Frequently Asked Questions for Buyers

What do I need to do before I start planning on purchasing a property?
A: Simply put, make sure your finances are in order. Buying a property is a huge purchase and therefore potential buyers will want to check with a lender to see what type of mortgage they qualify for.
Here are the facts you will want to present to a lender:
Annual Income
Amount of cash you have for a down payment (although some first time property buyer loan programs do not require a down payment)
Other Property Loans
Credit Card Balances
Other Loan Balances (Vehicles, etc.)
School Loans
Other financial factors affecting income (child support, tax payments, dividends, etc.)

Do I need to be pre-qualified to purchase a property?
A: As a general rule it’s a great idea to be pre-qualified as a large number of sellers require a pre-qualification letter along with your offer to purchase. It will make your offer look stronger and make the chances more likely that you get your new property.

What is the cost of prequalification?
A: There is no cost associated with getting pre-qualified

What exactly is prequalification?
A: Prequalification is when you have speak with a lender, usually over the phone, and after providing information concerning your financial situation (as outlined in question 1). After consideration they will give you an estimated amount of what they believe you qualify for. However, this does not mean you are QUALIFIED. Potential buyers will need to wait for a credit check and other accuracy tests before they are qualified for the loan.

If I find my dream property but it is NOT listed by you, would you still be able to show it to me?
A: Yes. I am able to show ANY property despite the listing broker. Whether the property is new or a re-sell I will be able to represent you and show you the property.

I found the property I want to buy. How do I buy it?
A: Here is a brief overview of the process:
You will need an earnest money check to accompany the Offer to Purchase. This may be in the form of a personal check or a certified check. A minimum 1 percent of the sale price is deemed appropriate in most cases. When your written Offer Purchase is presented to the seller, he has three choices:
He can accept your offer
He can reject your offer
He can make a counteroffer
Negotiations after the initial written offer are conducted verbally until an agreement is reached. When both parties come to an agreement you can accept his counteroffer in writing and you then have a binding contract for sale on that property. Your earnest money will be put in the listing brokers trust account to be held until closing.

Is it best to make a really low offer as a first bid?
A: It is important to remember that if you make a low offer and are either rejected or counter-offered by the seller you may jeopardize your opportunity to buy the property because another potential buyers’ offer may be agreed on in the meantime