Buyers Information

What PRO will do for you…

1. Conduct information session to identify your needs and goals and to plan a property search
2. Recommend lenders to arrange pre-qualifying or pre-approval meeting with you to determine affordability range and improve negotiating position at the point of offer.
3. Commit to priority availability for meeting your needs and schedule for property research and showings.
4. Complete a thorough market search to identify all properties consistent with your needs and price range.
5. Prepare a written Competitive or Comparative Market Analysis for you prior to you making an offer.
6. Prepare a written offer to purchase on the property of your choice reflecting your price and terms.
7. Provide negotiating and consulting assistance on all offers to purchase.
8. Obtain the Seller’s Property Disclosure statement and deliver it to you.
9. Recommend professional property inspections and review findings and recommendations from professionals with you.
10. Monitor and communicate the status and satisfaction of contract contingencies.
11. Accompany you on walk-through of property before closing.
12. Contact you after the closing to assure the satisfactory completion of all service details.
13. Offer the opportunity to evaluate the service provided.

Here is a list of questions to ask when applying for a mortgage:

• What is the interest rate on this mortgage?
• How many discount and origination points will I pay?
• What are the closing costs?
• When can I lock the interest rate and what will it cost me to do so?
• Is there a prepayment penalty on this loan?
• What is the minimum down payment required for this loan?
• What are the qualifying guidelines for this loan?
• What documents will I have to provide?
• How long will it take to process my loan application?
• What might delay approval of my loan?

For Your Protection Get a Home Inspection

Why a Buyer Needs a Home Inspection

A home inspection gives the buyer more detailed information about the overall condition of the home prior to purchase. In a home inspection, a qualified inspector takes an in-depth, unbiased look at your potential new home to:

• Evaluate the physical condition: structure, construction, and mechanical systems;
• Identify items that need to be repaired or replaced; and
• Estimate the remaining useful life of the major systems, equipment, structure, and finishes.

Appraisals are Different from Home Inspections

An appraisal is different from a home inspection. Appraisals are for lenders, home inspections are for buyers. An appraisal is required to:

1. Estimate the market value of a house;
2. Make sure that the house meets FHA minimum property standards/requirements; and
3. Make sure that the property is marketable.

FHA Does Not Guarantee the Value or Condition of your Potential New home

If you find problems with your new home after closing, FHA cannot give or lend you money for repairs, and FHA cannot by the home back from you. That is why it is so important for you, the buyer, to get an independent home inspection. Ask a qualified home inspector to inspect your potential new home and give you the information you need to make a wise decision.

Radon Gas Testing

The United States Environmental Protection Agency and the Surgeon General of the United Sattes have recommended that all houses should be tested for radon. For more information on radon testing, call the toll-free National Radon Information Line at 1-800-767-7236. As with a home inspection, if you decided to test for radon, you may do so before signing your contract, or you may do so after signing the contract as long as your contract states that the sale of the home depends on your satisfaction with the results of the radon test.

Be an Informed Buyer

It is your responsibility to be an informed buyer. Be sure that what you buy is satisfactory in every respect. You have the right to carefully examine your potential new home with a qualified home inspector. You may arrange to do so before signing your contract, or may do so after signing the contract as long as your contract states that the sale of the home depends on the inspection. The National Association of Realtors Has recommended the following when choosing an inspector:

• Ask exactly what the inspector does or does not inspect.
• Ask what scientific instruments are used – such as moisture detectors, combustible gas detectors, and electromagnetic detectors.
• Ask about the inspector’s professional or organization affiliations or memberships, education level, and licensing.
• Ask how many inspections the inspector has conducted and whether the inspector works full time.
• Ask what type of report is submitted – whether a check-off list or a detailed narrative.
• Ask what type of insurance the inspector has – including liability, errors and omissions.
• Ask whether the inspector is involved in any other businesses, such as home repair, that might represent a conflict of interest.