The best way to start the home buying process in the Manhattan area is
to call Prudential Copeland & Company, REALTORS first! Finding and
buying the right home is a highly personalized process, and it all
begins by identifying your needs. By discussing your needs/wants with
your Prudential Copeland & Company Realtor you will help us to find
that perfect home for you. Some important factors you may consider:
• The values, interests, and priorities you want your new home to support.
• The features you are looking for in a home.
• How a neighborhood can best match your needs and lifestyle.
At Prudential Copeland & Company, REALTORS we have access to
virtually every property for sale in the Manhattan market, and will
show you the homes that best match your requirements, including:
• All homes marketed by Prudential Copeland & Company, REALTORS
• All properties listed by other agents/brokers in the Manhattan area through the Manhattan Multiple Listing Service (MLS)
• Properties not necessarily on the open market yet
• Many properties offered “For Sale By Owner”
To save you time, hassle and duplicated effort, call us for additional
information on properties you see, regardless of whether or not they
are being offered by a Prudential Copeland & Company, REALTORS
sales professional. We can obtain important facts about the homes you
see:
• Advertised in newspapers or buyers’ guides
• On the Internet
• Open houses
• Displaying “For Sale” signs
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The home finding process typically includes many of the following elements.
At Prudential Copeland & Company, REALTORS we will be your resource and guide every step of the way.
| Agency Relationships |
When
real estate professionals work with buyers and sellers, “agency”
relationships are established. As you start working with a real estate
professional, please ask for a clear explanation of current Kansas
agency laws, so that you understand these important issues.
There are three kinds of agency relationships:
• Buyer’s agent
— represents the buyer during the home buying process. The buyer’s real
estate professional (agent) has a fiduciary responsibility to represent
the buyer’s best interests including reasonable care, loyalty and
confidentiality.
• Seller’s agent — represents the interest
of the seller and has a fiduciary responsibility of reasonable care,
loyalty, confidentiality and disclosure to the seller. A seller’s real
estate professional (agent) works to assist the seller in locating a
buyer and in negotiating a transaction suitable to the seller’s
specific needs.
• Transaction broker-is not an agent for either party, so the transaction broker does not advocate the interests of either party.
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| How to Look at Homes |
Discovering
the right home should be an exciting event. As Prudential Copeland
& Company professionals, our commitment is to make your home search
as stress-free and efficient for you as possible.
• Identifying up-front what is affordable will save time and
frustration in the home finding process. It is important to consider
the financing options available and to begin the mortgage pre-approval
process as soon as possible.
• From the properties of properties currently on the market, our sales
associates will select those that most closely meet your needs and
interests. It is best to preview a few homes at a time.
• We will schedule time to look at homes and neighborhoods. We will
arrange showing appointments with the sellers or their brokers.
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| Financing Your Home Purchase |
Unless
you are in a position to pay all cash for your home, you will need to
obtain a home loan (mortgage) to complete the purchase. I will assist
you in this process to help ensure that you obtain the financing that
meets your needs.
• Being pre-approved for a loan before you submit an offer will put you
in a stronger negotiating position and can save time in the loan
approval process.
• We can put you in touch with experienced loan officers at leading
mortgage companies. Your loan officer will be your principal guide
through the financing process.
• Various financing options may be available to you, including:
• You can expect the lender to ask for standard information regarding your income, expenses, and obligations.
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| Submitting an Offer |
Once you have found the right property, the next step is to make a purchase offer to the seller.
• Determine the price you want to offer.
• The price the seller is asking may or may not reflect realistic market value.
• The best way to determine market value is with a Comparative Market
Analysis (CMA) showing similar properties that sold recently, those
that are currently active on the market and those that failed to sell.
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| Important Ways to Protect Your Interests |
There are several ways to help support a trouble-free home purchase:
• A written property disclosure statement from the seller will reveal
any problems with the house and the surrounding area that you need to
know about.
• Professional inspections can reveal structural, roof, termite, and
other problems with the property that the seller will need to remedy.
• A home warranty can give you peace of mind by providing
repair-or-replace coverage of major home operating systems and
appliances.
• A preliminary title report informs you of any problems with the
property’s title and a policy of title insurance protects your rights
to the property.
• A walk-through before closing will allow you to make sure all
required work has been taken care of and that the property is ready to
become yours.
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| Completing Your Home Purchase |
Many
details need to be taken care of in order for a home purchase to be
completed. It can take 15-90 days to complete all the steps involved in
a home sale, depending on the complexity of the transaction. We will
work closely with everyone involved in the transaction to help ensure
that it moves ahead as smoothly as possible:
• Explain to you in detail all the steps that will occur, and answer any questions you might have.
• Work with the seller’s broker to see that they fulfill their responsibilities under the contract.
• Stay in touch with the settlement officer, title officer, lender and
others to help coordinate their activities and to help keep the
transaction moving forward.
• Communicate with you on a regular basis so that you can stay informed and as worry-free as possible.
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| A Smooth Transition to Your New Home |
The following are a few things to consider as you make the move to your new home.
4 weeks before your move
• Have school records transferred if moving in or away from the area.
• Arrange to transfer (or take with you) medical, dental and other important records.
• Prepare to transfer your homeowners and auto insurance to be sure you will be covered for any unforeseen disasters.
• Hold a garage sale to get rid of unneeded items; arrange to place excess items in storage.
• Keep track of moving-related expenses. (Check with your accountant to find out what expenses will be deductible.)
3 weeks
• Obtain and mail change-of-address cards to the post office, subscriptions, credit card companies and important contracts.
2 weeks
• Arrange for final utility reading at your former residence the day
after your move and have utilities and phone turned on at your new home
the day before you move in.
• Close or transfer bank accounts.
• Terminate newspaper delivery service/or move service to new address.
• Arrange for transfer of vehicle licenses and driver’s licenses.
• Have an extra supply of prescription medications for the next four weeks.
• We will schedule a final walk-through of the property to make sure everything is in order.
Week of your move
• Keep valuable financial records and personal papers with you; do not pack them with the rest of your household goods.
• On closing day, the home purchase documents record and the home is yours.
• Move in!
Enjoy your new home!!
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| Home Buyer Frequently Asked Questions? |
Buyer FAQ's - SOME GENERAL REAL ESTATE QUESTIONS
Q.) Who pays closing costs?
A.) It ‘s negotiable, but it depends on a many factors, including:
market conditions, your offer price and terms of the contract.
Q.) How soon do I need to apply for a loan once the contract is accepted?
A) Usually the Contract will specify a time. Example... Purchaser
agrees to make loan application within 5 days of an accepted offer to
purchase.
Q.) Who pays closing costs?
A.) It ‘s negotiable, but it depends on a many factors, including:
market conditions, your offer price and terms of the contract.
Q.) How much earnest money should I submit with the offer?
A.) Approximately 1-2% of the purchase price.
Q.) When can we close on the home we are purchasing?
A.) Generally, 25-60 days after acceptance of the offer.
Q.) Should I get the property inspected?
A.) Yes, we highly recommend it!
Q.) What if something turns up during the inspection?
A.) You have the right to negotiate the repair or remedy, or withdraw the contract.
At the Closing
Q.) What’s a closing?
A.) The closing is conducted by an attorney or closing company who
transfers title from seller to buyer. You will have an opportunity to
discuss all aspects of the closing in detail before the event.
Q.) What do I need to bring?
A.) Here's what you'll need:
1. A picture I.D for each purchaser.
2. Receipt or invoice for first year's premium of a Home Owner's Insurance policy.
3. Additional documentation the lender may require, such as proof of
sale of an existing residence, deposit verifications, proof of sale of
a car, copies of tax returns.
4. Certified funds for money due at closing, in accordance with Kansas
law and the title company’s policy. The closing attorney will advise
the amount.
Your attorney or closing office will receive the loan package from the
Lender in time to provide you with figures prior to closing. The
figures are on a Settlement Statement (HUD-1). In the event your
figures change before the actual closing, check to see if they will
accept a personal check for the difference at the closing table.
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