Rolestone Realty
Home buyer’s Guide
Meet with a professional skilled Realtor to discuss your ownership needs.
Seek out a Pre-Approval, before shopping for homes
important that you know the cost of lending before starting
important to know the closing cost & Down payment needed as well
*Closing cost( Title, Notary,Taxes ,insurance, etc)
Downpayment 3.5% of the Homes Price
Lender will qualify you for FHA or Conventional .or both(some homes can’t/wont accept FHA).
Try to shop under your approval Limit, may need to negotiate.
HOA fees count as debt, so speak with lender about HOA limits.
Expenses-Contract Obligations
*1 -Contingency-Home requires an inspection = $600-800, non refundable
*2 -Contingency-Home requires an Appraisal = $600-800, non refundable
*3-Loan must clear, credit must clear, no new debts or large purchases
*Buyer must have a Deposit (EMD) for at least 1% of home price(1% x 300,000.00= $3,000.00). MUST BE DELIVERED/WIRED within 3 days of acceptance.
After the inspection, Buyer can make a Request for Repair, A Credit , or price drop, Seller is not required do anything, Seller can drop an offer if an amendment is made for repairs or credit.
After the Appraisal the Seller will be informed if the home Meets the offer price, is below offer price, or will meet the offer price if certain things are fixed.
Seller can decide to fix appraisal issues or not, they ARE not required to.
When shopping for a home, please allow the Realtor the appropriate amount of time to set up appointments. Most homes DO NOT allow visitors without prior permission, most homes have specific instructions that are not readily available to consumers.
Inspections have 17 days to be completed
Inspections have 17 days to be completed
Loan must be completed within 17 days
Escrow last for 25-30 days( if in escrow Apr 1 could be an Owner by May1).
DO NOT CALL REDFIN, REALTOR.COM,ZILLOW directly, please send property request directly to the Agent.
REALTORS don't get paid until the purchase is complete, payment comes from the Seller.