• Buying a Home the Traditional Method

•Buying a Home at Auction

Why You Should Use a REALTOR® in Your Home Search

Buying a home is probably the largest investment you'll make in your lifetime. Having an experienced, knowledgeable Real Estate Showcase professional representing you in this transaction just makes good sense.
Buying a home is not like buying a car, a mutual fund or other commodity. It can be a life-changing event. Real Estate Showcase agents fully understand the real estate process – and just as important, they understand your local market.
Of course they know the right steps to take, but they can also help you avoid a misstep in your home purchase. If a new freeway is going to be built a few blocks away, they'll probably know it. If you're unsure about school districts, they'll be able to direct you to answers. If you're unsure of a builder's reputation, they'll know how you can confirm it.
Your Real Estate Showcase Sales Associate also performs another important function: minimizing the emotion involved in a home transaction. You may be in love with a home, but your agent can point out factors that might not make it right for you.

To locate a Real Estate Showcase Sales Associate, visit the Meet our Staff page.

• Buying a Home the Traditional Method

Contact a REALTOR®

A Real Estate Showcase Sales Associate can help you through the entire process of buying a home, starting with the mortgage and continuing right through closing – and into the future. Your REALTOR® can help you shop for the best interest rate and terms and, if you wish, suggest mortgage lenders.

Get Pre-approved for a Loan

Your first step should be to contact several local & respected lenders and determine which one will give you most favorable terms. Review your credit score with your lender. The higher your credit score, the better interest rate you can command. Your Real Estate Showcase Agent can assist you with a list of reputable lenders. Your lender should be able to provide you with a pre-approval letter, along with a "good faith estimate" of all closing costs associated with your mortgage.

Determine Your Price Range and Area(s) in Which You're Interested

By now you should have a good idea of how much home you can afford. This will help your Real Estate Showcase Agent narrow down your home search. You should also begin researching the neighborhoods in which you might want to live. Your Real Estate Showcase agent can help with this as well.

Decide Which Amenities and Features You Must Have – and Which Ones Would Be Nice but not Necessary

How many bedrooms and bathrooms do you want? Would you prefer a newer home or an older one with established landscaping? Are hardwood floors a must? Is an updated kitchen important to you? Walk-in closets? Which features would you be willing to give up if you find the otherwise perfect home?

Begin Testing the Market

Right here on www.reshowcase.com you can find listings that meet your criteria. Identify properties that seem to be fit needs and wants, take an afternoon and go on a driving tour. See what's available in your price range and explore neighborhoods.

With Your Agent, Begin Seriously Looking at Homes

Your agent can add to the list of homes you've already identified – including ones that are "new" on the market. Look at homes with a critical eye – does the floor plan work for you, is the property in good condition, would it be right for your lifestyle? In short, can you imagine yourself and your family living there? Take notes at each home you visit. What do you like and not like? Narrow down your choices; re-visit homes in which you're interested. See them at different times of the day.

Make an Offer

When you've identified the home you want to buy, your Real Estate Showcase Agent will help you prepare a written offer quickly. Your agent will be familiar with market values and will help you arrive at a price that gives your offer the best chance of being accepted.
At this stage, try not to become emotionally attached to a home. Your offer may not be accepted for any number of reasons. Have backup homes in mind. Be prepared to negotiate through your agent with the sellers.

Once Your Offer Is Accepted:
• Have the property professionally inspected.
• If necessary, request repairs.
• Obtain homeowner's insurance.
• Contact utilities (phone, water, power, etc.).
• A few days before closing, stage a walk-through.
• Obtain a cashier's check for the down payment and closing costs.
At Closing: • Make sure the terms and conditions of the loan statement are correct. • Carefully read everything before you sign.

ENJOY YOUR NEW HOME!

• Buying a Home at Auction

Buying at Auction

Auction is a different method of marketing a property that is "For Sale." When purchasing real estate through conventional means, the terms and conditions are negotiated back and forth between the buyers and the sellers. At auction, the terms and conditions are set and the only unknown is the PRICE!!! This allows you to do all your due diligence prior to the auction and have an estimated price of what you wish to bid.

Auction Day Tips

Real Estate Showcase will have information available on the property and be ready to answer your questions regarding the property or the auction process. The successful will be required to sign the real estate purchase agreement and addendums and deposit the pre-determined earnest money. Auction advertising will specify the earnest money amount required the day of the auction.

Title Insurance

Title insurance assures you a clean, clear, marketable title to the purchased property. Title insurance will be offered on the property. The cost of the title insurance is in most cases shared between the buyer and the seller.

Closing

The real estate purchase agreement will usually call for the closing on or before 30 days following the auction. Customarily, the closing cost in most instances will be shared between the buyer and the seller. When marketable title is obtained and both parties are prepared to close, we often accommodate the buyer with an earlier closing. Fro most parties time is of the essence for both the buyer and the seller and our services cater to the needs of both parties.

Possession

Keys and possession will be given at the time of closing subject to existing lease or rental agreements, if any.

Taxes, Leases and Rents

All previous years taxes will be paid prior to or at closing by the seller. Current year taxes, leases and rents will be prorated to the day of closing.

Absolute Auctions vs. Seller Confirmation

• Seller Confirmation - A seller confirmation auction is when the seller is able to set a minimum amount that the property must bring the day of the auction. If it does not meet the seller’s expectations they have the right to decline the offer on auction day.
• Absolute Auctions - An absolute auction is when the seller is willing to take any offer on the day of the auction regardless of price!!

Properties Sell "As Is", in Present Condition on the day of the auction. All inspections must be done prior to bidding on the property.
Information given is from sources deemed reliable but NOT guaranteed by the seller(s) or the Realtor(s) / Auctioneer(s). Announcements made the day of the auction shall take precedence over anything previously stated or printed.

Getting Ready

The 30 days leading up to the auction is the time for you to get questions answered, attend open houses of the homes you are interested in, and determine what you can afford to spend. The actual auction is simply the time to offer the price you are willing to pay for those properties.

Auctions Go Fast!

The auction itself moves fast. First-time attendees are usually surprised to learn that the sale they are attending is over within a few minutes. In many cases, if the auction is for a single home with nothing else to be sold, the entire process lasts less than 15 minutes. So, don’t be late!

Registration

On auction day, prospective buyers register for a bidder number by showing a valid driver's license and filling out some simple information. The registration period usually begins from 1 hour to 2 hours before the scheduled auction time. There is no fee to register at the auction and high bidders may use cash or personal checks for down payment. You can also get all last minute questions answered and tour the home one final time if you wish.

Before the Bidding Begins

The auction begins promptly at the appointed time with opening remarks summarizing, for the record, the terms of sale, the methods of bidding and any last minute changes or disclosures. These comments usually take only a few minutes, concluding with the auctioneer answering any final questions. Then the bidding is ready to begin!

"Buyer's Choice" (Available at some auctions)

If there is more than one property or parcel being offered, the "buyer's choice" method is often used. In a "buyer's choice" sale, items will be numbered or lettered for identification purposes. The number or letter will not relate in any way to when the property will be sold. Instead, each time the auctioneer says "sold," the person with the high bid will choose which parcel(s) or property(s) they want to purchase by announcing the number(s) or letter(s) describing that property(s) or parcel(s). The high bidder can take as many parcels or properties as they want from those that remain unsold, and in any order or combination. His or her high bid is simply multiplied by the number of properties or parcels they have chosen at that time. Once chosen by a high bidder, and unless otherwise announced, that property is "sold" and no longer available. It is therefore very important that bidders realize if they do not have the high bid, the property or properties they want could be chosen (sold) to the high bidder and will no longer be available. Sometimes, the high bidder will choose many properties at once, and in some sales, choose every property available, thereby bringing the auction to a close. "Buyer's choice" allows buyers, not the auction company or seller, to determine how, when and at what price they will purchase property.