Buying, selling
financing, owning

Buyers Guide

An excellent place to begin exploring the process of buying a home. Here, you will find answers to common questions as well as questions you will need to answer for yourself as you go along. When you're ready, you can turn to a confident, professional WEICHERT, REALTORS® Sales Associate to help make your dream home a reality.

Preparing To Shop

House hunting

“Is there an advantage to securing a mortgage credit approval?”

Enlisting the help of Weichert Financial Services before you begin your search will make your journey a more pleasant one. Weichert Financial Services can offer you a one-stop solution called Weichert Gold Services that will help you secure a mortgage credit decision before you shop for your home. An approval will take the mystery out of what you can afford, and will certainly give the prospective seller more confidence in you. When multiple buyers are bidding on the same house, a mortgage credit approval can be the deciding factor in whose offer gets accepted.

A Same-Day Credit Decision!

Using basic information such as your income, debt, assets, and employment history, our Weichert Gold Services Manager is generally able to get you a credit decision within minutes. The Credit Approval Guarantee will specify the actual loan amount, as well as the loan type and term. The approval is subject only to an acceptable appraisal of the home you eventually purchase.

Is “No Money Down” Financing Available?

If this will be your first home purchase - or if you prefer to put the equity from your current home’s sale into other investments - you may want to discuss with the Gold Services Manager financing options that don’t require any cash outlay. “No down payment” loans can go as high as one million dollars. And when borrowing less than $650,000, there are loan options that usually allow qualified buyers to fold in closing costs and other fees to make the purchase a true “no money down.”

Making an Offer

“What’s involved in making an offer?”

When you have found the house that meets most of your needs and dreams, you’ll probably find yourself getting emotionally involved. You may imagine moving your furniture in, planting flowers, and envisioning your first big holiday party. But try not to get too attached prematurely. There are a number of steps you must take before you’re holding the keys in your hand, and you need to think clearly and objectively at this point so that the offer you make is a realistic one.

What Should I Offer? That is the Question.

There are a number of factors that will affect the offer you make. Supply and demand, the condition of the home, how long the house has been on the market, and your personal circumstances with regard to how soon you need to close on a home all come into play when framing your offer. You might also weigh in the demand for the home and how much you really want it. If you “low ball,” some sellers will react with a counter offer; others might dismiss your offer outright. In an active market, you’re likely to lose out by making a low bid. If multiple bids are anticipated, it’s advisable to go with your “best offer.” Your sales associate will advise you on ways to make your offer more attractive: for instance, a mortgage credit approval and flexibility on the closing\settlement date can help make your offer stand out and ultimately close the sale. Your WEICHERT, REALTORS® sales associate, a neighborhood specialist, will help you think through all of these issues so you can determine what is the best offer for you to make at the time.

Inspections

“What is involved in a home inspection and is it necessary?”

While only certain inspections are required by mortgage lenders or government mandate, a comprehensive home inspection is considered a wise thing to do when purchasing a home. However, since it is not required, the buyer must pay for it. It is also recommended that at the time of the inspection, you accompany the home inspector so that you can learn firsthand as much as possible about the home you are about to purchase - including such basics as where the main water shut-off is and electrical distribution boxes are. Mortgage lenders typically require inspections for wood-destroying insects. Inspections mandated by the state or municipality could include: smoke alarm inspection, testing of well water, septic system test, and a certificate of occupancy ? all of which are typically paid for by the seller. All other inspections are generally paid for by the buyer and must be done within a specified time frame, as indicated in the contract. Some insurers require inspection of underground oil tanks.

What if the inspections turn up problems?

Few homes are perfect. Some problems may be a matter of simple cosmetics; others may be more serious and call for costly repairs. The good news, however, is that in most cases the seller and the buyer are able to come to terms. You and the seller may decide to compromise, with both sharing the costs of repairs, or the seller may pay for any repairs. Or you may decide that the issue is not important enough to risk losing the home.

“Is there a way to simplify the home buying process?”

Weichert Gold Services. One Stop, Many Solutions.

Even after the contract is signed and most contingencies met, there are many details to take care of before the house you found becomes the home you own. The Weichert Gold Services program* can take most of those details out of your hands and into ours, smoothly streamlining the delivery of mortgage financing, home insurance, title insurance, and even vital home connections services to save you time and make the transition easier.

If you didn’t get a mortgage credit approval, obtaining financing should be a top priority so you can meet the date specified in your sales contract. Weichert Financial Services offers some 360 mortgage products, so you’re sure to find the mortgage that’s best for you. Ask all the questions you like so that you clearly understand what your financing options are. In addition to mortgage financing, the homeowner’s insurance and title insurance necessary to complete your home purchase are also offered as part of Gold Services.

Performance Guarantee

By using Weichert Gold Services, not only do you avoid the inconvenience and uncertainties of shopping for these services on your own, but the program comes with a Performance Guarantee. If slow delivery of any of those three items delays your closing/settlement date by even a single day, Weichert Financial Services will give you a $1,000 savings at closing. Home Connections Services

Weichert Home Connections

In addition to those essential purchase-related services, Weichert Gold Services can simplify the moving-in process, relieving you of many phone calls you’d otherwise have to make to arrange services. Depending on area, the growing array of Weichert Home Connections services can range from moving services to the set-up of phone service. Best of all, there’s no extra cost to you for arranging these services for you.

Home Protection Plan

If the home you’re purchasing doesn’t come with a Home Protection Plan, you may want to consider one. After all, breakdowns happen even in the best of homes. The dishwasher or something else goes on the blink – and these breakdowns are not typically covered under homeowners’ insurance. A Weichert Home Protection Plan can relieve you of these worries. The plan offers replacement or repair protection for covered major appliances and systems, with qualified contractors only a phone call away, 24 hours a day.

Weichert Gold Services. One Stop, Many Solutions.

For Frequently Asked Questions, click here.