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The process of buying is similar for all home buyers. From determining just how much home you can afford to closing the contract agreement, the following provides you with an overview of the specific steps that you will encounter during the business of purchasing a new home. | ||||||||||||
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Lenders use established formulas for helping determine what price home
you can afford to purchase.
Two formulas used by a variety of lenders are:
For more specific figures and details, ask your RE/MAX Real Estate Professional to help prepare a "pre-qualifying" estimate for you. |
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You may know exactly what you want in terms of the
structure of your new home. Perhaps you've already chosen a single
story ranch style over a two story condominium. Or, you may be open
to several options and you'll "know it when you see it."
Single family homes come in a variety of styles, including but not limited to:
Multiple family dwellings generally fall into one of the following categories:
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Selecting a neighborhood that is compatible with your
comfort and lifestyle is the next consideration. A variety of
concerns will play into your decision about which neighborhood is right
for you and your family.
You may consider:
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When you've made the decision to purchase a particular
property, your RE/MAX Real Estate Professional will assist you in
presenting an offer to the seller. Your offer to buy involves
submitting a signed real estate contract that specifically state the terms
and conditions upon which you would like to purchase the property.
Your offer will generally be accompanied with a good faith deposit check
for the seller.
Depending on the area in which you are located, this offer may be known as an offer to purchase, a contract of purchase, a contract of sale, an earnest money agreement, a deposit receipt or perhaps another variation. The seller may accept your offer as presented, or employ the option to "counter" your offer with slightly different terms, price, financing or other conditions. Once both you and the seller have agreed to the terms of purchase, you have both signed the document and you have been notified of the seller's acceptance (usually when you receive an actual copy of the contract), the document becomes a valid sale contract. |
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Comparing Available Loans
Competition among lenders is vigorous. Your search for the best loan may include discussion with representatives for mutual savings banks, savings and loans, private lenders, mortgage bankers, finance companies, credit unions and mortgage loan brokers. It is important to take accurate notes when speaking with each lender's representative in order to effectively compare loan availability, interest rates, terms, loan origination fees, discount fees or points charged, appraisal fees, down payment requirements, income requirements and other specific items that lenders may request. Some Home Loan Types
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At the closing or settlement, you and the seller will
each have completed the conditions and met the terms pursuant to your
contractual agreement and title to the property will be conveyed to you.
Your RE/MAX Real Estate Professional, escrow company, attorney or other settlement assistant will have helped you through the myriad steps of closing, including handling of the many details such as:
Following the closing, you will receive a final settlement statement for your records that clearly illustrates all the fees paid by you to close the contract. |
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Melody Cusick |
WELCOME HOME! As a RE/MAX real estate professional, I'll take the guesswork out of your real estate transaction by helping you make informed decisions. I have the technical know-how and backing of the world's premier real estate organization. Changing For Sale to Sold |
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