Real Estate

Understand The Home Buying Process

Going over this information with your Realtor® will help you start to understand all the steps in the home buying process.

TODAYS HOUSING MARKET

· Where is the Housing Market Today?
· Buyer’s market vs Seller’s market?
· Benefits of working with a Realtor®.

1. SIGN AGENCY RELATIONSHIP and BUYER REPRESENTATION AGREEMENT

 2. HOME LOAN PRE-APPROVAL

· Find out your loan approval amount. Outlines cost to close and down payment required by the borrower.

· Understand your leverage in a multiple-offer situation.

· Designate comfortable payments for you and know you’re fully qualified to purchase!

3. SETTING PARAMETERS FOR YOUR NEW HOME SEARCH

· The average buyer looks at 10 homes before finding the right one.

· Let your Realtor® know characteristics you are looking for in your home. Maintain open communication, expressing your likes and dislikes.

· A search will be rendered directly from the Multiple Listing Service (MLS) matching your specific criteria.

· Whether you find a home on the MLS, for sale by owner (FSBO) or new construction you can trust your Realtor® for advice. Always Call Your Realtor® First!

4. WRITING A PURCHASE AGREEMENT

· When you find a house you want to call home your Realtor® will guide you through writing a purchase agreement and negotiate on your behalf.

5. EARNEST MONEY

· This is a check you write that will be submitted with the offer.

· It will be deposited in the sellers’ brokers trust account when your offer is accepted.

· Earnest money is typically about 1% of the total offer price.

6. INSPECTION

· The inspection is to identify property functions, regular maintenance, and possible defects.

· It also allows you time to get to know the workings of your new home.

· We have a list of inspectors that we recommend.

· An inspection typically costs between $250 and $600 and is paid at the time of the inspection.

7. APPRAISAL

· Cost varies depending on the lender, but anticipate a fee anywhere from $450-$600.

· Buyer will pay the appraisal fee directly to the lender prior to the appraisal being ordered.

· Appraisals are subjective. They protect the lender’s risks and the borrower. If the appraisal comes back lower than the sales price, we will renegotiate.

8. HOW YOUR REALTOR GETS PAID

· There is a cooperative agreement through agencies using the MLS that there shall be an advertised payout to buyers agents ranging anywhere from 2.4% to 3.15% of the sales price.

· A Broker administrative fee is industry standard and payable as part of your closing costs.

9. LOAN APPROVAL

· This means you now have Full Loan Commitment & REASON TO CELEBRATE!

10. CLOSING

· All of your time and efforts have paid off.

· Bring a cashier’s check to the closing made payable to the title company for the down payment and closing costs.

· Bring your driver’s license or official photo ID.

Contact Me

My name is Mariah Lowinske. I am a licensed real estate agent at Integrity Realty and a member of the Saint Paul Area Association of Realtors. I wanted to reach out and introduce myself, share my website and see if I can help you with any real estate needs you may have. I fell in love with real estate 2014 when I moved home from Aspen Colorado to be closer to my family. The decision to get my real estate license came from me changing my career from teaching professional ski and snowboard lessons for almost a decade. I am passionate about teaching and meeting new people. I have a great sense of dignity, honesty, and work ethic. These strengths shine in my ability to perform my job as a marketing specialist and REALTOR at Integrity Realty.

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