Contact
Dave Tischer
Cell: 320.808.0990
Office: 320.762.6781
dave@alexhomehelper.com
Licensed in the state of MN
Dave Tischer
Cell: 320.808.0990
Office: 320.762.6781
dave@alexhomehelper.com
Licensed in the state of MN
Buyers
Inspections
It's All Yours
First Steps
Shop with Confidence
Buyers FAQ
Making an Offer
Inspections
"What is involved in a home inspection and is it necessary?"
While only certain inspections are required by mortgage lenders or government mandate, a comprehensive home inspection is considered a wise thing to do when purchasing a home. However, since it is not required, the buyer must pay for it. It is also recommended that at the time of the inspection, you accompany the home inspector so that you can learn firsthand as much as possible about the home you are about to purchase - including such basics as where the main water shut-off is and electrical distribution boxes.
Mortgage lenders typically require inspections for wood-destroying insects. Inspections mandated by the state or municipality could include: smoke alarm inspection, testing of well water, septic system test, and a certificate of occupancy, all of which are typically paid for by the seller. All other inspections are generally paid for by the buyer and must be done within a pecified time frame, as indicated in the contract. Some insurers require inspection of underground oil tanks.
What if the inspections turn up problems?
Few homes are perfect. Some problems may be a matter of simple cosmetics; others may be more serious and call for costly repairs. The good news, however, is that in most cases the seller and the buyer are able to come to terms. You and the seller may decide to compromise, with both sharing the costs of repairs, or the seller may pay for any repairs. Or you may decide that the issue is not important enough to risk losing the home.
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It's All Yours
"What can you expect at the final walk-through & closing?"
The final "walk-through" is typically scheduled within 24 hours of the closing/settlement. It gives you one last opportunity to make sure that the home you are purchasing is in the condition that you and the seller mutually agreed to in the sales contract.
Should a problem arise during the walk-through, I will contact the seller's representative to let him or her know what the deficiency is. If the seller accepts responsibility, money for the repairs can be allocated to you at the closing/settlement. If the seller does not agree to the repairs, your Sales Associate will act as the go-between to help you and the seller reach a satisfactory compromise so that the closing is not delayed.
When the closing/settlement day arrives, be sure to bring:
1. A certified check for the closing/settlement costs (your mortgage lender or attorney will advise you beforehand)
2. Your homeowners' policy
3. Your checkbook for any miscellaneous costs that may come up
You'll sign the mortgage and many other documents, adjustments will be made for such items as property taxes, the seller will be paid, and you will receive the title or deed and the keys to your new home. Be prepared to sign your name over and over again, but when it's over, it's time to celebrate - you're ready to move into your new home.
Back to Top
First Steps
"Are you ready to shop for a home?"
Regardless of your individual reason for beginning the journey toward buying a home, I know full well how daunting the process can seem. That's why we like to begin with an in-person Buyer Consultation. I will help you identify and clarify your requirements for your new home and then give you a good idea what to expect when you proceed with your home search. I will stay with you every step of the way, diligently searching the current inventory of available homes to find ones that will meet your expectations. I will also network in any specific neighborhood you're interested in.
Keep in mind that I can show you any home on the market, even if it's listed with another real estate agency. So if you see a For Sale sign, an ad in the paper or a listing on the Internet you'd like to know more about, I am your best resource for the details you need to decide if a house is worth seeing in person.
I will also introduce you to resources, that can assist you with getting a mortgage credit approval now and later provide a host of other services to make your home purchase and move easier.
Back to Top
Preparing to Shop with Confidence
"Why secure a mortgage credit approval?"
Since a pre-approval is based on your specific financial situation, it takes the mystery out of what you can afford. Not only will it help you understand which homes to consider, it will give any prospective seller more confidence in your ability to obtain a mortgage. (When multiple buyers are bidding on the same house, a mortgage credit approval can be the deciding factor in whose offer gets accepted.)
A Same-Day Credit Decision!
Using basic information such as your income, debt, assets, and employment history, I am generally able to get you a credit decision within minutes. A Credit Approval Guarantee will specify the actual loan amount, as well as the loan type and term. The approval is subject to an acceptable appraisal of the home you eventually purchase.
Many financing options to choose from.
I will help you base your decision on whichever loan best fits your situation. Believe it or not, there are over 360 to choose from. For example, if this will be your first home purchase - or if you prefer to put the equity from your current home's sale into other investments - you may want to discuss financing options that don't require any down payment. At the very least, you should weigh a fixed rate mortgage vs. an adjustable one.
Back to Top
Buyers' Frequently Asked Questions (FAQ)
Q. How many homes should I plan to view and how should I make the final decision?
A. While exploring your needs and wants fully is a good idea for focusing your search and saving time, viewing a number of homes will help you become familiar with what you can expect to get for your money. When you find a home you really like, it's a good idea to go back and look at it at a different time of day. This will give you greater insight into what it will be like living in the home full time.
Q. How can I check my credit rating before I apply for a mortgage?
A. Your credit rating is based on a combined score generated from three credit bureaus who look at your credit history, amount of credit available, and recent inquiries to determine what's called your FICO score. A smart way to go is to have me check your rating for you and, if appropriate, suggest ways for you to improve your credit. For a small fee, you can get your score or review your credit report by going online to www.myfico.com or contacting the credit bureaus directly at:
Equifax: (800) 685-1111 Experian: (888) 397-3742 TransUnion: (800) 916-8800
Q. Why should I consider paying points?
A. Buyers often choose to pay a one-time charge called mortgage "points" in exchange for a lower interest rate. Usually paid at closing, each "point" costs 1% of the mortgage amount, or $2,000 on a $200,000 loan. The lower rate reduces the monthly mortgage payment, and points paid in conjunction with the purchase of a home are generally tax-deductible in the year they're paid (see tax advisor). Monthly savings will often exceed what was paid in points in just a few years' time.
Q. What is the purpose of an attorney review?
A. In states where the real estate agent writes the contract, there may be an attorney review period. This specified period allows the attorney to cancel the contract or request it be altered. Both buyer and seller would then have to agree to the revised contract in writing. During this period, either party may void the contract without penalty.
Q. What is title insurance and why do I need it?
A. Basically, title insurance assures that you have clear title to the home you're purchasing. A title search is the primary component of "due diligence," a process that will be started either by your attorney, if you are using one, or by the title company you choose. The title search determines whether the seller actually owns the property and if there are any claims against it.
Q. What happens if the house I want to purchase does not appraise at the amount expected?
A. If the house doesn't appraise at the amount expected, other alternatives are typically found. A second appraisal may be sought, the buyer may be willing to put more money down, the seller may adjust the price or offer other concessions, or the two sides may negotiate to split the difference between them.
Back to Top
Making an Offer
"What's involved in making an offer?"
When you have found the house that meets most of your needs and dreams, you'll probably find yourself getting emotionally involved. You may imagine moving your furniture in, planting flowers, and your first big holiday party. But try not to get too attached prematurely. There are a number of steps you must take before you're holding the keys in your hand, and you need to think clearly and objectively at this point so that the offer you make is a realistic one.
Determining what you should offer.
There are a number of factors that will affect the offer you make. Supply and demand, the condition of the home, how long the house has been on the market, and your personal circumstances with regard to how soon you need to close on a home all come into play when framing your offer.
You might also weigh in the demand for the home and how much you really want it. If you "low ball," some sellers will react with a counter offer; others might dismiss your offer outright. It's particularly advisable to go with your "best offer" if multiple bids are anticipated. Your Sales Associate will advise you on ways to make your offer more attractive: for instance, a mortgage credit approval and flexibility on the closing/settlement date can help make your offer stand out and ultimately close the sale.
After helping you think through the issues to determine the best offer for you to make at the time, I am well qualified to negotiate on your behalf with your best interests in mind.
Written offer with deposit.
I will strengthen your written offer by presenting it in person. That way they can use their expertise in describing your case to the seller and negotiate in person on your behalf.
To show that your intentions are serious, it is customary to submit the offer with a deposit. If your offer is accepted, your deposit is placed in a trust account. If not, your deposit will be returned to you.
If the seller counter offers, you may agree to that price and terms, or make your own counter offer. Once you and the seller agree, both sides initial the final price and terms shown on the agreement of sale.
The final contract will specify the items in the home included or excluded in the sale, as well as any additional provisions either side wants to have as part of the contract. Dates for contingencies, such as obtaining financing, are also filled in before the contract is signed.
Additional deposit.
Depending upon the price of the home and the size of your down payment, the contract may specify a date when additional monies would be placed into the trust account. At this time, the mortgage company or your attorney will order a title search and insurance.
Mortgage contingency.
Unless you are an all-cash buyer, as part of your sales contract, you generally will agree to obtain financing within a specified period. This period may be extended with the seller's agreement. If you are unable to secure financing, the contract becomes null and void.
Back to Top
Inspections
It's All Yours
First Steps
Shop with Confidence
Buyers FAQ
Making an Offer
Inspections
"What is involved in a home inspection and is it necessary?"
While only certain inspections are required by mortgage lenders or government mandate, a comprehensive home inspection is considered a wise thing to do when purchasing a home. However, since it is not required, the buyer must pay for it. It is also recommended that at the time of the inspection, you accompany the home inspector so that you can learn firsthand as much as possible about the home you are about to purchase - including such basics as where the main water shut-off is and electrical distribution boxes.
Mortgage lenders typically require inspections for wood-destroying insects. Inspections mandated by the state or municipality could include: smoke alarm inspection, testing of well water, septic system test, and a certificate of occupancy, all of which are typically paid for by the seller. All other inspections are generally paid for by the buyer and must be done within a pecified time frame, as indicated in the contract. Some insurers require inspection of underground oil tanks.
What if the inspections turn up problems?
Few homes are perfect. Some problems may be a matter of simple cosmetics; others may be more serious and call for costly repairs. The good news, however, is that in most cases the seller and the buyer are able to come to terms. You and the seller may decide to compromise, with both sharing the costs of repairs, or the seller may pay for any repairs. Or you may decide that the issue is not important enough to risk losing the home.
Back to Top
It's All Yours
"What can you expect at the final walk-through & closing?"
The final "walk-through" is typically scheduled within 24 hours of the closing/settlement. It gives you one last opportunity to make sure that the home you are purchasing is in the condition that you and the seller mutually agreed to in the sales contract.
Should a problem arise during the walk-through, I will contact the seller's representative to let him or her know what the deficiency is. If the seller accepts responsibility, money for the repairs can be allocated to you at the closing/settlement. If the seller does not agree to the repairs, your Sales Associate will act as the go-between to help you and the seller reach a satisfactory compromise so that the closing is not delayed.
When the closing/settlement day arrives, be sure to bring:
1. A certified check for the closing/settlement costs (your mortgage lender or attorney will advise you beforehand)
2. Your homeowners' policy
3. Your checkbook for any miscellaneous costs that may come up
You'll sign the mortgage and many other documents, adjustments will be made for such items as property taxes, the seller will be paid, and you will receive the title or deed and the keys to your new home. Be prepared to sign your name over and over again, but when it's over, it's time to celebrate - you're ready to move into your new home.
Back to Top
First Steps
"Are you ready to shop for a home?"
Regardless of your individual reason for beginning the journey toward buying a home, I know full well how daunting the process can seem. That's why we like to begin with an in-person Buyer Consultation. I will help you identify and clarify your requirements for your new home and then give you a good idea what to expect when you proceed with your home search. I will stay with you every step of the way, diligently searching the current inventory of available homes to find ones that will meet your expectations. I will also network in any specific neighborhood you're interested in.
Keep in mind that I can show you any home on the market, even if it's listed with another real estate agency. So if you see a For Sale sign, an ad in the paper or a listing on the Internet you'd like to know more about, I am your best resource for the details you need to decide if a house is worth seeing in person.
I will also introduce you to resources, that can assist you with getting a mortgage credit approval now and later provide a host of other services to make your home purchase and move easier.
Back to Top
Preparing to Shop with Confidence
"Why secure a mortgage credit approval?"
Since a pre-approval is based on your specific financial situation, it takes the mystery out of what you can afford. Not only will it help you understand which homes to consider, it will give any prospective seller more confidence in your ability to obtain a mortgage. (When multiple buyers are bidding on the same house, a mortgage credit approval can be the deciding factor in whose offer gets accepted.)
A Same-Day Credit Decision!
Using basic information such as your income, debt, assets, and employment history, I am generally able to get you a credit decision within minutes. A Credit Approval Guarantee will specify the actual loan amount, as well as the loan type and term. The approval is subject to an acceptable appraisal of the home you eventually purchase.
Many financing options to choose from.
I will help you base your decision on whichever loan best fits your situation. Believe it or not, there are over 360 to choose from. For example, if this will be your first home purchase - or if you prefer to put the equity from your current home's sale into other investments - you may want to discuss financing options that don't require any down payment. At the very least, you should weigh a fixed rate mortgage vs. an adjustable one.
Back to Top
Buyers' Frequently Asked Questions (FAQ)
Q. How many homes should I plan to view and how should I make the final decision?
A. While exploring your needs and wants fully is a good idea for focusing your search and saving time, viewing a number of homes will help you become familiar with what you can expect to get for your money. When you find a home you really like, it's a good idea to go back and look at it at a different time of day. This will give you greater insight into what it will be like living in the home full time.
Q. How can I check my credit rating before I apply for a mortgage?
A. Your credit rating is based on a combined score generated from three credit bureaus who look at your credit history, amount of credit available, and recent inquiries to determine what's called your FICO score. A smart way to go is to have me check your rating for you and, if appropriate, suggest ways for you to improve your credit. For a small fee, you can get your score or review your credit report by going online to www.myfico.com or contacting the credit bureaus directly at:
Equifax: (800) 685-1111 Experian: (888) 397-3742 TransUnion: (800) 916-8800
Q. Why should I consider paying points?
A. Buyers often choose to pay a one-time charge called mortgage "points" in exchange for a lower interest rate. Usually paid at closing, each "point" costs 1% of the mortgage amount, or $2,000 on a $200,000 loan. The lower rate reduces the monthly mortgage payment, and points paid in conjunction with the purchase of a home are generally tax-deductible in the year they're paid (see tax advisor). Monthly savings will often exceed what was paid in points in just a few years' time.
Q. What is the purpose of an attorney review?
A. In states where the real estate agent writes the contract, there may be an attorney review period. This specified period allows the attorney to cancel the contract or request it be altered. Both buyer and seller would then have to agree to the revised contract in writing. During this period, either party may void the contract without penalty.
Q. What is title insurance and why do I need it?
A. Basically, title insurance assures that you have clear title to the home you're purchasing. A title search is the primary component of "due diligence," a process that will be started either by your attorney, if you are using one, or by the title company you choose. The title search determines whether the seller actually owns the property and if there are any claims against it.
Q. What happens if the house I want to purchase does not appraise at the amount expected?
A. If the house doesn't appraise at the amount expected, other alternatives are typically found. A second appraisal may be sought, the buyer may be willing to put more money down, the seller may adjust the price or offer other concessions, or the two sides may negotiate to split the difference between them.
Back to Top
Making an Offer
"What's involved in making an offer?"
When you have found the house that meets most of your needs and dreams, you'll probably find yourself getting emotionally involved. You may imagine moving your furniture in, planting flowers, and your first big holiday party. But try not to get too attached prematurely. There are a number of steps you must take before you're holding the keys in your hand, and you need to think clearly and objectively at this point so that the offer you make is a realistic one.
Determining what you should offer.
There are a number of factors that will affect the offer you make. Supply and demand, the condition of the home, how long the house has been on the market, and your personal circumstances with regard to how soon you need to close on a home all come into play when framing your offer.
You might also weigh in the demand for the home and how much you really want it. If you "low ball," some sellers will react with a counter offer; others might dismiss your offer outright. It's particularly advisable to go with your "best offer" if multiple bids are anticipated. Your Sales Associate will advise you on ways to make your offer more attractive: for instance, a mortgage credit approval and flexibility on the closing/settlement date can help make your offer stand out and ultimately close the sale.
After helping you think through the issues to determine the best offer for you to make at the time, I am well qualified to negotiate on your behalf with your best interests in mind.
Written offer with deposit.
I will strengthen your written offer by presenting it in person. That way they can use their expertise in describing your case to the seller and negotiate in person on your behalf.
To show that your intentions are serious, it is customary to submit the offer with a deposit. If your offer is accepted, your deposit is placed in a trust account. If not, your deposit will be returned to you.
If the seller counter offers, you may agree to that price and terms, or make your own counter offer. Once you and the seller agree, both sides initial the final price and terms shown on the agreement of sale.
The final contract will specify the items in the home included or excluded in the sale, as well as any additional provisions either side wants to have as part of the contract. Dates for contingencies, such as obtaining financing, are also filled in before the contract is signed.
Additional deposit.
Depending upon the price of the home and the size of your down payment, the contract may specify a date when additional monies would be placed into the trust account. At this time, the mortgage company or your attorney will order a title search and insurance.
Mortgage contingency.
Unless you are an all-cash buyer, as part of your sales contract, you generally will agree to obtain financing within a specified period. This period may be extended with the seller's agreement. If you are unable to secure financing, the contract becomes null and void.
Back to Top