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A home!You already know that buying one is a huge decision, whether it’s your first purchase or your tenth. And it is a pretty exciting decision, too, isn’t it? Well, here’s the catch: The decision to buy is a lot easier than the actual process of buying. If you don’t know what you’re doing—and if you don’t stay in control of the process, even if you’re using the best real estate agent—your money and your sanity could be at risk. And here’s the problem: You won’t know you’ve wasted your money, or made the wrong decisions until after you’ve bought the place! Loss of sanity can follow shortly thereafter. Educators doesn’t want you to be stressed like that! That’s why we’ve developed this guide just for our members. Spend some time here, and you’ll be a very smart cookie when it comes to finding the right home. Here’s why the guide works: We’re not trying to sell you something. We’re trying to educate you! Raise that I.Q. Tell you answers some people don’t want you to know. Get you to think about things you might not think about. Everybody is trying to sell you something, when it comes to a home. We give you unbiased information that makes you smart. Isn’t that what you need? Remar Educators' Consumer Spokesperson IQ Home Buying Guide is prepared by Remar Sutton and Associates and licensed to Educators Credit Union. Copyright 2007. All rights reserved. Time for the Closing   
Closings are handled differently in different states, or in formal terms, the laws and regulations for the “conveyance of property” vary from state to state. Typically, closings are conducted by a settlement agent, who in some states is required to be an attorney. In some cases, two attorneys, a buyer’s attorney and seller’s attorney, are required. Who attends the closing? At a minimum, the settlement agent or “closing attorney”, the seller, and the buyer. Usually, the seller’s and buyer’s real estate agents will attend, too. And in some cases a representative of the lender may attend. You and the seller may have your personal real estate attorneys (if you have such) attend. So what can you expect? You can read more about what’s involved in closing on the Educators Mortgage Center website, but here are some of the items you’ll typically be signing off on or receiving:
After the closing, the settlement agent typically will record the deed with the county establishing your title as the new owner. Your next job—moving in! IQ Home Buying Guide is prepared by Remar Sutton and Associates and licensed to Educators Credit Union. Copyright 2007. All rights reserved. Understand and Have Your Financing in Place First
IQ Home Buying Guide is prepared by Remar Sutton and Associates and licensed to Educators Credit Union. Copyright 2007. All rights reserved. Shopping on your Own
You can also visit open houses and model homes. Be aware that any real estate agent you meet will be working for the seller—don’t disclose any information you don’t want the seller to know. Also if you are working with a buyer’s agent or a real estate attorney, when you sign the “guest book” at open houses and model homes always include “represented by ______(your agent or attorney’s name). Doing this protects against the seller’s agent possibly claiming that they alone represent you for that home. IQ Home Buying Guide is prepared by Remar Sutton and Associates and licensed to Educators Credit Union. Copyright 2007. All rights reserved. Working with an Agent or Real Estate Broker
IQ Home Buying Guide is prepared by Remar Sutton and Associates and licensed to Educators Credit Union. Copyright 2007. All rights reserved. Types of Agents
You can hire an agent to represent you. This is called a buyer’s agent (or broker). A buyer’s agent is looking out for your best interests not those of the seller. The contract between you and the agent should specify what services the agent will provide you and how the agent will be paid. A buyer’s agent can be paid in several ways: by the seller on behalf of the buyer (the usual commission split), an agreed set fee for the services, or by the hour. Depending on how you choose to pay the agent, this may cost you more out of pocket, but may save you in the long run. A dual agent serves both the buyer and the seller by acting as an intermediary between them. In this case, the agent is still paid a percentage of the sales price. Using a dual agent may be okay, if you are knowledgeable about the real estate market and have very good negotiating skills. IQ Home Buying Guide is prepared by Remar Sutton and Associates and licensed to Educators Credit Union. Copyright 2007. All rights reserved. Read more...Page 2 of 3 123 |
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If you’ve shopped and negotiated for a new home the IQ way, then your closing should be a breeze. At the closing you sign the documents (the legal contracts) that will make the house you’ve found your home. As experts often note, purchasing a home is the largest personal investment that most Americans make.
Before you beginning shopping for a home, you need to have your financing in place. This is very important so that you can move quickly when you’ve found the perfect house. It also shows a seller that you are a serious buyer. The 
Start your search by driving through your targeted neighborhood and see what’s for sale. Ask friends and co-workers if they know of any homes for sale. Use websites such as 
A real estate agent is a person who is trained to sell real estate. Agents can be either a broker or a sales associate. Brokers and sales associates are licensed by the state and must meet specific education and experience requirements to receive a license. A broker’s license permits them to conduct a real estate business and negotiate transactions for a fee. Sales associates work under the direction of a broker. 
An agent is typically paid a percentage of a home’s selling price by the seller. Even if an agent didn’t list the home but brought in the buyer, the agent is still paid by the seller. Usually the commission is divided between the agent listing the home and the agent who found the buyer. What this means is that unless you have a contract with an agent to represent you as a “buyer’s agent” or “exclusive buyer’s agent,” the agent isn’t really working for you but for the seller. Since the agent is paid by the seller, a conflict of interest exists. How can you expect the agent to help you get the lowest price possible for the home?