In My Neighborhood in 46038>Question Details

Thapaterobob, Home Buyer in Indianapolis, IN

i wlike this home i want to buy what i do next

Asked by Thapaterobob, Indianapolis, IN Fri May 13, 2011

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9
Next step!

Call me!

Ryan
317-213-4515
0 votes Thank Flag Link Wed Sep 19, 2012
If you aren't currently working with a REALTOR, you would want to consider interviewing agents. When buying a home, your agents commission is paid by the seller. This means their services are free to you. I strongly urge you to use an agent when purchasing, as we are educated not only in drawing up contracts but also with the negotiations. We have firsthand knowledge of the marketplace and have the capabilities of preparing a CMA report on your property of interest. A Comparative Market Analysis or 'CMA' as it's called, is simply a report using comparable properties to estimate a home's current market value. This report helps you determine a homes current value and how to proceed with negotiations.

After deciding whether to have a real estate professional assist you in your purchase, the next step would be speak with a lender to obtain a preapproval letter. You will need a preapproval letter to attach to your offer when presenting it to the seller. On cash purchases, this is not necessary. Next step is to sit down with your agent, review your CMA, and begin drawing up your purchase agreement. Your negotiations could be as simple as an acceptance of your first offer (rare, although has happened) but more than likely will consist of multiple counter offers between buyer/seller. Let's assume after several counter offers, you now have an accepted offer. You'll now have 48 hrs (2 business days) to provide the listing firm with your earnest money check. An earnest money check normally consists of 1% of the purchase price. This check will be deposited into the listing firms escrow account. You'll later see this credited back to you at closing, on your settlement statement.

As soon as all parties have accepted the terms of the purchase, any timelines stated within the contract will now begin. You'll want to first provide your lender with a full copy of the purchase agreement, ensure you've fulfilled all requirements of your loan application, and you may need to lock your interest rate. For most, financing is needed in buying a home, and it's important to get all financing items addressed at the onset of the purchasing your new home. The lender may need 30-45 days to complete your loan process before granting you a "clear to close" so time is of the essence when it comes to addressing this step.

You'll now review your contingencies within your purchase agreement. The most common are home inspection, appraisal, financing, review of covenants and restrictions (if neighborhood has HOA), and homeowners Insurance. It's important to pay attention to the agreed upon time frames. For example, if the agreement allows 10 days after acceptance to respond in writing to the home inspection, and the buyer responds within 14 days without an agreed upon extension of time to respond (as an example), seller doesn't have to entertain said buyers inspection response, as the inspection response window was exceeded by 4 days. Let's say you make it through all conditions of your purchase agreement and the lender has now given you a clear to close. This means you've completed all their requirements and they are prepared to provide the title company with your closing package. After all parties accepted the settlement statement, you are ready to head to the closing table. Beware, your hand may be sore after signing your name excessively on all the closing docs but it will be well worth it. You would have just purchased yourself a home!

I hope my answer assists you in your next steps into purchasing a home. If you are still looking for a realtor to represent you, please feel free to contact me at 317-590-3434. I would love the opportunity to be considered when interviewing agents.

Thanks.

Respectfully,

Mallorie Wilson
Associate Broker
Century 21 Diversified
malloriewilson.com
317-590-3434 direct
317-585-7748 office
317-845-7726 fax
0 votes Thank Flag Link Wed May 30, 2012
Dear Indianapolis Homebuyer,

Which home is it that you would like to buy? I will be happy to help you with that home or any others.

Call me at 317-752-8622, Lynn Gottschalk, CENTURY 21 Scheetz
0 votes Thank Flag Link Mon May 23, 2011
I have been in real estate for 25 years. My husband has been in real estate for 10 years. We are experts at helping people buy and sell real estate. Please contact me and we will get you in the home that you want.
Donna Massey-Trinkle
F.C. Tucker Company
masseytrinkleteam.com
dmassey@mibor.net
317-443*8110
0 votes Thank Flag Link Fri May 13, 2011
Give me a call - maybe I can help you figure out what to do next. 317-847-1973
0 votes Thank Flag Link Fri May 13, 2011
Consider working with an agent of your own, he/she will be your best guide; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Fri May 13, 2011
Get an Agent who will represent you, the Buyer! They can help guide you through the process of purchasing this property.
The Marie Souza Team - Top Selling on Cape Cod
Cape Cod Real Estate Services
Phone: 508-790-2000
info@mariesouzateam.com
http://www.MarieSouzaTeam.com
0 votes Thank Flag Link Fri May 13, 2011
Hi, finding the right home is half the battle! But probably the next thing you should do (if you have never been a home buyer before) is attend one of our first time home buyer classes. We hold them every month on the last Thursday of the month at our office on 116th Street. We have a mortgage broker, an inspector and a REALTOR there to answer the many questions about buying a home.
You can register here http://www.marchantteam.com/102/271 or read about buying homes under the Buyer Category at http://www.myfishersblog.com
I hope to hear from you soon.
Web Reference: http://www.marchantteam.com
0 votes Thank Flag Link Fri May 13, 2011
What is the address of the home or BLC #? I'm a REALTOR and can help you navigate the home buying process.

Dan
0 votes Thank Flag Link Fri May 13, 2011
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