1. How much home can I afford?
The best answer to this question is to contact a lender.
2. How long will it take to close the transaction?
This will mostly depend on the loan type, if you need to borrow funds to purchase, and the condition of the property.
3. Should I have an inspection and what kind?
The answer to this is yes, most definitely. On a residential property you should have two types of inspections: a pest and dry rot, and a whole house inspection.
4. What kind of inspections should I get for rural properties?
This will depend on the type of water and sewer on the property. If there is a septic system it should be pumped and inspected if not completed in the past three years.
5. What do I have to do to qualify for a loan?
Most lenders will require:
  • 2 years residence history
  • 2 years employment history
  • W-2 (for 2 years) and current pay stubs
  • Self employed - Last 2 years' tax returns
  • Recent 2 months back/investment statements on all accounts
  • Current loans/debts - List names, addresses, account numbers, payments and balances
  • Loan information on other real estate owned
  • 6. Do I need to see a lender to prequalify before I make an offer?
    Yes, the more positives you have with your offer the more likely a seller is going to give it serious consideration. Have your lender prepare a pre-qualification to go along with your offer at the time it is presented to the buyer.
    7. What does the title company do?
    The title company will research the title to the home, making sure there are no outstanding liens, and clear all title items before closing. They will also pay off all existing loans and taxes due until the recording date.
    8. What should I know about neighborhood CC and RS?
    There are convenient conditions and restrictions that are recorded and stay with the property. A copy should be provided for a buyer at the time an offer is made, and a buyer should approve or disapprove the conditions in writing within a reasonable time.
    9. What are closing costs?
    Closing costs are the fees for services, taxes or special interest charges that surround the purchase of a home. They include upfront loan points, title insurance, escrow or closing day charges, document fees, prepaid interest and property taxes. Unless, these charges are rolled into the loan, they must be paid when the home is closed.
    10. What are standard contingencies?
    Most offers include two standard contingencies: a financing contingency, which makes the sale dependent on the buyers' ability to obtain a loan commitment from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction.

    A buyer could forfeit his or her deposit under certain circumstances, such as backing out of the deal for a reason not stipulated in the contract.

    The purchase contract must include the seller's responsibilities, such things as passing clear title, maintaining the property in its present condition until closing and making any agreed-upon repairs to the property.

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