Tips on Buying your Home

When you’re shopping around for a new home, there are probably quite a few questions that pop into your head… Let’s get them answered!

Should I start low and negotiate?

It's important to know the market conditions and details of the home at that present time first. Consider the question of whether there are competing offers? How long has the home been offered for sale? Ask these questions and more about the property, review comparable sales and then decide if this home fits your needs. Consult with me before making an offer, after all I am here to help!

Why do I need a broker/agent? Can't I do it myself?

The advantage of having a good real estate broker/agent far exceed the costs of the commission they receive. Sales commissions differ depending on property type and conditions, and an agent/broker will always negotiate a better deal and protect your interests through the transaction. And as a buyer you don’t pay my commission, the seller does.  So you get free professional advise guiding you though every step of the process looking out for your interest.  

I know the ins and outs of real estate. I know how to save you money, and can prevent any unnecessary mistakes or expenditures.

How long does closing usually take? 

Escrow and closing can get lengthy, usually between 30 - 45 days, and every transaction has a different timeline.

What is a home warranty? Do I need one?

With a home warranty, you're covered against a mechanical breakdown of a covered component for a full year (such as electrical or plumbing), beginning on the day of closing. You pay only a standard deductible for each claim.

I highly recommend having a home warranty for your purchase. In most cases I can negotiate to have the seller pay for it.  A home warranty provides coverage generally not offered by homeowners insurance, connects you with a network of qualified contractors, has standard deductibles that limit your costs and can always be renewed for subsequent years so you can enjoy the protection for as long as you own your home (eligibility subject to underwriting criteria).  

What is Title Insurance?

Title insurance is different from other types of insurance in that it protects you, the insured, from a loss that may occur from matters or faults from the past. Unlike car or life insurance, that cover any losses in the future, title insurance does not cover future faults. You pay a one-time premium, and the title insurance protects you from risks or undiscovered interests that effect the title of the property. 

There are two principle forms of title insurance, a lender's policy for the lender and a homeowner's policy protect the buyer (new owner). 

What is a Lender's Policy?

A lender's policy protects the mortgage holder. If there is a fault in the tittle that results in a loss, the mortgage holder will be paid back.

What is a Homeowner's Policy?

A homeowner's policy protects you, the purchaser, against a loss that may occur from a fault in your ownership or interest you have in the property. You should protect the equity in your new home with a title policy.

What does a Homeowner's Policy provide?

A homeowner's policy provides protection from a financial loss due to demands that may be charged against the title to your home, up to the cost of the title policy. It also protects from payment of legal costs if the title insurer has to defend your title against a covered claim and a payment of successful claims against the title to your home covered by the policy, up to the cost of the policy.

There are many insurance companies to choose from, so make sure to ask your attorney, escrow company or real estate agent to help you make the right decision.