Choose TMR Realty, Inc. to be your Buyer’s Agent
For most families, choosing a new home is the biggest financial decision that they will ever make. There are many complicated decisions. To protect your interests and assure that you make the best possible decisions, it is important that you have the right agency — an agency that understands the local real estate market.
TMR Realty, Inc. is focused on getting you the best possible home, as well as negotiating best possible price and terms. We work hard, not only in locating potential homes for you to visit but also in keeping you informed of new developments in the process. We will represent you, not the seller. Our experience and expertise in the local market will be used to your best interests.
We will:
- Make sure that you see all the properties in the area that meet your criteria, not just those listed on the MLS. We find many unlisted properties through our contacts
- Guide you through the process, from locating the property to financing
- Make sure that you do not overpay. We help our clients negotiate purchase decisions and avoid costly mistakes
- Educate you about the area, including schools, neighborhoods, the local economy, and more
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First-time Home Buyers
Buying your first home is a big deal. You’re excited, but there may be some uneasiness, especially leading up to “the big day.” With our experienced, trained, and qualified real estate agents looking out for your best interests, you’ll get the guidance that you need. Call us at 704.245.6184, text, or email us.
Not everyone with a real estate license is equally equipped to find your new home. Our dedication to our clients is what makes the difference.
Here’s what you can expect from us:
- The purchasing process involves quite a few steps — from finding the ideal home among all the properties available to providing guidance on closing costs and everything in between. We’ll be there!
- We’re local specialists and can help you establish a shopping list of features that you want in your community, school district, and your home.
- We’ll walk you through the mind-boggling financial aspects, including multiple mortgages and home-buying methods.
- We’ll make sure that you see all the homes that look like a good fit and keep track of all new listings.
You can count on us to do everything in our power to make sure your home-buying process is stress free.
9 Steps to Home Ownership
Purchasing a home intimidates most people; however, with a bit of up-front planning, it isn’t all that complicated. So, buyers know exactly what to expect, we give them an overview of the entire deal.
Let TMR Realty, Inc. help you in your buying journey with these nine steps:
Step 1 – Prepare
There are a lot of things you need to do before you start searching for a home. When you begin your search, you’ll want to assemble an index of must-haves, get a feeling for the school districts, if applicable, and start working on your budget.
A good principle: Your mortgage payment should be less than, or close to, 30 percent of your monthly income.
Step 2 – Talk to a real estate agent
Schedule a time to meet with us. We’ll talk about neighborhoods, schools, the mortgage and housing industries, and any additional economic factors that may potentially affect your purchase today or in the future.
We’ll also help you begin the loan process. TMR Realty, Inc., partners with some of the best mortgage professionals in the area. We will assist you on determining the loan that is best for you and help you get qualified.
Step 3 – Start looking for a house
Following our initial meeting, we’ll start looking for available houses on the market that meet your needs. We will research many of the homes, ignore the bad ones, and then set up appointments to tour the houses, whenever it’s most convenient for you.
As we tour the houses, we’ll show you the positive features, as well as the negatives. And we’ll ask you to talk about things that you like and dislike. It’s common for buyers to update their must-have list as we view homes and some things become far more necessary than others. If that is the case, we’ll look through all the listings one more time and trim it down to the home that fits.
Step 4 – Know the market
Your agent’s understanding of the local home market is essential. We know the schools and neighborhoods and will alert you to “hot” districts that warrant immediate action and others that are “cold” and allow for thoughtful analysis.
When we tour homes, we’ll communicate when the seller’s list price has room for negotiation and also when we know that the house is “priced to sell.”
When working with an agent, be mindful and ask lots of questions. Any REALTOR® will convince you that they understand the housing market. If things don’t add up, call us at 704.245.6184, text, or e-mail us. Our market knowledge will help you stay a step above the rest.
Step 5 – Find the home you’ve been looking for
We will find the home of your dreams, and we’ll precisely develop your purchase offer. The offer will be tailored, keeping your needs in mind and the home, including some contingencies. A few examples: Obtaining financing, the home inspection, and a clean title.
When we turn in your offer, you’ll want to submit “earnest money.” This is a cash deposit made to the seller to secure an offer to purchase the property. The amount is typically put towards the cost of closing. If the offer is accepted by the seller, we should close on the home in 30 to 60 days. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don’t close on the beginning offer. It is common to receive a counteroffer. Don’t let it intimidate you. We will discuss whether to consent to the counteroffer, submit our own counteroffer, or reject the seller’s offer and go on.
Market circumstances will play a large role in how aggressively we negotiate the contract. We will also work within your financing limits. And at the end of the day, we’ll assemble a contract that’s best for you.
Step 7 – Obtain a loan
After the deal is signed, you’ll begin working with your lender to close the loan. If you’ve been preapproved, it won’t take long, but you should stay in close contact with your mortgage lender. And we’ll sort out all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You’ll get a Loan Estimate (LE), outlining closing costs from your mortgage lender within three days of accepting your loan application. This estimate rests on the loan amount, and RESPA requirements stipulate that it must contain all closing costs and fall within a tight range of accuracy. We’ll go over the estimate and let you know if everything looks okay.
Then we’ll close on your home. This will most often take place at a title company, or escrow office, and should be a smooth and relaxed occasion.
Step 9 – Move In
Congratulations! It’s time to move into your new house. Enjoy it. And if you have any questions, contact us.
Closing Costs You Should Expect
There are expected costs linked to closing the sale of a house. These costs are often split between the buyer and seller, as noted in the sales contract. Many are universal, but there are nuances to each, so you’ll want a real estate expert in North Carolina to help guide you through your transaction.
Costs Pertaining to Your Mortgage to be Paid at Closing
- Points (Optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
Taxes You may be Responsible for at Closing
- Property Taxes
- Transfer Taxes and Recording Fees
At Closing, These Fees are Often Due
- Homeowner’s Insurance
- Flood or Quake Insurance (Optional)
- Private Mortgage Insurance (PMI) (Optional)
Sellers: As we hammer out your deal, not only will we work to get the optimal sales price, but we’ll also campaign for reduced closing costs. And once we’ve reached an agreement, we’ll fully explain the closing costs, so you are well informed.
Learn more about selling your home.
Buyers: If you’re purchasing a house in our area, you will be given a “Loan Estimate” (LE) of closing costs within three days of submitting your loan application. The estimate is based on the loan officer’s previous experience and is required to be within a tolerable range, so you’re not startled when you show up at the closing table. We’ll be willing to look through the LE with you, answering your questions and pointing out any concerns.
Tips on Reading an Inspection Report
When interviewing a home inspector, ask the inspector what type of report format he or she provides. There are many styles of reports used by property inspectors, including the checklist, a computer-generated report using inspection programs, or the narrative style.
Some reports are delivered on site and some may take as long as 4-6 days for delivery. All reporting systems have pros and cons.
The most important issue with an inspection report is the descriptions given for each item or component. A report that indicates the condition as “Good,” “Fair,” or “Poor,” without a detailed explanation, is vague and can be easily misinterpreted. An example of a vague condition would be:
“Kitchen Sink: Condition – Good, Fair, or Poor.”
None of these descriptions gives the homeowner an idea of what is wrong. Does the sink have a cosmetic problem? Does the home have a plumbing problem? A good report should supply you with descriptive information on the condition of the site and home. An example of a descriptive condition is:
“Kitchen Sink: Condition – Minor wear, heavy wear, damaged, rust stains, or chips in enamel finish. Recommend sealing sink at countertop.”
As you can see, this narrative description includes a recommendation for repair. Narrative reports without recommendations for repairing deficient items may be difficult to comprehend, should your knowledge of construction be limited.
Take the time and become familiar with your report. Should the report have a legend, key, symbols, or icons, read, and understand them thoroughly. The more information provided about the site and home, the easier to understand the overall condition.
At the end of the inspection, your inspector may provide a summary with a question-and-answer period. Use this opportunity to ask questions regarding unfamiliar terms or conditions. A good inspector should be able to provide answers. If for some reason a question cannot be answered at the time of the inspection, the inspector should research the question and obtain the answer for you.
For instance, if the inspector’s report states that the concrete foundation has common cracks, be sure to ask, “Why are they common?” The answer that you should receive will be along these lines: “Common cracks are usually due to normal concrete curing and or shrinkage.” The inspector’s knowledge and experience are how the size and characteristics of the cracking is determined.
We recommend that you accompany your inspector through the entire inspection, if possible. This helps you to understand the condition of the home and the details of the report.
Read the report completely and understand the condition of the home you are about to purchase. After all, it is most likely one of the largest investments that you will ever make.
