“Is there an advantage to securing a mortgage credit approval?”

Jim Startzman can recommend a Mortgage Loan Specialist that can offer you support and assist you in securing a mortgage credit decision before you shop for your home. An approval will take the mystery out of what you can afford, and will certainly give the prospective seller more confidence in you. When multiple buyers are bidding on the same house, a mortgage credit approval can be the deciding factor in whose offer gets accepted.

Same day decision!

Using basic information such as your income, debt, assets, and employment history, you will generally be able to get a credit decision within minutes. The actual loan amount, as well as the loan type and term will all be specified at this time. The approval is subject only to an acceptable appraisal of the home you eventually purchase.

No Money Down?

If this will be your first home purchase – or if you prefer to put the equity form your current home’s sale into other investments – you may want to discuss the financing options that don’t require any cash outlay. “No down payment” loans can go as high as one million dollars.

“What kind of home do you really want?”

Shopping for a new home can be one of the most enjoyable, exhilarating, and happy experiences in life.

It can also seem perplexing at times. Jim Startzman, your Sales Associate will be guiding and coaching you along the way and will be contacting you on a regular basis whenever he finds a home that fits your criteria.

Keep in mind that your Jim can show you any home on the market, even if it’s listed with another real estate agency. So if you see a FOR SALE sign, or you spot an ad in the paper or a listing on the web that you’d like to know more about, give Jim a call. He is a great resource who knows you and what you’re looking for.  Jim can give you the details you need to decide if the house is worth seeing in person.  For NEW CONSTRUCTION make sure that you contact Jim and let him take you to the site the first time thru.  You want to make sure that you have representation right from the start.  Many times there are FOR SALE BY OWNERS that have homes that fit your needs.  Most will pay a commission to a Real Estate Agent, so let Jim contact them to show you the home.

Here are some questions to think about in order to define the kind of home you really want:

1.    What is more important to you, the quality and size of the home or the location and attributes of the property?

2.    What style or type of home interests you more, contemporary or historic, ranch or colonial?

3.    How many bedrooms and baths do you absolutely need?

4.    Would you consider buying home that is in need of some renovation or expansion?

5.    What can you comfortably afford?

“What’s involved in making an offer?”

Once you’ve looked at a number of homes and have found the house that meets your needs and dreams, you’ll probably find yourself getting emotionally involved. You may imagine moving your furniture in, planting flowers and hosting your first big holiday party. But try not to get too attached prematurely. There are a number of steps you must take before you’re holding the keys in your hand, and you need to think clearly and objectively at this point so that the offer you make is a realistic one.

“What should I offer?”

There are a number of factors that will affect the offer you make. Supply and demand, the condition of the home, how long the house has been on the market, and your personal circumstances with regard to how soon you need to close on a home.  These all come into play when framing your offer.

You might need to consider the demand for the home and how much you really want it. If you “low ball,” some sellers will react with a counter offer; others might dismiss your offer outright. In an active market, you’re likely to lose out by making a low bid. If multiple bids are anticipated, it’s advisable to go with your “best offer.” Jim will advise you on ways to make your offer more attractive: a mortgage credit approval and flexibility on the closing/settlement date can help make your offer stand out and ultimately close the sale.

 Written offer with deposit.

After your offer is prepared, Jim will present your offer in writing. To show that your intentions are serious, it is customary to submit the offer with a deposit. If your offer is accepted, your deposit is placed in a trust account. If not, your deposit will be returned to you.

If the seller counter offers, you may agree to that price and terms, or make your own counter offer. Once you and the seller agree, both sides initial the final price and terms shown on the agreement of sale. 

The final contract will specify the items in the home included or excluded in the sale, as well as any additional provisions either side wants to have as part of the contract. Dates for contingencies, such as obtaining financing and the Home Inspection are also filled in before the contract is signed.

Additional deposit

Depending upon the price of the home and the size of your down payment, the contract may specify a date when additional monies would be placed into the trust account. At this time, the mortgage company or your attorney will order a title search and insurance.

Mortgage contingency

Unless you are an all-cash buyer, as part of your sales contract, you generally will agree to obtain financing within a specified period. This period may be extended with the seller’s agreement. If you are unable to secure financing, the contract becomes null and void.

Home Inspection

It is standard for the buyer to pay for a comprehensive home inspection. Jim can help you to chose a qualified Home Inspector.  Accompanying the inspector is recommended for learning all about the house, including such basics as the location of the main water shut-off and electrical distribution boxes. The inspector will look for any major defects and recommend any additional inspections that may be necessary.  In Delaware, any subsequent inspections are paid for by the buyer.

Mortgage lenders typically require inspections for wood-destroying insects, while some states and municipalities mandate specific inspections typically paid for by the seller. Some insurers require inspection of underground oil tanks. The responsibility for any repairs based on inspections is subject to negotiations between you and the seller.

“Is there a way to simplify the process?”

Even after the contract is signed and most contingencies met, there are many details to take care of before the house you found becomes the home you own.

Jim Startzman can take most of these details and smoothly streamline the delivery of them for you.  Your mortgage financing, inspection contingencies, home insurance and even vital home utility connections services must be arranged for before you move in.  Jim will save you time and make the transaction easier.

Home Protection Plan

If the home you’re purchasing doesn’t come with a Home Protection Plan, you may want to consider one. After all, breakdowns happen even in the best of homes. The dishwasher or something else goes on the blink – and these breakdowns are not typically covered under homeowners’ insurance. A Protection Plan can relieve you of these worries. The plan offers replacement or repair protection for covered major appliances and systems, with qualified contractors only a phone call away, 24 hours a day. 

“What can I expect at the final walk-through and closing?”

The final “walk-through” is typically scheduled within 24 hours of the closing/settlement. It gives you one last opportunity to make sure that the home you are purchasing is in the condition that you and the seller mutually agreed to in the sales contract.

Should a problem arise during the walk-through, Jim will contact the seller’s representative to let him or her know what the deficiency is. If the seller accepts responsibility, money for the repairs can be allocated to you at the closing/settlement. If the seller does not agree to the repairs, your Jim will act as the go-between to help you and the seller reach a satisfactory compromise so that the closing is not delayed.

At the closing/settlement, the mortgage and many other documents are signed, adjustments are made for such items as property taxes, the seller is paid, and you are given the title or deed and the keys to your new home. It’s time to celebrate!! 

You’re ready to move into your new home.

Jim will be with you every step of the way…He treats you like family!

Whether you’re a nervous first-time buyer or someone who already knows their way around a mortgage contract, buying a home can seem a bit daunting. But with the experience and guidance of Jim Startzman, you’ll be amazed at how enjoyable and rewarding the process can be.

From the initial meeting to determine the kind of home you are seeking to the final closing, Jim will help you to step confidently forward by conducting thorough searches, networking, employing old fashioned tenacity, and by coaching and guiding you through the entire journey. Jim listen to and respond to your needs, and most importantly, help you to embrace your dreams!!!