The Buying Process
LOVE WHERE YOU LIVE ~ LIVE WHERE YOU LOVE
Before you start looking for your new home:
- Check your Credit Rating
- Determine a comfortable monthly budget, down payment, and closing costs
- Choose a loan that works with your finances and get pre-approved
- Make a list of your "Must Haves" and "Would Like to Have"
AGENT RESPONSIBILITIES |
Your agent has a fiduciary responsibility to you at all times and will service your specific real estate needs. You can expect expertise when selling your home, guidance when buying your home, responsiveness, loyalty, disclosure and accounting.
YOUR HOME SEARCH IS ONLY THE START |
As a Buyer’s representative, your broker has the expertise to help you find the perfect home in the perfect location to meet your home search goals. Using a blend of high-tech and high-touch tools, we make sure that you get timely information about properties along with local insight, and guide you through the process from offer to closing.
NEIGHBORHOOD PROFILES |
Getting to know the neighborhood is key to finding your perfect home. Your agent is a local expert, with terrific insight about the community. Take a deep dive into a specific community with data about schools and ratings, real estate sales history, an economic outlook and environmental factors. Understand the story and distinct features of individual communities in the region, so you can quickly get to know what makes each one special place to call home.
THE IMPORTANCE OF PRE-APPROVAL |
When you are pre-approved for a mortgage, sellers know that you are serious. Mortgage pre-approval can be done in as little as a day. It requires completing a formal application to the lender and submission of all necessary financial and employment documentation. A good rule of thumb is that your total payment for mortgage, taxes, insurance and assessments should not exceed 28-33% of your gross monthly income
FINDING THE ONE |
Simply put, key to the home search process is knowing what you’re looking for. Among other things, that means distinguishing between “must-haves” and “like-to-haves”. You can view many homes and their details, take video tours and access neighborhood info. However, it’s also important to view homes in person. While their property details may seem similar online, homes can actually be very different in terms of layout, design, workmanship and other aspects.
MAKE AN OFFER & NEGOTIATE |
Now that you’ve found the home you’d like to buy, it’s time to make an offer. In addition to drawing up the contract, your Agent will be happy to address all your questions about the offer process. Once you’ve written the offer, your Agent will present it to the seller and/or the seller’s representative. At that point, the process – given that a home’s eventual sale price is subject to supply and demand – will depend on the kind of market you’re in. Generally though, the seller can accept your offer, reject it, or counter it to initiate the negotiation process.
SECURE FINANCING |
Once you have a pending agreement, it’s time to go back to your chosen lender to finalize your mortgage details so you can close the deal. This means finalizing your down payment, interest rate, regular payment schedule and any other financial conditions associated with the closing. If you’ve already been qualified with a lender for a certain loan and home purchase, this phase of buying your new home should be a relatively straightforward matter that centers around finalizing the loan details and signing the mortgage papers.
CLOSE THE DEAL |
If you’ve efficiently taken care of everything connected with purchasing your new home, the experience of taking ownership will be a positive joy with no surprises. Key steps to the closing, also referred to as the “escrow” or “settlement”, include: Getting a title search, the final walk-through, and the settlement.
Oh, and one more thing – you’ll get the keys. In most cases, Possession Date will fall within a couple days, at which point you’ll be able to move into your new home.