|
 Home
CURRENT LISTINGS
OPEN HOUSES
About Us
Our Services
Meet Our Agents
Career Opportunities
Contact
Us
See
The
Best Pick On The Market!
Condos,
Condos, Condos
Email
Us!
|
-
- BUYING INFORMATION
What can Greenleaf Realty do for you
as a potential buyer?
One of our greatest satisfactions is helping guide a buyer through
to the closing process on their new dream home. Whether you are
buying your first or fifth home, trust a Greenleaf
Realty agent to identify the features and areas that give you the
best fit.
Trust a Greenleaf Realty agent negotiate
a responsible, acceptable sales contract, and trust a
Greenleaf Realty agent to help with inspections,
provide important resources and review
closing figures.
 See
how a Greenleaf Realty agent can assist you as a BUYER
Your Greenleaf Realty agent will also assist you in preparing for your closing,
typically held at a community
title company, where professionals will oversee and insure the
smooth transfer of funds and title.
Qualifying/Pricing/Maintenance Concerns
--Schools/Community Amenities--
we'll simplify an increasing
complicated real estate market
Potential Condominium
Buyers
You will benefit from our unique company
resources,
including:
-
Kalamazoo Condominium Map
-
Area Condominium Association Database (30+
developments)
-
Condo Buying and Selling Seminars
-
Explanations of specific property restrictions and
maintenance responsibilities
-
House vs. Condo buying-decision comparisons
Greenleaf Realty is the Kalamazoo
area's Condominium Experts; servicing all associations and ready to help
you in your evaluation.
There are many things to take into account when buying
a house or condominium. Below is a list of the eleven most important steps of the
buying process:
-
Needs Analysis
-
Buyer Representation
-
Pre-Approval vs. Pre-Qualification
-
Neighborhood Information
-
Home Search
-
Making an Offer
-
Negotiating to Purchase
-
Vendor Coordination
-
Pre-Closing Preparation
-
Closing
-
Post-Closing
-
Needs Analysis
Your first step toward buying your new home will be to analyze
your needs. One of our agents can assist you in analyzing your needs
so that you will be able to get a clear picture of exactly what you
want your new home to look like and how it should function for you
and your family.
First - write down why you are looking for a new home. For
example, are you currently renting and would like to have a home
where you can begin building equity? Maybe you recently married and
have outgrown your current residence. Or, maybe you have just gotten
a promotion, which requires you to move to a new city. These factors
will all have a bearing on how you approach your home search.
Second - establish a time frame that you would like to stay
within for buying your home. Depending on your reasons for
wanting a new home and the current state of the market in the area
you are looking to buy, you should be able to come up with a rough
guideline, which you can finalize at a later time.
Third - you most likely have a mental picture of what you would like
your house to look like and what features it should have. It's very
important to write these ideas down to avoid any ambiguity later
in your home search. You should make at least two lists: one
should be a list describing your dream home and the other should
list the features of the home that are an absolute must have in
order to buy it. In a perfect world, your new home would fulfill
both lists 100 percent. It is more likely that you will end up
blending the two lists into a schedule of prioritized items as you
progress through the buying process. This is a natural and
evolutionary process as you get clearer about what you want and what
is available.
top of page
-
Buyer Representation
Make sure you have representation!
Remember the listing agent represents the SELLER, not you.
Also, know your price range! You have just found
the perfect home for your family, but it is a little out of your
price range--unless you can get an extra $20,000 for your current
home. One can never be sure how much a home will sell for.
It is always possible to list your home for a little more than
it is worth in the hopes you could get lucky. After all, it
just takes one buyer, and the market is busy. Also remember if
you buy a home that does not appraise to the asking price, the
mortgage company will not finance the difference in sales
price and the apprised value. ALWAYS have an inspection
done by a licensed and bonded inspector.
When Greenleaf Realtors
advise you about what
you can do to make the transaction work, they are acting as part
coach and part business consultant. If you find the house you
love and want to "sleep" on the decision for a few days,
the agent knows that you run the risk of losing the house. If
you are inclined to complicate your offer with clauses that may make
the contract unattractive to the sellers, the agent may ask you to
consider some modifications. Remember the agent is there to
work for YOU and is acting in your best interest.
top of
page
-
Pre-Approval vs. Pre-Qualification
There are two ways to determine in what your realistic price range
will be. You can get either pre-qualified or pre-approved for a
mortgage.
Either way, you will need to contact a mortgage company. There are
some key differences between pre-qualification and pre-approval. Loan
pre-qualification is a simple process. It takes into account very
basic information regarding your financial status and gives you an
amount for which you may qualify. This can be done verbally or even
electronically over the Internet. The pre-qualified amount is based
solely on the information you provide. Therefore, pre-qualified
buyers usually hold little clout compared to pre-approved buyers due
to the fact that the information given during the pre-qualification
process is not thoroughly investigated and therefore may be
unreliable. Where a pre-approved buyer is actually approved for a loan
of a certain amount, a pre-qualified buyer is only told that they
might be approved for a certain amount.
Pre-approval is a much more involved process. The lender will
take all pertinent information regarding your finances and perform an
extensive check on your current financial status. This will
ultimately give you the exact amount that you will be eligible for
(depending on what type of loan you decide to go with). Being
pre-approved lets the seller know that you have gone through an
extensive financial background check and there should be no unexpected
obstacles to buying the home. You can see how being pre-approved would
be more attractive to a seller than just being pre-qualified.
top of
page
-
Neighborhood Information
People don't just buy a house, they buy the neighborhood the house
is in. Think about that...if you found the perfect house but it was
in a neighborhood that wasn't to your liking, would you make an
offer on it? Most likely your answer would be "No."
So, you will need to make a list of what type of neighborhood
you want to live in. You will most likely want to consider things
such as: drive time to and from work, what amenities are
offered (swimming pool, tennis courts, park, etc.) and, if you have
children who are attending school or soon will be, what school
district you will be in and how close the schools are. You may even
want to make two lists just as you did with your home criteria.
Your Greenleaf Realty agent can help you consolidate the information
from your list of needs and wants for your home, your pre-approval,
and your list of needs and wants for the neighborhood. From this,
you can incorporate this information into a broad search profile,
which will then be narrowed down to specific areas dictated by the
market in which you will be looking. Your agent's experience in this
area will be an invaluable resource.
top of
page
-
Home Search
At this point you will have a good idea of what you can afford
and what type of neighborhood you will want to live in. You are now
ready to embark on your actual home search. If you don't know much
about the city that you are moving to you will most likely want to
start your search by finding neighborhoods that meet your criteria
and then narrowing your search to particular homes in the area.
There are a number of ways to go about this. Possibly the most
efficient way to find homes is to allow your real
estate agent to keep you up-to-date on available properties that
may meet your criteria, then and allow your agent to screen these
properties for you.
You can also access local publications, contact local Neighborhood
Associations, visit the local Chamber of Commerce, look on the
Internet, and even drive through specific neighborhoods you feel
would meet your needs. Driving around a particular area looking for
a home that is for sale is good because you can actually see the
house, but it can be very time consuming and very "hit or
miss."
See
Greenleaf Realty Listings!
top of
page
-
Making an Offer
Now that you and your agent have found the home you would like
to purchase, it's time to make an offer. Taking into account the
recent sales of homes in that neighborhood which are similar in
size, quality, conveniences, and amenities, what are you willing to
pay for the home? Your Greenleaf Realty agent will consult with you and
advise you on how to create an offer that will have the best chance
of being accepted.
Your agent will ensure that you have everything down in written
form...no verbal agreements. After consulting with your agent
to put your offer in a written contract that meets all the legal
requirements according to local and national guidelines, your agent
will present the seller with a written document detailing what needs
to be done by both parties to execute the transaction. The contract
should protect the best interests of all parties involved and should
be comprehensive in nature. Your agent will also ensure your
financial position as the buyer by including any necessary
contingencies, which would protect you if a particular requirement
were not met. Once the seller accepts it, it may be too late to make
any changes.
The contract, though not limited to this list, should include the
following:
· A legal description of the property
· The offering price
· The down payment
· Financing arrangements
· A list of fees and who will pay them
· Amount of the deposit
· Inspection rights and possible repair allowances
· The method of conveying the title and who will handle the closing
· A list of appliances and furnishings which will stay with the
home
· The settlement date
· Any relevant contingencies
Remember that the legalities of this phase are very important. If
you have any questions or concerns, they need to be addressed right
away. After all, no one has ever said at their closing, "I wish
I had asked fewer questions."
top of
page
-
Negotiating to Purchase
Once your offer is made, you and your real estate agent may need
to enter some negotiation in order to reach an agreement. Keep in
mind that almost everything is negotiable when you are buying a
house. This can give you a great deal of leverage in the buying
process -- that is, if you have adequate information and you use it
in an appropriate manner. Your
agent will have the market knowledge and negotiating expertise
necessary to make sure that your offer is accepted at the best price
and terms possible for you.
Some things you may have to negotiate are:
· Price
· Financing
· Closing costs
· Repairs that need to be done
· Appliances and fixtures
· Landscaping
· Painting
· Occupancy time frame
Remember, the key to successful negotiating is keeping in mind that
the end result must make both you, the buyer, and the seller happy.
Otherwise, negative feelings will persist throughout the remainder
of the process and one party may walk away from the deal, feeling
that they were not treated fairly.
top of
page
-
Vendor Coordination
After your offer has been accepted, your agent will supervise the
coordination of all necessary vendors (home inspection, insurance
agent, etc.) and serve as your advocate when working with each
vendor. Your agent will make sure that each vendor has access to the
property at the appropriate times to perform their procedures and
oversee the execution of those procedures on your behalf.
Having these procedures done in a timely and professional manner is
a must. Investigate each vendor to make sure that they are reputable
and have a clean operational history. Your agent's experience
in this area will be invaluable in making sure that everything is
completed on time and in a professional and legal manner.
top of
page
-
Pre-Closing Preparation
As the closing date draws near, your real estate agent will contact
the escrow company or closing attorney and your lender to make sure
that all the necessary documents are being prepared, and that they are
complete, accurate, and delivered in a timely manner. Your agent will
also need to confirm that the documents will be delivered to the
correct location so they can be reviewed and that they will be ready
for the appropriate closing date.
At this point, you and your agent should find out what form of payment
you will need to bring to the closing for any unpaid fees. Make sure
that your payment is made out to the appropriate party. Ensuring
that each closing document is ready and available will enable you to
have a quick, easy closing.
top of
page
-
Closing
"Closing" refers to the meeting where ownership of the
property is legally transferred to the buyer. It is a formal meeting
in which most parties involved in the buying/selling process will
attend. Closing procedures are usually held at the title company's
office or lawyer's office. Your closing officer coordinates the
document signing and the collection and disbursement of funds. Your
agent will generally be present at your closing to read the documents
on your behalf, answer any questions, or help to resolve any last
minute or unexpected details that may come up.
In order for the closing to go smoothly, each party involved should
bring the necessary documentation and be prepared to pay any related
fees (closing costs). There may be more than one form of acceptable
payment for your closing costs so ask the closing officer which form
of payment will be required and to whom it should be made out. Closing
costs will generally total an amount equal to 2 to 3 percent of the
total loan value, not including down payment and the buyer's escrow
account.
top of
page
-
Post-Closing
Congratulations on the purchase of your new home! Now that you have
taken ownership of the property you will need to have your local
services such as electricity, cable, and phone set-up. Your real
estate agent can help you coordinate the set-up of these local
services.
You should already be aware of the expenses that are typically
associated with owning a home or condominium. Association fees,
landscaping, and annual taxes should be budgeted for throughout the
year.
top of
page
|
Financial Calculators
SW Michigan Guide
Buying Information
Selling Information
REAL ESTATE FAQ's
AGENCY
DISCLOSURE
Please inform me of your Open Houses!
A Gift For You!
|
