There are many resources on the web which will calculate your mortgage payment on a house at different lending rates, or you can call a mortgage broker and they will help you find out what you can afford. Always remember to allow for property tax, insurance and maintenance costs in figuring out what you can spend on a monthly basis for your house.
If you meet the agent at an open house then technically the agent works for the seller, unless other arrangements are made. When you first meet with an agent, they should have you sign a disclosure form, which says that they have explained this to you. Although this agent maybe the listing agent and thus is responsible to the seller of a house, this does not prevent them from representing you and assisting you in purchasing the home. In this situation the agent can not share such information as what the sellers will actually take for the home however, they will work hard to meet your needs and help you by providing comparable sales information which will be used to determine an appropriate purchase price. If you’re not interested in the agent’s listing, he or she can assist you by determining exactly what it is you’re looking for and directing you to the right house at the right price.
A Buyer’s Agent represents you and your interests and does not represent the seller’s of the home you are interested in purchasing. Their job is to be your advocate and the agent’s sole responsibility is to you. You do not have to pay extra for this, but you do have to have an explicit arrangement and contract with your agent confirming this status.
It is an excellent idea to get Pre-Approved for a mortgage early in your house search. When you find a house you like, your offer to buy is much stronger if your agent can assure the seller (backed up by documentation) that you will not have a problem securing a mortgage. An actual mortgage application requires a specific house/address and so cannot be done until after the owner accepts your bid. Note: A pre-qualification is NOT the same as Pre-Approval.
Included in your Offer to Purchase dates will be built in for you to have some time to get a mortgage commitment and to have an inspection done. When these are done, a Purchase and Sale Agreement will be written up and will cover all terms of the purchase/sale including closing dates. Your agent will be able to go over all this with you on an individualized basis and explain any unclear areas.
Once you have found a house you like and have agreed on a price with the seller, you have the right to have the house inspected by a licensed home inspector. If you have this done (which I always recommend), you pay the inspector. The purpose of a home inspection is to identify major problems areas in the house, such as with the roof or heating system. It should not be used as a “laundry list” for the seller to address every item that comes up – every house that is not new and has been lived in will have minor items of note. If there are areas of concern to you, your agent will help you negotiate with the seller to address them. This may involve a change in the house price or having repairs made prior to closing.
Many first time home buyers use a lawyer during their buying process to review the Purchase and Sale Agreement, answer questions along the way, and be present at closing to represent their interests and explain forms to them. If you do not feel a need for this, or do not wish to incur the additional expense it is not necessary. That said, it is not a bad idea to have a lawyer at least review your Purchase and Sale Agreement before signing it. It is a lengthy and detailed document that is legally binding, and once you sign it you cannot say you’ve changed your mind on some point or didn’t understand something and want to change it now.
I will take an active role in finding you the right house. Every aspect of purchasing your new home, from pricing to negotiations will get my highest level of attention. In my field, reputation is everything - I want a happy client who would recommend me to their friends and the only way I know how to do that is to provide top service. Communication, effort, and attention to detail are what you’ll get when you buy with me.
If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!
The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley Columbus Delaware Downtown Dublin Gahanna Grandview Heights Granville Grove City Groveport Hilliard Lewis Center New Albany Pickerington Polaris Powell Upper Arlington Westerville Worthington
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