Congratulations For Taking the First Step!
Once you have been pre-approved to buy your new Home!
Here is my contact information you may need: Prakash Singh
(612) 405-GAIN(4246)(cell)
pcminneapolis@gmail.com
pc@thebridgerealty.com
www.BuySellHomesWithPC.com
My team and I look forward to helping you on this exciting journey!
Prakash ‘PC’ Singh – Bridge Realty LLC “612-405-GAIN“ pcminneapolis@gmail.com
What Next? House Hunting!!!
You are going to have a ton of questions while you are going through this process! Having questions is a good thing!
We will be utilizing the MLS* as well as contact with other Realtors in the area to find your new home! We may walk through several properties to find THE ONE!
- Finding our what your Criteria is? Bedrooms?
- Bathrooms?
- Square Footage?
- Style of House (split, 2 story, rambler)?
- Single Family, Twin Home, Town Home, Condo? School District?
- City?
After Criteria is collected it is plugged in to a automatic search on the MLS. Every day you receive new listings and status changes sent directly to you.
Select your favorite and then we house hunt ! It is important to look at pictures online however, pictures can be deceiving so scheduling a showing is the best way to judge the house.
Below are a few things that may help in making your decision:
- Take notes!
- Take pictures! Put that smart phone to use!
- Look behind doors! Please do not feel uncomfortable opening closets, looking under sinks, or checking out the storage areas. After all, you have to know how YOUR belongings will fit!
*MLS: The multiple listing service used by all Realtors to list available, contracted, pending, and closed properties.
Not all For Sale by Owners will be listed in the MLS.
Prakash ‘PC’ Singh – Bridge Realty LLC “612-405-GAIN“ pcminneapolis@gmail.com
Let’s Make an Offer!
When making an offer on a property, there are several things to consider. Every property, seller, and buyer are different!
A few things we must decide before making an offer:
- Offer amount
- Closing date (Some loan types may need more time than others to close)
- Amount of earnest money
- If you are asking for a home warranty
- Any other contingencies
- If you are asking for any closing costs
- Your title and closing company
- If you are asking for anything to be included in the sale (i.e. appliances, window treatments, etc...)
Prakash ‘PC’ Singh – Bridge Realty LLC “612-405-GAIN“ pcminneapolis@gmail.com
Accepted!
Now we get into the details! Here are some terms and definitions that you may hear throughout the process:
- Appraisal: Your lender will have an appraisal done on the property that you are purchasing. An appraisal will tell the lender that the property is worth as much or more than the amount you have offered to pay for the property. If your appraisal comes back lower than the contracted amount, then you have the option to leave the contract with written notice, or try to renegotiate the purchase price. The seller does not have to take a lower price for their home is the appraisal comes back low. Most lenders require an appraisal to be paid for before the appraisal is performed. Please check with your lender to find out.
- Appraiser: The person who will perform the appraisal on the property. This person will use comparable properties that have sold within a certain time frame, and are located within a certain range to the property under contract. The appraiser will also review your contract.
- Clear to Close: This is an exciting term! This means that we have the all clear for you to sign on the dotted line(s).
- Closing: This is the date you will close (and likely take possession) of your property. Everything we do from here on out is to get us to closing.
- Closing Costs: These are the costs associated with closing your property. These costs may include the deed transfer fees, pro- rated property taxes, attorney fees, the first three months of your escrow account, and the first year of homeowners insurance. These costs usually equal close to 3% of the purchase price, and can be negotiated for the sellers to pay.
- Contingency: A “clause” in your contract that can protect the buyer. An example of a contingency is the appraisal contingency. Should the property not appraise, the buyer then has the opportunity to notify the seller that they will not be performing on the contract because the appraisal contingency could not be removed.
- Earnest Money: This is a “good faith” deposit. The deposit will generally be held by the listing office until closing. At closing the earnest money will be returned to you in the form of a credit towards your purchase. Your earnest money can be returned to you if your contingencies are not removed.
- Escrow Account: An account that holds a portion of your monthly mortgage payment every month in order to pay your property taxes and homeowners insurance when they come due every year.
- Inspections: The inspections are different than your appraisal. You are encouraged to have a home inspection performed on the property. You will find a list of home inspectors I have previously worked with in this packet. You are welcome to choose any home inspector you are comfortable with. You will also be required to have a termite inspection. Again, you may choose any pest company you like. I would be happy to set these inspections up for you.
- HUD: This is your closing statement. It lists everything that is cost associated with both the buyer and sellers side including any lender fee(s), attorney fee(s), transfers fees, credits, closing costs, agent commissions, etc....
- Multiple Offers: If you are in a multiple offer situation, then the seller has likely notified me that you are not the only person who has offered on this home. You will likely be asked to bring your highest and best offer to the table before the seller decides.
- Title Company: The title company will likely perform your closing with one of their attorneys and issue your title insurance.
- Title Insurance: Title insurance is a policy issued by an insurance company guaranteeing that the title to a parcel of real property is clear of any claims or liens and properly in the name of the title owner and that the owner has the right to sell or otherwise transfer the property to another. The insurance company will pay the damages to the new title holder or secured lender or take steps to correct the problem if a problem with the property ownership is later discovered.
- Underwriter: It is the job of underwriters to make sure all of these factors meet particular loan guidelines. They make sure that all of the tax, title, insurance and closing documentation is in place. Underwriters also review the appraisal to make sure it is accurate and thorough, so that the home is truly worth at least the purchase price. The underwriter has final approval and final responsibility for the loan. The underwriter may give you conditions before closing your loan. Generally, they are easily taken care of with the help of either myself, or your loan officer.
- These are just a few of the terms that I receive the most questions about. If you have any questions at all, please do not hesitate to ask!
Forms and Contracts
In addition to any forms you will fill out for your lender, the following are forms and other documents you will need to make your offer or complete your transaction:
- Purchase and Sale Agreement: This will be your main contract and your first offer.
- Counter Offer (Will not be present in every transaction)
- Property Disclosure or Property Disclosure Exemption
- Buyer Representation (This says that I will be representing you as your agent)
- Confirmation of Agency (This states who the agent is for each person in the transaction)
- Disclaimer
- Lead Based Paint Disclosure
- FHA/VA Loan Addendum (This only applies to FHA and VA loans)
- Additional Addendums as needed
Prakash ‘PC’ Singh – Bridge Realty LLC “612-405-GAIN“ pcminneapolis@gmail.com
Home & Termite Inspectors
If you need, my team will help you find good Home and termite inspectors.
Prakash ‘PC’ Singh – Bridge Realty LLC “612-405-GAIN“ pcminneapolis@gmail.com
Insurance !
- Your Mortgage Insurance, home owners insurance, and taxes will all be included in your monthly mortgage payment.
- However, you will be responsible for obtaining your homeowners insurance and getting the information to your lender.
- If needed my team will guide you in finding a good Insurance provider.
Prakash ‘PC’ Singh – Bridge Realty LLC “612-405-GAIN“ pcminneapolis@gmail.com
Send Us a Message
Contact Info
Feel free to call me to know all about your doubts.
Our team will assist you.
- 612-405-GAIN (4246)
- pcminneapolis@gmail.com
- pc@thebridgerealty.com
- www.BuySellHomesWithPC.com