Buying a house can be a daunting process no matter if you are a first-time homebuyer or have purchased many times in the past, and it can become overwhelming if you need to sell a house at the same time you need to buy one, especially if you are moving from one city or state to another. Our group specializes in these types of transactions and in helping our clients with this transition. Purchasing real estate should be broken down into 4 easy to understand, easy to follow steps.
1. PRE-APPROVAL LETTER:
This is the first step in the buying process and can be done from anywhere. Your realtor is able to recommend a multitude of lenders and mortgage brokers who will go over your monthly income, savings (if any), assets (if any) and expenses to determine what price range house and monthly payments you can afford. They are experts in understanding credit history, different loan types, and what costs are associated with the closing. The process should only take a couple days and require minimal documentation from you. Once pre-approved for a loan you can start looking at properties with your realtor that interest you and meet your established budget.
2. CHOOSING A HOME:
Choosing a new home is the hardest part of the entire process and takes the most amount of time. It is also where your realtor is going to earn the majority of their commission, so lean heavily on him/her for advice and guidance. Start with everything that you want, then take away amenities if the search comes up empty or too expensive for your budget. Your realtor already knows what you can afford. All that’s needed are details about the property that you desire in a designated area that you wish to reside. Rely on your realtor to take your preapproval letter and proof of funds then go out and find you the best home for your money while handling all the little details. No matter which one of our agents you will be working with, they will know the local market as well as anyone, including the surrounding area: schools, hospitals, beaches, restaurants, churches, shopping, etc… We will not rest until you find exactly what you’re looking for at the best possible price.
3. MAKING AN OFFER:
Once you have found a home that is right for you and your family, trust your realtor to negotiate not only the price but all the terms and conditions that are needed/required to get the sale finalized. Your realtor will take care of all the paperwork, submitting your deposit, and work with the Listing Agent to get the property through the inspections. Be prepared during this time to make yourself available at a moments notice in case a property that interests you is in high demand, not just on the weekends but during the week if you can. Ideally you want your realtor to set up as many viewings as you can in a day, this helps you compare your options. Spacing viewings out over time clouds your judgment and encourages procrastination. Good deals do not last long, so if you’re serious, find what you want and get it under contract. Your realtor can buy time if you need it.
There are instances where problems arise at closing. This should not happen, but sometimes it does, even if your agent did their job correctly throughout the buying process. Rest assured; our realtors, title companies, mortgage brokers, etc… will fix any problems that arise. Very rarely does a closing fall apart without being able to rectify any issues affecting the sale. All you should be worried about on the day of closing is getting to the title company on time, but if a closing does get cancelled be prepared mentally to go with one of your back up houses that you approved of in the “Making An Offer” step. Try not to get emotional about a property and an area until the property passes all inspections, your lender issues a loan commitment, title insurance is written, and the closing documents get signed.
With all that is going on in our country right now there has never been a better time to buy. Good luck and have fun. Your dream home is out there, and our trained experts will make certain you find it!!!