For Buyers

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Exceptional Client Services

Buying a home is a very involved process, when done right. A significant financial investment and your quality of life depend on getting it right. You can trust Desiree to help you determine what you need, and then get you what you want, for a fair price, in the shortest time, with the least inconvenience to you.

Here’s the Exceptional Service Desiree provides her buyer clients:

Explain real estate agency relationships
Maintain communication with you
Help determine your purchase needs & desires
Fully explain current market conditions
Provide helpful community information
Explain local real estate practices and procedures
Provide information on lenders and financing alternatives
Search Triangle Multiple Listing Service for suitable properties
Coordinate appointments and show all properties of interest
Provide relevant market data regarding fair market value of homes
Disclose all known material defects of the property
Discuss all relevant information with seller’s agent
Explain the process of offer presentations
Carefully explain and prepare offer to purchase forms
Present all offers to seller in a timely manner
Strive to obtain the best possible price and terms for you
Explain after-sale activities and responsibilities
Deliver all required Property Disclosures to you

Getting the Most from Your Buyer Agent Relationship

Provide Desiree with as much information up front as you can: Your wants, needs, family details, financial picture, likes, dislikes, must-haves, and don’t-wants
Bring: measurements of big furniture items, fabric swatches, and other information key to assessing how well a home will suit your belongings.
Talk as we look at homes. Be open about what works and doesn’t work, what concerns you, what questions you have. Express your excitement and your fears to us. Buying is as much emotion as logic. You will not offend Desiree by expressing your feelings about houses and neighborhoods …it’s you who will be living in the home you choose.
Let your friends and family know Desiree Goldman is your Buyer’s Agent and give them her contact information. If they see something right for you and want Desiree to investigate they can call her. The advantage of working with one agent is you form a bond with each other and spend the time necessary to find you the right home, rather than having multiple agents trying to “sell you” first.

Viewing Homes for Sale

When you are ready to look at homes Desiree Goldman will consult with you on the variety of home and neighborhood options available to you. After this initial consultation Desiree will have a solid picture of your preferences, i.e, wants, needs, goal price range, and preferred location. Desiree Goldman will arrange to show you appropriate properties.

As you tour each home make notes about the ones that appeal to you. The details are easy to forget after a day of looking at houses. Don’t be surprised if the first home you visit is the perfect one for you! That is a fortunate situation, and not uncommon when you have been detailed and open with your agent about your criteria for a good house. Likewise, don’t be discouraged if none of the houses you see the first time out suit you. Sometimes it takes a lot of looking to really hone in on the things that matter most to you in a home. Desiree Goldman is committed to finding you the right house and will work diligently to help you find it.

During the Home Search Desiree Goldman Will…

Discuss with you the benefits and drawbacks of each home in relation to your specific needs
Check the Multiple Listing Service database and with other brokers daily for new listings that meet your criteria
Keep you up-to-date on the changing financial conditions that may affect the real estate market
Be available to you to answer your questions or offer assistance regarding your home purchase
Discuss market trends and values relative to properties which may be of interest to you
Assist you with homes offered “For Sale by Owner”
Assist you with homes offered by new homes builders. Desiree Goldman has tremendous experience with new construction and will be a powerful asset to you if you choose to buy a new home.

The Process of Purchasing

A prequalification appointment is free and without obligation to the lender. Always take advantage of this essential resource before beginning the search for a home.

Some Good Reasons to be Pre-qualified

You will know in advance what your mortgage payments will be
You won’t spend time and energy considering homes above your price range
You will have more time to shop for the best loan package
Sellers will find your offer to purchase more favorable if it is accompanied by a lender’s letter or pre-qualification, or, even more persuasive, a letter of pre-approval
Your buyer agent will be able to serve you better when your search criteria includes a specific price range

Loan Prequalification

Information the lender will need:

How much cash investment do you plan to make toward the down payment and closing costs
Your household gross income
The length of current employment and of previous positions
Your monthly payments on long-term debts and credit card balances
Child care expenses and/or alimony
If you’ve had a bankruptcy or credit problems

Items Needed for a Loan Application

Employment and Income Verification:

Employment addresses for several years
Gross monthly income (before deductions)
W-2s if available
Proof of pensions, retirement, disability or Social Security
Proof of income from rentals, investments
Year to date pay stub
If self-employed: 1040 tax returns for last 2 years & Current year profit and loss statement

Creditors and Debt Disclosures:

Creditors names, addresses, and types of accounts
Account number
Monthly payments and approximate balances
Amount of child care expenses

Banking:

Names and addresses of banking institutions
All bank account numbers
Types of accounts and present balances
Recent account statements from accounts

Miscellaneous:

List of assets in stocks, bonds & land
Life insurance cash value (documented if used as cash down payment)
Copy of sales contract, if applicant is selling a home
Social Security numbers

Understanding the Purchase Agreement

Once you have found the home you wish to own it is time to make an offer to the seller. Desiree Goldman will review all the relevant paperwork and advise you on the best way to proceed. In negotiating the purchase of your new home, the initial step will be to make an offer to purchase. This offer must be in writing and accompanied by an earnest money check to show good faith.

The offer will include:

The amount you are offering to pay for the home
Financing terms
Any personal property you wish to be included
Closing and occupancy date
Other contingencies, including inspections
Any other conditions important to you

The offer will be written on a standard contract form used by most North Carolina real estate agents. If the initial offer is not accepted by the seller, further negotiations are conducted via counteroffers. When buyer and seller agree on terms the parties immediately commence work to complete the contingencies of the contract and close the transaction.

Doing Your Due Diligence

The 2011 Offer to Purchase contract allows potential Buyers of a property time to decide if they 1) can, and 2) desire to close the sale. This is known as the Due Diligence period, at the end of which Buyers may terminate the contract or agree to move to settlement and closing.

During a Due Diligence period, the property is more difficult to market to other potential Buyers. Therefore, Buyers’ offers may be considered stronger if the Due Diligence period is short, and your negotiated Due Diligence fee may be lower for a shorter period. (However, the period must still be long enough for Buyers to do their Due Diligence.)

Buyers can proactively shorten the Due Diligence period by doing some of their Due Diligence up front. While Buyers cannot do specific property investigation, they can get a lot of their loan assurances prepared. Some of that may change depending on the condition and cost of the property they ultimately decide to purchase.

Doing this Due Diligence work up front will entail little to no cost to Buyers, but by getting preliminary approvals, Buyers will be able to make offers with confidence and lead to a smoother transaction.

Due Diligence Buyers may do up front:

Meet with a mortgage lender.
Gather all financial information the lender requires.
Ask your lender for pre-approval information for a range of loan options.
Line up insurance companies.

Your Realtor can help you with names of local lenders. The more you are able to do up front, the more likely your home search will be efficient, and the resulting purchase will be successful.

The Home Inspection & Wood Destroying Insect Inspection Reports

A home inspection means the home’s vital systems are checked. It is meant to detect structural and other significant defects in the property, not cosmetic items. A home inspection is strongly encouraged and should be part of the due diligence period. Buyers may request repairs, but sellers are not obligated to agree. The buyer has the option to come to terms with the seller or terminate the contract by the due diligence date.

Items on your inspection report will include:

Foundations and structures- proper drainage & ventilation, evidence of water seepage, cracks
Exterior siding, windows, doors – Exterior walls, porches, decks, balconies, & garage
Roof – Roof type, condition and material, condition of gutters and downspouts
Interior plumbing system – Hot and cold water system, waste system & sewage disposal, water pressure & flow, and hot water equipment
Electrical system – Type of service, number of circuits, type of protection, outlet grounding, and load balance
Heating systems – Energy source, type of cooling equipment, capacity, and distribution
Interior walls, ceilings, floors, windows, and doors – Stairways, cabinets, and countertops
Attic – Structural, insulation, and ventilation
Fireplace – Chimney, damper, masonry, or, for gas logs, the gas logs system.
Garage – Doors, walls, floor, opener
Appliances – A wide range of built-in home appliances and smoke detectors
Lot and landscaping – Ground slope away from foundation, and condition of walks, steps, and driveway

Wood Destroying Insect Inspection

This report is optional, but a wise investment if the seller does not have documentation showing the property is free of wood destroying insects.

Understanding Closing Costs

You will be required to pay various fees to different parties during the cost of your home purchase. Some of these fees are paid up-front and some are paid at closing. Desiree Goldman may be able to negotiate with the seller to pay some of these costs; others must be paid by you and cannot be paid by the seller under any circumstances. Listed below are some closing expenses. Keep in mind that there may be others depending on your specific circumstances, and, likewise, some of these may not apply to your closing at all.

Loan application fee – Charged by the lender to offset fixed costs related to mortgage loan processing.
Loan origination fee – Typically computed at 1% of the loan amount.
Loan points – Each point is equal to 1% of the loan amount. Points are used by the lender to adjust the yield on the mortgage when it is sold to an investor. By paying more points, the borrower may obtain a lower mortgage interest rate.
VA funding fee – Applicable on VA loans only. The fees are due at closing, or may be added to the loan amount and financed.
Underwriting fee – Usually included in the application fee; however, practices vary from lender to lender.
Mortgage insurance – One year’s premium is typically due in advance at the time of closing.
Pre-payables – The lender may require that the buyer pre-pay any of several types of recurring monthly expenses that a homeowner normally pays. These may include property taxes, home hazard insurance, and mortgage interest charges. The lender may require prepayments of such expenses to be adjusted at the time of closing.
Closing attorney fess – In North Carolina the buyer is required to use a closing attorney to administer to the escrow process and prepare the settlement statement (HUD-1). In Chapel Hill and experienced closing attorneys services will cost about $650-$750.
Title Insurance – Provides protection for lenders and homeowners against financial loss resulting from legal defects in the title.
Recording fees – Charged by the State of municipal entities for entering the closing documents into the public record.

Moving Checklist

Plan Ahead:

Get estimates from several moving companies or truck rental companies – they vary. Arrange any special moving services, such as for a piano or a pool table. Purchase moving insurance. Your movers liability for lost of damaged items will likely not equal replacement cost of your possessions.
Transfer your bank accounts if leaving the area.
Obtain your children’s school records to make for an easier transfer.
Draw up a floor plan to show the movers where your furniture should be placed. This diagram will help avoid confusion for you and your movers.
Close-out local charge accounts.
Record expenses incurred during your house-hunting trips. Save your moving expense receipts for tax deductions (if your move is employment related).

Don’t Forget:

Cancel or transfer deliveries, newspaper, garbage collection, etc… Coordinate the transfer of gas, electric, water & sewer with the next occupant the home you’re leaving, as well as with the seller of your new home, so as to avoid lapses in service, and in some cases, reconnect fees.
Gather all valuables, jewelry, and important papers to take with you personally.
Have the car serviced for the trip.
Get deposit refunds from your present utility and phone companies and arrange for service in your new home.
Change of address notification – Post office, charge accounts, subscriptions (2 weeks in advance), relatives & friends, national and alumni organizations, church, mail order clubs (books, music, catalogues), firms with which you have time payments, past employer in order to receive your W-2 form.