What are the different types of home ownership?

• Single-Family: This is the most popular type of homeownership. As the owner of a single-family dwelling, you are totally responsible for paying the mortgage, property taxes and any other carrying expenses including all maintenance costs.
   

• Condominium, PUD (Planned Unit Development), Cooperatives: As an owner of a condominium or PUD, the living quarters (apartment townhouse or other unit) are owned in the same way that a single-family homeowner does. As a co-op owner, you buy a share, or a number of shares, in the corporation that owns or manages the co-op building and the land it is located on. Under any of these forms of ownership, a share of the common space, such as gardens, parking areas, and community facilities (e.g. pool, golf course, recreation center and tennis court) is also owned. A monthly maintenance fee for common expenses is paid. The community's Homeowners' Association makes decisions about how the condo, PUD or co-op is managed. The association may provide a variety of services and extra features that single-family homeowners often can't afford. However, by-laws and rules of the association must be followed.
   

• Multi-Family: This style home has separate living quarters for two or more families offering an opportunity to rent one or both units. The owner may be able to use the rent from the tenants to cover his or her own housing costs. These homes are often restricted to certain areas by zoning laws.

I want to buy a house, what does a mortgage lender consider when reviewing a loan application?

There are three categories of information that lender's look at when reviewing a loan application: (1) the applicant's personal information, (2) the subject property information and (3) the mortgage program information.

• Personal Information: A lender will look at income, assets, debts and credit history to help determine your ability to repay the loan.
   

• Property Information: An appraiser will compare your home to other similar homes in your area to determine that the loan amount being requested is acceptable to the investors.
   

• Mortgage Information: There are a variety of mortgage programs to help you with your home financing. Programs vary based on factors such as down payment required, repayment terms and length, points, and interest rates. A lender will look at the program you selected as a preferred scenario and verify that you meet all the program criteria.

 Why should I work with a Real Estate Professional to purchase a home?

A Real Estate Professional can save you time and assist you in house hunting by:

• Pre-selecting homes that are within your price range and that meet your requirements for size, style, etc.
   

• Scheduling appointments for you to preview homes
   

• Providing advice about financing and the importance of a pre-qualification
   

• Explaining the sequence of steps leading to a home purchase
   

• As a basis for comparison, providing current selling prices for homes resembling those homes being considered for purchase
   

• Obtaining current tax information and other pertinent information, in the communities being considered
   

• Handling negotiations regarding the amount and terms of your offer;
   

• Scheduling requested inspections
   

• Obtaining a Property Condition Disclosure Form and Lead Paint Disclosure where required of the seller
   

• Explaining required state and federal forms
   

• Explaining representation options
   

• Providing a choice of professionals, such as attorney's, home inspectors, or surveyors, when appropriate
   

• Providing sources of information you wish to obtain

 When previewing a home, what should I look for?

In addition to comparing the home to your minimum requirements and wish lists, consider the following:

• Is there enough room for both the present and the future?
   

• Are there enough bedrooms and bathrooms?
   

• Is the yard large enough?
   

• Do you like the floor plan?
   

• Will your furniture fit in the space? Is there enough storage space?
   

• Imagine the house in good weather and bad, and in each season. Will you be happy living there year-round?

Is a homeowner's insurance policy needed?

Yes, a paid homeowner's insurance policy (or a paid receipt for one) is required at closing.

What should I look for during the final walk-through?

This will likely be the first opportunity to examine the house without furniture…an opportunity to get a sense of the condition of the entire home. Check the walls and ceilings carefully, as well as any repairs the seller agreed to handle in response to the home inspection. Any problems discovered previously that have not been corrected should be brought up prior to closing.

As a buyer, what documents can I expect to receive on the day of closing?

The buyers will receive the following documents:

• RESPA or HUD 1 Form (itemizes services provided and the fees charged; it is filled out by the closing agent and must be given at closing.)
   

• Truth-in-Lending Statement
   

• Mortgage Note
   

• Mortgage or Deed of Trust
   

• A binding Sales Contract
   

• Keys for your NEW HOME!

 How do I determine the value of a home?

A home's value depends on many factors, including its style and size, amenities, condition and, of course, location. In addition, market conditions, interest rates, supply and demand, and the overall strength of the economy can affect the value of a real estate investment.

Your real estate sales associates are the local market experts who keep abreast of changes in the home sales market and can provide a fair estimate of a home's worth. In addition, your real estate sales associates have access to comparative sales data - another tool that helps them determine the value of a home.

For most, a home is more than a house and more than "just" an investment. Knowing the value it holds can have a significant impact on how financial goals are achieved.

How should we start out to buy a home?

 Experts often agree on the first three steps to take:
1) Choose an Accredited Buyers Representative (ABR) to represent you throughout the process.
2) Get pre-approved (not just pre-qualified) for financing before shopping.
3) Have your ABR (a representative working for you, not the sellers) show you houses.

Why not have real estate salespersons whose signs are displayed show us houses?

 In most cases: "Home Buyers may not realize that the friendly real estate agent who has shown dozens of homes and shared their secrets is legally obligated to use that information to help get the best possible price and terms for the seller.

Aren’t real estate salespersons supposed to represent us as buyers?

"You don’t truly have an advocate in your corner unless you both have a contract saying so." (Kiplinger, Personal Finance)

What is an Accredited Buyers Representative (ABR)?

 ABRs have a legal and ethical obligation to put your interests first!

Who pays for ABR Services?

 Sellers. Most often, your ABR’s compensation is included in the purchase price and financing. If you don’t hire your own agent, the seller’s rep may be paid twice as much for not representing you.

Can an Accredited Buyers Representative save us money?

Quite possibly. "If you ever doubted the value of real estate agents who work solely for home buyers (as apposed to traditional agents who report to sellers), consider this: A recent study by U.S. Sprint found that 233 relocating Sprint employees who hired buyer brokers paid an average of 91% of a homes list price. People who use traditional agents typically pay about 96% on a house priced at $150,000, that’s a difference of $7,500." (Money Magazine)

Can we drive by and look at homes on our own, without an agent present?

 Yes, you should. Your ABR will computer-research thousands of Multiple Listing Service (MLS) properties, plus some For Sale By Owner (FSBO), and give you a list to drive by. While the Mortgage Company is pre-approving your loan, narrow your list down to 5-10 before looking inside. Let your ABR call other agents to get information, and schedule showings.

Should you be pre-approved for financing before looking inside homes?

 Yes. That’s the best way to avoid what otherwise might be a major disappointment. More important your ABR will then be able to negotiate the best price and terms as though you were "Cash Buyers"

How do we find an Accredited Buyers Representative to represent us?

Simply call or e-mail us for information about representation in Ocala Florida.   Dial: 352-622-3963 or Email us

Should I start the loan process before I make an offer?

Yes! Most, if not all, sellers are unwilling to take their property off of the market while waiting to see whether you can qualify for a mortgage loan. As a result, very few sellers will accept an offer to purchase without also being provided a letter of pre-approval for the buyer. In order to obtain a pre-approval letter, buyers should go to the mortgage department of the bank they normally use, or talk to your real estate agent for suggestions. This will make the buying process much easier for you.

What types of financing are available?

There are a wide variety of ways in which you are able to finance the purchase of real estate. The most common loans used are FHA, VA and conventional. However, because each person's situation is unique, and because each property is unique, it is a good idea to contact a mortgage loan specialist to discover the best "fit" for your particular situation. Your real estate professional should be able to provide you with the names of several people that will be qualified to help you decide which type of loan will best suit your needs.

Should I list my house with a real estate firm before I start looking for my new home?

Yes! Very few sellers are willing to take their homes off of the market while waiting to see if your home will sell. This is especially true when you haven't even started to market your property through a real estate professional. However, when you can tell the seller that your home is in the hands of a competent real estate agent, the seller knows that there is a much better chance of your home selling within a reasonable time. Even better, is when you can tell the seller that your home is already "under contract." This will make it much less risky for the seller to accept your offer to purchase.

How do I make an offer to purchase?

Once you have found the home you wish to purchase, your real estate agent will assist you in completing all of the necessary documents. These documents include a variety of disclosures relating to the property and the people involved, and the Purchase Agreement. It is important that you ask your real estate agent any and all questions that you may have about these documents.

After completing the Purchase Agreement and disclosure documents, your real estate agent will then present them to the agent representing the Seller of the property you wish to purchase. If the Seller accepts your offer, you have purchased a house!

Should I have a "Home Inspection?"

YES!!! When you are purchasing property, whether residential or commercial, you should hire the services of a reputable, and qualified, real estate inspection company. Most Purchase Agreements used by real estate professionals specifically provide for the availability of an inspection of the property. If you choose not to have an inspection of the property, however, beware! Once you have accepted delivery of the deed, in many cases, you have accepted the property in its current condition.

Do not confuse an appraisal with an inspection! In some cases, the appraisal may appear to be as good as an inspection. However, an appraiser never conducts a thorough home inspection. An inspection of the property you are buying should allow you to fully understand the condition of that property.

Are real estate professionals required to follow Fair Housing Guidelines?
Absolutely!!! Florida’s Fair Housing Law forbids discrimination in housing because of a person’s color, religion, race, sex, national origin, familial status or disability.