FAQ’s For Buyers
Why should I work with Sorrell and Company versus another company?
We approach the needs of our Buyers as if they were going to place their home on the market within a year after they purchase it. In other words, we want to ensure that our Buyers have a working knowledge of what their desired home is actually worth based on salient data of comparable sold homes in the neighborhood and/or the use of the cost approach if the home is in a newer subdivision.
In order to purchase a new home, will I have to sell my present home first?
Not necessarily. Many Buyers can qualify for a “blanket” mortgage, which allows them to purchase a new home without the contingency of the sale of their existing home. Our agency feels that your comfort level as a Buyer for this type of financing is more important than your ability to qualify for this type of loan.
I’m uncertain whether I should continue renting or buy? What is my best option?
This is very much a personal decision and there are pros and cons to both sides. Most people who make the decision to buy do so because they want the independence of home ownership–to be able to change/improve their property and yard to best suit their needs, to have a pet if they choose, and not be subject to rent increases. They prefer not to have a landlord dictating what paint colors may be used or how needed repairs are made. On the “business” side of the equation is the desire to have the financial advantages of home ownership—building equity as well as having the tax deductions for mortgage interest and real estate taxes.
How do I start?
We think it’s best to start with a lender to find out what you can afford before looking for a new home. That’s the best way to avoid wasting time and perhaps seeing homes that don’t fit your budget. We work with many lenders that can pre-approve you for a mortgage loan before beginning your home search. They will verify your income and assets as well as check your credit score and debts to see what loan programs will best suit your needs and recommend a price range to you. Having a pre-approval letter in hand will give you a stronger position when negotiating with a Seller to buy the home of your dreams.
What do I do next?
Once you’ve spoken to a lender and been pre-approved, we can set you up with an on-line home search. We’ll use your most important criteria (neighborhoods, schools, price range, home and yard size, or whatever is important to you). We can then identify possible “fits” for your needs and have them automatically e-mailed to you as soon as they come on the market. That will put you in the best position to identify homes that you’d actually like to “see, touch, and feel.”
Will you inform me of homes from all real estate companies or only Sorrell and Company listings?
We will keep you informed of all homes. We want to help you find your dream home which means we need to stay on top of every home that is available in the market.
Can you help me find new construction homes?
Yes, we can work with most builders and get you the information you need to make a decision. On your first visit with the builder, we will accompany you. By using our services with a new construction home purchase, you will receive the services we offer, as well as those provided by the builder, at no additional cost.
How does a “For Sale By Owner” (FSBO) work?
Homeowners trying to sell their home without agent representation are usually doing so in the hopes of saving the commission. If you see a FSBO and want the advantages of our services, let us contact the owner for you and make an appointment. Most times the homeowner will work with an agent, even though their home is not listed, since the agent is introducing a potential Buyer to their property.
What happens after I’ve identified homes I like on-line?
Your Sorrell & Company Realtor will schedule appointments to take you through the homes you think may work for you and your family. We’ll point out things during the showings (pros and cons of each property) to help make you an informed buyer and better equip you to identify a good value. Once you’ve made the decision to make an offer on a home, we’ll sit down with you and prepare an offer. We’ll become your “partner” in the process—reviewing comparable neighborhood sales to ensure you don’t offer more than a home is worth; explaining the financing and inspection processes; and walk you through each step to closing, offering guidance and advice along the way.
Once my offer is accepted, what should I do?
There are many things that will need to be handled right away—collection of your earnest money, scheduling inspections, communicating with your lender, etc. We will guide you step-by- step through this process to make sure we comply with the terms of your contract.
Can we go back through our property again once an offer is made, but before possession?
You will have an opportunity to go back through the home during the inspection if your contract calls for one. In addition, we will schedule a final walk-through of your new home immediately before closing.
After inspection issues (if any) are resolved and your loan is being processed, you will have time to celebrate and focus on moving in your new home! You will want to schedule your move, pack items, and notify businesses of your address change. We will provide you with a moving checklist to help you remember all the details. You will also receive a good faith estimate and preliminary settlement statement (Closing Disclosure) which will indicate the amount you will need to bring to closing.