Why Buy With Us?
Referrals from past clients is the foundation of our business. If you’re not happy, we’re not happy. Our intention is to provide you with a high level of local knowledge, combined with extensive real estate knowledge and make the process smooth and easy. We use a lot of technology for those that are comfortable with it. Talk to us. Let us know why you’re buying a home, what your intended use is and a little about your lifestyle. That helps us to help you find the right home. It’s not always just the number of bedrooms and bath and a price range.
Home Buying on Anna Maria Island
Getting a pre-approval letter will help you to get the home of your dreams as soon as you’re ready. Most sellers will require it before accepting an offer. Some of the bigger banks are the most challenging ones to work with. There are often delays for weeks. Contact us for a list of amazing lenders that will make sure your loan closes on time with less stress to you.
Escrow and Closing Costs
What is escrow? An escrow deposit is money that goes along with your offer or often within 3 days of an accepted contract to show good faith. It is a credit to the buyer at closing.
All deposits must be deposited in an Escrow Account and not held by a real estate agent. Our office practice at Keller Williams on the Water is that it goes to the attorney or title office handling your closing.
During your inspection period if you decide to opt out of the contract, the deposit will be returned to you. If there are other contingencies that must be satisfied such as financing, and your loan is declined within the time frames allowed, your escrow deposit will be refunded to you. The deposit is at risk if all contingencies have been satisfied and the buyer backs out of the contract. We had that happen once, when the buyer decided not to buy the night before closing after meeting with a Feng Shui Master. Yes, there are some crazy stories in real estate.
Regarding closing costs, if you are applying for a mortgage and will have a loan, your lender will charge you closing costs. Know upfront what those fees are. The lender will require Lender’s Title Insurance. Lender’s Title Insurance protects the lender against defects in the title that may come up after closing. Owner’s Title Insurance is important for all buyers whether they have a loan or not. It’s protection from defects in the Title that may come up after closings.
A home warranty is a policy that protects the buyer should any mechanical, electrical or plumbing issues arise after closing. These items must be working to begin with and there is typically proof of that in the home inspection report. We haven’t found a home warranty policy yet that will cover the mechanisms in a private home elevator, and we are looking. If you know of one, let us know! Sellers or buyers can pay for the home warranty. Homes warranties are part of the negotiation.
We have a few movers that we recommend for local and long distance moves. Be sure to ask us about them to help avoid a moving nightmare.
First Steps to buying a home
I want to buy a home, what’s the first step? We often get this question. The first step is to contact a local agent, like us. Get a referral to a good local lender. Why local? Let’s just say if it’s someone we’ve worked with in the past, we know their track record and know it can get closed. A buyer recently came to me after going on-line to a service that contacts 30 lenders on her behalf and was overwhelmed with it. I gave her a number to a trusted professional and it made the stress go away.
Once you get the referral to a good mortgage lender, you will contact them to get pre-approved. See my post about Getting Pre-Qualified Just to see the House.
The lender can give you a heads up on any red flags on your credit report. We want to make sure that there isn’t anything there that will prevent you from getting a mortgage
Do you think that if it’s not on your credit report, it doesn’t matter? Think again. We had a buyer whose credit was fine. But, he had a couple of non-sufficient funds (NSF) showing on his bank statement. The loan was not approved. Paying rent on time, paying all your bills on time and showing that you are responsible with your money all matter.
With your pre-approval in your hands, the world is yours! (To a certain extent anyway) The pre-approval amount gives you a starting point on the price range you should be looking in or under. Then the search for your dream home begins.
As you are driving around, you might see a house that intrigues you. Get instant info by using our mobile app to get up to the minute info. Check out our Mobile App We can also set up a customized searches that gives you updates on homes that fit your search criteria.
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