Securing your dream house

The Search
Narrowing your house search down with knowledge about how much you can afford to spend is only one factor to consider, having an idea of what specific features you want versus need in your new house, can also help your Real Estate Professional in guiding you through the process to a successful and happy outcome. With this information in hand, your Real Estate Professional can give you information on houses for sale and will take you to see those that interest you. Your Real Estate Professional will discuss with you the pros and cons of each house. Don't be afraid to ask all the questions you want. Remember that one of these houses could be your future house.

While searching for your new house, your Real Estate Professional can assist you in fine tuning your search criteria and find the house of your dreams by visiting "Open Houses". Visiting an "Open House" will involve you personally touring houses for sale and getting a first hand view of the house and property. You may want to visit open houses on your own or you may want to go with your Real Estate Professional so that you get a better feel for the market, the neighborhood and the styles of houses available to you.

It's always good to ask yourself the following questions:
? What features are most important to me? Number of bedrooms? Number of bathrooms?
? Does it have special features like a garden, a fireplace, a yard or a garage?
? Do I want a newly constructed house or a house that has been lived in before?
? Is it most important that the house be near a specific school, my job, or public transportation?
? What is the school district like?
? Are there kids in the neighborhood who are the same age as my own?
? Does this house need a lot of repairs?


The Offer
When you find your perfect house you will need to make the seller an offer in writing. Your offer is often the first step toward negotiating a sales contract with the seller and is much more complicated than simply determining a price. Because of the large amount of money involved, both the buyer and the seller should protect their investments and limit their risk. Therefore, when you make an offer, typically you not only specify the price you are willing to pay, but also the details of the purchase such as:
? How you intend to finance the house
? Amount of the down payment
? Who pays the closing costs
? What inspections will be performed
? Whether personal property is included in the purchase
? Terms of cancellation
? Any repairs you want done
? Date you will take physical ownership and possession of the property
? How to settle disputes should they occur
? Contingencies:
Contingencies generally allow you to anticipate potential problems so that if something goes wrong, you can cancel the contract without penalty. If you cancel a contract without having agreed upon conditions and contingencies, you could find yourself forfeiting your good faith deposit and the money you spent to inspect the property, as well as other damages. For this and other reasons, it is highly recommended that you retain an attorney. Your attorney will advise you as to what you should include in your offer to protect yourself.



Before making an offer, thoroughly evaluate the property (including but not limited to the following):

Property Conditions
? Your Real Estate Professional can tell you how the property compares with the rest of the neighborhood.
House Improvements
? Take note of what the previous owners have done to the house to determine if these improvements warrant the asking price and/or were done correctly.

Market Conditions
? If the market is "hot" it is often considered a "seller's market". This may give the buyer less room to negotiate his/her ideal price because there may be other people willing to pay more for the house.
? If the market is "slow" then it is considered a "buyer's market". In times like these, houses often sit for longer periods of time without receiving acceptable offers, so when reasonable offers do come in, sellers may be more willing to negotiate.

Seller Motivation
? If an individual needs to sell quickly due to their personal situation, they may be more willing to negotiate.

Once you have submitted your offer, you must await the response of the seller. The seller could accept, reject or ponder your offer. Often, the seller will counter your offer with higher amount. This begins the process of price negotiation that may continue until both parties either agree on a price or decide to go their separate ways.

The Good Faith Deposit
Along with your offer you must provide the amount of your "good faith" deposit that is designed to, among other things, demonstrate to the seller the seriousness of your offer. This is one of the additional costs mentioned earlier. This money is only deposited once the offer has been negotiated and accepted by both parties.

The Inspection
When there is a serious interest in a property and an offer has been made, an inspection is often ordered. The seller should have the property available for inspection by a professional.

In a typical inspection, experts examine the existing conditions of the property. Inspections may be required by law, but the elements of an inspection may vary according to region and state and/or your agreement.

The most common type of inspection is the General House Inspection. A house inspector can provide you with a complete service, which may cover many areas of the house - from the basement to the attic, as well as the exterior of the house, walls, chimneys, and fixed appliances such as refrigerators and stoves.
Other specific elements that can be included in an inspection are the following (this is not a complete list):

? Termite inspection
? Plumbing
? Water Quality
? Lead
? Radon
? Septic Tank
? Asbestos
? Electricity


Indispensable Insurance
Before a mortgage company will approve your lending arrangement and allow you to close on your new house, they will typically ask you to show proof of title, title insurance, and house owner's insurance. Your Real Estate Professional or your mortgage representative can help explain the details, and your real estate attorney can provide counsel on title issues and title insurance.

The Final Visit (Walk-Though)
Before the closing takes place and the property is transferred, your Real Estate Professional may visit your future house with your family. The "walk-through" provides a valuable opportunity to ensure that the house has been left in the expected condition.

You should take this moment to make sure that all the items the owner agreed to leave behind are still there, such as kitchen appliances, and even furniture and accessories, depending on the details of the final sales contract. Discuss any problem with the your Real Estate Professional and with your attorney. In some cases, you "as the buyer" can ask for a discount or credit at the closing to cover any missing item or last-minute damage to the property.

The Closing
Ask your Real Estate Professional and your attorney to go over the elements of the "closing" so that you can be fully prepared. The closing process varies according to the area of the country (and can even vary within the same state).

Generally, the seller is required to provide clean title to the property at closing. Your Real Estate Professional, mortgage lender representative and your real estate attorney/legal counsel can best guide you through this process, making sure that all documents are provided and steps followed

Making your dreams a reality!
Finding your new house can be a rewarding experience, especially when you have a real estate professional at your side, working and negotiating on your behalf, and guiding you throughout the real estate process. We know that you're looking for more than just a roof over your head. You're looking for a house to express your lifestyle and values, a place to spend time with family and friends, a place to retreat at the end of the day and RealEstateAgent.com.my can help you achieve those dreams. Although the real estate process can be complex, RealEstateAgent.com.my want to share their knowledge, experience and patience with you in achieving those goals.

Your goal of having your own house is totally achievable. Real Estate  real estate professionals are here to help you.



None of the advice or suggestions offered in this summary is intended to be representative of any or all of the circumstances you may encounter in attempting to obtain a mortgage or to buy a house. You should consult an attorney and a mortgage broker, both of whom can provide you with information specific to your circumstances.

Mortgage loans are subject to qualification, receipt of satisfactory appraisal, and verification of income, asset and debt information provided by the customer.