CORI LLC Home buying process

The Curtain Pulled back and the home buying Process Revealed buying-a-house

If you have never experienced the home buying process; or even if you have; 2014 brought new challenges with the lending process due to the Dod Frank bill. The debt ratio a buyer can have with a FHA loan has been lowered and the PMI a buyer has to pay on their loan has increased. If you are not prepared for the home or don’t know how the home buying process works; it could cost you money or you could lose the home of your dreams. Combine that with the housing market we are in, and the need for a plan is even more important. To a home buyer looking to buy a house .

That is why working with an expert in their particle field is so important when buying a home. CORI has put together a basic step by step guide of the home buying process. This guide along with the other materials on the home buying process CORI provides; will guide you through the  home buying process steps, and better prepare you for the home buying process. Knowledge is power and with it buying a home is a simple process.

The 1st step in the home buying process–Step number 1 in any process is to put a plan together or see which way to go. When buying a home that means choosing’s a lender to loan you money or getting the cash yourself. Sellers take offers more seriously when a Buyer is approved by a lender or has proof of funds attached to offer. For a Free guide on the 20 questions to ask every lender call 1-888-815-5116 EXT 717 

The 2nd step in the home buying process – Is to find a real estate buyers agent; what is difference between a buyer’s agent and a real estate agent?When you begin the search for your home you have three choices:

You can go it alone and do all of the legwork of finding homes by looking in the newspaper, searching online, or simply asking around; and take the risk of handling all the transactional details yourself.

You can call a real estate agent and ask them to show you homes.

Or

You can sign a contract with a buyer’s agent.

For a Free 1 hour no obligation Consolation call 1-888-815-5116 EXT 715 or Click Here.

If you’re like most people, you probably weren’t even aware of that third option. There are some very fundamental differences in these three options. In the first instance, going it alone, you may miss out on a lot of potentially great properties; reason being lack of access to the right information for Central Ohio Homes for sale. You will also find that you’re not saving any money because the seller pays the commission  to the agent based on a percentage of the sales price. So using a Buyer’s Agent is free for you. To find out about our Free Property Finders Service call 1888-815-5116 EXT 718 or Click Here.

In the next section we’ll discuss finding a real estate agent.

Using a buyer’s agency, means the agent is working with your best interests (and wallet) in mind. A buyer’s agent will work to negotiate the best price, ensure the property is inspected, and make sure you have the representation you need. Things you tell a buyer’s agent remain confidential. Using a buyer’s agent also means that you will be shown homes that are For Sale By Owner (FSBO). It might seem like using a buyer’s agency means you are going to pay more — but that’s not always the case. Although there are situations where agents charge an hourly fee or a flat fee for the service, in most situations they are simply working for the same commission that is paid by the seller and split it with the seller’s listing agent.The type of agreement you sign with a buyer’s agent will dictate how the arrangement works. A limited agency agreement may stipulate, specifically, for what the agent will be paid.  Basically, you can negotiate the terms of the agreement up front so both you and the agent know what to expect and are comfortable with the relationship.  If you do decide to use a buyer’s agent, be sure to read the next section.

House Buying Tricks

If you decide to use a buyer’s agent be on the lookout for:

Dual agency: This means the agent or agents are working on both sides of the fence. For example, an agent with XYZ Realty may represent the seller, while another agent (or the same agent) also with XYZ Realty represents the buyer. There are obviously arguments against this arrangement because of conflicts of interest, but nonetheless, it is still a common practice. In the dual agency situation, both the buyer (you) and the seller must be made aware of the arrangement and privileged information can’t be shared unless you agree to it.

Neglecting to specify: If you begin working with an agent and forget to ask for or sign a buyer’s agency agreement then the agent automatically represents the seller. In most cases, the agent will bring this up and offer you the choice. If, however, the agent is the listing agent for a house you are interested in, then the relationship automatically becomes that of a “dual agency.”

Buyer’s Agency Clause: One potential problem with signing a buyer’s agency agreement may come with a blanket clause stating that the agent gets a commission on any home purchase. If you think it is likely that you will find something without the help of the agent, then you may want to specify in the agreement that a home you find on your own (an FSBO, for example) will not require payment of the standard commission.

“In-house” Listings: If you’re working with a traditional agent (or listing agent) rather than an exclusive buyer’s agent, be aware that you might get a little harder sales pitch for their own listings, or the listings held by their brokerage firm, simply because they make more money that way.

Release Clause: Make sure you have a “release clause” in your buyer’s agency agreement just in case you find out you just don’t like your agent. This will allow you to sever ties without any future problems. You may need to take advantage of this clause BEFORE you see any houses — or at least any houses you think you are interested in.

The 3rdstep in the home buying process House Hunting

Once you’ve made the agent decision, you are ready to start house hunting for your Central OH home for sale . The agent will search the Multiple Listing Service (MLS) and give you a printout of Central OH  homes for sale  that meet the criteria for your ideal home. If you are using a buyer’s agent, you may also get a list of For-Sale-by-Owner (FSBO) homes to look at in addition to the MLS list. Don’t forget to do some looking around of your own just in case the agent misses something. This is where your communication with the agent is critical. The agent needs to have a really good idea of what you want in order to make your search as efficient as possible.For more information on how to start searching for Central OH homes for sale; from the comfort of your couch call 1-888-815-5116 EXT 718 or Click Here 

After you comb through the MLS printouts and FSBO lists, appointments are made. When you visit homes with your agent, the homeowners are typically absent. This gives you and your agent the opportunity to discuss the home freely (if you’re using a buyer’s agent) and inspect things a little more thoroughly than you would if the proud homeowner is right there the entire time.Once you find a home for sale that you like;you and your agent will discuss an offer. If working with a buyer’s agent the agent will advise on how to put together the offer; if you do not have an agent consider what homes for sale are selling for in the area.   When you have an offer either the buyer’s agent or yourself will present the offer to the seller. When both the buyer and the seller of the home for sale have agreed on the terms of the offer you are in contract. Once you are in contract you will want to hire a home inspector for the inspection of your home for sale. After the home inspection
is done the buyer and seller remedy period starts for any corrections need as a result of the inspection.

The 4th step in the home buying process – Congratulation’s you made it to closing.

This is the celebration time you are now a home owner congratulations. CORI has perfected this home buying process timeline and explains it to 1st time home buyers; we have created a 12 series White page Free report “ Understanding the Home Buying Process”. This report will provide the education every home buyer needs to avoid the pit falls that could cost thousands. To get your free copy call 1-888-815-5116 EXT 719 or Click Here.