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Buyers: Frequently Asked Questions

Important Questions Home Buyers Should Ask or Know

  1. Are You Ready?
  2. Is Now The Right Time Financially For You To Buy A Home?
  3. Do You Have The Money?
  4. Should I Rent Or Buy?
  5. Should I Get A Realtor?
  6. How Do You Choose Your Agent?
  7. How Much Will It Cost To Work With Property Solutions Unlimited?
  8. What Is Brokerage Relationship?
  9. What Is Pre-Approval?
  10. How Do I Get Loan Pre-Approval?
  11. Choosing Your New Home, How Long Will It Meet Your Needs?
  12. When Can I Move In?

  1. Are You Ready?
    Do you know what you want? Whether you are a first-time home buyer or entering the marketplace as a repeat buyer, you need to ask why you want to buy. Are you planning to move to a new community due to a lifestyle change or is buying an option versus renting? What would you like in terms of real estate that you do not now have? Do you have a purchasing timeframe? Whatever your answers, the more you know about the real estate market.ace, the more likely you are able to define your goals.

  2. Is Now The Right Time Financially For You To Buy A Home?
    Would you rate your financial picture as healthy? Is your credit good? While you can always find a lender to lend you money, solid lenders are more skeptical if your credit history is not good. Generally, a couple of blemishes on a credit report will make you a good credit risk and could qualify you for the lowest interest rates. If you have more than a couple of blemishes on your report, lenders like Quicken Loans may still provide you with a loan, but you may just have to pay a higher interest rate and fees.

  3. Do You Have The Money?
    Homes and financing are closely intertwined. (Financing is the difference between the purchase price and the down payment, commonly referred to as debt or the mortgage.) There are many loan programs available to buyers in today’s market, some which require 5 percent down payment or less and depending upon whether you are purchasing for a home to live in as your primary home or as an investment for rent there is a program out there to suit you. In addition to a down payment, purchasers also need cash for closing costs (these are the final costs associated with closing the loan). Is your financial house in order? Great loans with little down are not available to everyone. You need good credit. For at least one year prior to purchasing a home, you should assure that every credit card bill, rent check, car payment and other debt is paid on time.

  4. Should I Rent Or Buy?
    In general, the rent vs. buy question compares the cost of renting to the after-tax cost of owning a home. Some factors to consider are rent increases and ongoing cost of home ownership. Maintenance, improvements, taxes and insurance are all costs that are added to a monthly home payment. If you buy a condominium, townhouse or in certain communities, a monthly homeowner’s association fee might be required as well. If you are planning to stay in the same place for a longer period of time and if some of these additional costs mentioned above is not a concern it’s a great time to buy! Keep in mind you can make choices to lower or avoid some of the communities fees but be sure to tell your agent and make your lender aware of your desire to limit these costs. So if you have a nice, cheap, rent-controlled home you live in know, then it may not make sense to buy but if not then there is no time like now. Still unsure? After making these considerations, you may want to consult with an accountant or financial planner to help you assess how a home purchase fits into your overall financial goals.

  5. Should I Get A Realtor?
    Buying and selling real estate is a complex matter. At first it might seem that by checking local books or online sites you could quickly find the right home at the right price. But a basic rule in real estate is that all properties are unique. No two properties, even two identical models on the same street are precisely and exactly alike. Homes differ and so do contract terms financing options, inspection requirements and closing costs. Also, no two transactions are alike. In this maze of forms, financing, inspections, marketing, pricing and negotiating, it makes sense to work with a professional who know the community and much more.

  6. How Do You Choose Your Agent?
    1. It is so important to choose someone who you can trust and feel comfortable with. Due to the increase in new technologies, laws and procedures, it is more important than ever that you work with a professional who has a keen understanding of the real estate market. At Property Solutions Unlimited it is our goal to offer our clients the knowledge, experience and professionalism necessary to make highly informed decisions and ultimately to be able to make the transaction smooth and seamless!

  7. How Much Will It Cost To Work With Property Solutions Unlimited?
    As a buyer, you won’t pay anything to have Property Solutions Unlimited work for you. In a residential real estate transaction, the seller pays the real estate commission. As a full service residential real estate brokerage, Property Solutions Unlimited provides full MLS access to buyer as well as local real estate agents to help you select, negotiate, and purchase the home of your dreams.

  8. What Is Brokerage Relationship?
    Florida Law requires that Real Estate Licensees operating as Transaction Brokers, disclose to Buyers and Sellers their role and duties in providing a limited form of representation. As a transaction broker, Property Solutions Unlimited and its associates provide to you a limited form of representation that includes the following duties:

    1. Dealing honestly and fairly;
    2. Accounting for all funds;
    3. Using skill, care, and diligence in the transaction;
    4. Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer;
    5. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing;
    6. Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, or the motivation of any party for selling or buying the property, or that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and
    7. Any additional duties that are entered into by this or by a separate written agreement.

    Limited representation means that a buyer or seller is not responsible for the acts of the licensee. Additionally, parties are giving up their rights to the undivided loyalty of the licensee. This aspect of limited representation allows a licensee to facilitate a real estate transaction by assisting both the buyer and the seller, but a licensee will not work to represent one party to the detriment of the other party when acting as a transaction broker to both parties.

  9. What Is Pre-Approval?
    “Pre-approval” means you have met with a loan officer, your credit files have been reviewed and the loan officer believes you can readily qualify for a given loan amount with one or more specific mortgage programs. Based on this information, the lender will provide a pre approval letter, which shows your borrowing power. You can visit as many lenders as you like and get several pre-approvals, but keep in mind that each one carries with it a new credit check, which will show up on future credit reports. Although not a final loan commitment, the pre approval letter can be shown to listing brokers when bidding on a home. It demonstrates your financial strength and shows that you have the ability to go through with a purchase. This information is important to owners since they do not want to accept an offer that is likely to fail because financing cannot be obtained.

  10. How Do I Get Loan Pre-Approval?
    Property Solutions Unlimited suggests that client start the mortgage process well before bidding on a home. Many lenders (the sources of money) and programs, for example, are available through recommendations from local financing institutions, friends and or relatives that have purchased before. By meeting with lenders — either online or face to face — and looking at loan options, you will find which programs best meet your needs and how much you can afford.

  11. Choosing Your New Home, How Long Will It Meet Your Needs?
    What features do you require in a home to satisfy your lifestyle now? Five years from now? Depending on how long you plan to stay in your home, you’ll need to ensure that the home has the amenities that you’ll need. For example, a two-bedroom dwelling may be perfect for a young couple with no children. However, if they start a family, they could quickly outgrow the space. Therefore, they should consider a home with room to grow. Could the basement be turned into a den and extra bedrooms? Could the attic be turned into a master suite? Having an idea of what you’ll need will help you find a home that will satisfy you for years to come.

  12. When Can I Move In?
    After the home closes escrow, you can move in.