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Home Buying Guide

Choosing a Realtor

Of all the decisions you'll face when buying a home, there's none more important than the person you choose to represent you. We are confident that you will find everything you need from a REALTOR® with Amy Lorentz from Gerrard-Hoeschler REALTORS®

Amy's job is to support you in finding the right home with the best possible terms, and to aid you through the entire process. Amy will explain the process of buying a home, and familiarize you with the various activities, documents and procedures that you will experience throughout the transaction.

Tips For Selecting A Realtor

Your Real Estate Professional should be:

Knowledgeable about the communities of interest to you
Aware of the complicated local and state requirements affecting your transaction
Effective in multi-party, face-to-face negotiations
Highly-trained, with access to programs for continued learning and additional certifications
Technology-focused
Supported by professional legal counsel

Financing

Most real estate professionals and mortgage lenders recommend pre-qualifying for a loan before selecting a home to purchase. This process will help you:

Determine the price range you can afford
Understand the types of loans you qualify for
Determine what your monthly payment will be
Estimate the down payment and closing costs

The Loan Process

Amy Lorentz will help you to select a mortgage lender. Once you have made your decision, these are the steps of the process: 

Application

All pertinent documentation is obtained. Fees and down payments are discussed, and the borrower will receive a Good Faith Estimate (GFE) and a Truth-in-lending statement (TIL), itemizing the rates and associated costs for the loan. You will be asked to provide certain documents to your lender in order that your loan can be processed in a timely manner.

Loan Submission

Once all the necessary documentation is in, your completed file is submitted to a lender for approval.

Loan Approval (Underwriting)

Loan approval, or underwriting, generally takes 24 to 72 hours. All parties are notified of the approval and any loan conditions that must be received before the loan can close.

Closing 

You will work with your lender, Amy and a local title company to finalize closing documents and close the purchase of your home.

Finding and Choosing the Right Home

Based on criteria that you and Amy establish together, Amy will help you find the perfect home. There are many factors to consider in selecting a property, including location, bedroom and bath count, schools and amenities.

Amy will apply her extensive community knowledge and professional resources to research available properties, and show you the homes that best meet your needs. If you find a property that interests you through the Internet or your own research, let Amy know so that a showing can be arranged.

As you view different properties, your criteria may change. Open and direct communication with Amy is a key element of a successful property search.

Making an Offer

Once you have found the home that you wish to purchase, Amy will apply her professional training and do all the necessary research to help you structure an effective offer.

This is where Amy's negotiation skills come into play. When an offer is made, the seller will have the option of accepting, rejecting or counter-offering. Amy will assist you in these negotiations.

Amy will draft the Offer to Purchase, advising you of protective contingencies, customary practices, and local regulations. Home warranty, title and closing arrangements will be detailed in the offer. Although Amy will give you advice and information, it is your decision as to the exact price and terms that you wish to offer.

Removing Contingencies

Prior to closing, all of the contingencies of the Offer to Purchase must be met. Amy will coordinate this process. Typical contingencies include:

Appraisal
Financing
Home Inspection
Pest Inspection
Radon Gas Testing

Closing Day and Moving In!

When all of the conditions of the Offer to Purchase have been met, you will sign your loan documents and closing papers. The deed will then be recorded at the County Register of Deed’s office and you will take ownership of your home.

Amy Lorentz is a valuable source of helpful tips for planning and coordinating your move.