Kathy Carson Lynchburg, VA, REALTOR VA HOMES - LYNCHBURG, BEDFORD, CAMPBELL

HOME BUYER GUIDE - STEP 6

STEP 6: THE CLOSING

•· A Closing Date is set - this date is not set in stone. The date can be moved forward for many reasons, do not get upset about this - it is normal.

•· You are given a HUD Statement by either the Closing Agent or by me. This will detail all of the expenditures for the transaction - for the most part this will be very much like the GOOD FAITH ESTIMATE given to you by your MORTGAGE LENDER at the time you made your application for the loan.

•· We conduct a Walk-Through a day or so before the closing. We make sure everything is the same as it was on the day that you made your offer to purchase the house, "no better, no worse."

•· On the DAY OF CLOSING - We meet at the Closing agency or Attorney's Office.

•· You will bring a Certified Check made out to the Closing Co or Attorney for the exact amount of the Closing Costs.

•· You sign a ton of papers.

•· You get the KEYS & YOU ARE A HOMEOWNER!!!!

CONGRATULATIONS!!!!

KATHY MYERS CARSON, ABR, GRI

RE/MAX 1ST OLYMPIC - LYNCHBURG, VA

434-660-4025

kcarson@jetbroadband.com

Follow me on TWITTER @ KATHY CARSON

Friend me on FACE BOOK - KATHY CARSON

"CALL MY SELL

HOME BUYER GUIDE - STEP 5

STEP 5 : MOVING TO CLOSING

YOUR NEXT STEPS - AFTER RATIFICATION OF YOUR CONTRACT (SELLER ACCEPTANCE) & THE HOME INSPECTION IS COMPLETED:

•1. Call your INSURANCE AGENT immediately. Your agent needs the address of the property and other information from you regarding your life style. Do you own a dog listed as an aggressive dog? Information about the house that can cause a rate differential: a pool, how close is the nearest fire hydrant, how close is the Fire Dept from property, etc.

•2. Call your MORTGAGE LENDER to make your formal MORTGAGE LOAN APPLICATION, . You will need to document everything - (see the ITEMS YOU NEED FOR YOUR LOAN APPLICATION). You will receive a Good Faith Estimate which will list the address of the property you have under contract & for the exact loan amount. The Good Faith Estimate will give you information on all of the fees associated with your loan, your closing costs and the estimated amount you will need the day your house closes. It will also include information on your Loan Payment Amount - Principle, Interest, Real Estate taxes and Homeowners Ins

•3. Closing Co or Attorney - you will need to choose who you want to "CLOSE" your Real Estate Transaction. Your Lender and I can advise buy you make the decision.

•4. Utility Changes - you need to contact the electric co, water/sewer co, gas co, etc & change the utilities over to your name effective the date of closing. If you have never had utilities in your name before you will need to register & possibly make a deposit for service. You also need to investigate the Television & Internet Connecting Cos to determine who you want to deliver this service.

SO - What's Going On Behind the Scenes

"The Invisible Stuff - you don't see"

•Ø The LENDER prepares your file & sends it to the Underwriter. The Lender is required to jump through all kinds of hoops during this phase & sometimes you have to help them - so - don't be surprised when the Lender calls your for more info - get it to them ASAP!!

•Ø The Appraisal is done

•Ø The Home Owners Insurance Agent is inspecting the property and working to get the rates for the Mortgage Lender and Closer

•Ø The Home Owners Association Package is ordered & delivered if applicable

•Ø The Termite, Well & Septic inspections are being done and results being reported to the Realtors & Closers

•Ø The Title for the Property is being researched.

•Ø The New Deed is being prepared

Both REALTORS are in the background making sure everything is being done in a timely manner and ironing out the wrinkles as they appear.

KATHY MYERS CARSON, ABR, GRI

RE/MAX 1ST OLYMPIC - LYNCHBURG, VA

434-660-4025

kcarson@jetbroadband.com

Follow me on TWITTER @ KATHY CARSON

Friend me on FACE BOOK - KATHY CARSON

"CALL MY SELL

BLOWING DANDELIONS - A CHILD'S SIMPLE PLEASURE

BRYLAN NEVER MISSES A CHANCE TO SCATTER THE "FUZZIES" INTO THE AIR!

BRANTLEY RUNS TO THE SEED HEADS AND BLOWS HER LITTLE HEART OUT!

MAYBE OUR YARD WON'T BE DANDELION/WEED-FREE NEXT SUMMER

BUT

THE MEMORIES ARE WORTH THE WEEDS!

KATHY MYERS CARSON, ABR, GRI

RE/MAX 1ST OLYMPIC - LYNCHBURG, VA

434-660-4025

kcarson@jetbroadband.com

Follow me on TWITTER @ KATHY CARSON

Friend me on FACE BOOK - KATHY CARSON

"CALL MY SELL!!"

HOME BUYERS GUIDE - STEP 4

STEP 4 : MAKING AN OFFER

•· You find "THE HOUSE"

•· I do a Market Analysis - Real Estate is not a Science.

A property is only worth what you are willing to pay & what the Seller is willing to sell the property for.

•· You decide on an OFFER for the house. We write an OFFER & you make a monetary deposit (good faith deposit).

•· The Negotiation process starts - I contact the Listing Realtor and we negotiate for the benefit of our respective clients.

•· Once we come to an agreement between the SELLER & the BUYER we RATIFY the CONTRACT - everything is signed.

•· The Home Inspection is done - & - Negotiating starts again. Again the 2 Realtors are negotiating on behalf of their clients - we come to an agreement and the process continues to closing.

MAKING AN OFFER WILL REQUIRE THESE PAYMENTS UP FRONT:

1 - Good Faith Deposit - This is your money and is deposited in the Real Estate Co's Escrow Account when your offer to purchase is accepted by the Seller. (this is your money & will be credited to your bottom line at closing - thus reducing the amount you owe at closing by the amount you deposit.)

2 - Appraisal Fee - This fee is paid to the Mortgage Lender at the time of Loan Application (This is part of the closing costs so if the Seller pays pre-paids this fee will be put there and potentially can reduce the amount you owe at closing by the amount you pay for the appraisal.) (This amount varies depending on your location but in Lynchburg, VA it will be around $400)

3 - Home Inspection - Paid to the Home Inspector at the time of inspection (Price varies as to your location but in Lynchburg, VA it is around $275 to $325 depending on size of house & Inspector)

4 - Radon Test -Paid to the Home Inspector at the time of the test. (I always recommend a Radon Test - go online & read about Radon) (Price varies as to your location but in Lynchburg, VA it is around $125.00 to $200.00 depending on size of house & Inspector)

5 - Well Tests - Paid to the well inspector at the time of the inspection. (if you are buying a house with a well - I always advise a Well-Flow & Lead Test - this measures the amount of water recovery for the well - "can you take a shower & run the DW at the same time" and the amount of lead that is in the water) (Price varies as to your location but in the Lynchburg, VA area this will run about $300 to $400 depending on the Co you choose)

What are you going through at home?

This is a major Life Decision so you are going to be nervous. You will probably have Buyer's Remorse and you will question your decision - This is Normal!

You will have sleepless nights - This is Normal!

These conditions will pass!! Ask yourself - What is the Worst that can happen? You buy the house & realize you have made a mistake - so we'll sell it - not good but not the end of the world!! You will live!

KATHY MYERS CARSON, ABR, GRI

HOME BUYER GUIDE - STEP 3

STEP THREE: "THE HOUSE"

KATHY MYERS CARSON, ABR, GRI

RE/MAX 1ST OLYMPIC - LYNCHBURG, VA

434-660-4025

kcarson@jetbroadband.com

Follow me on TWITTER @ KATHY CARSON

Friend me on FACE BOOK - KATHY CARSON

"CALL MY SELL