zen bee buying
- Analyze your needs: What do you what? Where do you want it? Why do you want it?
- Financials: Lender Pre-Approval or Proof of Funds (for Cash Offer)
- Select and View Properties
- Write an offer (Buy Sell Agreement, Earnest Money Deposit, Proof of Funds, Review Sellers Disclosures)
- Negotiate and Counter offer (Price, Terms, Occupancy)
- Contract Acceptance
- Contract Contingencies (Inspections, Pest, Radon, Well/Septic, Master Deed, Title Insurance, Survey, Lead Based Paint, Condo by laws and financials, Attorney Review)
- Negotiation (Repairs, Requests, Treatment, Remediation)
- Remove Contingencies
- Complete Mortgage Application (Lender Verifications and Insurance (home and flood if needed)
- Appraisal ordered by your lender (Address any appraisal issues)
- File sent to Lender’s Final Underwriting (Address any underwriting conditions to be met for Lending - Financing Contingency Removed)
- Loan Package sent to Title company (Title Search and Insurance)
- Final walk-thru and Close on the home (Congratulations Home Owner!)
Zen Bee Buyers
You Made the Decision to Invest in Your Future... What's Next?
How much can you afford?
Consider how much you have saved, earn and owe. A typical down payment on a home ranges from 3-20% of the purchase price. There are also lending fees and closing costs that range between 2-5% of your mortgage loan. Fees are to be paid at closing, or possibly rolled into the loan.
Why should you be pre-approved?
Being pre-approved means you are serious about pursuing home ownership, and demonstrates to the seller that you are a willing and able buyer. A pre-approval will let you now exactly what you can afford to buy.
What’s in your monthly payment?
PITI-Principal on the loan, Interest on the loan, Taxes, Insurance, (Condo or Association Fees)
What is Agency?
Black’s Law dictionary states Agency is a relation, created either by express or implied contract or by law, whereby one party (called the principal or constituent) delegates the transaction of some lawful business or the authority to do certain acts for him or in relation to his rights or property, with more or less discretionary power, to another person (called the agent, attorney, proxy, or delegate) who undertakes to manage the affair and render him an account thereof.
Seller Agency: Represent best interests of the seller - owe fiduciary duties to seller
Buyer Agency: Represent best interests of buyer - owe fiduciary duties to buyer
What are Advantages of a Buyer Agency Agreement?
Your interests are exclusively represented to the best of your agent's ability.
What is in an Offer to Purchase?
Price, Concessions, Financial Contingencies, Home Inspection Contingencies, Bill of Sale or Inventory Included in the Sale, Earnest Money, Pre-Approval or Proof of Funds, Occupancy, Attorney Review, Mediation