BURTON REALTY - Professional Services for All

Most real estate agents breakdown the process of acquiring a home into two parts. The first part is from initial contact with a potential buyer until a contract on a home has been written and ratified by all parties. The other is from contract until the actual closing of the transaction. Let's take a few minutes and consider what is involved in these two phases of the process. From contract to contract includes the pre-qualifying of the buyer financially and otherwise. During this time the needs and wants of the buyer are compared with what homes are currently on the market. This is when neighborhoods, home types and styles, school districts, proximity to work, shopping etc. are considered. Many homes may be toured or in some cases there are only a few that would qualify for viewing. But finally just the right place is found and an offer is prepared by the buyer's agent and signed by the buyer. It is then presented to the seller by the seller's agent. (In a future article I will address Agency) If there are any changes to be made to the offer by the seller, the result is called a counter offer. There is no contract until all parties agree to all of the same information and all charges are initialed by all parties to the contract. Once a contract is in effect the next phase begins. From contract to closing is many times more complicated and involved than the contact to contract phase. Frequently contracts include financial contingencies, home inspections, water and septic inspections, infestation inspections(termites, insects, mildew & others), raydon inspections, and lead paint testing to name a few. All inspections need to be made by a qualified inspector who know what is required. It is best for the home buyer to be present for as many of these inspections as is possible. That way he/she can ask questions and be certain they understand what the inspector is evaluating and which items are of concern. In addition to satisfactory inspections, the lender has to be satisfied. The lender has to qualify the buyer to make sure that the buyer can afford the home. Also, the lender has to qualify the home to make sure there is enough value in the home to support the required loan amount. That is why an appraisal is needed. A lean has to be placed on the property. This requires a survey to define the property and a title search to ensure proper ownership transfer. After all that home owner's insurance is necessary to protect the lend and the buyer from any future hazard. Finally after all the conditions and contingencies of the contract have been met, documented and verified, there are lots of papers to sign at closing. If I can help you with your real estate needs call me at Burton Realty (434) 974-7583. Happy House Hunting!!!