Buying a home is typically the biggest decision someone makes in his/her lifetime. In fact, home buyers search an average of 12 weeks and visit 10 homes before making a purchase, according to the National Association of REALTORS® (NAR).
Choose KLM because we are a locally owned and operated firm, whose team of agents truly cares about you. We sell houses quicker which means you can buy houses quicker. We provide the most cutting-edge resources, including our website, to reach our buying customers.
You should consider:
You should consider:
According to the NAR, 59% of repeat buyers and 78% of first-time buyers claim the most beneficial part of using a REALTOR® is that they help you to understand the home buying process.
A real estate licensee is simply an individual who completed a 90-hour real estate course, passed the exam, and has received a license to enter a piece of property by permission of the owner
A REALTOR®, however, is a licensee who is also an accredited member of the National Association of REALTORS® (NAR) and abides by its strict Code of Ethics. At KLM, all of our agents are REALTORS® who are also members of the West Virginia Association of REALTORS® (WVAR), and the local board of REALTORS®. All REALTORS® are considered licensees, but all licensees are not considered REALTORS®.
To learn more about the values associated with being a REALTOR®, visit the NAR’s Code of Ethics.
Using a REALTOR® doesn’t cost you anything, but it can save you time and money! Your REALTOR®is there to provide an unbiased voice of reason, honest and direct communication to protect your best interests, and guide you through every step of the transaction. Most importantly, your REALTOR®will negotiate on your behalf, and navigate the legalities to ensure you get the best deal possible.
Because we live in the community, we understand you will soon be our “neighbors.” We will help you make the best decisions when it comes to your finances and credit, wants, and needs because we know the area and the home buying process better than anyone else.
The Fair Credit Reporting Act allows you to obtain one free credit report from each of the three major reporting bureaus every 12 months. To obtain a copy that is authorized by the Federal Trade Commission (FTC), visit www.annualcreditreport.com or call 877.322.8228.
Contact several local lenders who would be in tune with the local market. Make sure to discuss what they offer, their rates, closing costs, and other fees. After narrowing your choices, meet with the lender face-to-face to ask specific questions based on your personal finances and credit.
Rates and duration, combined with the amount you borrow, will largely determine the amount of your monthly payment.
The interest rate is the percentage of the loan amount you are charged to borrow money; the higher the rate, the more you will pay. However, it will also depend on the duration of your mortgage. Paying off the same total loan at the same rate over less time will result in a higher monthly payment.
Typically, you will pre-qualify for a mortgage and then be pre-approved once you find the specific home you wish to purchase. It’s important to clarify which your lender is providing.
A pre-qualification is an informal determination by a lender that states the amount of mortgage you can afford.
A pre-approval is a guarantee in writing by a lender to grant you a loan up to a specified amount, subject to receiving full documentation. If you are pre-approved early in the home buying journey, the seller will find any offer you make more attractive, and the length of time before closing may be shorter.
Lenders look at a variety of factors when evaluating how much mortgage you can afford. These include your monthly mortgage payment as a percent of your gross (pre tax) income, and your total debt loan including your mortgage payment relative to your gross income.
Another determining factor is the loan-to-value (LTV) ratio, meaning the amount borrowed relative to the appraised value of the property. Higher LTVs represent a higher risk to lenders. Lenders can provide qualification details for various types of mortgages, including Federal Housing Administration (FHA) and Veterans Administration (VA) loans.
Most mortgage payments comprise: principal, interest, tax, and homeowners insurance (PITI). Don’t forget to consider other expenses beyond PITI, including mortgage insurance, home maintenance expenses, homeowners association fees, and utilities.
53% of buyers say that what they want most out of their real estate agents is help finding the right home, according to NAR. Your KLM agent will take into consideration all your wants and needs when searching for your perfect home.
Some of the more important factors you may want to explore are:
While your agent can direct you to helpful sources of information for evaluating neighborhoods, he/she may not be able to answer all your questions due to the Federal Fair Housing Laws, which make it unlawful for an agent to engage in any conduct discriminatory on the basis of race or color, religion, national origin, sex, disability, or familial status.
The Internet, newspaper advertisements, local real estate magazines, and independent ventures are all great methods for finding a home that meets your criteria. However, even the best website, print advertisement, or driveby cannot provide you with everything you need to know about the property. Arranging a viewing with your KLM REALTOR® is the best way to see for yourself what the home has to offer and which criteria are met.
Our REALTORS® can help successfully get you, the buyer, what you want. We know what questions to ask and when to ask them to ensure you are getting full consideration and the best deal for an overall better home buying experience.
Your agent will provide valuable resources about market conditions, price ranges, and negotiation strategies. Your KLM REALTOR® will conduct a Comparative Market Analysis (CMA) of the property in which you are interested to help gauge a reasonable price to offer. If you are interested, you can submit to us your property details and we can give you a fair idea of what your home is worth in today’s market. Try it out here!
Keep in mind if the seller accepts your offer or counteroffer, it becomes a binding sales agreement and serves as a blueprint for the final sale. That’s why it’s important that your initial offer contains the terms and conditions you want.
This is a deposit you make when submitting your written offer to show your “good faith.” The amount of earnest money can vary, and is held by the listing agency. If your offer is accepted, the earnest money is deposited in the non-interest bearing trust account of the listing firm and will become part of your down payment at closing. If the purchase agreement is deemed null and void, the earnest money will be refunded as stipulated in the Uniform Purchase Agreement.
The seller has already decided how much money he/she wants from the sale of the property, and has probably planned a negotiating strategy. When your offer is presented, the seller’s options are to:
A counteroffer becomes a binding agreement when you sign unconditional acceptance of the seller’s counteroffer or seller signs an unconditional acceptance of your counteroffer. At this point, negotiations are over and the terms of the sale are final.
This gives the seller the opportunity to disclose any known material defects associated with the property. Lead based paint disclosure is a required disclosure to be given with properties that were built prior to 1978. Make sure you read and understand these documents.
If other buyers are interested in the same property, the seller may be comparing your offer to others. Multiple offers do occur, even in slow markets. If you learn that you are in a multiple offer situation, don’t panic and withdraw your offer. It’s quite possible that you have submitted the winning bid. Make sure you establish your maximum price and stick to it.
After all documentation has been signed and all monies paid, possession is transferred to you; the deed is recorded at the courthouse and you will receive keys to your new home.