Buying A Home

1. A real estate transaction is complicated. In most cases, buying or selling a home requires disclosure forms,
inspection reports, mortgage documents, insurance policies, deeds, and multi-page government-mandated
settlement statements. A knowledgeable guide through this complexity can help you avoid delays or costly mistakes.

2. Selling or buying a home is time consuming. Even in a strong market, homes in our area stay on the market
for an average of ____ days. And it usually takes another 60 days or so for the transaction to close after an offer
is accepted.

3. Real estate has its own language. If you don’t know a CMA from a PUD, you can understand why it’s
important to work with someone who speaks that language.

4. REALTORS® have done it before. Most people buy and sell only a few homes in a lifetime, usually with
quite a few years in between each purchase. And even if you’ve done it before, laws and regulations change.
That’s why having an expert on your side is critical.

5. REALTORS® provide objectivity. Since a home often symbolizes family, rest, and security, not just four
walls and roof, home selling or buying is often a very emotional undertaking. And for most people, a home is
the biggest purchase they’ll every make. Having a concerned, but objective, third party helps you keep focused
on both the business and emotional issues most important to you.

1. How long have you been in residential real estate sales? Is it your full-time job? While experience is no
guarantee of skill, real estate, like many other professions, is mostly learned on the job.

2. How close to the initial asking prices of the homes you sold were the final sale prices?

3. What types of specific marketing systems and approaches will you use to sell my home? Look for
someone who has aggressive, innovative approaches, not just someone who’s going to put a sign in the
yard and hope for the best.

4. Will you represent me exclusively, or will you represent both the buyer and the seller in the
transaction? While it’s usually legal to represent both parties in a transaction, it’s important to understand
where the agent’s obligations lie. A good agent will explain the agency relationship to you and describe
the rights of each party. It’s also possible to insist that the agent represent you exclusively.

5. Can you recommend service providers who can assist me in obtaining a mortgage, making repairs on my
home, and other things I need done? Keep in mind here that agents should generally recommend more than
one provider and should tell you if they receive any compensation from any provider.

6. What type of support and supervision does your brokerage office provide to you? Having resources
such as in-house support staff, access to a real estate attorney, or assistance with technology can help an
agent sell your home.

9. What’s your business philosophy? While there’s no right answer to this question, the response will help
you assess what’s important to the agent—fast sales, service, etc.—and determine how closely the agent’s
goals and business emphasis mesh with your own.

10. How will you keep me informed about the progress of my transaction? How frequently? Using what media?
Again, this is not a question with a correct answer, but that one reflects your desires. Do you want updates twice
a week or don’t want to be bothered unless there’s a hot prospect? Do you prefer phone, e-mail, or a personal visit?

Finding A Home

We have access to all of the homes for sale in Casper that are listed in multiple listing and we work with "for
sale by owners", so we can represent you and find your new home. We can email you new listings as soon as
they come on the market.

Home Inspections

In the Purchase Contract there is a clause that gives you a specified number days to complete your inspections.
Should there be anything wrong with the property, you can ask the seller to repair or replace defective items.
If there is no agreement, you can terminate your contract and ask for your earnest money to be returned.

What Your Home Inspection Should Cover

Siding: Look for dents or buckling

Foundations: Look for cracks or water seepage

Exterior Brick: Look for cracked bricks or mortar pulling away from bricks

Insulation: Look for condition, adequate rating for climate (the higher the R value, the more effective the
insulation is)

Doors and Windows: Look for loose or tight fits, condition of locks, condition of weather stripping

Roof: Look for age, conditions of flashing, pooling water, buckled shingles, or loose gutters and downspouts

Ceilings, walls, and moldings: Look for loose pieces, dry wall that is pulling away.

Porch/Deck: Loose railings or step, rot

Electrical: Look for condition of fuse box/circuit breakers, number of outlets in each room

Plumbing: Look for poor water pressure, banging pipes, rust spots or corrosion that indicate leaks, sufficient insulation

Water Heater: Look for age, size adequate for house, speed of recovery, energy rating.

Furnace/Air Conditioning: Look for age, energy rating. Furnaces are rated by annual fuel utilization efficiency;
the higher the rating, the lower your fuel costs. However, other factors such as payback period and other operating
costs, such as electricity to operate motors.

Garage: Look for exterior in good repair; condition of floor—cracks, stains, etc.; condition of door mechanism.

Basement: Look for water leakage, musty smell.

Attic: Look for adequate ventilation, water leaks from roof.

Septic Tanks (if applicable): Adequate absorption field capacity for the percolation rate in your area and the size
of your family.

Driveways/Sidewalks: Look for cracks, heaving pavement, crumbling near edges, stains.

The Common Closing Closing Costs For Buyers

The lender must disclose a good faith estimate of all settlement costs. A check to cover your closing costs will
probably have to be a cashier’s check. The title company or other entity conducting the closing will tell you the
required amount for:

Down payment.
Loan origination fees.
Points, or loan discount fees you pay to receive a lower interest rate.
Appraisal fee.
Credit report.
Private mortgage insurance premium.
Insurance escrow for homeowners insurance, if being paid as part of the mortgage.
Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in
escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
Deed recording fees.
Title insurance policy premiums.
Survey.
Inspection fees—building inspection, termites, etc.
Notary fees.
Prorations for your share of costs such as utility bills and property taxes.

A Note About Prorations. Because such costs are usually paid on either a monthly or yearly basis, you
might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to
pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company
usually sends a bill each month for the gas used during the previous month. But assume you buy the home on
the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month.
The seller would owe for the first 5 days. The bill would be prorated for the number of days in the month, and
then each person would be responsible for the days of his or her ownership.

What to Keep From Your Closing

The Real Estate Settlement Procedures Act (RESPA) statement. This form, sometimes called a HUD
1 statement, itemizes all the costs associated with the closing. You’ll need for income tax purposes and
when you sell the home.
The Truth in Lending Statement summarizes the terms of your mortgage loan.
The mortgage and the note (two pieces of paper) spell out the legal terms of your mortgage obligation
and the agreed-upon repayment terms.
The deed transfers ownership of the property to you.
Affidavits swearing to various statements by either party. For example, the sellers will often sign an affidavit
stating that they have not incurred any liens on the property.
Riders are amendments to the sales contract that affect your rights. For example, if you buy a condominium,
you may have a rider outline the condo association’s rules and restrictions.
Insurance policies provide a record and proof of your coverage

5 Things To Understand About Title Insurance

1. It protects your ownership right to your home both from fraudulent claims against your ownership
and from mistakes made in earlier sales, such a mistake in the spelling of a person’s name or an inaccurate
description of the property.

2. It’s a one-time cost usually based on the price of the property.

3. It’s usually paid for by the sellers.

4. There are both lender title policies, which protect the lender, and owner title policies, which protect you.
The lender will probably require a lender policy.

5. Discounts on premiums are sometimes available if the home has been bought within only a few years since
not as much work is required to check the title. Ask the title company if this discount is available.

Tips For Home Buyers