Buying a home?
Carol Wargo offers a wide range of services to assist you throughout your home buying process. From finding a home to helping you move in - Carol Wargo will be there every step of the way.
Buying a home, especially if it is your first home, can often seem to be a daunting task. Finding a home that meets your needs, getting the financing to purchase the home, inspecting your new home, information about the neighborhood, setting up utilities, and packing up and moving can seem like a large burden. Carol Wargo takes the worry out of buying a home by assisting you in all areas of the home buying process.
Carol Wargo will be there to answer all of your questions and to guide you along every step of the way.
THE 6 MAJOR STEPS TO OWNING A HOME
Step#1- Financial pre-qualification
People tend to think you start with finding a home then the lender. In
reality finding a lender is the best place to start.
A lender will do the following:
* Pre-qualify you by asking a series of questions regarding finances
and by pulling your credit report.
* Calculate settlement fees/closing costs. The total amount needed
to purchase a home.
* Discuss the different financing options that fit your needs.
* Advise you of a price range.
* Give you an idea of a potential monthly mortgage payment
Step#2- Searching for and finding a home
Armed with your pre-qualification letter we can setup a profile using the following basic factors:
* location
* price range
* home size and style
* commute
* schools
* lot size
Creating a profile allows us to narrow the search. An aid used to do
this is the MLS (multiple list service). MLS is a very powerful tool allowing
us to share listings with other agents. Most Buyers find a home within the
first month of looking and as little as five showings. Don't be afraid to like
one of the first homes you see!
Step#3- Writing an offer and contract acceptance
Once your find your home of choice, we write an offer. This offer will map
out all conditions, contingencies and terms you wish to have presented to
the Sellers. This offer will either be accepted, rejected or countered.
1. Accepted- Both parties agree to all terms of the original offer in
writing.
2. Rejected- Offer is not accepted without any explanation or
counter.
3. Counter- The Seller rejectes the original offer and amends it in
an attempt to negotiate terms.
Step#4- Making Loan application
This is done after we have a fully accepted offer. You, the Buyer will need
to sit down with lender to sign papers and provide financial documents.
Items required are as follows:
* a copy of the contract
* W-2's
* Federal Tax returns
* Paystubs
* bank statements
Other items will be asked for throughout the transaction. After the loan
application has been taken the loan goes for final approval. When the final
is received the Buyer will be asked to sign the commitment.
Step#5- Inspecting the property
* ALWAYS GET A HOME INSPECTION!
* The right to perform inspections are requested in the original offer
and finalized in the contract.
* Inspections usually take place 5-10 days after contract acceptance.
* Buyers are expected to be present and encouraged to ask questions.
* A basic home inspections covers anything structural and mechanical
and costs about $300.
Other inspections available are as follows but, not limited to.
* Septic inspection (2 options)
1. Dye test
2. a more invasive procedure, including digging up the ground and
performing a visual inspection of the system.
* Water quality test- Performed on a well. A water sample is taken and
typically tested for chemical, bacteria and lead (FHA standards).
* Wood destroying insects- This is a part of the MD state contract and
is required by the lender.
* Mold (2 options)
1. visual
2. swab
* Radon
Inspections are to be agreed on in writing and are typically the financial
burden of the Buyer.
Step#6- Pre-settlement/closing
The following should be completed the week prior to closing.
* Homeowner's insurance- You will need to set up the policy and get a
copy to the lender. The 1st year premium is usually paid for at
settlement.
* Cashier's check- If you are required to bring funds to settlement. They
need to be in the form of a cashier's check. This is to be made payable
to the Buyer and endorsed at settlement.
* Directions- I will provide.
* Change of address- Make sure Post office, creditors, doctors, family &
friends, etc. are notified.
* Walk-thru- Usually performed just before settlement. This is done to
check on repairs that were made, home has been cleaned out and the
condition is the same or better than when we went under contract.
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