Tips for Buyers

At Independence Real Estate, we have extensive experience in Real Estate Industry. Below are some practical considerations for home buyers:

Knowing What You Can Afford

Most Home buyers know what kind of house they want, but they often don’t know what they can truly afford. Simply speaking with a reputable lender or mortgage broker will help you determine what you can afford and the types of loans you may qualify for.

There are usually, two steps in the loan process: Pre-qualification and pre-approval. Pre-qualification gives you a good idea how much “home” you can really afford, while pre-approval is the actual amount that the lender would be willing to lend. By having a good understanding of your funding limits, you will be in a much stronger, negotiating position when you are ready to make an offer on a home.

Choosing a Realtor®

Be sure to choose a Realtor® that belongs to the local Board of Realtors®. Your agent should be knowledgeable about the neighborhoods and types of properties that interest you.

At Independence Real Estate, we will guide you through the detailed process of buying a home. Your Independence Real Estate Agent will provide you with detailed market data, local and state ordinance information, and the negotiation expertise you need to get the price you want and deserve. Our experience selling thousands of properties citywide will help ensure satisfaction in your real estate investment.

Shopping for Properties

Every City usually offers a diverse mix of single family homes, condominiums. Once you have decided on a neighborhood/area, ask your agent about transportation, schools and shopping in the area.

Understanding Different Types of Houses

Established cities usually offer an abundance of older homes, such as Victorians, Edwardians and Mid-Century Modern styles. Often these properties have classic features that are distinctive and unique to their era.

New homes are currently available in certain key areas. Which you may get your choice of appliances, fixtures, and other enhancements.

Fixer-uppers can dramatically increase in value with even a few small improvements. However, be sure not to over-improve. Let the neighborhood be your pricing guide. Also, remember that a majority of fixer-uppers must be purchased “as is”.

Managing the Purchase Process

• The first rule in negotiating is to make sure both parties feel they come away with value. That means both sellers and buyers need to be flexible. The purchase contract is very important, look to your agent to explain all the details and don’t hesitate to ask as many questions as necessary.
• Traditionally, sellers feel they are selling below market value, while buyers believe they are paying more than the market value. It is customary that once your offer is accepted, you are allowed enough time to retain various inspections for the property; this is an inspection contingency. Buyers should retain their own inspectors to investigate all the systems and the structure of the house. Another contingency is a loan contingency. This allows you time to obtain a loan commitment from a lender. The close of escrow period is usually 30 days. If you’re considering a condominium or co-op, remember that the residents themselves make the Homeowners Association rules. It is important to be sure the rules are right for you. A majority of condos and co-ops also have monthly fees, which cover management and maintenance costs. Your Agent should provide you with information about the monthly fees for any home you are interested in.

Planning for Closing Costs

Closing costs vary widely based on where you live and the property you buy. Closing costs often include things such as:

• A credit report fee.
• A loan origination fee, which lenders charge for processing the loan paperwork for you.
• Attorney’s fees.
• Inspection charges required or requested by the lender or you.
• Discount points, which are fees you pay in exchange for a lower interest rate.
• Appraisal fee.
• Survey fee, for verifying property lines.
• Title insurance, which protects the lender in case the title isn’t clean.
• Title search fees, which pay for a background check on the title to make sure there aren’t things such as unpaid mortgages or tax liens on the property.
• Escrow deposit, which may pay for a couple months’ property taxes and private mortgage insurance.
• Pest inspection fee.
• Recording fee, this is paid to a city or county in exchange for recording the new land records.
• Underwriting fee, which covers the cost of evaluating a mortgage loan application.

Preparing to Move

Here are some basic steps for making your move easier:

• Complete a change of address form, from the post office, to make sure all your mail is forwarded.
• Notify friends, business associates, creditors, doctors and dentists of your new address and phone number.
• Contact your utility companies, to transfer your service the day of the move.
• If you are transporting pets, ask your moving company about state regulations for pet entry and your veterinarian for travel safety requirements.
• Enjoy your new home!