Schreiber realty & co.
Why Work With Us?
+ Schreiber Realty & Co is backed by the leading real estate brokerage in Southwestern Indiana: F.C. Tucker Emge.
+ We can help you find a reputable lender.
+ We will negotiate the best price and terms for your new home.
+ We have access to the Multiple Listing Service (MLS) which allows me to search for available homes that meet your criteria, as well as utilizing my networking connections to potentially source what you are looking for before it lists.
+ We can show you any home for sale, either in our MLS or for sale by owners.
+ We will handle the administrative details of scheduling showings for the homes you would like to see, as well as executing all documents pertinent to the transaction.
+ We save you time by providing you with information about schools, neighborhoods, etc. and the surrounding market area.
+ We will provide comps and market research.
+ We will provide a step-by-step plan for making the process simple and painless.
the buying plan
TIMELINE FOR FUNDS
- EARNEST MONEY – Due first
- HOME INSPECTION – Money due at time of inspection
- APPRAISAL – Some lenders require this due at the time of appraisal and others will make payable at closing inside closing costs.
- CLOSING – Dependent on your contract, several fees are due at closing
- DOWN PAYMENT – 0-20% down depending on your loan
- CLOSING COST & PREPAIDS – from the lender and the title company. These include taxes, title, and insurance for a year of home ownership.
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AREN’T BUYER’S AGENTS EXPENSIVE?
All real estate agents are paid out of the seller’s proceeds at closing. You won’t owe us anything, but a positive review! Using a buyer’s agent protects your interest in the transaction.
THE BUYING PLAN
PRE-QUALIFICATION
We recommend that before you begin your house hunting, you begin the loan pre-qualification process. Getting pre-approved requires that a lender verify your financial information, and it serves as their commitment to lend a specified amount based on that information. It will give you a number of advantages:
+ When you find a property, sellers will take your offer more seriously given that you have a lender that has committed to backing your offer.
+ It does give the assurance that you are looking at homes you can confidently afford to finance. Your efforts will be focused on properties that match your financing abilities.
+ You will have an edge over other buyers who are not pre-qualified. In situations where there are multiple offers on a property, this can be the difference between having your offer accepted or losing the property to another buyer.
THE BUYING PLAN
WHAT TYPE OF FINANCING IS AVAILABLE?
CONVENTIONAL & INSURED CONVENTIONAL LOANS
Conventional loans are viewed as the most secure loans because their loan-to-value (LTV) ratios are the lowest. The borrower generally makes a 3%-20% down payment and borrows the remaining percentage of the value of the property. Conventional loans are typically 20% down, but insured conventional loans require less down payment.
When making a conventional loan, the lender is relying on the appraisal of the real estate (as the only security) and on the reliability of the prospective borrower as indicated in their credit history. No additional guarantees or insurance is necessary.
FEDERAL HOUSING ADMINISTRATION (FHA) LOANS
FHA loans are insured by the Federal Housing Administration and must be made at FHA-approved lending institutions. FHA insurance provides the lender with additional security against borrower default. FHA down payment requirements are less at roughly 3.5% down and most of your closing costs and fees can be included in the loan. Nearly half of all homebuyers use this program.
VETERANS AFFAIRS (VA) LOANS
The Department of Veterans Affairs provides guarantees for loans for eligible veterans and their spouses. Under this program, the VA does not actually lend the money; rather, it guarantees loans made by approved institutions. These loans are available with little or no down payments and at comparatively low interest rates.
RURAL HOUSING (USDA) LOAN PROGRAM
The purpose of this loan program is to enable eligible low- and moderate-income (up to 115% of the Area Median Family Income) rural residents to acquire modestly priced housing for their own use as a primary residence. The program is available for the purchase and repair of existing and newly constructed dwelling.
There is no required down payment, but families must be able to afford the mortgage payments, including taxes and insurance.
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WHAT OUR CLIENTS SAY
THE BEST WAY TO SEARCH
FCTuckerEmge.com
Our mobile-friendly website easily connects you to all homes on the market.
It is also a great place to find open houses and area-specific listings.
the buying plan
I LOVE THIS HOUSE...
WHAT'S NEXT?
STEP-BY-STEP NAVIGATION
- Offer Acceptance
- Earnest Money Deposit
- Contact Lender
- Inspection
- Appraisal
- Walk-through
- Closing
- Possession
the buying plan
INSPECTION VS. APPRAISAL
INSPECTION
in • spec • tion
Careful Examination
The inspection phase can be a challenging one. We will guide you through the process and ensure you feel good about your new home. The intent of an inspection is to reveal any safety hazards or major defects that may not be visible in plain sight. Once identified, we will discuss what concerns you may have and then give the seller the opportunity to address.
APPRAISAL
ap • prais • al
An act of assessing something
or
An expert estate of the value of something
An appraisal will be ordered by your lender if applicable. At this phase, the value from the lenders perspective is established. This ensures that the bank/lender will loan the full amount requested.
the buying plan
WHAT TO EXPECT AT CLOSING
Closing is typically held at the title company. Closing instructions will be sent within a couple days of closing, but here are the essentials:
POSESSION...
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