Should I buy a home now?
How do I know what price home I can afford?
How do I find the right home?
Who does the Realtor represent?
Who pays the Realtor?
Once I find the right home what do I do?
How much should I put down in earnest money?
What happens after the contract is signed?
What happens at the closing?

Should I buy a home now?

We have always felt that the answer is YES. The reasons are relatively simple. First of all, the price of new and resale homes has steadily increased ever since the mid–1940’s. Secondly, there are certain tax advantages like the detucibility of mortgage interest and property taxes. Remember, when you make a rent payment you are paying the mortgage for someone else.

How do I know what price home I can afford?

Most people use financing of one type or another to buy a home. The amount you can afford will depend upon how much cash you have for the initial investment, or down payment, plus the amount of the loan you can afford according to your income and debts. We can help you figure this amount or any lending institution will be happy to prequalify you. Coldwell Banker offers a free, no obligation prequalification you can do over the phone. Just dial toll free 888-308-8896.

How do I find the right home?

The best way to find the home that meets your needs is to sit down with a professional Realtor, and discuss your wants, needs, and desires. As a member of the MLS system, we have access to almost all the properties listed for sale within Columbia and the surrounding area. By setting appointments together, we can see these homes in a short period of time and have a better idea of what is right for your needs.

Who does the Real Estate agent represent?

Missouri laws require that if you want representation, you must enter into a written agreement. This usually does not require you to pay the agent. If you choose not to be represented by an agent, the agent working with you may be representing the other side of the transaction. For more detailed descriptions of the types of agency, contact us and we will send you the state–required pamphlet.

Who pays the Realtor?

Typically the Realtor fees are paid by the seller. This includes the fees of both the Buyers’ Agent and Seller’s Agent. In very few instances the buyer may be asked to pay the Realtor fees, but this is only if a Buyer’s agency has been signed and usually only in the case of a For Sale By Owner.

Once I find the right home what do I do?

First, we will review detailed information about the contract offer. We will fill out a contract for sale/offer to purchase stating exactly what you’re willing to offer relative to price, earnest money, financing, inclusions, and all other details. At this time, it is necessary for us to collect the earnest money. This can be done in the form of a check and will not be cashed until we have an agreed contract. The money is then held by the title company to be applied to your down payment/closing costs. After you sign the contract, we will give it to the listing agent to present to the seller. Sometimes there are counteroffers by the seller, so it is not an official contract until both parties sign/initial and agree to all details.

How much should I put down in earnest money?

The amount of earnest money usually depends on the price of the home, but it does not have to be a set amount. Typically, the amount varies between $500 and $2,000. Remember, this amount will be applied to your down payment and/or closing costs.

What happens after the contract is signed?

Between the time the contract is signed and the actual settlement or closing is reached on a house, the buyer and seller go through various steps. These include: a meeting between the lender and the buyer to work on financing, inspections, an appraisal of the house for the lender, acceptance of the buyer’s financing, final walk–thru inspection, and the actual closing.

What happens at the closing?

This is the time when the buyer, seller, Realtors, loan officer and title company representative sign all the final papers to transfer title from the seller to the buyer. At this time the buyer brings a check (usually a cashier’s check) for the down payment and closing costs and the bank brings the check for the amount of the mortgage. Typically, when the buyer leaves the settlement table he/she has the keys to his/her new home and can move in!