Part 2: Guide to Buying a Home in the Cheyenne Real Estate Market : Real Estate Tips & Advice

Your Guide to Buying a Home, Part 2
Download Full Color PDF at http://www.mistiewoods.com/uploads/00000028253/BuyerGuidePDF.pdf

Step 3, Which Home is the Right Home?
I’ve made a commitment to help you find a home that suits your wants and needs, so now it’s time for you to articulate exactly what those wants and needs are.  By sitting down and considering the kinds of things you’re really looking for, you can save a lot of time and frustration by avoiding houses that aren’t for you.  


Step 4,  Let the Search Begin!
Home shopping can be both exciting and exhausting, but doing some preparation before you hit the street to look at homes will help out tremendously.
Chances are you’ve already started your search online.  Please be sure to let me know about the properties you already have interest in.  This will help us narrow down the search to homes with similar features that are important to you.  In addition to the sites that you’ve already visited, I recommend looking at the following sites as well.
•   www.misitewoods.com
•   www.cheyennehomes.com
•   www.realtor.com
•   www.trulia.com
•   www.craigslist.com
When you find a listing online that you are interested in, please send it to me at MistieWoods@CheyenneHomes.com.  Not only will I arrange a showing time for us to view the property, I will also search the MLS for similar properties so you can look at other homes like the ones you’ve found.
Here are some great tips to keep in mind when you’re home shopping:
•   Don’t view too many properties in one day.
•   Bring a notebook, pen and a digital camera with you as you search.
•   Keep a folder with flyers or print-outs on properties you’ve viewed.
•   When you find a property you like, visit it at different times of the day.
•   Don’t be put off by interior decorations-they can and will be changed.
 
Step V, Making an Offer
When you’ve found a home that you want to own, it’s time to make an offer.  As your buyer’s agent, I will produce the necessary documents presenting your offering price and any contingencies to the seller.
You’ll want to review this document carefully and make sure it states your terms exactly.  If the offer is accepted by a seller, this contract will become a legally binding agreement.
Things to keep in mind
As a buyer, you will be in a better negotiating position if:
•   You have been pre-approved for a mortgage
•   You are not selling a house at the same time
•   You have not loaded your offer with contingencies
In addition to an offer contract, you will need to provide earnest money as well as a letter from your lender indicating your qualification to purchase.
Earnest Money typically equals between 1% to 3% of the property purchase price.  You will not be at risk of losing your earnest money as long as you do not default on your contract.  The amount will be credited towards the purchase price of the house at closing.
After you’ve made your offer, the Seller will be able to:
•   Accept your offer
•   Reject your offer
•   Execute a counter offer
Typical counter offer’s include (but are not limited to):
•   Purchase price
•   Closing Date
•   Possession Date
•   Inclusions
When you make an offer on a house, you should be prepared for the negotiations to possibly go back and forth several times before both parties agree to the terms.  You might also have to compete with other interested buyers in certain market conditions.
When an agreement is reached on all issues, and both the seller and you as the buyer have signed the offer, you are both under a legally binding contract.
Step 6, Getting to the Finish Line
Your offer is accepted!  Now it’s time to get to work.  Before we can close on the purchase of your new home, we need to take a few more steps to make sure the purchase is a sound decision.
Home Inspection
As the buyer, you have the opportunity to hire professional inspectors to evaluate the condition of the home.  An inspection clause is included in the written contract given to the seller.  The goal of a home inspection is to give you an objective, independent and comprehensive analysis of the physical condition of your potential new home and check for any safety issues that might otherwise be overlooked.
A professional inspector will check on the structure, construction and mechanical systems of the home.  You will receive a written report of the inspection and an estimate of the cost of any and all repairs.  If you choose to be present during the inspection, you can ask your inspector about unique features of the property and get his or her opinion on the necessary maintenance for each different area.  
Depending on the results of the inspection, you will have the opportunity to:
•   Get out of the written offer if major problems are discovered
•   Renegotiate the purchase price to account for necessary repairs
•   Negotiate that repairs are made by the seller before final purchase of the property
Order an Appraisal
In Wyoming, appraisals are ordered by the lending institution.
An appraisal is an estimate of the value of a property made y a qualified professional.  The appraisal of your prospective home is as important as you credit history in obtaining a mortgage.  After all, the property you are purchasing serves as the collateral for the loan
Although the primary goal of the appraisal is to justify the lenders investment, at also protects you from overpaying.  Your lender will generally hire the appraiser and will charge you as the buyer a fee for the service.
If the appraisal falls short of the amount you wish to borrow, you may be refused a mortgage or offered a smaller amount on the mortgage.  Your offer contract will be contingent on whether the appraisal comes in at or above the purchase price you and the seller have agreed upon.
Closing
All the preparation is complete.  Now it’s time for closing!  Closing is the legal transfer of ownership of the home from seller to buyer.  It is a formal meeting that most parties involved in the transaction will attend.  Closing procedures are usually held at the title company or lawyers office.  You closing officer will coordinate the signing of documents and the collection and disbursement of funds.  
In order to ensure a smooth closing you will need to:
•   Obtain homeowners insurance and provide the policy information to your lender or closing agent.
•   Review the Settlement Statement or HUD-1 that your lender or closing agent will provide you a couple of days prior to closing.  These documents will contain a detailed description of all costs associated with the transaction, including the exact dollar amount you will need to bring to closing.
•   Verify with your lender/closing agent any other items that you need to bring with you.  Examples are valid driver license and/or other forms of identification.
•   Conduct a walk-through of the prior to closing.  This will give you an opportunity to see that the condition of the house is the same as it was at the time of contact.  Additionally, you will be able to ensure that any repairs agreed to by the seller, based on the inspection, have been completed.

Download Full Color PDF at http://www.mistiewoods.com/uploads/00000028253/BuyerGuid ...

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