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"...probably the most financially significant action you'll take in your lifetime..."
"...Pay too much and you've wasted money..."
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Introduction
Buying a home is probably the most financially significant action you'll take in your lifetime. It is essential that you take the time to avoid or address nine major areas of concern when purchase your new home.
Choose the Right Home
This is not as obvious as it sounds. There's more to deciding on a home than how quickly you fall in love with it. How far is this home from work? How close to traffic is it? How much repair does it need? Can you do these repairs? How much will those repairs cost? Choose the Right home for You and avoid regrets later.
The Right Offer
Ask your Abana agent to do a Comparative Market Analysis (CMA) to make sure you're about to make the right offer? Pay too much and you've wasted money. Your Abana agent can conduct a CMA on any home you are seriously considering. Make the right offer and save!
Tackle the Title
Insist on a title search early. Make sure the home you are about to purchase has a clear title. Your Abana agent can connect you with this resource. Tax liens, undisclosed co-owners, etc… can cost you in the end. Consider title insurance to protect your investment, just in case something comes up later.
Update the Survey
The survey of the property you are considering may show different boundaries than what can be seen by the physical evidence: The neighbors fence, the property plat, different colors of grass. Only an accurate survey is the final rule on where your property borders. Be sure you are not violating a neighbors line, or a zoning regulation. Obtain the seller's survey and have a new one done early in the process.
Last-Minute Defects
During the final walk-through, you may notice defects you didn't notice before. Carefully inspect your home, and hire an independent home inspector to check over the home thoroughly. Ask for a report that lists the home's issues, items that need attention, the cost of repairing these, and the repercussions of not repairing them. Your contract's closing should be contingent on the inspector's report.
Watch your Pre-Paids
Some items, such as, taxes, association dues, are pro-rated at closing. Others such as hazard insurance and other taxes may have to be paid ahead a few months. Watch for inaccuracies by asking for these figures in advance and check the charges. If the closing date changes, some of the pre-paids will also.
Seller Checkup
Unmade repairs, items that fail to convey, and other contractual issues can delay closing. Avoid these traps by taking the list of agreed-upon items to your walk-through and check them off. Set a dollar amount for an escrow fund for items that fall through the cracks.
Find the Junk Fees
Some lenders add charges at closing that were not shown on the Truth-In-Lending statement, such as "underwriting fees," "Loan Disbursement Charges," "Tax Services Fee," "courier fees," or mark-ups on court documentation fees. Avoid these "junk fees" by asking the lender from the start exactly what fees are included on the federal closing forms and what additional fees will be charged at closing. Some of these fees can be waived or reduced for the customer who complains.
Don't Rush Closing
Make sure you see the closing sheets the day before closing. This way, you will avoid last-minute problems, such as an interest rate or points other than what you agreed to. Protect your interest rate by getting a 60 day lock on it. This protects your rate should a last-minute snag delay closing.
We Can HELP!
You can have your Abana agent on your side to help you watch for all the things we've listed here. Don't go it alone. Let us help you make your buying experience smooth and enjoyable.
Remember, our business depends on referrals from happy homeowners like you. We'll help you have a pleasant home buying experience.
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