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| Seven steps to buying your home 1. Define your needs. Congratulations on your decision to purchase a new home! It is important to define your needs and wants when looking for a new home. I will help you with this process and guide you through the process. Working on your behalf I will be find you the best deals as the market changes. 2. Get preapproved. Now that you know what you want in a home and neighborhood, you need to find out what you can afford. The best way to do this is to get prequalification or preapproval for a home loan. I can refer you to a mortgage broker to begin the process. In most markets, preapproved buyers are preferred by sellers over those who are prequalified. Your preapproved status lets the seller know:
Now you are ready to embark on your home search — an endeavor that can prove overwhelming if not approached with some forethought. The most efficient route is to allow me to do the initial scouting for you. Using your wish list as a guide, I will alert you of new and existing listings that have strong potential. I will organize Buyer tours for you so that you can see as many houses as possible with me as your personal guide. You also can do some research on your own. Read local real estate publications, contact your local neighborhood associations, surf the Internet, or drive around your favorite neighborhoods. When you see any property that sparks your interest you can feel free to call me at any time for information on that certain property. 4. Make an offer. When you’re ready to make an offer on a home, I will help you determine the offer price by reviewing recent sales of homes similar in size, quality and amenities. With your input, I will draft a written contract that outlines what needs to be done by both parties to execute the transaction. If the seller accepts the offer, the document becomes a binding agreement, so it is imperative that you carefully review it with me and speak up if anything is not clear to you. It’s important to note that if the seller changes any aspect of the offer, it is not a binding agreement until the buyer agrees to the seller’s changes. 5. Strike a deal. Sometimes, you get lucky and the seller accepts your offer as is. However, in most instances, the seller will make a counteroffer. This is where my experience in negotiations will be helpful. Keep in mind almost everything is negotiable when you are buying a house. This can give you a great deal of leverage in the buying process — that is, if you have adequate information and you use it in an appropriate manner. Some items you may negotiate: Price Financing Closing costs Move-in date Repairs Appliances and fixture Landscaping Painting Remain in close contact with your real estate agent so you can quickly review any changes from the seller. Remember: Bargaining is not a winner-take-all deal. It is a business process that involves compromise and mutual respect. 6. Prepare for the closing. When an offer becomes a binding agreement, I will help you tackle the checklist of action items that you, as the buyer, have agreed to perform prior to closing. Depending on how the responsibilities are divvied up in the agreement, this is typically when you will: Conduct a home inspection. Writing an amendments. Staying on top of the mortgage process. Get an appraisal and finalize your financing. Secure title insurance. Shop for a home warranty. Having these procedures done in a timely and professional manner is a must, as any delays could threaten a successful closing. You can know that I will be able to serve as your “one-stop shopping” referral source for service providers. I will also serve as your advocate, helping to coordinate activities and making sure the vendors have access to the property to perform their jobs. 7. Close the deal. Congratulations! The moment you’ve been anticipating has arrived. The closing is where home ownership is legally transferred from the seller to the buyer. It is a formal meeting that most parties involved in the transaction will attend. Closing procedures usually are held at the title company’s or lawyer’s office. The closing officer will coordinate all the document signing and the collection and disbursement of funds. In advance of your closing date (24 hours at minimum), your lender will send a final closing statement that outlines your closing costs, if applicable. I will review this document with you to ensure its accuracy, as well as help you gather any necessary documentation that you’ll need to bring to closing. |
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