Home Buying 101: Traditional Sellers
Figure out your needs
Monthly cost of owning a home
Ideal Neighborhood
Financing Your Purchase
The FHA Mortgage
The Conventional Mortgage
The Adjustable Rate Mortgage
Department Of Veterans Affairs Mortgage
Pre-Qualified vs Pre-ApprovalPhase 2: Looking
Looking at homes
Types of homes
Single Family Homes
Town Homes
Condominium
Twin Homes
Multi-Family Homes
Types of sellers
Short Sale
Foreclosed
Researching A Home’s Public Information
Phase 3: Buying
Making an offer that counts
The Purchase Agreement
Buyer Letter to Seller
Inspections: Why get one?
Radon Testing
Sewer Line Scope Inspection
Fireplace Chimney Inspection
Mechanicals
Phase 4: Closing
Closing Costs Explained
Title Work
Appraisals
Underwriting
Utility Bills
Preparing for the Closing
The Closing
A traditional seller is a home that is owned by a person (or people) that is trying to sell their home. This is the typical seller, such as John and Jane Doe on Main Street. When making an offer to a traditional seller, the response time is usually within a few hours and negotiations concluded within a day, sometimes two. Inspection period is typically 3-5 days. The results of the inspection can reopen negotiations if there are major problems.
The buyer closing costs can be incorporated into the offer with the seller paying the buyers closing costs. Some sellers really look down on this common practice and don’t like the idea of paying for someone else’s closing costs, but if they have a good agent, it usually isn’t a problem.
Closing can typically take place in 4 to 8 weeks, with 6 weeks being very normal.
Seller’s Situation
Sometimes a seller’s situation can dictate certain terms of an offer. For instance, in an estate situation, a seller may require a sign-off of multiple parties such as siblings or cousins. This could also mean that the seller may be a trustee.
A couple looking to move up into a larger home may require a specific closing date to make it the same as the new home they have purchased. They may try to have both closings on the same day, selling their existing house first, then closing on their new house.
A divorce situation may require an attorney to review the documents, or may require a separate appraisal to verify the value of the asset (house).
Each situation is unique and may have its own twists and turns. I am here to help you navigate them all.