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Do I Really Need To Use A REALTOR® ?
You can do your home search by yourself, but why should you? With an experienced Jenny Pruitt sales associate at your side, finding the perfect home is easier, faster and a lot more fun.
And you'll save time. Yet many buyers still spend endless hours pouring through classified ads, driving all over town, and viewing dozens of unsuitable properties - simply because they haven't connected with a REALTOR® .
Some people think that if they have several agents looking for homes on their behalf, they'll find a house more quickly. Like most relationships, the buyer-agent relationship thrives on communication, loyalty and trust. By working exclusively with one agent, you'll improve both the process and the results.
Finding The Right Agent For You
Chemistry is important. So are credentials. Above all, you'll want an experienced agent who has the resources of a leading real estate firm behind them-a firm such as Jenny Pruitt & Associates REALTORS®. |
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| Some helpful hints on finding and working with a REALTOR®: |
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| • Ask friends, family members, neighbors or co-workers for referrals. |
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| • Trust your intuition. |
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| • Share with your sales associate as much as possible about your lifestyle, tastes, |
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needs and dreams for your home. |
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| • Focus your search on a few geographic areas. |
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Preparing and Showing Your Home
You don't get a second chance to make a good impression! A home that stands out among similarly priced houses is the one that sells. The following suggestions for preparing your home to sell are worth the special attention: |
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| Exterior |
| • Lawn carefully mowed, edged, fertilized and watered. |
| • Trees and shrubs trimmed; flower beds edged, weeded and cultivated. |
| • Driveways and walks free of snow or grass clippings. |
| • Exterior house paint in good condition and clean, especially the front door. |
| • All door locks open properly and easily. |
| • Roof in good condition. |
| • Screens and screen doors repaired. |
| • All exterior lighting in working condition, with fresh bulbs. |
| • Absence of clutter in yard and driveway. |
| Interior |
| • Walls clean and unmarked, preferably freshly painted with neutral colors. |
| • Windows clean inside and out. |
| • All light fixtures working and fresh bulbs in each. |
| • Plumbing in good repair. |
| • No cooking, smoking, pet or other objectionable odors. |
| • Sinks and tubs stain-free; faucets in good repair. |
| • Caulking in tubs and showers in good repair. |
| • All clutter removed from closets, attic, basement, garage and other storage areas. |
| • Ask your REALTOR® what should be boxed up to make your home more spacious |
Showing Your Home
When your home is to be shown, we will always attempt to make an appointment with you, giving you as much advance notice as possible. To help make the best impression during showings, we suggest you:
| • Open draperies and curtains. |
| • Turn on enough lights to brighten every corner, day and night. |
| • Remove dirty dishes. |
| • Make beds. |
| • Rooms dusted, vacuumed and clutter-free. |
| • Kitchens and baths sparkling clean; no clutter on counter-tops. |
| • Noise is distracting. Be sure TV and radios are turned off, although soft background |
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music is acceptable. |
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| • It's best to keep pets out of the house. Even the friendliest pets become anxious |
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when strangers appear. |
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| • Put away valuables such as jewelry and cash, or remove completely. |
| • Never enter into a conversation with a prospect. Let the REALTOR® who is showing |
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your home answer any questions the prospective buyers may have. It is best for you to leave while the house is being shown. |
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| • If a prospective buyer comes by unexpectedly without a broker, get their name and |
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phone number. FOR YOUR OWN PROTECTION, DO NOT SHOW THE HOME. Have unescorted buyers call your REALTOR® for an appointment. |
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Pricing Your Property
Pricing your property correctly is critical in getting the most amount of money in the least amount of time.
Your Jenny Pruitt sales associate will investigate all comparable properties recently sold or "For Sale" in your immediate area. They will research prices and terms of sales in the current real estate market in order to arrive at an expected sale price.
Don't be tempted to over-inflate the value of your property. The first days of the listing period are when the greatest activity occurs while selling your home. Overpricing may discourage prospective buyers from ever looking at your property. |
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Offers, Contracts and Closing!
A buyer makes an offer by submitting a written and signed offer to purchase. This document becomes the sales contract when signed by all parties involved. The selling agent customarily notifies the listing associate of the offer, and the listing agent will then arrange an appointment with the seller to present the offer. |
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| At this point, the seller has three options: |
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| • Accept the offer as written. |
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| • Reject the offer if it is totally unacceptable. |
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| • Counteroffer, changing any unacceptable conditions. (When the counteroffer goes |
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back to the buyer, the buyer has the option of withdrawing, accepting, or countering the counteroffer.) |
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When both buyer and seller agree to all terms (including changes made in any counteroffer), and indicate agreement by their signatures, the contract becomes "firm." With signatures and notification to all parties, a sales contract now exists.
Closing Details
Several professionals may come into the home-selling process after the offer is accepted, including a housing inspector (if hired by the buyer), a termite inspector, and an appraiser.
If the buyer is financing the purchase of your home, the process will typically take 30 to 60 days. On the chance that a buyer's financing will not be given final approval, you should keep the house in good "showing" condition.
As part of the contract process, you must prove to the buyer that you have a clear title on the house - that you own the property, and that there are no legal claims against it. The lender representing the buyer and/or financial institution will do a title search and issue an opinion that the title is clear.
Your Jenny Pruitt sales associate or attorney can help you gather the paperwork that the contract requires.
Some of the details you will need to handle include:
Notifying your lender that you will be paying off the mortgage and asking for a statement of what you owe. Your outstanding balance will be subtracted from the amount you receive from the seller.
Having any fix-up work completed according to the contract, so that final inspections may take place.
Gathering all warranties and instruction books for your home's appliances or major systems to give to the buyer.
Once you have a closing date established, notifying the utility, telephone, water and other services to advise them on your final billing date.
A walk-through inspection prior to the closing allows the buyer to determine if conditions of the contract are satisfied. It is up to the buyer to perform the inspection, and if they should be accompanied by the selling and/or listing agent. The seller may or may not be present, but should make sure that utilities are on so that equipment can be operated.
At the settlement (closing), the home seller should bring all warranties on equipment (or leave them in an obvious place in the house) and instructions on equipment maintenance or operation. Be sure to bring all keys and electric door openers.
The closing attorney will explain the settlement sheets to you. These outline the closing costs to you.
Typical costs for the seller include:
• State deed transfer tax
• Mortgage balance pay-off
• Interest on the mortgage up to the date the mortgage is paid off
• The real estate commission
• Pro-rated taxes and homeowner's association dues, if applicable
• Homeowner's warranty
If property or homeowner's insurance has been in escrow with your lender, you will receive any money that is accumulated in that escrow account for bills not yet due. Funds will be disbursed at or after settlement.
The seller, the buyer, and the agents receive a copy of the settlement sheets.
Congratulations! Sold and Settled!
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| Finding the Right Home |
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| • What style of home do you like - two story, ranch, split-level, something else? |
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| • What size of home do you need - number of bedrooms, baths? |
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| • What are your priorities in home features - garage, gourmet kitchen, fireplace, main |
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level master, formal dining room or other features? |
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| • Is it important to you to have additional space that could be finished such as an attic |
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or basement? |
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| • What natural features outside the home are most significant to you - woods, hills, |
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streams, lakes, others? |
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| Jenny Pruitt & Associates REALTORS® has solid foundation of resources to assist you in finding your dream home. Coupled with the tremendous amount of knowledge about the home-buying process, our associates will save you valuable time, thereby making the home-buying experience as pleasant and worry-free as possible! |
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Do I Really Need To Use A REALTOR® ?
You can do your home search by yourself, but why should you? With an experienced Jenny Pruitt sales associate at your side, finding the perfect home is easier, faster and a lot more fun.
And you'll save time. Yet many buyers still spend endless hours pouring through classified ads, driving all over town, and viewing dozens of unsuitable properties - simply because they haven't connected with a REALTOR® .
Some people think that if they have several agents looking for homes on their behalf, they'll find a house more quickly. Like most relationships, the buyer-agent relationship thrives on communication, loyalty and trust. By working exclusively with one agent, you'll improve both the process and the results.
Finding The Right Agent For You
Chemistry is important. So are credentials. Above all, you'll want an experienced agent who has the resources of a leading real estate firm behind them-a firm such as Jenny Pruitt & Associates REALTORS®. |
| |
| Some helpful hints on finding and working with a REALTOR®: |
| |
| • Ask friends, family members, neighbors or co-workers for referrals. |
| |
| • Trust your intuition. |
| |
| • Share with your sales associate as much as possible about your lifestyle, tastes, |
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needs and dreams for your home. |
| |
| • Focus your search on a few geographic areas. |
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How Much Home Can You Afford?
Before you go out looking for a home, it's good to get an idea of what you can afford. One quick way is to try our How Much Can I Afford? calculator. This handy tool will help you estimate how much mortgage you can handle before you start looking for a home.
Another thing to consider is your down payment amount. Think you can't buy a house without a 10% or 20% down payment? Thanks to more lenient government guidelines and new mortgage products, many people can now get into a house for as little as 3% down-or less. There are even some special programs for first-time buyers that help with closing costs.
The Benefits of Equity
Equity is the difference between what your home is worth and what you still owe on it. When you sell your home this equity can be used as a down payment on a new home. If you don't sell, this same equity can be used as collateral for a home equity loan. You can use a home equity loan to finance home improvements, a child's college tuition, or a new car.
Real estate is also a great way to keep a hedge against inflation. While some homes do appreciate in value more quickly than others, real estate usually keeps pace with inflation. (Your real estate agent can provide you with the housing appreciation rates in the areas in which you're interested in buying.)
That Wonderful Thing Called A Tax Break
As a homeowner, when filing your taxes you can deduct the interest portion of your monthly payment-and that can mean big savings. You can deduct your property taxes, too.
So look at what your monthly mortgage payment will actually be, taking your tax breaks into consideration. You may find out it's about the same as-or sometimes even less-than a rent payment!
With a 5% down payment, a $100,000 30-year mortgage loan at 8% interest (8.15% APR) requires a monthly principal and interest payment of $733.76. Assuming a 28% tax bracket and $150 for monthly property taxes, the after-tax monthly payment would be about $615! (This is only an example. Please consult a tax advisor regarding your own tax situation and current tax laws.)
Pre-Qualification vs. Pre-Approval
Pre-qualification is a rough estimate of how much you could afford. But with a pre-approval, it's just that: getting your mortgage approved prior to going out and looking for a new home. This critical step launches your home purchasing experience.
Your loan officer will show you which items you should bring to apply so neither of you will need to wait for various written income, asset and liability information. So you could get a loan decision in just days. And with a Trinity Mortgage Loan Consultant you can get your approval quickly! |
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| 7 Easy Steps To Buying a Home |
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| 1. Conduct a preliminary search with Jenny Pruitt & Associates' Property Finder . |
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| 2. Contact a loan officer and get your mortgage pre-approved. |
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| 3. Contact us and we will connect you with an agent who will help you look for a house |
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in your price bracket (and/or to list your current home if you also want to sell). Then begin looking for a home with your REALTOR® . Take along our handy checklist so you can evaluate and remember the differences between each home you see. |
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| 4. Once you find a home you want to make an offer on, you'll sign a purchase |
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agreement and give the seller earnest money to seal the deal. If your offer is accepted (sometimes with contingencies), determine a date you wish to close and have the house inspected to ensure there's nothing seriously wrong with the property. |
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| 5. Notify your loan officer that you've found a property so they can begin the appraisal |
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and title process. And, lock in your interest rate. Your loan officer will send you a new good faith estimate which shows your monthly mortgage payment as well as your estimated cash needed for closing. The REALTOR® or closing attorney will notify you of the time and date you close on your home and the items you'll need to bring to closing. |
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| 6. Notify your phone company, utilities (don't forget water and sewer), moving |
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company, post office, newspaper and magazines, friends and family. |
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| 7. Pack and move! |
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First Time Home Buyers
With every rent check you write, you're helping to build equity in your landlord's property. That money could be going toward building equity in a home of your own. Today's rates are low enough that your house payment could be lower than your rent payment!
There are many advantages to owning a home, including:
Security | A feeling of security that comes from owning a home and the knowledge that your home is a safeguard against inflation.
Investment | Payments on your mortgage loan mean you are acquiring a major possession; instead of rent, you own more and more. The garden you plant, the permanent improvements you make - all enhance your way of living as well as the value of your home.
Tax Advantage | Your real estate taxes and the interest on your mortgage are deductible from your income tax.
Financial Independence | Most people start on the road to financial independence through home ownership. Your principal and interest payments remain the same for the full term of your mortgage while your rent usually goes up as the cost of living increases.
Environment | Your children grow up in the neighborhood of your choice.
Cash Equity | Better than a savings account, your home can appreciate to keep pace with inflation.
Satisfaction | Home ownership offers special advantages that make life more enjoyable - backyard barbecues, large family gatherings during holidays, a home workshop, a chance to enjoy your family's companionship in the privacy of your own home.
Most first time home buyers utilize the FHA loan process to finance their new home. However, Trinity Mortgage Services offers a variety of special financing programs, including loans with lower start rates, loans with little or no down payment, as well as special assistance programs to help resolve credit problems. Contact us today for more information!
In conjunction with Trinity Mortgage Services (a joint venture with Wells Fargo Mortgage), Jenny Pruitt & Associates offers a step-by-step outline of the home buying process, which includes obtaining financing for the home of your dreams. We also offer some financing tips to help you along in the process. |
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Negotiating the Purchase
When you have selected the house you want to buy, your next step is to submit a signed real estate offer to purchase. Your Jenny Pruitt sales associate will take you through a step-by-step process in order to prepare your real estate offer: |
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| • You know the seller's asking price, but your buyer's agent will assist you in |
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determining what the home is really worth by researching comparables and market statistics. |
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| • Decide how much earnest money to offer. Your earnest money is usually held by the |
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listing company until the sale is closed or the contract is broker. When the sale is closed, it is applied to the down payment or closing costs. But, if you fail to buy the house after the seller has accepted your offer, the seller has the right to keep this earnest money. |
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| • Specify your desired closing date and possession date. Allow yourself enough time to |
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obtain financing. |
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| • Determine which items you may want to negotiate in the price you are offering. |
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Items the seller may not necessarily be leaving behind may include any of the following: appliances, light fixtures, chandeliers, gas logs, fireplace tools, window coverings and swing sets. |
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Your Jenny Pruitt sales associate will present the offer to the seller's agent. The seller will either accept, reject, or counter your offer with changes in the terms. If the seller submits a counteroffer, you may either sign it as acceptance of the agreement, make another counteroffer, or withdraw your offer.
When both the seller and buyer agree to the terms and sign the document, it becomes a valid contract. |
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Home Inspection and Insurance
A fresh coat of paint or new carpeting may disguise serious flaws. That's why you want to make sure a professional inspects your new home. And to protect your most valuable investment, be sure to have homeowner's insurance.
Homeowner's Insurance
Your home typically is the single biggest investment you'll ever make and by protecting it with homeowner's insurance you'll have financial protection against the unexpected. Aside from protecting your home and your possessions, it provides you with liability coverage.
Jenny Pruitt Insurance Services is part of our One Stop Shopping of home services. Jenny Pruitt Insurance Services is an independent insurance agency offering a full spectrum of the highest quality personal and business insurance products for your protection; they represent over 25 insurance companies.
Home Inspection
A professional home inspector surveys the foundation and structure, roof, exterior, major systems (electrical, heating, cooling and plumbing), and appliances that will stay with the home.
Tour the house with the inspector, who will point out potential trouble areas, as well as what's"sound."If the inspection does turn up some flaws, a seller is often willing to make repairs, but it may depend on market conditions.
Take notes as you tour. Get the inspection report in writing. This document will support or deny the contingency addendum to your agreement.
You can add a home inspection contingency to your purchase agreement. This requires the seller to make legitimate repairs - or if the seller is unwilling to do so, it allows you to cancel your agreement. According to the GAR contract, a seller is only required to repair those items that are considered a"defect".
An inspection may take a few hours and cost a few hundred dollars, but it can save you time and headaches in the long run. Your real estate professional can recommend a professional inspector. We always recommend you get own inspection with your own inspector. |
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Title Services - Meridian Title Services
You're finally in the home stretch. You've signed a purchase agreement and it's time to close on your new home. The closing (also called the settlement) usually takes place at a closing attorney's office. Your real estate professional will help coordinate a convenient date for you.
Jenny Pruitt & Associates REALTORS® recently introduced another step towards "one-stop shopping" with the addition of title insurance from Meridian Title, a joint venture with McCalla, Raymer, Padrick, Cobb, Nichols & Clark, LLC. Title insurance affords our customers a convenient source for protecting their investment.
Understanding Title Insurance
A title is the document that verifies your legal right to your new home. To make sure there are no past errors or legal entanglements that might affect your ownership rights, all properties are subjected to a title search before closing. This optional one-time fee is one of the best investments you will make.
There are two kinds of Title Insurance: a lender's title policy and an owner's title policy.
To protect their interest in your property, mortgage lenders require buyers to purchase a lender's title policy. Such a policy, however, does not protect your interest, as a homeowner.
To protect your interest, you need an owner's title policy. This policy pays for all court costs and related fees associated with any claim that might come up. Also, if a claim is found to be valid, your actual loss - up to the face amount of the policy - is covered.
An inspection may take a few hours and cost a few hundred dollars, but it can save you time and headaches in the long run. Your real estate professional can recommend a professional inspector or you may want to look into homes that are inspected prior to sale. |
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| Allan Minter |
404.250.9900 |
770.313.4694 |
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