We can give you a comparative market analysis (CMA) on homes in the area to give you an idea of how the other properties are valued, so you can make an educated offer. Our job is to get you the best deal possible on that home.
Typically, 1% of the purchase price is reasonable for an earnest deposit. Itís important to let the sellers know that you are serious about purchasing their home.
This is a very common issue. First, we can help you list your home, and get it sold as quickly as possible for the best price. Then, you have several options. You can wait until your home is sold and make alternative living arrangements while you look for a new home. You can look into a bridge loan if you have a mortgage and make your offer contingent on your current home selling; bear in mind that some sellers will not entertain an offer that is contingent upon a home sale. Discussing your options with your lender is always wise.
Finding a good home inspector is one of the most important steps of purchasing a home. We use home inspectors who pay attention to detail, find and report all the issues. The last thing you want is to move into your dream home and have it start (and continue) to fall apart. With all the facts in hand, we can negotiate with the seller for concessions and/or repairs to major defects.
It is very important to understand the consequences of signing a purchase agreement. Minimally, if you decide to opt out of the purchase agreement, you can potentially lose your earnest deposit. Maximally, depending upon the circumstances, there can be legal ramifications.
Closing costs will vary from lender to lender and may change based on loan program and lock-in term. The main closing costs consist of the costs for the appraisal, processing, underwriting, credit report, tax service, flood search, title insurance, loan closing, real estate closing, recording fees, plot plan and termite inspection. There may be additional costs to originate the loan or buy-down the rate as well. Some lenders may pay for or omit some/all of these fees depending on the type and structure of the mortgage. Most of the closing costs are paid to a third party for the service they provide during the transaction.
The good faith estimate is the lenders breakdown of the costs associated with the mortgage. It gives you an itemized detail specific to your transaction. RESPA (the Real Estate Settlement Procedures Act) requires lenders to provide borrowers a good faith estimate within three business days of an application. It does not require lenders to provide estimates to those who do not apply. Some lenders will give you one upon request, but keep in mind a good estimate is only possible after you go through the application process and the lender knows what type of credit and loan programs you qualify for.
PMI stands for Private Mortgage Insurance. It is insurance against a loss by a lender in the event of default by a borrower. The insurance is similar to insurance by a governmental agency such as FHA or VA, except that it is issued by a private insurance company. The premium is paid by the borrower and is included in the mortgage payment.
The answer to this question is as unique as the individual. A good lender will ask questions early in the application process and present you with options that fit your needs. If a low payment is what youíre looking for and interest only, ARM may be the best option. If you want to build equity as quickly as possible, a 10, 15 or 20-year term might help you out. If you are someone who moves or relocates every few years, a three year ARM might be the best product. Most people donít realize a 30-year fixed rate mortgage is one of the most expensive products on the market. You may be throwing away thousands of dollars on the wrong mortgage. This is an important area to be informed!
An ARM is an Adjustable Rate Mortgage. An adjustable rate mortgage is one in which the interest rate changes periodically, according to corresponding fluctuations in an index. All ARMs are tied to indexes.
The length of time it takes to close on a property is subject to many factors. Initially, you choose an appropriate date upon which you would like to close and/or take possession. The standard is to allow 30-45 days to process and underwrite the loan. Certain loan programs can close more quickly, but your lender will be able to give you more details.
As a buyer, the standard forms you will be initially signing are: a purchase contract, any applicable addenda, an agency disclosure, seller property disclosure, lead-based paint addendum and an estimated cost sheet. The seller will sign off on the acceptance part of the purchase contract and/or make any additional requests. You then sign off on the final changes, and if the price of the house has changed, you will sign an updated estimated cost sheet. The rest is at the closing table.
The personal property that stays with the house is usually shown on the Multiple Listing Service (MLS). This typically means appliances, garage door openers, window coverings, ceiling fans, etc. If there are any discrepancies or additional pieces of property that are available, it can usually be worked out within the purchase agreement.
An SID is a Sanitation Improvement District.
Radon is a colorless, odorless, tasteless radioactive gas that is formed during the natural breakdown of uranium in soil, rock and water. It exits the ground and can seep into your home through cracks and holes in the foundation. It can also enter your home in well water. Acceptable levels do not exceed 4 picocuries of radon per liter (pCi/L). It is very easy to have your home inspector conduct a radon test at the time of the inspection.
We love to be of assistance to those moving in from other places! We can pick you up from the airport and show you all that Omaha has to offer. Much of the initial work can be done online prior to your visit, and upon arrival, we can get started showing you homes that meet your criteria. We make things as simple as possible, from finding your perfect home, to closing and moving in.
Give us a call or email us - no obligation. We're happy to answer any questions and look forward to hearing from you!
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