Client Experiences
Suzanne and Gretchen were fabulous! They set realistic expectations and exceeded them throughout the process! They assisted with staging as well as communication with the buyers and their agent. We would highly recommend them!
Designed with you in mind, these buyer resources will help you along your journey.
Keep up to date on the newest listings in your desired area and price range by registering for our e-mail home search service.
Before you start shopping for your property, it is a good idea to make some preparations.
A green file contains all your important financial documents. You will need it to secure financing for your property. The typical green file should contain:
Your credit score will have a huge impact on what type of property you can buy, and at what price. It is first recommended to check your credit rating with an experienced lending institution so that we can determine what you can afford. The lender will research your credit ratings from the three credit reporting agencies Equifax, Experian and Trans Union. We will be happy to recommend experienced, knowledgeable lenders in the residential, construction, and commercial and investment real estate fields.
Now is not a good time to make sudden career changes or large purchases. You want to approach your property purchase from a position of financial stability.
Buying a property requires making many important financial decisions, understanding complex issues and completing a lot of paperwork. It helps to have an expert in your corner when undertaking such a large purchase. We can guide you through this process, and also provide you with access to property listings before they hit the general market.
Here are some factors to consider when choosing your real estate professional:
Once those preparations are out of the way, it is time to find the right property for you.
Get to know the neighborhoods, complexes, or subdivisions, which interest you. Drive around and get a feel for what it would be like to own a property in the area. Start getting a sense of the properties available in those areas.
Select a few properties that interest you the most and have your real estate agent make appointments to visit them. Ask your real estate agent about the potential long term resale value of the properties you are considering.
Once you have picked out the property you want to purchase, your real estate agent can help you make an offer that the seller will accept. A good agent will investigate the potential costs and expenses associated with the new property. An agent can also help you draft your offer in a way that gives you the advantage over another offer.
A signed purchase agreement is a legal agreement between buyer and seller. Some important tips to keep in mind to streamline the process:
A title company will be selected as a closing agent handling the title and escrow aspects of the transaction. The escrow agent will hold the earnest money in escrow and the title officer will research the complete recorded history of the property to ensure that the title is free and clear of encumbrances by the date of closing and that all new encumbrances are properly added to the title. Some properties are subject to restrictions which limit various activities such as building or homeowners association restrictions. There may be recorded easements and encroachments, which limit the rights to use your property.
You may wish to consult an attorney or tax advisor on the best way to hold the title. Different methods of holding title have different legal, estate and tax implications, especially when selling or upon death of the title holder.
Once your offer is accepted by the seller, you will want to have a licensed property inspector inspect the property within the time frame that was agreed upon in the purchase agreement. You may elect to have different inspectors inspect the property, if you wish to obtain professional opinions from inspectors who specialize in a specific area (eg. pest, radon, mold, septic, well, etc,). If you are purchasing a commercial property, then you will need to have an environmental audit done on the site for the lending institution. We can recommend several different inspectors.
Depending on the outcome of these inspections, one of three things may happen:
It is imperative that you keep in close communication with your lender, who will let you know when additional documents are needed to approve your loan application and fund your loan. If the agreement is conditional upon financing, then the property will be appraised by a licensed appraiser to determine the value for the lending institution, via a third party. This is done so that the lending institution can confirm their investment in your property is accurate. Appraisers are specialists in determining the value of properties, based on a combination of square footage measurements, building costs, recent sales of comparable properties, operating income, etc. When you are within two weeks of closing, we will double check with your lender to be sure all required items are completed and the loan will go through smoothly and on time.
If the property that you are purchasing is conditional upon an association approval, we will provide the rules, regulations, and other important documents from the seller as soon as you have an effective agreement to purchase. We will walk you through this process since each homeowners association is different.
If you are obtaining a loan, you will be required by your lender to purchase a certain amount of insurance on the property. Regardless, this is a good idea however you are paying for the house. The value will depend on the lending institution, or you, and the purchase price of the property. You may be able to save hundreds of dollars a year on homeowners insurance by shopping for insurance. You can also save money with these tips.
Increasing your deductible by just a few hundred dollars can make a big difference in your premium.
You may be able get a lower premium if your home has safety features such as dead-bolt locks, smoke detectors, an alarm system, storm shutters or fire-retardant roofing materials. Persons over 55 years of age or long-term customers may also be offered discounts.
After a disaster, the land is still there. If you do not subtract the value of the land when deciding how much homeowner’s insurance to buy, you will pay more than you should.
We will be happy to recommend experienced knowledgeable insurance agents for every property type.
If you have come this far, then this means that it is almost time for a congratulations, but not yet. Do not forget to tie up these loose ends:
More of a formality than anything else, the final inspection takes place a day before, or the day of the closing. You will visit the property to verify that all is in working order, everything is the same as when you last viewed the property, that there are no extra items left behind, and that everything included in your purchase is still at the property.
About a week before closing, we will provide a list of useful numbers for the activation of home services to be activated for the day of possession listed in the contract.
We are ready to assist you should an unforeseen glitch pop up, even at this last stage. Something at the property breaks down, or some other minor detail – no need to worry. We have encountered these problems before so we know how to handle them efficiently and in a stress-free manor.
The closing agent will furnish all parties involved with a settlement statement, which summarizes and details the financial transactions enacted in the process. You and the seller(s) will sign this statement, as well as the closing agent, certifying its accuracy. If you are obtaining financing, you will have to sign all pertinent documentation required by the lending institution. The title company will make arrangements with you to meet with a mobile notary for the signing of the closing documents. For the funds required from you for the transaction, the title company will reach out to you in a secured manner to provide wiring instructions to you. funds wired electronically into the closing agent’s escrow account, the amount specified on the settlement statement. The seller should arrange to have all property keys and any other important information for you at the closing so that you may receive these items at this time.
At The Gallmann Group, you’ll receive knowledgeable guidance, personalized service and a proactive approach backed by over 100 years of combined Cleveland-area experience. Our local expertise, proactive marketing and attention to detail help make every transaction smooth and well supported. Above all, we value the relationships we build and the trust our clients place in us.
