BUYING PROCESS

Our Initial Meeting.
This is when we begin our process. We'll discuss your wish list for purchasing your new home. I will go over this process and answer any questions you might have. We will also talk about Agency and any other general information such as lenders and expenditures you need to be prepared for.

Pre-qualification Followed By Loan Application.
I will have a loan officer call or meet with you, if you have not already selected a mortgage source. This will assist you in determining the price range of home, as well as what type of loan will best suit your specific needs. (Advantage: Sellers are more likely to readily accept an offer from a buyer with an approved loan or loan in progress.) The loan officer will also schedule an appointment for loan application and detail what information you will need to bring. Before or during loan application a merged credit report will be ordered at a cost of approximately $70.00. Some lenders will also require the monies for all, or at least a portion, of the appraisal. An appraisal typically costs $350.00.

Previewing Properties.
At this time we will compile a list of potential properties to tour. Using a computer in the comfort of my office, we'll scour the entire listing of property available in the multiple listing service. Once we've made our selections based on your requirements, we will personally tour the properties you're interested in.

Prepare The Offer.
After you have selected the property you want, we will prepare an offer to present to the seller's agent. Our offer can be accepted, countered, or rejected. Either party may withdraw their offer or counter, at any time, prior to acceptance by either party. An earnest money deposit will be needed at this time. If our offer becomes a ratified contract, the money will then be deposited into a escrow account held by William E. Wood and Associates, unless otherwise specified by the seller to be used at closing toward your down payment, closing cost or however we have specified on the contract.

Home Inspection.
Unless changes have been made to the contract, we have 7 days to have a Home Inspection conducted. Pricing will vary by company, but most are based on the square footage of the home. The average cost is between $225 and $350 to be paid at the conclusion of the inspection. The property remains active during this time, until we remove the Home Inspection Contingency, but the seller can only take back up offers. Once we remove the contingency by negotiating any necessary repairs, the property is placed in pending status until closed. If we are unable to resolve any Home Inspection concerns we begin the selection process again.

Appraisal
This is ordered by the Lender in accordance with the terms of the contract. The price of an appraisal is approximately $350, and some lenders may require this fee to be paid during the loan application process

Selecting a Settlement Company.
At this time you will need to select a Title Company or an Attorney to begin the closing process. I will provide you with a list of reputable settlement agencies if you don't have a preference. The settlement agency will order the title searches, survey, prepare the deed and any other necessary documents. The exact date and time of closing is selected once your loan has been fully approved. This date may vary slightly, from the date noted on the contract, particularly if more than one settlement is involved. A walk-through is conducted to ensure the property is in the same state at the point of the inspection and repairs have been made. Once all items are in order and papers have been signed, you take possession, receiving the keys to your new house the day of closing!

SELLING PROCESS

Our Initial Meeting.
This is when we begin our selling process. I will go over the steps in the process so you know what to expect and answer any questions you might have. We will discuss the current market and competitive pricing. We will also review how we will handle offers and negotiating price and terms favorable to you. I will tour the home and make suggestions for change to increase sale-ability. We will also discuss any repairs or updates that might need to be done prior to listing. We will also analyze the “curb appeal” together, stepping outside to view your property with potential ‘buyer eyes.’ During this time, we may even visit some competing homes together to get another pricing perspective.

Pricing the Property right.
I will research and keep you informed of current market conditions. I know the area and I have access to financial data and city sales records. We will discuss the benefits of intelligent pricing – at market value – that will expose your property to a larger percentage of prospective buyers and increase your chances of a sale. I will educate you on absorption rate. Together, we will conduct a market analysis, examining current and past markets, that will help you best determine a price on your property to get your home sold in time to meet your goals. This is also a great time to take advantage of repairs, etc to prepare your home to show!

Marketing your property to find the right buyer.
We will complete all documents together. I will have a yard sign and lockbox installed to initiate the marketing process. I will enter the listing into the MLS and begin working hard for you to find the right buyer for your property! Sometimes the perfect buyer is nearby, but doesn’t know your property is available! The local MLS, internet advertising, Guided Tours, Open Houses, and personal networking all combine to maximize the exposure of your home to the buying public. At this step in the process, it is very important you keep the property neat and in showing condition at all times.

Negotiating Offers.
I will advise you as the offer is negotiated. Keeping the “whole picture” in mind is one of the greatest benefits in hiring a seller’s agent. Not only will be examine the transaction from your perspective as the seller, but also consider how it will be interpreted by the buyer. Throughout contract negotiations, I will keep your ultimate goal in mind and work hard to maximize your profits. I will prepare a net proceeds sheet to show, in dollars, what the offers mean to your bottom line. You may counter offer, etc, but when negotiations are complete, the contract is considered ratified.

The Pending Period.
This is the step in the process where the buyer applies for a mortgage and arranges for any inspections required and agreed to in the contract. Many contracts today are contingent upon the results of a home inspection directed at the property’s structure and systems. The home inspection is paid for by the buyer. An appraiser will inspect the property on behalf of the buyer’s lender. As the seller, you are to complete any repairs requested in the contract or resulting from the inspections. Typically, the buyer’s lender will encourage a termite and moisture inspection.

Final Walk Through.
The buyer has a final walk through, to ensure the property is in the same condition as it was when the offer was made. This is typically conducted the day before closing. This gives the buyer the opportunity to make sure any repairs have been completed, all systems are working in order, and the property is free of trash and personal items.

Closing.
This is the final step in the process that is generally conducted by an attorney or a closing agent. Unless otherwise agreed upon, the seller needs to have vacated the property at the time of walk-through. This is when all documents are signed, the transfer is recorded by the closing agent, and funds are disbursed within two working days. After all the legalities have been taken care of, it’s time to move in!