For Buyers
Sellers are well represented, you should be too! Home buying requires difficult decisions. As local Chesterfield, Wildwood, Ballwin, and St. Louis experts we protect YOUR best interests from home searches to final contracts.
Click here to start your own MLS search! It's easy and free.YourResidentialParnters will provide full access to ALL homes available local areas such as Chesterfield, Wildwood, Ballwin and St. Louis County; as well as those available throughout the RE/MAX Worldwide Network.
Do You Need a Buyer's Agent? Knowledge IS power. 98% of sellers are professionally represented. You need to be too.
Some people incorrectly believe they will get a cheaper price or better deal without a buyer's agent. That's just wrong. The homeowner pays the commission; not the buyer. If a homeowner is represented by an agent, the commission is already figured into the sales price. The owner pays the listing agent who then shares that commission with the buyer's agent. Without a buyer's agent, the listing agent keeps all of the commission.
People are professionally represented in real estate transactions for legal ramifications, correct pricing, understanding the home buying process and access to the greatest accurate inventory.
I would like be that professional. I will use my education, acquired knowledge and industry tools to ensure successful transaction completiton for you.
My goal is to get the home you want, at the price you want, in the time frame you need.
We have knowledge of all of the areas beyond real estate; like schools, neighborhoods, the local economy, retail and business.
We know St. Louis market pricing. We'll advise you if a property is overpriced. We can find bargains. We know areas that move and will advise to "win" over other buyers. We'll provide a buyer's pricing plan to purchase at or below market price. We are professionals running these numbers every day. We'll get the best value for YOU.
Negotiating is down right tough. We will help you negotiate for your best possible terms and conditions.
You should know absolutely everything about the property you are buying! You and a member of our team or I will view every home that you are interested in, together. And prior to closing we will make you fully aware of any and all inspections available to you.
Contracts are full of complicated terms and clauses. We share our real estate knowledge and experience and direct you to additional professionals as needed.
For your convenience, we also provide listings by email. We pride ourselves on repeat business and hope you'll come to understand why.Avoid Common House Buying Mistakes
- Assure that you see all the properties in the area that meet your criteria.
- Guide you through the entire home buying process, from finding homes to look at, to getting the best financing.
- Make sure you don't pay too much for your new home and help you avoid costly mistakes.
- Answer all of your questions about the local market area, including schools, neighborhoods, the local economy, and more.
1. Low, Low interest rates. Record lows. A few years ago we had double digit rates. Bottom line, over the long term, you can buy more for less. For example, to borrow for a $200,000 on a thirty-year loan, you will pay nearly $150,000 less in interest with a six-percent loan than with a nine-percent loan.
2. Pay yourself - Don't Rent. Renting can cost as much as a monthly loan payment. Years of paying off a loan ends with home equity and a source of emergency funds, if necessary. Paying on a home is the greatest wealth-building tool you can have.
3. Freedom - Yep, I said, "freedom". It's the American way. Free to live on your own terms, your own style, control over your own life...and improve the way you live.
4. Pride - Small condo or large house; your house is the home you come home to everyday.
5. SLASH YOUR TAX BILL! There are significant tax breaks for home owners.
Today, this week, this month, this YEAR...is the best time EVER, EVER...TO BUY ! Selection, selection, selection for starters! Regardless of your price range, there are plenty of houses from which to choose. You have many options. Serious sellers are priced right...and some have to sell right away and are selling way under market value. If you are house-handy and can buy a neglected home - you may be able to buy even cheaper! I just helped a family buy at 33% off list price and get them into a larger home, with more amenities and in the subdivision they wanted because they bought a home in disrepair and plan to fix it. Look at it this way, they were able to buy 33% more of a home than they can currently afford today in buying low and spending money over five years to create their dream home over time.
Before You Start Looking For Your New Home:
- Check your credit rating. Straighten out any errors before its too late.
- Determine a comfortable monthly budget for your new purchase, including down payment and monthly payment.
- Find a loan programthat meets your needs and get pre-qualified (preferably pre-approved).
- Choose a REALTOR® that you trust and who understands your needs.
- Determine what neighborhood best matches your needs.
- Identify important features you need your new home to have.
CLICK REMAX.COM for ALL LISTED HOMES
Avoid These Common Mistakes: Whether you're ready to buy a new home or you're moving up in the world, the same pitfalls exist. So, the wise buyer will want to avoid these potentially dangerous and expensive mistakes made by many home buyers:
Running before walking - Rushing off to look at homes before doing up-front preparation. Know your buying power as well as debt and potential earning ability. Look at homes on line. Review your finances.
Over-buying- Being "house poor" ties you to changes in personal circumstances and the national economy which could limit or destroy your financial health.
Choosing a bad real estate agent - Choose a buyer's agent who understands your needs and financial limitations. Seek references. Determine their commitment to YOU. Verify their experience in the area where you want to live and the price range you're looking for.
Not comparing mortgage types - Take the time to compare several options to get the best plan for your financial situation.
Waiting for the "perfect" home - While the almost perfect slips away. Nothing is perfect...thinking that looking long enough for a home with everything you want will keep you in the same place forever or settle because you run out of time:
- You reject homes only to eventually purchase one with fewer of your requirements because you are worn out!
- While you wait for the "perfect" home, rising housing prices and mortgage rates add to the purchase cost.
Thinking the seller covers all costs - Some buyers incorrectly think that sellers pay all real estate commissions (read your Buyer's Agreement closely) as well as other inspection costs and closing expenses.
Neglecting inspections, audits and appraisals - Buyers often underestimate the importance of independent property inspections, environmental audits and separate property appraisals as a condition of purchase. Money well spent now can keep you from buying a lemon!
Not going back to check the neighborhood - You house hunted on weekends, but what happens on weekdays or after dark? Is the "convenient to town" house on a thoroughfare packed with cars during commute time? Learn the neighborhood before you buy.
Forgetting to consider resale- What's down the street? What's behind your backyard? When buying, it's easy to forget what it will be like to sell your home later on. Biggest killers: power lines, busy streets. Small back yards. Unkempt neighboring homes. AND...Buying the most expensive home on the block, your neighbors' lower home values could affect yours. Sidestep homes costing 50 percent more than neighboring dwellings. This is especially true with rehabs...many are over-built for the neighborhood.Forgetting about closing costs - A mortgage lender should provide an estimate of costs, including: points, escrow fees, title and homeowners insurance, legal costs, property taxes, plus deed recording and notary fees.
Trying to make a shrewd investment - Buy based on what fits your family. Don't try to guess what will happen to the market.
Overlooking an inferior floor plan for an attractive exterior - No matter how attractive the exterior, you need a livable home.
Not checking out the builder's reputation on a new home - Talk to three or four people who live in the builder's homes and get their feedback.
Not getting what you want because of impatience - Give yourself time. Impatient decisions can lead to mistakes.
Not buying at all - If you can afford a home and don't buy one, you lose the benefit of tax deductions, building home equity and the appreciation in value.
Most home buyers, buying a property isn’t just about the house, it’s about the neighborhood. Making a decision about where you want to live is a crucial part of the home buying process. In addition to determining the style of house, you will be considering lifestyle. Are there parks near by? Neighborhood shops, restaurants, playgrounds? Church they can attend? Do you feel safe? These are all important questions. As the neighborhood expert, I’ll make sure you understand the ins and outs of the neighborhood. Here are three ways to review the neighborhood:
Drive and Walk Around/Shop/Talk to People
Drive around the community. Visit on different days, and at different times of the day. Find the parks, shopping centers and other points of interest. Get a complete picture of the community. Take a walk through the neighborhood and see how you feel. Talk to the people you meet and get their thoughts about the area.
Review Resources
The St. Louis County website http://www.stlouisco.com/ and Trulia’s Interactive Crime maps, have information about crime rates, predator lists by zip code, etc. that will help you evaluate the neighborhood.
Performance Stats
Of course, we have seen a dip in home values in recent years, but I’ll show you performance statistics of how the neighborhood has performed over time, relative to other neighborhoods.
- Lender fees include charges for loan processing, underwriting, preparation and establishing an escrow account.
- Third-party fees include charges for insurance, title search, and other inspections such as termites.
- Government fees include deed recording and state & local mortgage taxes.
- Escrow and interest feesinclude homeowner's insurance, loan interest, real estate taxes, and occasionally private mortgage insurance.
· For FHA mortgages:
o The condo project (not the individual unit, but the project) must be on the HUD approved condo project list. Email me if you want to check to see if a particular project is on the HUD list.
o If the project is NOT on the HUD list, then the buyer has TWO choices:
1. Walk away and find another property, or….
2. Work with the condo association to get on the HUD approved condo list. Gershman Mortgage has a full-time condo specialist who works with HUD directly to get condo projects approved. It takes about 30 days for condo project to get approval from HUD.
o PLEASE NOTE: if the project is not on the HUD approved list – or cannot seek and get acceptance to get on the HUD list – then the buyer CANNOT obtain FHA financing from any lender!
o “Spot approval” by lenders are no longer permitted. The project must be approved by HUD.
· For CONVENTIONAL mortgages:
o There is no longer a Fannie Mae or Freddie Mac approved condo project list.
o Fannie/Freddie used to use their own list – OR the HUD approved list – but no longer do.
o If a buyer wants to seek a conventional mortgage for a condo project, that lender will need to do their own project approval, per the Fannie Mae/Freddie Mac automated approval instructions they receive for that particular buyer-borrower. The automated underwriting findings will instruct the lender to do one of two things:
1. Conduct a limited project review (very basic, with a simple questionnaire), or…
2. A Spot Approval, which will require the project to submit By-Laws and financial statements.
o More than likely, if a condo project is on the HUD approved list, you’ll get instructions for a limited review.
· General notes:
o Difficulties in getting condo project approval will occur in the following circumstances:
§ Significant percentage of VACANT units
§ Significant percentage of RENTAL or INVESTMENT units (non-owner-occupied)
§ All phases of the project have not been completed and/or control of the project has not been given to the Homeowers Association for the project.
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