New Buyers Information Guide 

1. How much do you qualify to buy?
   
   
   1. This is pre-determined by a loan officer according to income, credit score and you current debts. A loan officer will take your social security number first to run your credit to get a picture of what loans you may qualify for.                        

2. Once you are pre qualified or pre approved you now must set up a criteria of where you want to live and what type house you wish. As your realtor, I have access to every home that is available for sale, no matter who is selling it or where it is located. I will set up criteria for you on the MLS and search out homes for you. You may also find homes through driving, newspaper, websites etc. Give me the address and I can find the information needed to gain access to the house.
   We should set up no more than 4 homes per day to look at. 

3. Costs involved in purchasing a home. 

1. Earnest Money……usually $1000 once contract has been accepted by seller….this money is held by seller’s realtor company and will appear on your closing costs statement. 

2. Inspection…..Once you find the home of your dreams, you have five days to set up an inspection to determine the condition of house. This cost between $300-$400. I highly recommend an inspection. If repairs are needed, we negotiate the repairs with the seller during this time. 

3. The contract once accepted will be sent to your attorney and loan officer to begin processing….this usually takes 30-45 days after acceptance of contract. 

4. Appraisal: This must be done to secure loan. Usually within 7 days after acceptance of contract and is set up by loan officer. Costs $350-$400. 

5. Closing Costs……are usually 3% of purchase price….this can be negotiated by your realtor unless it is a foreclosure or investment property. 

6. Insurance….Homeowners insurance must be purchased before closing. 

7. Down payments…..if your credit score is below average expect to have to pay 5% to 20% down payment on a house. There are programs that can assist with this if qualified. 

8. Real Estate Agent: The seller pays this fee at closing; your agent is liaison between all parties involved in the transaction. 

Your Agent is:     Andretta K. Pierce

                            Remax 10

                            708-212-6654  

9. Moving Expense: Once you close on the house you will receive the keys in most cases on the same day.   Now you can call all utility companies to set up new accounts. 

10. Words of caution…..during this process do not purchase anything new that can jeopardize your credit during this process. No new credit cards, no furniture, no cars….nothing until after closing.