Buying Memphis Real Estate
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The buying process:
While going through the process for purchasing Memphis real estate in the Greater Memphis Area; there are steps that should be taken along the way to help ensure a smooth transaction.
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Getting acquainted:
Katharine and Ed will spend time with you discussing your needs, preferences and desires for your home purchase. We will discuss your preferences in the size, styleand important features of the home you would like to purchase, discuss school issues, the different option in the various communities, etc. Then Katarine and Ed will locate suitable options for viewing
There is a distinctive difference in a $200,000 home in Collierville from a $200,000 home in East Memphis. The age, styles, schools and persona of the areas are totally different. Only through communication and research with you, the buyer, will a proper assessment of potential locations and styles of homes can be made.
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Pre-Qualification:
Our common goal is to assist you in finding your dream home. With that in mind we will help you in locating a highly qualified lender that has many products to offer their clients. Determining your purchasing power, and type of financing for your real estate purchase is essential in making you a strong buyer in the eyes of the sellers and their agents. You should be acquainted with "buy downs", interest only loans, 80/20 loan, 100% financing, FHA or VA and other HUD programs if you qualify for them. There are 100's of financing products out there all with their own pro's and con's.
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Beginning the search:
We keep track of the new listings daily to help ensure that the new and "hot" listings don't slip by or get sold before we have an opportunity to consider the home for viewing or purchasing.
There are thousands of homes for sale in the Memphis area. There are; as of 3/18/2006; 358 Collierville homes for sale. Your time is valuable, to save you needless viewings, I frequently call the listing agent or personally preview some or all of the homes, eliminating those, which upon closer investigation, do not meet your requirements.
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Scheduling Appointments:
After conferring with you, we will set up the appointments for your home showings, allowing plenty of time for a proper inspection. Having two full time real estate agents working for you allows for a variety of options when viewing Memphis area real estate. We can arrange to see a listing or two during your lunch hour, or one viewing on your way home after work, we can arrange for longer viewing periods on the weekends or week days if your time allows. Time now days is precious and hard to come by; we will work with you to make your time as productive and non-interfering to your daily routine as possible.
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Narrowing the prospects:
After viewing a selected variety of real estate and homes for sale, there will inevitably be a few that will stand out as possible contenders for an offer to purchase. We will discuss the finer details and pro's and con's of each potential home to ensure one or more meets your high standards and desires for your next home to be. We will schedule a 2nd viewing for these few homes further narrowing the process.
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Decision time:
Now we have narrowed the choices in a logical manner and it is time to discuss the best plan of action for presenting our offer. Katharine and I will produce a detailed Comprehensive Market Analysis of the home or homes you may wish to present an offer on. This Analysis will encompass all of the neighborhoods market activities in the last six months to help us determine what a fair market price range is for the home. This will provide the foundation for you to make an informed decision on what you are willing to offer to begin the negotiations and to what amount you feel comfortable finally paying for the home when it is all said and done. With the right information and guidance at hand, you will be on your way to procuring your next dream home.
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Purchase Agreement:
When you have made your informed decision on which home to make an offer on; we will fill out a Purchase Agreement. This is a contract offer to the seller. The offered price, closing date, type of financing, earnest money amount, asking for a warranty, and many other aspects are all covered on the Purchase Agreement Offer. We will guide you through the process making it as smooth of an experience with the best representation as possible.
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Negotiation Process:
Katharine and I will then present the offer to the seller's agent along with our accompanying paperwork and documents justifying our offer. The seller's agent will discuss and work our offer with his clients. In most cases a counter offer will be presented for our reviewing; and this process continues until an agreement is made between both parties or the negotiation are exhausted and discontinued.
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Time to relax:
After reaching a successful agreement on the home of your choice you can relax knowing Katharine and Ed Pierce will guide you through the rest of the process. We will work with your mortgage company ensuring they receive all documentation required for the loan. Keep track of the seller's responsibilities such as acquiring a termite clearance letter, and so on until you take possession of your new home.
