Drummond Community Bank
Drummond Community Bank
1627 N Young Boulevard
Chiefland, FL
352-493-2277
Mortgage Services
We Will Find The Loan That Is Right For You
Finding your new home can be an exciting time. Before you start your serious house hunting, take some time to make sure you’re prepared for the home buying process. Drummond Community Bank can help you with your home-financing needs, whether you’re staying in town or relocating.
•What Should I Know About Buying A Home?
•What's Involved With Selling My Home?
•Mortgage Pre-Qualification
•What You Should Know About Credit Reports
•Financing
•Applying For Your Loan
•Underwriting
•Closing The Deal
•Your Rights As A Consumer
•Loan Application
What Should I Know About Buying A Home?
Benefits Of Buying
Buying a home is a big decision. When making this leap, it’s good to remember the benefits of this investment. If you're currently renting, buying a home may be an added tax benefit. Because your home builds equity every month, you’ll save when you buy it, while you live in it, and possibly make more money when you sell it.
Costs Of A Home
Do a little personal assessment before you walk out your front door. Review your budget and factor in the costs of owning a home. Are you able to maintain a home and make the needed repairs? If you’re thinking of a bigger home, are you factoring in bigger utility payments as well? Don’t forget your down payment and closing costs. Often, owning a home can be cheaper than renting.
Making An Offer
All your searching has paid off and you’ve found the home you want. But before you start thinking of the perfect place to put your sofa, you need to get your offer accepted. Knowing how much to offer may take some thought; after all, the market conditions really affect sale prices. You or your real estate professional need to do a comparison market analysis on recent home sales. You may be able to find the sales information online through your county tax office or you may have to make a trip to the courthouse. Real estate professionals have an advantage since most of the sales information is recorded in the Multiple Listing Service for your area. If you are working with a real estate professional, ask to see the residential property disclosure on the home and find out:
•What’s the difference in asking price versus selling price in recent sales?
•How long are the houses in the neighborhood typically on the market?
•How long has the house you’re considering been on the market?
•Has the price been reduced and by how much?
•Do you know of any prior offers on the home?
You need this information to make a reasonable offer. Everybody wants to feel like they got a deal, but a seller may not take a low offer seriously enough to counter. It’s not uncommon in some areas for homes to sell well above the asking price. Be prepared to go back and forth during the negotiation process until a final number is agreed upon. Remember that generally verbal offers concerning real estate are not binding so make sure that all changes to your offer to purchase contract get made in writing and initialed by all parties.
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