Home
 Residential
Homebuyers
Guide Finding
a Home
Selecting a Real Estate Agent
When shopping for a home, it helps to use a qualified real
estate agent to guide you through the process. Look for someone
who has experience in your target area and a strong knowledge
of the local market, including pricing and neighborhoods.
Ask family members, friends and co-workers for suggestions.
The agent will help you identify potential properties, visit
homes, and negotiate the transaction. If you are new to the
area, call or e-mail Gershman Mortgage and we'll give you
suggestions on who to contact.
Finding a Home
Know what you're looking for.
Attend open houses to get an idea of what you like. Take
notes and pick up literature to peruse later. Visit the
home
hunter's checklist for a list of items to consider.
Think about location.
How accessible is the area to work, shopping, your favorite
restaurants and entertainment venues? Is it near public
transportation? Do the area schools meet your needs?
Consider your future needs.
Think about what housing needs will be a few years down
the line. Are children in your future? Do you anticipate
an elderly relative coming to live with you? Will your children
be leaving for college soon?
Making the Offer
Once you have found 'the house', you'll need to make an offer.
Before doing so, look at recent selling prices (or a comparative
market analysis) for other houses in the area. Consider also
how long the house has been on the market, if the price has
already been reduced, the home's condition, and your price
range. Other factors that might impact your bid include the
location, competition (are there other bids coming in on the
property), the seller's motivation, and the current market.
Remember that you can also include non-price items in your
offer, such as contingencies for repair work or payment of
closing costs.
If you're working with a real estate professional, they will
provide you with a standard form detailing the terms of the
offer, including the address, legal description of the property,
price, anticipated closing date, and contingencies. If accepted,
the offer becomes a binding contract so, double check the
form to make sure that everything is correct.
Negotiating a Price
If the seller does not accept your first offer, they may come
back to you with a counter offer (make sure it is in writing).
You can either accept the counter offer or negotiate. To save
yourself from buyer's remorse down the road, determine the
maximum amount you would spend on the house before entering
negotiations. When you have reached an agreement, have your
real estate professional or attorney check over the paperwork
before signing anything.
Earnest Money
When your offer is accepted, you will be required to deposit
roughly 2-3% of the purchase amount into an escrow account
as a 'good faith' payment or binder, known as earnest money.
This amount will be applied to your down payment or closing
costs. Your offer should include the specific amount of earnest
money you are willing to put forth and a contingency that
it will be refunded if the house does not pass inspections.
Put the receipt in a safe place. It will be required for closing.
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