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Ask the Realtor!

Welcome to Ask The Realtor created by Realtor, Jennifer Daywalt with RE/MAX Results Realty. Jennifer lives in this area, has been a Top Producing Realtor for the past 15 years and recipient of the Hall of Fame Award with RE/MAX. Questions and/or comments can be sent to Sellinghomesjenn@aol.com or check our my website, www.jenniferdaywalt.remax.com
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Can you explain the entire process when purchasing a home?

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A great first step when purchasing a home is to identify a Buyer's Agent.  This step will ensure that you have a Realtor who is looking on a regular basis for homes that fit your wants and needs and will provide you with an expert who can answer any questions you may have.  Be sure the Realtor you choose has experience in the area you are purchasing and is a full-time Realtor.  You should have a high comfort level when speaking with the Realtor and always feel comfortable asking them questions.

You will also want to start the process for a pre-approval for a mortgage.  It’s best to find a direct lender.  Many will pre-approve you over the phone or on the computer.

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You will choose homes from the list sent to you and visit those homes, or you may already have a list of homes you'd like to see that you can share with your Realtor.  Once you find the home you would like to purchase, the Realtor will assist you in preparing an offer carefully explaining the terms to you and presenting it to the Listing Realtor. 

The Seller will then either accept your offer or present a counter offer.  You will decide whether or not you accept their counter offer.  This can continue back and forth until you come to terms.  Not all Buyers and Sellers are able to come to terms and with expert advice from your Realtor you will know which direction to take.  

Once all the details are negotiated,  you will start the Home Inspection Process, Make a Formal application to the Mortgage Lender and follow through with completing any other contingencies contained in the Agreement of Sale.

After the home inspections and other contingencies are completed and negotiated you will attend settlement, sign the mortgage papers and the house will be yours.

Of course this is the simplified version of the home purchasing process and there are many more steps involved.  An experienced Realtor in the area you are searching will take care of all the details and be sure that your purchase transaction is a happy and smooth one!

How do I make sure that my home appraises for the price we were offered?  I have many upgrades that others in the neighborhood do not have.  I believe, for this reason that my house is worth more than others in the area.

This will depend on the types of upgrades you have and if they truly affect the value of the home.  These upgrades also should be mentioned to the appraiser so that he/she can  determine if they raise the value of your home.  The appraisers will go back 3 months, up to 12 if needed and look at the comparables.  Keep in mind it does not necessarily have to be in your neighborhood.  They will normally go as far as one mile from your current location and even further if they feel they cannot find comparables. 

If you and/or your Realtor feel that the appraised value came in too low, your Realtor can appeal the value and provide comparables to back up the appeal.  Be sure the Realtor you choose to represent you has experience in this area.  However it should be noted that an appeal will not necessarily change the appraiser/banks decision on value.




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