The key to making a good decision is to think about your home as both a sanctuary for your family and an investment. 

Be judicious about the neighborhoods and location you choose, and be sure to ask us about price and stability, historical appreciation, and potential resale value.

Look critically at the floor plan and structural elements - they cannot be inexpensively altered.  Try not to select your home based on decor such as carpet and wall coverings.  A home that is appealing because of its decor often loses its appeal when the decor moves out!  Besides - carpet, paint, and wall coverings are maintenance items that will not last more than a few years and certainly should not be primary considerations in a purchase that will require a 30 year mortgage.

The first step in finding the right home is selecting the right Agent.  We hope that's why you're here.  Our Agents can explain the agency relationship to you so that you know what your options are.  They'll work with you to refine your needs list and wants list, and they'll help you find the type of home and neighborhood you want.  They'll even help you arrange financing if you want them to.

Follow any of the links here to find out more about the home buying process, or if you're ready to get started, print out our Home Buyer's Checklist now.  It will help you keep track of the features of the homes you're about to see.

At any time in the process, feel free to call us and ask us for help and read through our Buying FAQ's below.  That's what we're here for, and if we don't have the answer to your question, rest assured that we'll get it!

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Buying FAQ's
Buying our home was a fun process--until we moved in.  We found out after closing that our furnace was bad.  What do you do to help people avoid these expensive frustrations?
Buying a home is a major investment.  And like any major investment, the investor needs to do a through due diligence investigation of the investment.  That means buying with your brain instead of your emotions.  In the case of real estate, you need to look the property over thoroughly from top to bottom, not just look at the carpet and room arrangement.  You need to look over the plumbing, heating, electrical, foundation, construction, windows, roof, etc.  You need to make sure you understand the condition of the property so you can make an informed buying decision.  Not that any house is in perfect condition.  Unless you're buying a newly constructed home, you're buying a used home that has experienced wear.  And it will be priced accordingly.  However, by looking it over thoroughly, you understand exactly what you are buying and avoid surprises.

Do most people know how to look for all those things?
No, most don't.  It's wise to have the major components of the property inspected by a professional.  Our Agents can give you the name of several reputable inspectors.

What does an inspector look for?
A good inspector will go through the home from the roof to the basement examining the electrical, plumbing, heating systems, some structural items, appliances, sprinkler system, etc.

How much does it cost?
Fees varying from $100 to $350 depending on the components of the home you want inspected.

I thought the appraiser looked the property over thoroughly for you.
The assignment of a certified appraiser is to give an opinion of your market value.  Generally, the lender requires the appraisal to document that the property has sufficient collateral value to secure the loan you are requesting.

Once the inspection is done, then what happens?
You will receive a written report from the inspector indicating major and minor flaws found in the property.

Does the seller have to fix everything noted in the inspection?
No!  The property was undoubtedly priced as a "used" property, including "normal wear and tear".  You can, of course, request the seller make certain as part of the negotiation process, but the seller is not required to do so.

Isn't the seller responsible for keeping the home in good condition?
Selling asset is a process of negotiation, and "good condition" differs from one person to another.

What happens if I don't have the home inspected and I find something wrong later?
That depends on the terms of the offer, of course.  But generally speaking, once the time for inspections has lapsed and/or if no repairs are required, the buyer then takes the property "as is".

So inspections are a good idea?
Our Agents always recommend buyers do good due diligence prior to buying any property, including obtaining inspections.  Call us at 307-235-5300 if you have other questions on this important issue.

Just how tough is it to get a home loan?
Not tough at all.  We have a  variety of loan products that we can tailor to fit most people's credit or financial profile.  Basically what we need to get an application started is information on your employment history, your most recent pay stub, information on your current debts, including credit cards, and some other minor details.

What about credit?  Doesn't your credit have to be squeaky clean?
Actually, with the number of loan products we now have to work with, we can generally place a loan, even for someone with a few boo-boo's on their credit rating.  If you've not had a bankruptcy or foreclosure within the last 2-3 years, we can generally find you a loan.  And sometimes even with those problems.

How can we find the best loan?
Your Agents are an excellent source of referrals to lenders who provide excellent service and competitive rates.  If you have had satisfactory dealings with a lender in the past, talk with them again.  If their rates are competitive, there is little reason not to do business with them again.  Be aware that almost all lenders will sell your loan, so dealing with a certain lender does not mean they will not sell your loan and you will then be sending your payments elsewhere.  Ask if they sell or retain loans if that is an important factor to you.

Is rate the most important factor in selecting a loan?
Of course rate is critical because you will be paying on the note for several years.  But a word of caution: today many lenders, particularly on-line lenders, catch your eye with low teaser rates and then make a profit on other "junk" fees they charge in the process.  It is critical that you ask them to disclose your Annual Percentage Rate before you lock-in or incur any non-refundable fees.  The APR will give you the true cost of your financing so you can directly compare offerings by different lenders.

You should also consider the length of time you will probably be in the home; if you plan to be there less than the seven years, and adjustable loan could well be your best bet.

Be aware that loan officers are often commissioned at different rates based on the profitability of different loan products to the lenders.  Some will push products which will net them a higher commission.  See "Truth in Lending" below.

What is a promissory note?
The lender will ask you to sign a promissory note as a "promise" that you will reimburse him for the money he has loaned you to buy your home.  It is a legal promise and you are liable for the balance owed on the note at any point in time; if you default in any terms of the note, the lender can call the note due.  All individuals signing the note are legally liable for the full amount of the loan.  If you later divorce, the divorce settlement will not relieve either spouse of full liability for the note, even if the other spouse gets the home with a quitclaim deed.

What is a mortgage?
A mortgage is a lien instrument the lender will record on the title record of the property as public notice that the property has been used as collateral for a debt owed to them.  Once the lien is filed in the public record, a subsequent buyer will not receive clear title to the property until the debt has been paid and a release of mortgage has been recorded as evidence of payment in full of the debt.

What is a discount point?
A discount point equals 1% of the loan.  Basically prepaid interest to equalize a loan made at below market rate with other loan investments.

What is earnest money?
An earnest money deposit shows your good faith in performing the contract.  It is lost to the seller if you don't perform but it applies to the purchase price if you do perform.  Earnest money is held in a trust account until full acceptance or closing.  It is not the same as option money.  Typically 3-5% of offered price.

What is a Truth in Lending Statement?
Lenders are required by the Real Estate Settlement Procedures Act to disclose to a borrower the total cost of any financing.  The Statement will show that cost in terms of an Annual Percentage Rate (APR) which includes all costs of financing as well as the interest rate charged on the loan.  With the disclosed APR, the borrower can compare costs of different loan products on an "apples to apples" basis.  The borrower should demand this disclosure before he commits to any loan.

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Choosing A Home    

When choosing a home there are things you need to look closely at on the homes exterior and interior.  

Exterior
  General Aesthetics

Good appearance from the street.

No sags in the roof line.

No missing/damaged shingles.

Age of roof, in years.

Siding in good condition.

Masonry has no missing mortar, cracks, or efflorescence.

Trim, soffits, and facial good condition.

Yard has good functionality and easy access to rear/alley.

Placement of windows takes advantage of any attractive views.

Check for negative drainage, cracks, crumbling.

Large trees are minimum of 30 feet from house.

Foliage is healthy and trimmed.

Sprinkler system works properly.

Check for warped frames and raised sills.

No non-weatherproof or hollow-core doors.

Check for peeling paint, rust, and signs of leaks.

downspouts and extenders.

  Foundation

No cracks more than 1/4" wide.

No negative drainage surrounding.

Basement windows in good condition.  Safe egress (exit)?

Interior
  General

Walls free from cracks, particularly above and below windows and doors.

All doors and windows work properly and do not bind or gape.

Windows can be cleaned from inside the house.

Floors are even.

Size of the important rooms accommodates your furniture.

  Energy Efficiency

Windows are good quality and energy efficient.

Exterior doors are weather-tight and in good condition.

Storm door hinges on the best side for the prevailing wind.

Are the attic and walls well insulated?  Is the insulation blocking vents?

Can you see evidence of roof leakage in the attic?

Utility bills indicate home is energy efficient.

Is the fireplace energy efficient or an energy loser?

  Floorplan

Living zone; room enough for general family activities.

Sleeping zone; suitable for your family in terms of privacy and proximity.

Storage zone; sufficient and accessible.

Adequate closets and linen storage in bedroom zones.

Welcoming entry area.

Entry closet.

Access to the back yard from the kitchen.

Can you view the back yard if you have young children?

Does backyard/garage traffic go through the middle of the kitchen?

Is there access from the garage to the back yard?

Size of room and wall arrangement allows functional furniture placement.

Dining area accommodates sufficient seating and allows for circulation when people are seated.

Is there a wall for dining room hutch?

main bath has good access from living and bedroom areas.

Flexible spaces for multi-use.

  Basement

Usable as living space or primarily for storage.

Basement bedrooms have egress (exit) windows.

Basement ceilings are of sufficient height for tall people.

Bath or roughed-in plumbing for bath.

Basement floor is not cracked, heave, or sloping.

No large cracks in exterior walls.

No alkali deposits along floor joints or cracks.

Exposed joists and walls appear solid.

No evidence of mold or mildew.

Floor drain(s) properly located.

  Flooring

General condition acceptable, particularly in traffic areas and stairs.

Check for pet stains.

  Fireplace

No crumbling masonry.

Masonry flue or Metal flue

Last cleaned date___________

Draws well.

  Bathrooms

No leaky faucets or drains.

Tile grout OK.

Drywall behind tile is not spongy.

Adequate water pressure.

Fixtures in good condition.

No "sponginess" in flooring around tub or toilet.

  Kitchen

Adequate counter and cabinet space.

Number of drawers.

Adequate lighting.

Sufficient electrical circuits and outlets.

Appliances OK and in good working condition.

Access to garage and play yard.

  Plumbing

Shut-off valves under sinks.

Condition of pipes.

Clean-outs.

Condition, size, and age of water heater.

  Heating

Capacity of furnace.

Remaining useful life.

Adequate number of boiler zones.

Location of thermostats within the home to properly call for heat.

  Electrical

Service amperage is adequate.

Capacity remaining in breaker box.

Adequate number and placement of electrical outlets.

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