by other well-maintained properties. Check property *tax assessments, pay attention to neighborhood zoning. List which community services are important to you-like being close to shopping or a major highway for commuting. Stop and talk to people who live in the neighborhood you are thinking of living in.

4. Pick a home right for you. The home you choose should not only feel right, it should work right too. (Note: although you may have in mind the "perfect home", keep your mind open for other options. You might just be surprised!) Ask for inspections to make sure the house is sound. Check for a Home Warranty Plan in case of major mechanical system problems.

Walk around the outside of the home. Look at the roof, gutters. Does the lot drain well, is the house's surface in good repair?
Does the floor plan work for you? Is there adequate space for working, living, sleeping? Does the traffic flow work for you?
Do appliances work? Do they seem well-serviced?

5. Check available financing. Will you need to find your own financing? Is the present mortgage assumable?

6. Determine your purchase requirements. When you find the home for you, your sales professional will take you through the step-by-step process to make a purchase. You know the seller's asking price, now it's your turn to make some important decisions.

Decide how much you should offer. Consider such factors as how long the home has been on the market, reasonableness of price, availability of financing, other costs.
Understand what happens to your earnest money. Earnest money is held by a third party until the sale is closed or the contract is broken. If you buy the house, it is applied to the down payment or closing costs. If you fail to buy the house returning the earnest money is not automatic.
Decide conditions you want to place on buying the house. Your offer may be contingent on obtaining financing, a building inspector's satisfactory report or selling your present home.
Spell out what you are buying in the contract. Be specific! Common items to be specified include appliances, light fixtures, window treatments, etc.
Determine what special provisions should be included. One example might be property taxes.
Determine closing date and possession date needed. Look to your needs for timing the closing and possession. In Monroe County it is common to have 30 days between the closing and possession. In many other areas possession is the day of closing.

7. Extend the offer. The offer to purchase, once signed by both buyer and seller, is a binding contract. BE PATIENT! Pay attention to details. Decide what you're willing to pay the seller and what you want in return.

Write your offer.
Make an earnest money deposit to show you are sincere about buying the home.
Have your offer taken to the seller or seller's agent. Your sales professional will deliver the contract for you.
Receive either acceptance, rejection, or counter of your offer. The seller will IN WRITING either accept your offer, reject it, or provide you with a counter offer with some changes in some of the terms.
Sign the contract when you both agree to the terms. Signatures of both buyer(s) and seller(s) constitute a binding contract once delivered.

8. Secure Financing. It is now time to secure financing. There are questions to ask the lender, and information the lender will need from you.

9. Attend the closing! It's finally time! Issues that might need discussing or resolving should be decided before the closing. Notes promising to repay the mortgage , with the house as security, are signed. Government requirements are fulfilled, papers are all in order, money is exchanged. Depending on possession arrangements, the keys are yours!

10. Call it your own! At Evergreen GMAC Real Estate our job doesn't end here! We would like to follow through with you and your family, make you a part of our community. When you are ready to sell again, we want to keep you as customers and valued friends.

* This a website that list taxes, assessments, and aerial views of all property in Monroe County...check it out.

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