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Marilyn Hayes, Realtor
Hill & Company Real Estate

For Buyers: Overview

Some Advantages of Home Ownership

  • Historically, real estate has been demonstrated to be one of the better hedges against inflation.

  • Limited housing supply and a growing population often creates increased housing prices thereby improving the value of your long-term investment.

  • Mortgage interest and real estate taxes are tax deductible.

The Home Buying Process

  • Step 1: Consultation. During our first meeting I will listen to your wants and needs and walk you through the buying process.

  • Step 2: Pre-Approval. A lender will determine what loan programs may be available to you and suggest programs that meet your short and long term plans. A pre-approval letter can enhance your position when presenting an offer.

  • Step 3: Find a Home. I will help you find a home that fits your wants and needs.

  • Step 4: Make an Offer. Having found the home of your choice, I will do the necessary research to help you structure an offer. When the Seller responds to your offer, I will explain your options and negotiate on your behalf with the Seller.

  • Step 5: Manage the Escrow. When all of the conditions of the purchase agreement have been met, you will sign escrow instructions and deposit the balance of your down payment and closing costs to escrow. What is 'escrow'?

  • Step 6: Close Escrow. The ‘escrow closing’ signifies the change of ownership from the Seller to the Buyer and usually includes the execution and recording of the Grant Deed and Deed of Trust.

Frequently Asked Questions about Home Buying


What does it cost to buy a home?

Common costs in the purchase your new home are:

  • Price of Home: Your expense depends on your downpayment which ranges from
    0-100% of the purchase price.

  • Inspections: A general inspection can be several hundred dollars, and this may lead to specific inspections at additional costs.

  • Closing costs: Costs vary depending on the purchase contract and may include items such as various escrow fees, insurance, loan points & fees, transfer taxes, and prorated mortgage interest and real estate taxes.

What is 'escrow'?

Escrow is a process for handling the details of the transaction from the time the purchase agreement is accepted until title is transferred to the Buyer. An escrow is a temporary deposit of assets, such as funds and documents, with a neutral third party that makes sure that the terms of the purchase agreement are carried out. The money is released when the conditions of the contract have been met.


How long is an escrow?

The length of an escrow is determined by the terms of the purchase agreement and can range from a few days to several months. An escrow often takes an average time of 30 to 45 days.


How are real estate agents compensated?

A commission amount is negotiated between the Seller and the Seller's agent, and that amount is usually divided among the Seller's agent's Brokerage, the Seller's agent, the Buyer's agent's Brokerage, the Buyer's agent, and any referring agents. Real Estate commissions are traditionally paid at the close of escrow from the Seller's proceeds.


Do I have to work with the agent that is on the sign or at the open house?

No, I can assist you in buying any home. Home information on the Multiple Listing Service is shared and available to any licensed agent.


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Marilyn Hayes, REALTOR®, Hill & Company Real Estate

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