Buying Residential Real Estate
If you are investing, buying a vacation home, downsizing, expanding, relocating, or buying your 1st home, MYRE, LLC. has knowledgeable sales associates to help you with every step of your home buying experience. Our associates understand that you have specific needs and objectives and will work very hard to meet your expectations.
Let us make your home buying a wonderful experience.
When searching for a home there are a variety of resources available to assist buyers in locating potential properties. Our broker & associates have availability to numerous resources and up to date information to locate prospective properties that will meet your needs. We understand the importance of staying current with market trends and changes.
Finding the right home can be complex without employing an experienced real estate broker and locating the right property takes time, knowledge and experience. MYRE, LLC. can assist you through the entire process of purchasing the precise home that will meet your needs and we know what it takes to get the job done!
Our broker and associates receive additional training and designations by attending real estate courses and staying updated, educated and informed concerning current changes in the residential real estate industry.
- Cost & Time
Engaging the services of My Real Estate Expert, LLC. (MYRE, LLC.) will save you time and money. In residential real estate most of the properties are listed with a residential real estate firm and already have in place a commission agreement. Under these circumstances the commission or compensation is already established and built into the sales price. It is customary for a broker to split commissions with cooperating brokers representing a buyer. If the property does not offer broker cooperation or if the property is a for sale by owner (FSBO), the broker’s compensation will be defined in the Buyers Representation Agreement. To find the exact property can take time and time is money. Our knowledgeable team will utilize our residential real estate property resources to locate a suitable property that fits your needs, conduct successful negotiations and lead you through the closing process.
- Preparing an Offer
Once a home is located your realtor will walk you through the process of submitting an offer to the Seller. It is very important to conduct a Comparative Market Analysis (CMA) to arrive at a price that gives your offer the best chance to be accepted. Your MYRE sales associate will also assist you in preparing an offer that perpetuates your interest using specified terms and conditions.
A very important step in buying a home is negotiating the right price. To achieve a successful negotiation can be overwhelming and stressful. We are professional negotiators and will relieve you of this stress by acting as a buffer. It is important that the buyer not become too emotionally attached to the property during negotiating. The buyer should always be prepared to negotiate.
- Due Diligence Period and Checklist
Once a buyer’s offer has been accepted there will be a due diligence period to conduct a property search; obtain reports, inspections, financing, appraisal, and survey. We have composed a list of information that you should obtain during the due diligence period.
Due Diligence Checklist:
Lender Approval or Financing: A very important step in home buying is to obtain pre-approval for a specific loan amount. Find out how much you can afford: establishing how much money will be required for a down payment and closing cost. This will help you narrow your focus on homes that you can afford. A PMAC Pre-Approval Letter acts as a seal of approval from the lender and reflects immediate credibility.
Appraisal: A real estate appraisal is an unbiased estimate of the true value of a property. It is best conducted by a licensed, certified professional. Before obtaining a loan, a lender will order an appraisal of the home. The appraisal that will be required will be Market Value. An appraiser usually provides a written report on this value to his or her client and the report will be used as the basis for a mortgage loan. An appraisal can confirm whether the property is worth the amount you are paying.
Title Company: When buying a home we recommend always closing through a reputable title company. The title company will make sure that there are no liens on the property and will conduct all of the research pertaining to present ownership. We also recommend using an escrow agent. The fees to the escrow agent are very minimal and they will make sure that both parties are abiding by the terms of the contract.
*What is title insurance? Title insurance offers financial protection against title issues that could not be found in the public records, are inadvertently missed in the title search process, or those that may arise from deception or falsification. Unlike most forms of insurance which protect policyholders from future events, title insurance protects you against defects that could already exist.
*What is a title policy? A Title policy is required by a lender and only covers the lender’s interest in a property.
*What is a Homeowner’s Policy? A Homeowners Policy includes coverage for the homeowner on a number of issues. If your home’s title is contested on a covered item, the title insurer will pay for defending the title at no expense to the owner and attempt to eliminate the title defect.
Survey: In order to evaluate the property a buyer will need to order a survey. A professional and reputable surveyor will identify potential problems and locate any easements or encroachments on the specified property.
Home Inspection: A qualified and professional home inspection is necessary to ensure the quality of construction and that the structure is in good condition. The inspection should be conducted by a certified third party who is qualified to conduct home inspections. Home inspectors will know about house structural requirements and risks. A home inspector’s job is to look at all the things that may impact the current and future use of the house.
Closing: The final step to home ownership is receiving a detailed HUD-1 settlement statement prepared by a reputable title company before closing. The closing statement will summarize all fees for the Buyer and Seller involved in the transaction. Property ownership will transfer from the Seller to the new Buyer at closing.
My Real Estate Expert, LLC.
(800)243-1113 OR (281)243-1113