Q:  Why should I buy a home, instead of renting?

A: Number 1, you will have a sense of personal satisfaction owning
your own home. You will be able to create your own private space
that is unique to you. When you own, you can do it all your way!
Another benefit of owing is that you can deduct the cost of your
mortgage loan interest from your federal income taxes. In the
beginning, interest will compose nearly all of your monthly
payment, for over half the number of years you will be paying
your mortgage. This can add up to BIG savings at the end of each
year. You are also allowed to deduct the property taxes you pay
as a homeowner. Another financial plus in owning a home is the
possibility of the home increasing in value over time. If you rent,
you write your monthly check and it is gone forever. At the end
of your lease, you have nothing and face the possibility of increasing
rental rates.

Q:  Why should I use a Realtor?

A: Using a realtor is always very good idea. We can assist you with the details involved in home buying, particularly the financial ones. We can guide you through the entire home buying process and make the experience much easier and convenient for you.

Q:  What is the first step in the home-buying process?

A: A good first step is to obtain counseling from a REALTOR® or lender. Most real estate agents and lenders recommend that homebuyers get pre-qualified with a lender before selecting a home to purchase. With pre-qualification, you can determine which loan program best fits your need and which programs you qualify for. You will know exactly how much you are qualified for and your monthly payment will be set. This will allow you to budget your money before making this large investment. It shows you what the down payment and closing costs will be. If you are a first-time buyer, you may be able to qualify for a special first-time buyer program, which may allow you to afford more home for your money.

Q:  How much money will I have to come up with to buy a home?

A: The amount of money required to purchase a home depends on a number of factors, including the cost of the house and the type of mortgage you get. In general, you need to come up with enough money to cover three costs: earnest money, down payment and closing costs. When you make an offer on a home, your real estate broker will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you.

Q:  How do I see properties that are For Sale?

A: At Nest Quest we require you to first be pre-approved with a reputable lender or in our mortgage department before searching for property. This will help you understand how much you can afford, and also if you write an offer the seller will probably require that your offer be accompanied by a pre-approval letter. Next step is to decide what type of property you need. At NestQuest.com we are committed to helping you find your dream home. We give you a number of options FREE and with no OBLIGATION: we can provide you with current listings for you to drive by with or without an agent, New listings can be emailed to you daily, or you can search the entire MLS service by your self through this website's. When you find an interesting property we can make an appointment to view it.

Q:  I saw a house for sale with another company. Can you show it to me?

A: Absolutely! We are members of the 2 local Multiple Listing Service (MLS) and we have access to virtually every property for sale in this market. To save you time, hassles and duplicated effort, call us for information on any properties you see, including:

- All homes marketed on our nestquest.com website
- All properties listed by other brokers through the Multiple Listing Service (MLS)
- Properties not necessarily on the open market yet
- Many properties offered "For Sale By Owner"
- Properties that are advertised in news papers, real estate Magazins on the Internet, open houses or any property displaying a "for sale" sign

Some buyers like to work with four or five salespeople with the idea that a "committee" can accomplish more than one person. Often times, because buyer is not committed to one salesperson, no one is spending extra effort on the buyer's behalf.

The best approach is to shop for a sales associate that you feel will get the results you want and then stick with him or her exclusively. In this way you will have a dedicated agent who will take on the personal responsibility of handling all the details of your upcoming home purchase. If you give your loyalty to one person, you will be rewarded with results.

Let Nest Quest be your single source for property information in the Big Horn Basin.

Q:  What does the term "As-is" mean?

A: The term "as is" means the seller is not going to make any repairs to the property. This, however, does NOT mean that the seller is exempt from disclosing known problems with the property. The seller must disclose all known defects to the buyer. Not disclosing known defects is fraud, a very serious crime. Homes sold "as is" often bring a lower sales price, as the buyer will make price adjustments for known, necessary repairs. It is wise, and recommended, that the buyer have a professional home inspection done on the property.

Q:  Tell me about the inspection

A: The contract will almost always allow you to perform inspections of the property (electrical, plumbing, roof, foundation, etc.), all within a specific time periods. Your agent will not perform the inspection for you, many people hire a professional inspector. Regardless of what you do, you must understand that it is your choice. Inspections have time limits and specific ways of being handled. Be sure to discuss this with your Agent.

Q:  Is a termite inspection required?

A: For conventional loans, the investor or lender will require a termite inspection if there are visual signs of infestation. All government loans require a pest inspection on any structure that is ground level or of total wood construction (including condos). It is always wise and highly recommended to have any home inspected for termites regularly.

Q:  What if my offer is rejected?

A: Your original offer is often rejected for one reason or another. But do
not let that stop you. Now you begin negotiating. I will help you. You
may have to offer more money, but you may ask the seller to cover some
or all of your closing costs or to make repairs that would not normally
be expected. Often, negotiations on a price go back and forth several
times before a deal is made. Just remember, do not get so caught up in
negotiations that you lose sight of what you really want and can
afford! I can help you keep on track.

Q:  What appraisal mean?

A: Appraisals compare your home to other homes in your area that have recently sold. An appraisal is necessary for the lender to justify the loan amount being requested, as required by secondary investors. You should not rely on the appraisal for assurance about the condition of your home.

Q:  what happen at closing?

A: At the closing, you will most likely sit at a table with me, your attorney, the broker for the seller, probably the seller, the seller attorney and a closing agent. The closing agent will have a stack of papers for you and the seller to sign. While your attorney give you a basic explanation of each paper, you may want to take the time to read each one and consult with your attorney to make sure you know exactly what you are signing. After all, this is a large amount of money you are committing to pay for a lot of years! Before you go to closing, your lender is required to give you a booklet explaining the closing costs, a "good faith estimate" of how much cash you'll have to supply at closing, and a list of documents you will need at closing. If you do not get those items, be sure to call your lender BEFORE you go to closing. Don't hesitate to ask questions.

Q:  Where do you go to close on a property?

A: You will go to a local title company or attorney office who will perform the closing. All your mortgage documents will be waiting for you at closing as well as any other documents requiring your signature.

Q:  What are closing costs?

A: Closing costs are the costs associated with processing the paperwork to buy a house. Closing costs which you will pay at settlement average 3-4% of the price of your home. These costs cover various fees your lender charges and other processing expenses. When you apply for your loan, your lender will give you an estimate of the closing costs, so you won't be caught by surprise.

Q:  What is an escrow account?

A: An escrow account is an account that is established by your lender to pay your real estate taxes, homeowner's insurance and mortgage insurance on your behalf.

Q:  What type of insurance do I need to buy a home?

A: Homeowner's insurance is your first priority. In fact, lenders won't let you buy a home without it. It insures your property and its contents against fire, theft and other losses, depending upon coverage.

If you live within a flood zone, the lender requires proof of National Flood Insurance Program coverage. If you're near a fault zone-not atypical in California as well as some Northeast and Midwest regions-you should consider earthquake coverage.

If the down payment on your mortgage is less than 20%, the lender will tack on private mortgage insurance (PMI) coverage, which protects the lender should you default on your mortgage. You must also obtain title insurance to protect the home purchase transaction.

Q:  How much title insurance do you need?

A: The amount of title insurance needed is based on the value of your home and the amount of your mortgage. Title insurance guarantees the lender and/or the owner against the possibility that there may be an unknown lien or discrepancies in ownership on the property they are purchasing. Lenders need to be covered for the full value of the mortgage; this policy is required and will vary from state to state. There is a one-time fee for the policy that is paid at closing.

Q:  Can I bring a personal check to a property closing?

A: No, you will need a cashier's check or certified check for closing. This is to insure that the funds are equivalent to cash.