Welcome your guide to homeownership
Determining your purchasing power and getting approved.
Evaluate affordability, discuss your options, interview lenders, get approved, commit to a lender.
Determine your needs and desires.
Location, Budget, and Home Criteria.
Determine the amount of earnest money deposit, select a title company, contingency decisions, submit the offer.
DETERMINE YOUR NEEDS AND DESIRES:
I WANT YOU TO GET THE VERY BEST HOME POSSIBLE. ONE THAT GETS
YOU EVERYTHING YOU WANT, IN THE LOCATION YOU WANT, WITHOUT BREAKING YOUR BUDGET.
The amount of your earnest money deposit depends on a number of factors such as your available funds and the number of offers expected on the home. If we have contingencies
built into the contract and you void the contract for one of the reasons you are allowed, in the timeline you are allowed, you'll get your deposit back. If not, you could lose your deposit and be subject to other fines and penalties. The earnest money deposit is one of the first things you'll do once you go under contract. You'll need to get it to the title company by the date you promised in your offer. I will help make sure you have the directions to do so from the title company to be in compliance with the contract terms.
The title company represents the contract, not anyone party to the contract. Their role is to make sure that all parties do what they say they are going to do in the agreed-upon contract. Their role is also to make sure you get a clear title to the property so you aren't responsible for any liens or tax issues from a previous owner. You could also say they are the accountant for the sale as well-making sure all fees and expenses for both you and the seller are accounted for correctly and distributed accurately. Lastly, their role is to work with your lender to make sure all the loan documents and funds are applied correctly to make you the new owner of the home subject to the loan terms you agreed to with your lender.
The typical contingencies we'll discuss are financing, appraisal, and home inspection. There may be other contingencies or terms that we discuss, depending on the needs and desires of each party involved. Depending on how long the home has been on the market and how many other offers are expected on the property, they will determine what contingencies I will recommend you keep or waive. When we get to this part of the offer writing process, I'll explain the pros and cons of each contingency to help you decide what is best for YOU. We can also discuss creative ways to protect you while making an offer that is enticing to the seller.
After we write the offer, it will be submitted immediately or at the offer deadline. One of three things will happen-the seller will either accept it, reject it, or make a counteroffer. Based on what we know about the offer situation on that particular home, we will likely know what to expect from the seller. Based on the seller's response, we'll discuss the next steps from there and my recommendations for how we proceed.
It's important that you partner with a professional that knows how to help you based on the market at that time. Let's connect! I would love to chat about your goals and help your home dreams come true!
