David Carr

New Haven County Connecticut REALTOR

 The Foundation of Your Success in Real Estate Since 1996

Parts of Your Real Estate Transaction

A) Mortgage Pre qualification with David Carr:

A pre qualification is the first step in deciding how much you will pay for your home. Here you will discuss your financial history with a mortgage originator (go to mortgage links. This person will be able to direct you to the best loan programs for your personal needs. Ask about a CHAFA mortgage, an FHA mortgage, a first time buyer mortgage, 3% down mortgage, 100% mortgage and conventional mortgages. Once you have completed the initial pre qualification you will know what you will be able to borrow, and how much it will cost per month to own your home!
 
 

B) Mortgage Commitment/Approval:

Pre Approval/Commitment gives you the buying power of being a Cash Buyer. When you are pre approved you will have completed a mortgage application, which will be submitted to a lending source by your mortgage originator, and will be approved by the lender. This approval will come in writing, and will tell you how much you are qualified to borrow, and how long the Mortgage Company will make this money available to you. Pre approvals usually last 60 days, and can be upgraded when you resubmit employment verification and a current bank statement.

Once you have been approved, you will have verified buying power when we submit your offer to a Seller. The Seller will know that you have money available to purchase their property. This is preferred over the buyer who submits an offer to purchase but can not prove to the seller they will be able to borrow the money because a full application has not been made and approved.

C) Initial Property Identification with David Carr:

You probably have an idea of the kind of home you always a wanted, such as the number of bedrooms, bathrooms, fireplaces, building style, garage spaces, acreage, square footage, heating supply, etc. You also have an idea of where you would want this home to be.

As your exclusive buyer agent, I will give you descriptions of all the homes that fit your personalized home search. Once you have these descriptions, you will be free to drive by the neighborhoods and look at the homes, on your own time schedule.

After helping many people find homes, I am convinced people like the freedom to drive around with their family and significant others to make initial surveys of the new neighborhood. You will have viewed the home from the street, felt the surrounding neighborhoods, found out what school serves the area( from MLS info) and considered the location of the home to shopping, doctors, etc., BEFORE YOU EVEN GO INSIDE. This process allows you fullest exposure to the total Multiple Listing Service in the least amount of time.

D) Private Interior Showing of Your Favorite Selections with David Carr:

Once you have selected the homes you most want to live in, we will make an appointment to look at the interior of your choices. As your Exclusive Buyer Agent I will view all the homes you want to look at, with you. This is an important point for the following reasons:

Firstly, you will not experience a different real estate agent selling you each home you want to see. Instead, we will look at the home as a team,  objectively, with your needs in mind. . You are going to make the decision to purchase based on all the homes you look at, compared with the ideal vision you have in mind.

Secondly, the listing, or showing agent has a primary responsibility to represent the best interests of the seller, not you, the buyer. The agent will not point out negative factors about the home or neighborhood they are listing, because they want you to buy their listing. As your Exclusive Buyer Agent, David Carr is available to bring many factors to your attention.

Thirdly, as we go from home to home, you will be remembering and processing alot of comparative information about the different homes you see. As your Exclusive Buyer Agent, I will help you compile the information and maintain a preference ranking of the homes you see. This is critical if you are going to preview a specific market segment, then make an informed selection from that inventory. When we go back to view your favorite homes the second time we may request the listing agent to point out specific attributes of the home.

E) Comparable Market Analysis with David Carr:

Once you have completed the preview segment you will undoubtedly want to make an offer on your favorite home. How will you know you are not overpaying? As your Exclusive Buyer Agent, I will provide a report on recent sales of similar homes in the area over the past 6-8 months. By looking at the selling price of similar homes we will be able to determine the current market value of your prospective purchase. The price of real estate is market driven by demand and supply. Often the listing price is what the Seller wants to get for their property. This is not necessarily what the current market value of the property really is.

F) Presentation of Your Offer with David Carr:

As your Exclusive Buyer Agent I will assist you in the writing and presentation of your offer to the seller. We will structure the offer so it fits your time frame, and best interests. We will include specific items that may be of questionable ownership at time of closing, as well as financing considerations and inspection contingencies. We will consider the number of offers made, length of listing and current demand for the style home, when making your offer. We will have a confidential target price, which will guide our negotiations.

G) Negotiation of Your Offer with David Carr

As your Exclusive Buyer Agent we will negotiate your offer together, following presentation of your offer. I will provide opinion regarding the counter offers, and attempt bringing the seller close to your target price. We will come to agreeable terms on the price, while keeping your target price in focus. This part may take up to a week , or as little as a day, as both parties consider making concessions in order to complete the transaction.

H) Securing Signatures

Once your offer has been accepted, your position must be confirmed with an executed contract. It is my responsibility to get the signed contract to you, your lawyer and your mortgage company.

I) Completing Your Home Inspection with David Carr

You have the right to have your new home inspected, in the time period specified in your sales contract, by a professional home inspector, who is preferably a member of the American Society of Home Inspectors. The State of Connecticut does not license home inspectors.

If there are issues, which were not apparent at our prior inspections, we can request the SELLER correct the problems. If the issues are insurmountable, you have the right to cancel the contract in the specified manner, and get all your money back from the SELLER. You will have to pay the home inspector, regardless.

If you are borrowing from FHA or C.H.A.F.A., there will be additional inspections done by the bank that address interior cosmetics, roof, structure and electrical issues.

J) Getting Mortgage Commitment

Your lender will have completed your file and ordered an appraisal of the property by the time the home inspection process is complete. The lender, who wants to be assured that the value of the home is what you are paying, will do the appraisal. If the appraisal comes in less than what you are paying, I will help you to address this issue with the SELLER. You will not be required to purchase the home if it comes in under appraisal, unless you decided to pay the difference out of your pocket. We will evaluate this scenario if, and when, it happens.

K) Preparation for Closing with David Carr:

I will work with your attorney to assist you with any issues that arise in this period.
 

L) Closing Day with David Carr:

First, we will meet at your new home one hour before closing to do a final walk through. At this time we will look for any problems that may have developed since we were there for the inspection. We will check to see that the SELLER corrected the inspection issues. If there are any concerns, I will talk with the SELLER'S agent and communicate the concern to your attorney.  Additional concessions by the seller for uncompleted inspection issues will resolve this rare problem at closing.

Now it's off to your attorney. In an hour you have signed more papers than you ever imagined. Your hand is tired, but you will walk out of the attorney's office the proud owner of your own home. Congratulations.

AFTER THE CLOSE

I will be here, your new neighbor, David Carr. Anytime you have a question about something regarding your new community, feel free to call. It is my desire to help you acclimate to your new home with the most ease possible.