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The Home Buying Process and Working with an Agent

Finding a home for sale in Bloomington is easy. Finding a home that fits your needs takes experience. Lots of websites display all Bloomington home listings and tax assessor information, maybe a sold price. But is that all the information you really look for? For example, a major real estate search engine shows a property on an outdated map that looks like it backs up to a field. It could really be just a field, or it could be an already developed area of land, maybe a new subdivision. If you were looking for something offering privacy, would that matter to you?

If you are looking at a condo in Bloomington, many HOA fees vary around town. How the HOA money is spent/budgeted can vary as well. It is also important to think about the cost of the fees when thinking about resale and how it would compete with others on the market. Also, you want to make sure that you are getting your money’s worth, knowing the siding will be powerwashed, roof replacement is on order/in the budget, etc.

Maybe you are looking for a campus investment property to buy while some of your family attends Indiana University. You may get information about the rental occupancy online, but there are more steps to it than that. There are city jurisdictions and permits reflecting expiration dates that are important to know. When a permit for a campus investment property is up for renewal, it has to be inspected by the Housing and Neighborhood Development Department. Certain items of safety including window size for fire escape and handrails have to be corrected before a permit is even issued.

Before looking at homes, a F.C. Tucker agent will answer any questions you may have in the process of buying a home. They will discuss the MLS system and what certain abbreviations mean (DOM = Days on Market, FROG = Family Room Over the Garage, FRPL = Fireplace) They will ask what your preferences are for schools.

The associates of F.C. Tucker/Bloomington REALTORS® are Bloomington‘s Real Estate experts. They have the experience and know-how to help you Buy or Sell your House or Property in Monroe County. As one of Bloomington, Indiana’s most trusted full-service Real Estate companies, F.C. Tucker/Bloomington assists hundreds of residents each year Buy and Sell Homes and Land. We take great pride in providing professional Real Estate services with integrity. Our goal is 100 percent client satisfaction.

Whether you have a Home or Land for Sale near Lake Monroe or you want to Buy Houses or a condo near Indiana University, our in-depth knowledge about Bloomington-area residential and Commercial Properties is unmatched. The experts in Monroe County Real Estate can help you meet your Real Estate goal.

 

 

Writing an Offer

Found a home you like? Great! Putting together an offer with an Agent
will generally consist of these steps:

1. Write an offer. Submit it to the listing agent along with pre-approval letter from your Lender.

2. Counter offers might happen, and need to be responded to in a timely fashion to avoid hiccups. Also make sure to review any documents or disclosures tied to the property such as covenants and restrictions.

3. Once you come to an accepted offer, you will need to submit your earnest money, and the check made payable to the Listing Company.

Inspections, Appraisal, Loan Appoval and Title Commitment

1. Submit accepted offer including any counter offers or amendments to your Lender. This will start the loan process and your lender will order an appraisal and submit everything to underwriting for approval. Depending on the type of loan, this process can take anywhere from 10 to 14 days.

2. Order any inspections you deem necessary. Home inspections cover the home only, you may also order inspections for termites, radon, lead based paint (if applicable), etc. Inspection times can be tied up during busy seasons so it is important to schedule them quickly. Your agent can provide referrals if needed.

3. Generally the seller orders the title work. There is a place in the offer for the Buyer to select it, but title insurance may be cheaper if they processed the transaction before. The title insurance comes as two policies, and owner policy and lender policy. Traditionally the Seller purchases the owner policy and the Buyer purchases the lender policy. Once title commitment is written, your agent will go over the policy with you to review it is correct.

Loan Approval and Closing

Typically the closing date is agreed to in the accepted offer, but may be moved earlier or later if both parties are willing to agree. Once you have loan approval you'll need to order Homeowner's Insurance, and bring a receipt (12 months of insurance) to closing. You will also need to get all utilities transferred into your name the day of possession, which is usually the day of final closing. You will also need to check with your lender how much money you will need to bring to closing, unless you plan on doing a wire transfer. Also, you will need a form of identification such as a driver's license. At closing the title company will review all documents related to the transaction including your mortgage. If funds are received, and possession is due on day of closing, you'll get keys to your new home. Congrats!

F.C. Tucker/Bloomington, REALTORS
Independently Owned and Operated
A leader in residential and commercial real estate for Bloomington Indiana

The associates of F.C. Tucker/Bloomington REALTORS® are Bloomington‘s Real Estate experts. They have the experience and know-how to help you Buy or Sell your House or Property in Monroe County. As one of Bloomington, Indiana’s most trusted full-service Real Estate companies, F.C. Tucker/Bloomington assists hundreds of residents each year Buy and Sell Homes and Land. We take great pride in providing professional Real Estate services with integrity. Our goal is 100 percent client satisfaction.

Whether you have a Home or Land for Sale near Lake Monroe or you want to Buy Houses or a condo near Indiana University, our in-depth knowledge about Bloomington-area residential and Commercial Properties is unmatched. The experts in Monroe County Real Estate can help you meet your Real Estate goal.

487 S. Clarizz Blvd. Bloomington, IN 47401
Office: 812-336-7300
Toll free: 800-837-0601
E-mail: fct@TuckerBloomington.com

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