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The Buying Edge PDF Print E-mail

When it comes to buying Real Estate, it can be viewed as many things.  It can be daunting, especially to those who've never done it before.  It can be exciting for those who dream about their big houses, and strive to fulfill those dreams.  It can be financially sound, and yet financially risky as well.  Real Estate isn't just filling the need of a roof over someone's head anymore, it's allowing people to invest in their local communities, increase their financial worth, increase their wealth, and help them plan for retirement.  It's about getting into the right house for the right time of your life.

Hopefully this information will answer some of the potential questions you might have. 

Whom Do I Represent?


    It has become legally mandated for Realtors to disclose whom they represent in a transaction.  Realtors are able to represent BUYERS in the purchase of property.  This Buyer Agency was set up to give the Buyer someone working on their behalf.  It is important for a home buyer to understand the relationships and representations of Realtors to the parties involved.  When you as a buyer sign a 'Buyer's Representation Agreement' you are putting the Realtor to work for your best interests.  Typically most Seller's are now agreeing to compensate the buyer's agent if they bring the buyer to a contract on their home.  That means in essence, that the buyer gets their representation at no cost to them.  A good buyer's Realtor can not only show their value to the buyer, but also potentially save the buyer time or money in the transaction process.  Far often we hear buyers say they would rather buy without the agent, and try to save the commission that would've been paid on that agent's behalf, and take those savings from the sales price.  Often times unrepresented buyers pay more than the market value of a house, or lose out on negotiating the many terms in an offer simply because they didn't have someone knowledgable there looking out for them.  In some instances it can cost them alot more money than theyr'e anticipated savings.  National statistics show that 63% of home buyers in 2003, had an agent working on behalf of them. (National Assoc. of Realtor www.realtor.org)


Cost to Buy?

    The anticipated costs in buying a home can include down payments, closing costs and prepaids, inspections, earnest fees and option checks, as well as credit report fees and appraisals just to name a few.  The down payment is the amount of the sales price a buyer typically brings to the table, and these range from anywhere between 0%-20% or more of the sales price.  Closing costs and prepaids vary, depending on the mortgage company costs, but a very general rule of thumb is about 3-5% of the sales price.  As you can see the dollars can add up quickly, and we haven't detailed all of them yet.  That's why it's very important that one of the best first steps to make, is to talk with a reputable mortgage  company.