In many ways home finding is easier than choosing a county and a neighborhood, because you are considering tangible details. Yet my experience suggests that many people "decide" with emotion, and "justify" with facts.

First, one should realize that thousands of houses are sold in the area every year. Inspecting the thousands of houses on the market is obviously impossible.

But you can turn this overwhelming selection to your advantage. If you can clearly describe the features you require, I can make a preliminary screening for you. After you select the best houses, you can concentrate on inspecting your top choices. The key is knowing what you need.

House Questions

How many people will be living in the house? Do you prefer a new or resale home? What is your preferred housing style? Townhouse, colonial, contemporary, split level, split foyer; Cape Cod, rambler, or something else?

How many total rooms do you need? Bedrooms, bathrooms? How strongly do you require features such as: separate living room, dining room, laundry room, basement or attic, family room, fireplace, workshop area, garage? How much property do you require? Do you have preferences for any particular natural features?

House Hunting

Many of my customers find it helpful to keep a record of the houses they inspect. A notebook is handy with pages large enough to record vital information, as well as hold stapled pictures of attractive houses and neighborhoods or clipped advertisements.

Financial Details

Is the asking price comparable to other houses in the neighborhood? Higher or lower? However; when carefully comparing properties be sure to take into account unique features and improvements that vary house to-house. I can provide a Comparative Market Analysis (CMA).

Is the existing mortgage assumable? Required down payment amount? What financing method is acceptable to the seller?

Physical Details

Outside. Address of property? Lot size? Landscaping details? Structural condition? Are any major repairs or improvements necessary? Maintenance of building?

Inside. Total number of rooms and baths on each floor? Any extras such as fireplaces? Appliances: dishwasher, garbage disposal? Adequate storage space?

Major Systems. Plumbing, electrical, heating and cooling. A professional inspection of the major systems is recommended for a house that you are interested in purchasing.

Computerized House Hunting

At any moment a complete description of homes you would like to visit is available through the Multiple Listing Service (MLS) system in my office. Here's how it works.

When a house is listed for sale by any area broker, the home's vital statistics are fed into the computer: the lot size; the age and kind of home, style, material, the number, size and use of rooms.

Also included are features (fireplace, walkout deck, patio, wooded lot); equipment (stove. dishwasher, carpeting, etc.); the heating and/or cooling Systems; the water and sewage Systems; the annual taxes.

Finger-Tip Home Search

Your requirements can be fed into the computer: particular neighborhoods; styles of homes; the number and kinds of rooms, and the price range. In minutes the computer makes a quick search among the houses listed, and points out all the houses that meet your criteria.

Negotiating The Purchase

You've found it-your "dream" house You want to buy it. Now what? You make an offer by submitting a signed real estate offer to purchase with the type of financing you desire.

This offer to purchase becomes the sales contract once the seller accepts. When you and the seller sign, you are agreeing to the contract conditions. Before you sign it, read it carefully and make sure you understand every detail. Ask questions. Verbal agreements should be written into the contract.

Offers and Counter Offers

I will take the offer to a the listing broker. The seller will accept it as written, or make "counter offers" on unacceptable aspects, or reject it. The selling broker will then bring back the offer to buy to the home buyer, who can accept it, counter the counter offer, or reject it. The offer to buy becomes a contract when all parties have initialed every counter and signed the offer.

When you sign the offer to buy you also will have to submit a deposit to show that you are earnest about your desire to buy. The deposit is appropriately called "earnest money".

Making Sure Your Contract Is Complete

Sales contracts differ; depending on circumstances, but there are several provisions you may want to include in a contract for the purchase of real estate.

1. Deposit. The amount of "earnest money" should be clearly stated, plus the amount of money you will be paying at settlement and your sources of financing.

2. Contingency on Financing. Be specific about the total loan amount and the exact financing terms (for instance, a buy-down mortgage rate at 6 1/2% for three years and 9% thereafter for 27 years.)

3. Contingency on Inspection. You may make the contract contingent on a building inspection report. You will usually have to pay for this inspection, but the peace of mind or detection of a problem is well worth the cost of inspecting.

4. Termites. The contract should require the buyer at his or her expense, to pay for a termite inspection, the removal of the infestation if needed, and repair of any damage as necessary to be paid by the seller. You should get a written report at settlement indicating that the property is free and clear of any active termite infestation. In some areas, well and septic certificates are also required.

5. Personal Property. Light fixtures, chandeliers, washers, dryers, refrigerators, heating oil in the tank, storm windows and doors, firewood, even swimming pool chemicals and other items not physically attached should be specified in writing if they're to be conveyed to the buyer. Misunderstandings based on verbal agreements can delay settlement-as well as cause friction.

6. Repair Work. Standard contracts of sale require sellers to be responsible

for plumbing, heating, mechanical, and electrical systems to be in working order at time of settlement. You should conduct a "pre-settlement walk-through inspection" which should be made several days before or no later than the day of settlement.

7. Title Attorney or Insurance Company. The buyer has the right to select a title attorney. You should shop and compare prices before deciding what attorney or title company will conduct your settlement.

8. Closing and Occupancy Date. Include an arrangement with the seller in the event you can't secure possession on the agreed date, such as a daily rent-back agreement for "post-settlement occupancy."

Copyright Kaye Jones. All rights reserved.
Web site design and maintenance by Inacom Information Systems