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Buying a home is one of the most important personal and financial decisions you'll ever make. That's why
CENTURY 21 Patty Snell & Associates wants you to have this step-by-step guide to help you find and buy your first home. We're also here to answer your questions along the way. We want your first real estate experience to be both hassle-free and rewarding.
The following Guide explains the real estate process in plain English. What you're about to read is an overview of the procedures normally followed in a typical home purchase. Read on and see how finding and owning your dream home can be easier than you think with help from CENTURY Patty Snell & Associates.
CALL CENTURY 21 PATTY SNELL & ASSOCIATES. When it comes to making a deal, timing can be everything @ 205-553-6858 
Century
21
Patty
Snell
&
Associates
are
Certified
-
State
Licensed
Realtors®
and
are
member's
of
the
NATIONAL
ASSOCIATION
OF
REALTORS®
Sometimes
a
fresh
approach
is
best!
One
of
the
things
we
do
for
our
clients
is
to
offer
fresh
ideas
on
how
to
market
their
homes.
Today's
competitive
marketplace
demands
new
ideas
and
modern
techniques/technologies,
consistent
advertising
and
quick
results.
What's
on
the
surface
is
everything
-
Not
so
with
real
estate
agents
When
it's
time
to
buy
or
sell,
you
need
a
professional
whose
knowledge
and
experience
extends
well
beyond
the
surface.
When
you
expect
the
best,
choose
the
best.
Quick
results
are
our
specialty
Today's
homeowners
often
have
to
sell
quickly
for
a
variety
of
reasons.
If
you
ever
find
yourself
in
that
situation,
call
us.
We
will
respond
quickly
with
essential
information
about
the
market
along
with
a
plan
for
quick
action!
Call
CENTURY
21
PATTY
SNELL
&
ASSOCIATES
@
205-553-6858
Call
CENTURY
21
Patty
Snell
&
Associates
because
When
it
comes
to
making
a
deal,
timing
can
be
everything
@
205-553-6858
 1.
Thousands
of
Success
Stories
Each
Day
-
CENTURY
21
Gold
Team
help
people
buy
and
sell
thousands
of
properties
every
day
–
more
than
any
other
real
estate
sales
organization
in
the
world.
2.
Our
Image
Works
For
You
-
Thanks
to
over
$40
million
in
advertising
every
year,
9
out
of
10
American
homeowners
recognize
the
CENTURY
21
Patty
Snell
&
Associates
"Quality
Service
Awards",
Gold
Team
name
– a
name
they’ve
come
to
trust.
3.
We
Attract
More
Buyers
-
The
CENTURY
21
Patty
Snell
&
Associates
"Quality
Service
Awards",
Gold
Team
of
approximately
8,000
offices
gives
you
access
to
buyers
throughout
the
world.
4.
The
Right
Pricing
Makes
Sales -
Our
real
estate
CENTURY
21
Patty
Snell
&
Associates
"Quality
Service
Awards",
Gold
Team
professionals
have
the
expertise
to
help
you
price
your
home
so
that
you
can
close
the
sale.
5.
The
Sign
You
Trust
-
Our
CENTURY
21©
sign
is
the
best
local
advertising
of
available
properties.
A
sale
can
occur
as a
result
of
someone
recognizing
our
familiar
name
on
the
front
lawn
and
knowing
it’s
a
name
they
can
trust.
6.
Referral
System
Works
For
You
-
With
the
CENTURY
21
Patty
Snell
&
Associates
"Quality
Service
Awards",
Gold
Team
Referral
system,
you
have
the
nations
largest
network
of
real
estate
professionals.
7.
Local
Advertising
Targets
Prime
Prospects
-
Once
our
national
advertising
attracts
consumers
to
CENTURY
21
Patty
Snell
&
Associates
"Quality
Service
Awards",
Gold
Team,
our
local
advertising
brings
them
to
you.
Neighborhood
newspapers,
directory
and
classified
ads
go
to
work
for
you.
WE
ADVERTISE
MORE
CONSISTENTLY
THAN
ANY
OTHER
REAL
ESTATE
OFFICE
IN
TUSCALOOSA.
8.
Financing
Expertise
Makes
the
Difference
-
Financing
for
your
home
is
critical.
CENTURY
21
Patty
Snell
&
Associates
"Quality
Service
Awards",
Gold
Team
professionals
can
help
answer
important
questions,
such
as
how
much
down
payment
you
need,
and
how
and
where
to
go
for
financing
–
questions
important
to
buyers
and
sellers.
9.
We
Have
the
Marketing
Tools
That
Make
the
Difference -
Our
CENTURY
21
Patty
Snell
&
Associates
"Quality
Service
Awards",
Gold
Team
office
has
an
array
of
marketing
tools
designed
to
bring
buyers
and
sellers
together
and
allow
you
to
be
competitive
in
the
real
estate
marketplace.
10.
Professional
Training
Keeps
Us
On
Top -
On-going
training
opportunities
give
CENTURY
21
Patty
Snell
&
Associates
"Quality
Service
Awards",
Gold
Team
professional
access
to
the
latest
marketing
techniques
and
the
newest
financial
tools.
11.
The
CENTURY
21©
Name
Means
Results
-
Independent
CENTURY
21©
GOLD
TEAM
offices
across
the
nation
have
helped
sell
millions
of
homes. CENTURY
21
Patty
Snell
&
Associates
"Quality
Service
Awards",
Gold
Team
professionals
is
ready
to
go
to
work
for
you.
12.
We’ll
Handle
the
Details -
Your
CENTURY
21
Patty
Snell
&
Associates
"Quality
Service
Awards",
Gold
Team
sales
associate
has
the
contacts
to
take
care
of
the
many
details
associated
with
the
sale
or
purchase
of
your
home
–
from
title
insurance
to
termite
reports.
We’ll
save
you
time.
13.
Relocation
-
The
CENTURY
21
Patty
Snell
&
Associates
"Quality
Service
Awards",
Gold
Team
system
is
actively
involved
in
corporate
relocation
–
working
nationwide
with
major
companies
who
transfer
employees.
If
your
home
is
on
the
market,
it
could
be
just
the
place
for
one
of
these
transferring
employees. CENTURY
21
Patty
Snell
&
Associates
is
the
CENDANT
Principle
Relocation
Broker
Office
for
West
Alabama.
14.
Skilled
Negotiations
Close
the
Sale
- A
skilled
negotiator
is a
critical
element
in a
real
estate
transaction.
CENTURY
21
Patty
Snell
&
Associates
"Quality
Service
Awards",
Gold
Team
professionals
make
things
move
smoothly,
negotiating
to
help
get
the
right
terms
and
the
right
price
for
your
property.
15.
We
Can
Help
With
Other
Services -
Need
help
finding
insurance
coverage
for
your
new
home?
We
Can
help.
The
CENTURY
21
Patty
Snell
&
Associates
"Quality
Service
Awards",
Gold
Team
system
has
business
relationships
with
companies
who
can
service
your
needs.
16.
We
Take
Care
of
The
Paperwork -
CENTURY
21
Patty
Snell
&
Associates
"Quality
Service
Awards",
Gold
Team
professionals
have
the
knowledge
and
experience
to
arrange
documents
associated
with
your
sale
or
purchase.
We
handle
the
busy
work
so
you
can
start
packing.
17.
Teamwork
for
You -
When
you
work
with
CENTURY
21
Patty
Snell
&
Associates
"Quality
Service
Awards",
Gold
Team
office
you
have
access
to
other
CENTURY
21©
GOLD
TEAM
professionals
–
locally,
from
surrounding
areas,
and
even
from
across
the
world.
We’re
here
to
help
you
make
your
real
estate
dreams
a
reality.
18.
We
Keep
You
Up
To
Date -
CENTURY
21
Patty
Snell
&
Associates
"Quality
Service
Awards",
Gold
Team
professionals
know
how
important
it
is
to
keep
you
informed.
We
make
it a
point
to
let
you
know
what’s
happening
at
every
stage
of
the
buying
or
selling
process.
19.
We
Offer
Proven
Success -
Many
homeowners
who
try
selling
their
own
homes
fail. Your
CENTURY
21
Patty
Snell
&
Associates
"Quality
Service
Awards",
Gold
Team
professional
can
help
you
avoid
the
myriad
of
pitfalls
you
face
in
marketing
your
own
home,
including
the
disappointment
of
selling
your
property
for
less
than
it’s
worth.
20.
You
Have
Our
Promise
- We
don’t
just
tell
you
what
we’re
going
to
do –
we
give
you
our
word
on
it. Our
CENTURY
21
Patty
Snell
&
Associates
"Quality
Service
Awards",
Gold
Team
Associates
SELLER
SERVICE
PLEDGE©
and
CENTURY
21©
GOLD
TEAM
BUYER
SERVICE
PLEDGE©
Certificates
put
our
promises
to
you
in
writing.
21.
We
Care
-
Our
clients
are
our
most
important
asset.
When
you
work
with
a
CENTURY
21
Patty
Snell
&
Associates
"Quality
Service
Awards",
Gold
Team
sales
associate,
you’ll
receive
the
quality
of
service
you
want
and
deserve.
YES,
I
DESERVE
TO
HAVE
THE
BEST
"QUALITY
SERVICE"
OFFERED
BY
ANY
REAL
ESTATE
ORGANIZATION
-
LIST
MY
HOME
&
PROPERTY
AND/OR
CALL
CENTURY
21
PATTY
SNELL
&
ASSOCIATES.
When
it
comes
to
making
a
deal,
timing
can
be
everything
@
205-553-6858
Buying or Selling a Fine Home & Estate
Buying or Selling a luxury home & Estate is a unique real estate experience requiring special tools and skills. CENTURY 21®Fine Homes & Estates professionals understand that luxury homebuyers and sellers are looking for a home reminiscent of their own signature style. Selling your luxury property or finding one that suits your needs can be a time consuming process, and time is often a luxury most of our clients don't have. Through our access to a global referral network and a keen understanding of the luxury real estate market, we help bring more luxury home buyers and sellers together.
BUYING or SELLING Call CENTURY 21 Patty Snell & Associates today. When it comes to Fine Homes & Estates, timing can be everything @ 205-553-6858
Preparing to Find and Buy a Home
Knowledge Is Power ... Accurate Information Is Essential
Before you start looking for a home, become an educated consumer. Knowledge is power and misinformation gets in your way. First, learn about the process and requirements for buying a home. Common misconceptions include ? renting is always cheaper than buying ? you have to be a Permanent Resident of the United States to buy a home ? and you have to have a huge down payment to qualify for a mortgage.
Here are the facts. You only need a work permit to buy a house. And in some cases, the starter costs of renting may be about the same as a house down payment. As you start your search to find a home, keep informed. Talk with people who've gone through the home-buying process ... and visit with knowledgeable real estate experts like those at CENTURY 21 Patty Snell & Associates
CALL CENTURY 21 PATTY SNELL & ASSOCIATES. When it comes to making a deal, timing can be everything @ 205-553-6858
Choosing Your Real Estate Professional
Deciding to find and buy a home is one of the most important decisions of your life. It combines your personal hopes and dreams with wanting what's best for you and your family. It means making changes. That's why it's in your best interest to choose an experienced real estate agent who listens to and understands your needs, and works in the area where you want to live. When you choose
Century 21 Patty Snell & Associates, you're dealing with an experienced professional who understands your concerns and will provide you with the personalized service that makes all the difference. CENTURY 21 is in 42 countries, 7,800 offices, 104 languages, and represented by 143,000 agents who understand the life changes that real estate decisions can bring. What should you expect in your first meeting with a real estate agent? A
Century 21 Patty Snell & Associates agent typically will talk to you about the neighborhood where you want to live, home prices, schools, transportation, and the surrounding commercial and residential areas. Before you find a home, your agent can also assist you in talking with a mortgage representative about getting a
"mortgage pre-approval". It's helpful to get pre-approved before you find a home so you'll know how much money you have to spend. You also can calculate how much you can afford in monthly payments. CENTURY 21 has online financial calculators to help you.
CALL CENTURY 21 PATTY SNELL & ASSOCIATES. When it comes to making a deal, timing can be everything @ 205-553-6858
Have a Financial Plan Before You Find a Home
You can reduce the stress of home buying by thinking ahead. Before you find a home you want to purchase, develop a financial plan. This plan becomes your guide not only for saving money for the down payment, but also for covering other expenses such as your credit check, mortgage application and closing costs. For more details about what to expect financially, ask your Century 21 Patty Snell & Associates agent.
CALL CENTURY 21 PATTY SNELL & ASSOCIATES. When it comes to making a deal, timing can be everything @ 205-553-6858
Establishing Credit
Having an established credit history plays an important role in the home buying process. It's never too soon to start building a good credit history. Start by diversifying how you pay for things; don't pay for everything with cash. Pay your bills on time, limit your debt, reduce the number of credit cards you have, and use them responsibly. Your goal is to show that you are financially responsible and a "good credit risk."
It's also important to review your credit report. This is a record of past and current debt that states when, how and if you paid. Make sure that the information contained in your credit report is accurate. By reviewing your credit report now, you'll have the opportunity to correct any errors. Your Century 21 Patty Snell & Associates Agent can help you get a copy of your credit report to review. Don't wait until you've found a home to do this. Do it now.
Why is this so important? Your credit history is one of the documents that give the mortgage lender confidence in you. The better your credit history, the better your credit score. And the higher your credit score, the more likely your mortgage lender will offer you more mortgage options with better terms.
You're smart to think ahead. The best approach to buying a home with few financial surprises is to learn how homes are financed, find out how and where to get financial assistance, and understand all the costs involved in addition to the cost of the house. What follows is a brief explanation of (1) Mortgage Pre-approval, (2) Down Payment, (3) Mortgage Options, and (4) Closing Costs.
CALL CENTURY 21 PATTY SNELL & ASSOCIATES. When it comes to making a deal, timing can be everything @ 205-553-6858
(1) Mortgage Pre-approval
A pre-approval is a simple calculation done by a mortgage lender that tells you (a) the amount you'll be able to finance through a loan and (b) what your monthly payment will be. When you find a home to buy, a pre-approval also reassures the seller that you have the financial means to purchase his or her home. Contact your
Century 21 Patty Snell & Associates Agent for help in getting a mortgage pre-approval.
Once you know the amount the bank will lend you, the next step is to determine how much to save for your down payment. This will help you define the types of homes within your budget. Keep in mind the monthly costs associated with home ownership include not only your mortgage payment, but also real estate taxes, homeowner's insurance and utilities.
You may not realize it but when it comes to getting mortgage financing, you have options. Which one's right for you? Visit Century21.com for help figuring out how much you can afford. You can also use our CENTURY 21® Mortgage Calculator. And your Century 21 Patty Snell & Associates agent is happy to help you make sense of both the financing process and your financing options.
(2) Your Down Payment
A down payment is the money you pay up front toward the purchase of your new home. Typically, the larger your down payment, the less you pay each month on the mortgage, and the lower the interest costs will be over the life of the mortgage.
How large should your down payment be? Many people make down payments of 5%, 10% or 20% of the sales prices of the homes they buy. There are also loans available for buyers with down payments of under 5%. However, the right percentage for you depends on many factors. Talk to a Century 21 Patty Snell & Associates Mortgage Professional to learn more about your mortgage options and which is the right fit for you.
CALL CENTURY 21 PATTY SNELL & ASSOCIATES. When it comes to making a deal, timing can be everything @ 205-553-6858
(3) Your Mortgage
Your options for financing the home you find depend on your personal financial situation and your unique needs. Check with
Century 21 Patty Snell & Associates for guidance about contacting mortgage lenders and getting a Mortgage Pre-approval. This will help you gauge how much you can afford to spend on a home and the financing options available to you. Here's an overview of typical financing options available:
Adjustable Rate Mortgage (ARM): This is a mortgage in which the interest rate is tied to a specific economic index and may adjust at specific times. Overall, your monthly payment may go up or down at intervals specified in the disclosure associated with this type of mortgage, depending on the current interest rate.
Fixed Rate Mortgage (FRM): This is a mortgage with an interest rate that does not change during the entire term of the loan. This means the monthly payments for principal and interest are also fixed for the life of the loan.
Conventional Mortgage: This is mortgage that is not part of a government-housing program, typically has a limit of $322,700, and is not insured by the federal government.
Jumbo Mortgage: This is a mortgage that typically exceeds $322,700 and is not insured by the federal government. These loans usually have higher interest rates.
Government Backed Loans: There are two types of government-backed loans -- FHA and VA. FHA loans are insured by HUD (the Department of Housing and Urban Development of the United States) and VA loans are insured by the Veterans Administration.CALL CENTURY 21 PATTY SNELL & ASSOCIATES. When it comes to making a deal, timing can be everything @ 205-553-6858
(4) Closing and Other Additional Costs
After you find a home and receive mortgage approval, the closing is when ownership of your new home officially transfers from the seller to you. In some cases, sellers pay the closing costs. If not, you need to be prepared to pay this additional cost. This can add another two to five percent to the home purchase price. These costs also can vary from state to state. For specifics, ask your
Century 21 Patty Snell & Associates agent. Other additional costs may include:
Good faith deposit: This deposit reassures the sellers you are genuinely interested in buying their home and are willing to make them an offer. A good faith deposit can vary between 1% and 10% of sales price depending on the market and can be applied to the down payment.
Mortgage application and credit report fees.CALL CENTURY 21 PATTY SNELL & ASSOCIATES. When it comes to making a deal, timing can be everything @ 205-553-6858
Finding A Home
Your Search
Where
do you start when you're ready to find a home?
Narrowing your
home search based on how much you can afford is one factor.
You'll want to have an idea of the features you "want" versus "need" in a home to help your Century 21 Patty Snell & Associates agent guide you in a successful home search. Then the fun begins! Your CENTURY 21 agent will provide you with information on houses for sale and take you to visit the ones that interest you. You'll have the chance to discuss the pros and cons of each house with someone who has real estate knowledge and experience. And don't be afraid to ask questions. Remember, one of these houses you visit could be your future home and a major financial investment.
Throughout the process, your Century 21 Patty Snell & Associates Agent will help you fine tune your search criteria to find the home of your dreams. As part of the search, you'll probably visit "Open Houses." Visiting an open house includes personally touring a house that's for sale to get a first-hand view of the home and property. You may want to visit open houses on your own or with your Century 21 Patty Snell & Associates Agent. Either way, it's a chance to get a better feel for the market, neighborhood, and styles of homes available.
With each house you tour, ask yourself these 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?CALL CENTURY 21 PATTY SNELL & ASSOCIATES. When it comes to making a deal, timing can be everything @ 205-553-6858
Making An Offer
When you find a home you want to buy, you'll make the seller an offer in writing. Your offer is typically the first step toward negotiating a sales contract. That's why determining how much to offer is more complex than simply determining a price. Because of the large amount of money involved, both the buyer and the seller need to protect their investments and limit their risk. This is why when you make an offer, you not only specify the price you are willing to pay, but also the other details of the purchase such as:
How you intend to finance the home
Amount of the down payment
Who pays the closing costs
What inspections will be performed
Whether or not 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 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 money spent to inspect the property, as well as other damages. For this reason, it's recommended you retain an attorney. Your attorney will advise you about what to 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 Century 21 Patty Snell & Associates agent can tell you how the property compares with the rest of the neighborhood.
Home 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's often considered a "seller's market." This may give you, the buyer, less room to negotiate your ideal price because there may be other people willing to pay more for the home.
If the market is "slow," then it's considered a "buyer's market." In times like these, houses often sit for longer periods of time without receiving acceptable offers. When reasonable offers do come in, sellers may be more willing to negotiate.
Seller Motivation
If an individual needs to sell quickly due to his or her personal situation, he or she may be more willing to negotiate.
Once you find a home and submit your offer, you then wait for the seller's response. The seller can accept, reject or counter your offer with one for a higher amount. This begins the process of price negotiation that continues until both parties either agree on a price or decide to go their separate ways.
Your Good Faith Deposit
Along with your offer, you'll provide a "good faith" deposit that demonstrates to the seller your serious interest in buying. This is one of the additional costs mentioned earlier. This money is deposited only once the offer has been negotiated and accepted by both parties.
CALL CENTURY 21 PATTY SNELL & ASSOCIATES. When it comes to making a deal, timing can be everything @ 205-553-6858
The Home Inspection
After you find a home and make an offer, a house 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 with the elements inspected varying by region, state, and/or your agreement.
The most common type is the General Home Inspection. A home inspector can provide you with a complete service that covers from the basement to the attic, as well as the exterior of the home, walls, chimneys, and fixed appliances such as refrigerators and stoves. Other specific elements that can be included: (not a complete list)
Termite inspection
Plumbing
Water Quality
Lead
Radon
Septic Tank
Asbestos
Electricity
CALL CENTURY 21 PATTY SNELL & ASSOCIATES. When it comes to making a deal, timing can be everything @ 205-553-6858
Indispensable Insurance
Before a mortgage company will approve your lending arrangement and allow you to close on your new home, they will typically ask you to show proof of title, title insurance, and homeowner's insurance. Your Century 21 Patty Snell & Associates agent or your mortgage representative can explain the details. Your real estate attorney can also provide counsel on title issues and title insurance.
CALL CENTURY 21 PATTY SNELL & ASSOCIATES. When it comes to making a deal, timing can be everything @ 205-553-6858
The Final Walk-Though
Before the closing and property ownership is transferred, you and your
Century 21 Patty Snell & Associates agent will want to visit your future house. This "walk-through" is an opportunity to ensure that the house has been left in the expected condition.
You should make sure that all the items the owner agreed to leave are still there, such as kitchen appliances. This may also include furniture and accessories listed in the final sales contract. If there are problems, discuss them with your CENTURY 21 agent and attorney. In some cases, you can ask for a discount or credit at the closing to cover missing items or last-minute damages to the property.
CALL CENTURY 21 PATTY SNELL & ASSOCIATES. When it comes to making a deal, timing can be everything @ 205-553-6858
The Closing
To be knowledgeable and prepared, ask your Century 21 Patty Snell & Associates agent and attorney to go over the details of the closing with you beforehand. The closing process can vary by area of the country and even within the same state.
Generally, the seller is required to provide clean title to the property at closing. Your Century 21 Patty Snell & Associates agent, mortgage lender representative, and real estate attorney/legal counsel can help you make sure all documents are provided and steps followed.
CALL CENTURY 21 PATTY SNELL & ASSOCIATES. When it comes to making a deal, timing can be everything @ 205-553-6858
Making a House Your Own
Now that you found your dream property, it is time to make your house a home. Visit
Dream, Discover, Do and find a whole range of products and services to help with your home remodeling , gardening and decorating needs.
CALL CENTURY 21 PATTY SNELL & ASSOCIATES. When it comes to making a deal, timing can be everything @ 205-553-6858
Making Your Dream a Reality!
Finding and buying a new home should be a rewarding experience. At
Century 21 Patty Snell & Associates, we know the search for your dream home is about more than just putting a roof over your head. It's an expression of your hopes and dreams, your lifestyle and values. It's a place to spend time with family and friends, as well as your personal retreat at the end of your day. It's about making changes for your future.
Century 21 Patty Snell & Associates agents are agents of change .. in 42 countries, 104 languages, 7,800 offices, 143,000 strong. We help transform dreams into reality.
CALL CENTURY 21 PATTY SNELL & ASSOCIATES. When it comes to making a deal, timing can be everything @ 205-553-6858
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