Frequently Asked ??s
What do I need to get into a new construction home versus an existing home?
Jan says, "Typically the down payment will be more with a new construction home & it may or not be refundable. You might also need more money for change orders that exceed allowance available."
What are some of the pros to choosing new construction home versus an existing home?
Jan says, "You get to customize your home to suit your needs & choose the lot you would like to build your home on. You will have a one year warranty on the home if anything goes wrong. Building a home gives you a good time table to sell your current home or get out of your lease. You will gain more equity faster in a new home than in an existing home because as the neighborhood grows, prices grow. Closing costs are usually paid by the builder."
What are some of the cons to choosing new construction home versus an existing home?
Jan says, "You will not have the character of an older home or an established neighborhood. You usually get more square footage for the price with an existing home, as well as a more landscaped yard. The price is often more negotiable with an existing home."
What does a buyer's agent do for you & how are they paid?
Jan says, "Below is a summary of some of the items we handle for you."
- Find out what areas you want to live in
- Pull comparable properties from the multiple listing system to match our buyer's needs
- Show homes that match our buyer's needs
- Agent can show & represent you with other company's listings
- When a buyer finds the right home, we can find out what the seller paid for the home and what like homes in the neighborhood have sold for, so the buyer does not pay too much for the home they want to purchase.
- Agent can also give advice if they have knowledge about the sellers (divorce, financial problems, etc.) or a road or other element that might affect the property.
- Agent will write the offer to purchase, also the additional provision addendum, & help you negotiate the contract.
- Help explain financial information
- Take care of getting the contracts to everyone
- Help with the inspections (list of inspectors)
- Order a termite report & help negotiate any problems or repairs
- Help find an attorney to close the home.
- Send all reports to attorney & lenders
- Will explain each step of the borrowing process
- Give you the seller disclosure and any other documents needed:i.e radon, lead based paint, etc.
- Give you the settlement statement & go over it with you before closing
- Will go to closing with you and represent you along with the attorney
- Will give you a list of utilities to contact
- Agent will order well & septic report if needed
Agents are usually paid by the listing company, the buyer's agent represents you not the seller in the transaction.
If you have some of your own questions you would like to ask Jan please email her at jan.cox@allentate.com.
