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For
some, the experience of owning a home fulfills a life-time dream.
Home ownership provides a sense of freedom that’s hard to find
in most rented residences; having your own garden or stretch of
real property, being able to shape your living space to suit your
own tastes and interests, that’s all part of the American Dream.
Economic advantages in
owning a home:
Reducing
your taxability. Currently, most homeowners can fully deduct
the cost of real estate taxes, interest on mortgages, and certain
other real estate fees for income tax purposes.
Building a hedge against inflation. Depending on market
conditions, most homes in value, sometimes significantly - and
provide a substantial source of equity.
Looking appreciate beyond
month-to-month cash requirements also reveals that the true cost
of owning a home might be substantially lower than renting.
HOW IT HAPPENS
The process of funding a home, making an offer, negotiating, and
finally closing the purchase, can be greatly simplified by an
associate at Steed Real Estate who is ready to help you through
each stage of the process.
1. Start by talking. Knowing your interests, your needs and your
financial capabilities will help us define your choices.
2. In many cases our associate will show you a variety of homes.
This will help you to further decide exactly which style of home
and community you prefer.
3. When you’ve narrowed your choices to a particular home, a
binder or “offer to purchase” agreement will be prepared for
your approval. This agreement is the first step in the purchase
negotiation process. It conveys in writing, your price offer, and
other purchase terms you request.
4. Your REALTOR Associate will promptly present your offer
to the seller. If the seller accepts your offer in writing, most
sellers’ attorneys require you to pay a further deposit toward
the purchase price upon signing a formal contract (usually10%
within 30 day).
5. Conditional terms,
usually specified in your offer, must then be met before the sales
contract becomes binding.
Typical
conditions and time frames:
Attorney
review of Purchase
Offer (within 3 business days).
Water
and Insect inspection (within 7-14 days)
Structural
inspection (within 7-14 days)
These activities can run concurrently.
We recommend inspections depending upon your circumstances. Some
lenders will not approve a mortgage loan unless the results of
certain inspections are favorably certified.
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