Home Buying Tips

The best kept industry secret, top notch representation is available at no cost! The seller pays the fees and you get the benefit of frank and sincere counseling.

Not that long ago, the phrase “buyer beware” was the motto. Today, 87% of the entire population of home buyers use a Professional Realtor to represent them in a real estate transaction, even if they are purchasing a home for sale by owner.

As a buyer, you have the right to interview licensed professional real estate agents to be your representative, just the same as the home owner/seller interviews several agents to ensure they are getting the best representative for their needs.

At Jim Fulgenzi & Company, we have a complete “Home Buyer System” designed with you, the buyer, in mind. We will walk you through the entire home buying experience, as we want to ensure there are no surprises and all of your questions are answered. As a team, we pride ourselves on our ability to be there for you. We are always available to answer questions and point you in the right direction. Even after you have found your dream house and moved in, we remain your number one resource for getting problems solved and the little things done.

Financing for First-Time Homebuyers

For Home Buyers (Click to toggle answers)

What is the best time to buy a house?

Because many home buyers prefer to move in the spring or summer, the market starts to heat up as early as February. Families with children are eager to buy so they can move during summer vacation, before the new school year begins. The market slows down in late summer before picking up again briefly in the fall. November and December have traditionally been slow real estate months, although some astute buyers look for bargains during this period.

What is the difference between list price, sales price and appraised value?

The list price is a home seller's advertised price, a figure that usually is only a rough estimate of what the seller wants to get. Sellers can price high, low or close to what they hope to get. To judge whether the list price is a fair one, be sure to consult comparable sales prices in the area. The sales price is the amount of money you as a buyer would pay for a property. The appraisal value is a certified appraiser's estimate of the worth of a property, and is based on comparable sales, the condition of the property and numerous other factors.

Is a low offer a good idea?

While your low offer in a normal market might be rejected immediately, in a buyer's market a motivated seller will either accept or make a counteroffer. Full-price offers or above are more likely to be accepted by the seller. But there are other considerations involved:

Is the offer contingent upon anything, such as the sale of the buyer's current house? If so, a low offer, even at full price, may not be as attractive as an offer without that condition.
Is the offer made on the house as is, or does the buyer want the seller to make some repairs or lower the price instead?
Is the offer all cash, meaning the buyer has waived the financing contingency? If so, then an offer at well less than the asking price may be more attractive to the seller than a full-price offer with a financing contingency.

What should I do before I buy?

Clarify what it is you want and why.
Check your personal credit. Contact a credit bureau and request an inexpensive or complimentary report. Update and correct if necessary.
Save as much as possible for your down payment and closing costs. Sacrifice short-term luxuries for your long-term goal of home ownership.
Avoid using credit at all costs. This is not the time to assume another car payment, buy a boat or even apply for another credit card.
If someone is donating a substantial sum of cash toward your home purchase, deposit it in your savings account months before applying for a mortgage loan. Ask an attorney, accountant or loan officer about gifting rules.
If you are a Veteran, order your VA Certificate of Entitlement in preparation for choosing a VA mortgage.

What are some of the things Fulgenzi & Company does to help home buyers?

Preliminary interview with a team member of your choice.
Complete an information form on buying a home.
Secure a pre-approval letter from your lender.
Discuss your home buying needs and wants.
Determine which homes fit your criteria.
Look at prospective homes with your Realtor/team member.
Discuss and sign Buyer’s Agreement.
Finalize your home choice.
Make offer & sign agreement—including an earnest money check which is typically about 1% of the purchase price.
Aggressive and creative negotiating.
Sign the final contract.
Finalize your loan application.
Home inspections scheduled and completed.
Negotiate items of concern in the inspection report.
Final walk-through 24-48 hours prior to closing.
Coordinate all title, loan and closing documents and parties involved including lenders, other realtors, seller, inspector, appraiser, underwriter, attorneys, title preparer and closing agent.
Closing—completion of paperwork, exchange of money and keys and receipt of possession of home.
Move into your new home!