First Time Home Buyer?

First and foremost. If a buyer is not paying cash to purchase a home, they need to speak with a lender and obtain a pre-approval for a mortgage letter before doing anything else. Sellers will not look at or entertain your offer without a pre-approval. Find out where you stand. Visit our lending partner, Huntington Bank to fill out a Self Serve Pre-Approval form . Expect 2-3 business days for a reply. It is very important to know where you stand before requesting showings, and will save you valuable time and effort. If you are a cash buyer, please have your POF (proof of funds) available to submit with any offer. If you have credit issues, and believe you are below a 600 credit score, our credit services partner Learning For Life Center can help shore up your credit and pre-approve credit scores of 580 and up, visit our Credit Issues page for more information. There's never been a better time to buy, don't miss out.

Property Search. We are pleased to setup a customized property search for you upon request. We will email you homes that match your requests in your chosen areas. We would need to know what your “requirements” are in a home. How many beds/baths, do you require a garage or basement? What city, county or school district, etc? Once we have that information, we will begin sending you updated listings. This will save you valuable time and effort in your search.

How much money will I need? The amount of money that you will need to purchase a home can vary greatly. If you are purchasing a home with an FHA mortgage, the down payment is 3.5% of the purchase price of the home. There are also "no money down" and "down payment assistance" programs such as OFHA and USDA. See our No Money Down page for more information. There are also closing costs involved with a financed transaction. Our experts will negotiate with the seller to help cover those costs and save your hard earned money.

Closing costs. You need to be prepared to have additional money available for closing costs. In most cases we can get the seller to pay for the majority of them for you, but some sellers will only pay a maximum of 3% of the purchase price and some will pay 6%. Closing costs and pre-paids required by the lender typically range from $3500-$5000.

Closing costs for a cash transaction are much lower. Their range is anywhere between $350-$1000.

Do different banks offer different types of loan programs? Most banks offer very similar financing programs. However, in some cases a bank may offer its own type of programs targeted at specific types of borrowers and might offer some promotions as well. Our mortgage partner, Prime Lending offers a very large selection of mortgages. However, on a rare occassion, they might not have the right product for your needs. If that should be the case, we will be happy to help you find a lender that suits your needs.

What if the home needs repairs? Some homes are available for cash buyers only. Some may require an FHA 203k renovation mortgage depending upon the scope of the repairs needed. We also work with a lender that can finance repairs into the mortgage as long as the appraisal supports the combined purchase price + repairs dollar amount. The FHA 203b loan with repair escrows is a very rare product and can be a very lucrative product for you as it offers much lower closing costs, fees and interest rates than the FHA 203k product. Please understand, with either product, the majority of the repairs must be done with a certified contractor. You cannot do the repairs yourself with the exception of a few minor types.

What happens after the offer is submitted? The buyer’s agent submits the offer to the seller’s agent, who in turns presents it to the sellers. If it is a bank owned property, the seller’s agent will deal directly with an individual employed by the bank who’s called an “asset manager.”

How long will it take to know if my offer is accepted by the sellers? The time can vary greatly between sellers as to the time involved in the acceptance, counter-offer or denial process. It can range from as little as a few hours to several days. It depends on their work load, their eagerness or urgency to sell the property, etc.

How long until closing, once my offer is accepted? When buying a home, anything can surface that might delay the closing process. In bank owned homes, it is not uncommon for title issues to surface which can greatly impact the closing date. Before any seller transfers title to the buyer, it is to be clear of any known defects or errors.

If the purchase is a simple FHA or conventional transaction, you can close in as little at 4-6 weeks. If it is a 203k or 203b with repair escrows transaction, it can take as little as 7 weeks or possibly longer depending on the amount of repair estimates that need to be obtained, etc.

Is purchasing “owners” title insurance necessary? Owners’ title insurance can help protect the buyer in the situation of boundary disputes, claims to the property by heirs, undiscovered liens on the property; just to name a few. It is HIGHLY recommended especially when buying bank owned foreclosures, short sales or HUD owned homes!!! In some cases, the seller may be willing to pay for and provide the policy to the buyer if certain conditions are met.

Do I have to submit an earnest money deposit? Most sellers will not accept an offer without a sizable amount of earnest money deposit. Usually $500.00 - $1000.00 is most common, the more, the better your offer appears.

What happens to my earnest money if my offer is accepted or declined? If the seller accepts your offer and all documents are signed by all parties, it then becomes a valid “contract”. The earnest money is then deposited into a non-interest bearing brokerage account. The money will be applied to the buyers’ credits on the closing statement. Once the contract is valid, the earnest money could be non-refundable, especially if the buyer declines to abide by the terms of the contract. If the home inspections reveal serious defects to the home and the seller declines to make repairs or credits to the buyer, then the earnest money should be returned to the buyer; however, it isn’t automatic and requires written approval by all of the parties involved.

Should I have the house that I’m buying inspected? Home inspections are always recommended for any type of home purchase by a qualified company. We can offer suggestions if you don’t know of any inspection companies, however it’s ultimately your choice of which company you want to use.

The cost of the home inspections range from $250-$500 depending upon the company and the amount and types of inspections you are requesting to be done. The buyer pays for the inspections including activating the utilities in most cases.

How low will the seller go in price? The only way to know “how low” the seller will go in price is to “make an offer.” There is no magical formula used to determine the bottom line the seller is willing to accept. The bank and HUD owned homes are being priced VERY aggressively. In many cases they actually sell for more than asking price.

Buyer gets pre-approval letter and earnest money check is submitted with offer and Buyer’s agent presents offer to seller’s agent and Sellers’ agent submits it to the seller and Seller will either accept, reject or counter-offer and The buyer will accept, reject or counter-offer and Negotiate (if needed) The Buyer makes application for a mortgage (if needed). The lender will gather and process all necessary financial documents from buyer à Once the mortgage paperwork is ready, it’s then submitted to the title company then the title company examines legal documents pertaining to the property purchase and requests are made of any surveys or needed documents and If all of the legal documents pertaining to the property being purchased are in order, then the closing is scheduled. Make sure you work with an expert, one our agents will be glad to help you.

Do a final walk-through before closing the deal. We'd be happy to do this with you to make sure that everything agreed upon is completed prior to the final signing and no damages have occurred to the home.

From the first interview that determines your requirements to the moment that you receive the keys, we can help you with the complicated process of buying a home. Don't hesitate to contact us to find out more about how we can make the home buying process easier!