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TIPS FOR BUYERS
- Make a list of priorities before setting up appointments to view
homes. Proximity to work, number of bedroom, number of
bathrooms, yard size, must haves and wish haves... know them all and be
prepared to be flexible!
- If you choose to work with a real estate agent agree only to pay
his/her commission if you purchase a home shown by that agent.
This leaves you free to view other properties, especially FSBO without the extra
cost of commissions.
- A pre-qualified buyer is more desirable to a seller. Know how
much you can afford. Receive a free, pre-approval letter from any of
our advertised mortgage companies, or call our FOR SALE BY OWNER CONNECTION
office at 860-693-6156 or toll free 1-800-942-2442 for assistance. Check how
much you can afford with our
Mortgage Calculator.
- Search for homes in the price range specified by your
pre-approval. Don't waste your time or the sellers if you can't afford the
property. Please keep the appointments or call homeowner ahead of time to
reschedule.
- It is never too soon to shop around for an
attorney whom
you trust and one who will return phone calls promptly. Here too, our
office can help by recommending a real estate attorney close to your area with
years of experience in FOR SALE BY OWNER CONNECTION real estate
closings.
- Our sellers have all the required information and forms needed to completely
sell his/her home from beginning to "closing day" end.
Our SELLER'S KIT given to our clients provides them with a Purchase Agreement,
Connecticut Property Disclosure Form, Federal
Lead Form (if home was built before 1978) and other literature to answer any
questions and guide them through the home selling
process. Please ask the seller for a copy of the CT Property Disclosure Form (this
document is a check list of the house's known
faults...), if it is not readily available when you are viewing the home.
- When you are ready to make an offer you may call the home owner directly and begin the negotiations. Points to discuss are price, mortgage contingencies, personal
property to be included /excluded in the sale (such as appliances, electric fixtures...) dates of inspections, dates and limits of time
for closing deadlines.
- Have everything in writing! Don't rely on verbal agreements for
this major commitment.
- Plan to put $500-$1000 down upon the drawing of the contract,
and an additional 5-10% in 10 days upon completion of inspection.
The deposit check should be held in escrow (possession) by the seller's
attorney. As always call our office at 860-693-6156 or toll free 1-800-942-2442 for assistance.
- Legal representation is a must at closing day and invaluable
before this date to answer any other legal issues which will always
arise.
- You may wish to let your attorney review the Purchase Agreement
prior to signing or use the attorney's contract form instead. The
attorney will also prepare the deed, mortgage documents and insurance forms.
Generally closings take about an hour or longer, but the attorney will do a lot
of work prior to closing to make sure you are getting a properly transferred
deed.
- Hire a home inspector immediately to secure an inspection of the
home a few days after signing the Purchase Agreement. You
should walk through the house along with the inspector to view any potential
problems not foreseen by you. Any needed repairs or new
conditions in the inspector's evaluation need to be addressed to the seller in
writing before the inspection contingency date of your
contract. Most small details are not worth raising, however each buyer must
assess for him/herself.
- If electrical/mechanical items are in working order, but their
life span is questionable, consider sharing the cost of a Home
Warrantee with the seller. The warrantee covers the repair or replacement of
furnace, water heater and/or appliances for one year
after closing. Cost of the warrantee is $375. Call us for more details.
- While the home inspection is in progress continue the process of securing your home mortgage. The lender is responsible for
sending an appraiser out to view the home, insuring that you have not overpaid for the property while protecting the mortgage/lending
companies' interest.
- The lending company will run a second credit report on you prior
to the closing date. Don't go on a shopping binge for new furniture, TV, etc.
before closing! You run
the risk of over-limiting your credit.
- Schedule a final walk-through inspection 24 hours before closing
to assure property condition has remained the same.
- Finally, you should make arrangements for all utilities to
transfer to your name on the day of closing.
- We know how stressful this period can be for both the seller and
new buyer. Please feel free to contact us with any questions you have along the
way. You'll be represented by an attorney, so they will look out for you
"legally", but we're here to help both the sellers and the buyers with any
issues that might arise. We appreciate you, the buyer, taking the time to read our program
and visit our website CutTheCommission.com and the best of luck to you!
Questions? Call us at 860.693.6156
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Copyright 2011 For
Sale By Owner Connection, Inc. All rights reserved.
All images on this site
are the property of For Sale By Owner Connection, Inc.
No person or
business may copy these images for any use.
Violators Will Be Prosecuted.
For Sale By Owner Connection and Cut
The Commission are trademarks of
For Sale By Owner Connection,
Inc. Thank you.
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