Buyer
Services
- Mortgage Pre-Approval & Coordinate Financing
- Guaranteed Closing Date
- Guaranteed Fees
- Exclusive
Buyer-Agency Representation
- On-line Property Listings in DC, MD, VA
- Home Previewing
- Contract Preparation & Presentation
- Client Administration & Processing
- Be Present at Your Side
During Closing to Protect Your Interest
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Getting Started
Loan Pre-Approval
- The first and most important
step is for you to get pre-approved (not pre-qualified) for a
mortgage. This is essential as it establishes
what your purchasing power is, and strengthens your bargaining
position when you
are ready to make an offer on the property of your choice. Please
call The Condo Connection’s preferred lender and
mortgage partner, Bank of America Mortgage. Be sure to tell our
loan partner that
you are working
with Ty
Harris, @ The
Condo Connection.
Shap
Bashar
shapbashar@rcn.com
Bank of America Mortgage
202.624.4005
Finding an Agent
Most people will start by contacting a real estate agent first.
But starting with either of these is fine. When you call, we
will refer you to
our loan officer to get you pre-approved quickly and easily.
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What
You Can Expect To Pay
 Home inspection
Between $250 - $455.
Plan on spending about $450 for an average-sized home.
Plan on spending about $350 for a condo or townhome.
 Termite inspection
Cost range around $65
 Appraisal
Can run around $450.
Usually required by your lender.
This is usually added to the cost of your loan and not paid out of your pocket.
 Move-In Fee
Some Condos & Co-ops charge a move-in fee ranging from $150-$200 dollars which may or may not be refundable. The Condo or Co-op documents will verify this.
 Homeowner's Insurance
When you purchase a single family home or townhouse, your lender will require you to obtain Homeowner's Insurance immediately. This payment is paid by you directly to the Insurance Company, and a one year policy (policies are sold in one-year products) could cost around $1,200. In addition, your monthly mortgage payment will include a monthly escrow for homeownerfs insurance as long as you own the home.
Condos are usually covered by a master insurance policy that insures the entire building. It is important to note that this insurance does not cover your personal items inside your condo unit. It is very important that you consider purchasing condo owner's insurance to cover your personal items inside the unit, and other circumstances that may occur. Contact an insurance professional for details.
 Miscellaneous
Be certain to plan a budget for moving, storage, household expenses, eating out, gas, car rental if needed, etc... You should also think about all the things that will be need to be done before, during, and after your move, and plan accordingly.
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The
Home Buying Process
1. Getting to Know You
-We will speak on the telephone about your real
estate goals and later meet in person.
2. Complete
a Buyer
Profile
-This helps us to serve you better.
3. Loan Pre-Approval
-Pre-approval is the unconditional commitment
from a reputable financing institution to lend you money to purchase
your home.
4. The Buyer-Agency Agreement
-This is important because it is our partnership
agreement and specifies my obligation to you. It also sets forth
protocol for agency.
5. Home Search
-When will we check on properties for you? (as
they become available)
-When will we visit properties? (we’ll schedule this
together)
-You should visit open houses
-How long does it take to find a home? (undeterminable)
6. Making an Offer to Purchase
-Once you decide on a house that you like, we
will complete a CMA (Comparative Market Analysis) to determine
what the market price for the property is
-Then we will prepare a contract as an offer to purchase, and
submit a copy of the check for your “earnest money deposit” along
with the contract. Your contract may be presented in person or
via fax to the agent representing the seller
-When the contract has been accepted by the seller, the contract
will be considered
“
ratified,” and it is from this date (“date of ratification”)
that any contingencies must satisfied or addressed according
to the contract. If you are purchasing a new home (that is, a
home that is under construction), please plan to allow an additional
30-60 days from the date of closing specified in your contract.
The reason is that new construction requires various permits
and sometimes these projects run into unexpected delays as a
result of circumstances that are often beyond anyone’s
control. Adding 30-60 days will help you to be prepared for the
unexpected
7.
Settlement Attorney
-As specified in the contract, you (the buyer)
will need to choose a Settlement or Title Company. The settlement
company is responsible for executing the administration of the
legal transfer of the property from the seller to the buyer.
8. Addendum
-As the process progresses, there may be need
to make additions/changes to the original contract. This is completed
on the Addendum.
9. Home Inspection
-Because most purchases are usually contingent
upon the overall condition of the property, a home inspection
needs to be ordered within the time period specified in the contract.
-This is your opportunity to learn about the house you are about
to purchase. Make it a point to be there when the home inspection
is being completed.
10. Appraisal
-Your lender will arrange to have the property
appraised to assure that the value of the property is commensurate
with the amount of the loan being provided to finance the property.
11. Termite Inspection
-While the seller is usually responsible for addressing
and resolving any termite activity, it is recommended that the
buyer order this service to confirm that there is “no current
activity of wood destroying insects”.
12. Transfer Your Utilities
-Switch your utilities here
-Change your address here
13. Walk-Through
-On or before the day of settlement, a “walk-though” is
done by the buyer and the the agent, to ensure that all of the
conditions of the contract have been satisfied and the property
is in move-in condition
14. Settlement
-This is the actual procedure by which the legal
transfer for the property is executed. It is at settlement where
the buyer, seller, and their agents meet with the settlement
attorney(s) or administrator(s) to sign documents that transfers
the deed and title from the seller to the buyer. It is also where
the buyer provides the additional funds required to pay (in the
form of a cashier’s check or certified funds) the remaining
balance of the down payment to cover closing fees. Once this
is completed, you (the buyer) receive the keys to your new home.
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Finding the Down
Payment
- Your savings
- From your job
- Accumulated leave from work
- Stocks, Bonds, CDs
- Gift from family or friend
- Life Insurance
- Tax Refunds
- Increase Your Tax Exemptions (Check with your accountant
or tax preparer first)
- Home Equity Loan
- Co-Ownership
- Get a Second Job
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Do
You know What’s on Your Credit Report?
You should.
In fact you should know before anyone else does.
You’ve seen those advertisements where companies
compete for your business by listing their “low interest
rates.” Well, those rates do not apply to everyone. What
you should know is that the interest rate you receive will depend
mainly on your credit score. That’s why it is very important
that you know what’s on your credit report, know how you
are scored, and be able to address any erroneous information
effectively.
Find
out what’s on your credit report and “see how
lenders see you!”
Click here to visit myFICO.com.
Need to work on improving your credit? Want to find out how?
Click here to visit creditexpert.com
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