Invite US in and we will show you why WEICHERT® Works!
Homeownership is an investment in your future. Homeownership offers immediate benefits and
long-term value. It helps build wealth over the long term, strengthens communities, and has
been shown to reduce crime, improve education and increase community involvement. Purchasing
a home is one of the most important financial decisions you will probably make in your lifetime.
Are you currently renting and debating on taking the plunge into homeownership but aren’t quite
sure how this adds up in savings to your bottom line? Take a look at the information below that
shows buy your third year of homeownership you are ahead of the game by saving money and continue
to save from there forward.
The chart to th e right shows a cost comparison for a renter and a homeowner over a seven year period.
The renter starts out paying $800 per month with annual increases of 5% the homeowner purchases
a home for $110,000 and pays a monthly mortgage of $1,000.
After 6 years, the homeowner's payment is lower than the renter's monthly payment.
With the tax savings of homeownership, the homeowner's payment is less than the rental payment after 3 years.
Other reasons to buy:
There is a lot to consider when purchasing a new home. Having a clear sense of your reasons for
buying will help you choose the right property. A Realtor can help buyers stay focused on both
the emotional and financial issues that are most important in your current purchasing decision.
Preparing to buy a home is a bit like preparing for a very long journey. One of the most important steps you
have to take is to have your finances in order. And when it comes to owning real estate nothing is more
important. The following steps may be helpful when preparing to buy a home:
Find out how much home you can afford. Before you do anything else, find out how much home you can afford.
To do this, look online for a quality mortgage calculator (our website has one that works well under the Buyers tab).
Mortgage calculators show you how much home you can afford based on your income, an average interest rate, and
the length of the loan.
You also need to calculate your debt-to-income ratio, which shows the amount of your income going towards paying your
debts. The lower your ratio, the more likely you will qualify for a home loan. Find out if you can get a mortgage
before you begin searching for your dream home.
Your credit score also plays a role in your loan eligibility. If you have a higher credit score, you will be eligible
for better loan rates. If you have a low credit score, on the other hand, you should first learn how to improve your
credit score before you get pre-approved for a loan.
Get pre-approved. Take the time to get pre-approved before you begin looking at homes. In fact, many real
estate agents will provide you with different lenders available to sit down with you and walk you through the
Going through the mortgage-approval process can be a frustrating experience, so be prepared. In addition to all of the
paperwork, you have to answer a lot of very pointed questions about your income, net worth, and credit worthiness. The
BEST advice we can offer you here is to be completely transparent and share every bit of financial information you can
with your lender. This can help you avoid road blocks along the way resulting in a delay in closing or worse yet keep
you from closing on a home at all. Some typical items requested of you by a lender at the time of application are
Other fun financial facts to keep in mind from pre-approval to closing:
Find a real estate agent. Realtors know what matters to buyers and sellers in your market area. Realtors have the
expertise and experience to help you build on your investment. Your Realtor is there to act as your representative,
provide you with information about market prices, and help you find a home to best fit your needs and wants.
View our Weichert Realtors® - Porter Properties Agents.
As with many important decisions in life it helps to have an expert in the industry on your side. When it comes to
buying a property our Weichert® Realtors® can guide you through the process, provide you with access to properties
around Lee County that may not have hit the general market yet, provide market information so you can make an informed
decision, and provide access to all properties available in our local multiple listing service area.
Today’s typical home sale involves as many as 20 steps to complete the transaction. Realtors® work through the real
estate transaction process daily and understand how it affects the interests of their clients and customers. Realtors®
know how to position a home for sale, negotiate contract terms, manage inspections to ensure a smoothest settlement as possible.
According to the 2012 NAR Profile of Home Buyers and Sellers:
Not all real estate licensees are Realtors®. Only members of the National Association of Realtors® can call themselves
Realtors® and must subscribe to the National Association of Realtors® strict Code of Ethics as a condition of membership.
The term Realtor® is not a generic term; it is a registered collective membership mark identifying a licensed real estate
professional who is a member of NAR. The term Realtor® is NOT synonymous with “real estate agent.” There are more than
1.84 million active licensed real estate professionals in the U.S.;
1 million are members of NAR. Realtors® work in both residential
and commercial real estate as brokers, salespeople, property managers, appraisers, counselors and others engaged in all aspects
of the real estate industry.
All Realtors® must take comprehensive training on NAR’s
Code of Ethics. The Code is a comprehensive document
spelling out professional responsibilities owed to clients, customers, other Realtors® and the general public.
Realtors® take ethics training at least once every four years to retain their membership. NAR adopted its Code of
Ethics in 1913 and was only the second trade or business group in the United States to adopt mandatory ethical standards.
Consumers can read more about the Code of Ethics and can find a summary of the Code that explains how it benefits them at
Here are some helpful tips to use when choosing your real estate professional:
Now that you have spent time preparing yourself to purchase your new home it’s time to find the right
property for you!
Remember your Realtor at Weichert Realtors® - Porter Properties can help you with any property in
Lee County. Gone are the days you have to contact multiple agents or wait for different agents to
return your calls concerning each individual property. Choose your Weichert® Realtor and call them
with all your real estate questions & to set up showing appointments. One call is all it takes to
have a Realtor® ready to work for you, having your best interests in mind.
Getting to know the neighborhoods and complexes around Lee County will help create a more seamless process
when purchasing your home. From new construction to well – established neighborhoods, Auburn has a variety
of areas to choose from when making the decision to purchase your home. Familiarizing yourself with the
community will provide you with a sense of the areas you want to focus your home-buying efforts.
Once you have an initial idea of what areas you are interested in meeting with your Realtor® to start
narrowing your search is the next step in the process. Your Weichert® Realtor should have a variety
of questions to ask you to get you well on your way to homeownership.
Once you have chosen the property meeting the most items on your check list your Realtor® can help
you make an offer the seller will accept. Our Weichert Realtors® will research the potential costs
and expenses associated with your chosen property and outline these for you in your Estimated Buyer’s
Expense Sheet. Your Realtor® can also help you draft your offer in a way that gives you a competitive
advantage over another offer.
You have a fully executed contract and now it’s time to make sure everything goes smoothly
An executed agreement is a legal contract between a potential purchaser and the property’s
seller. Some important tips to keep in mind to guide you through the process:
Earnest money is a good faith sum of money given to bind a contract. Your contract outlines
how much earnest money you put forward to demonstrate your eagerness to purchase said property
and who is to hold the earnest money in their trust account. Your contract will also outline
how earnest money is to be handled if one party is to default on the contract. Remember that
earnest money is to be taken very seriously and shows your true commitment and willingness to
purchase the property.
Either a title company or an attorney will be selected as a closing agent. The closing
agent represents the lender if you are financing your home and will research the complete
recorded history of the property to ensure the title is free and clear of all encumbrances
by the date of closing and all new encumbrances are properly added to the title.
Once your offer is accepted by the seller you will need to have a licensed home inspector
examine the property within the timeframe that was agreed upon in your executed contract
to purchase. The timeline to address items noted in your home inspection is also outlined
in your purchase agreement. Since Alabama is a “caveat emptor” (buyer beware) state it is
highly recommended you have a home inspection done prior to closing on your property. You
may also elect to have different inspectors inspect the property such as those who specialize
in specific areas (i.e. roof, HVAC, structure…).
It is imperative you keep in close communication with your lender, who will let you know
when additional documents are needed to keep your loan process moving along. If the
contract is conditional upon financing then your property will be appraised by a licensed
appraiser to determine the value for the lending institution, via a third party. An
appraisal is an important part of the home buying process because it assures the lender
that the property has adequate collateral to make the loan.
Your Weichert® Realtor is an important asset in this step of the process because they
can help you navigate through the legal jargon, to ensure the contract closes in a timely manner
If you have come this far, then this means that it is almost time for a congratulations, but not yet.
Do not forget to tie up these loose ends:
More of a formality than anything else, the final inspection takes place a day before, or the day of
the closing. You will visit the property to verify that all is in working order, everything is the same
as when you last viewed the property, that there are no extra items left behind, and that everything
included in your purchase is still at the property.
We will provide a list of useful numbers for the activation of home services and utilities after the
We are ready to assist you should an unforeseen glitch pop up, even at this last stage. Something at the
property breaks down, or some other minor detail - no need to worry. We have encountered these problems
before so we know how to handle them efficiently and in a stress-free manor.
The closing agent will furnish all parties involved with a settlement statement, which summarizes and details
the financial transactions enacted in the process. You and the seller(s) will sign this statement, as well as
the closing agent, certifying its accuracy. If you are obtaining financing, you will have to sign all pertinent
documentation required by the lending institution. If you are unable to attend the scheduled closing,
arrangements can be made depending on the circumstances and the notice that we receive. If you are bringing
funds to the transaction, you can elect to either have the funds wired electronically into the closing agent’s
escrow account, or bring a certified bank check to the closing in the amount specified on the settlement
statement. The seller should arrange to have all property keys and any other important information for you
at the closing so that you may receive these items at this time.
Weichert Realtors® - Porter Properties © . All Rights Reserved.
Each Office is independently owned and operated.
472 North Dean Road Suite 200
Auburn, AL 36830 USA