BUYING
RESEARCH
Do you already know where you want to buy?
Condo, townhome, single-family, multi-family?
Perhaps commercial?
Which features do you like and dislike?
What’s available on the market now?
Let me know how I can best help you find what you’re looking for!
DETERMINE YOUR BUDGET
Decide on your budget.
Mortgage companies will generally pre-approve you for more than you’re comfortable spending. Prepare ahead of time and budget to determine the monthly payment you feel comfortable with before talking to a lender. Do a full household budget and take into consideration what changes (other than a mortgage payment) will occur once you move into your new home. Don’t overlook new expenses like garbage, water, or HOA fees that add up quickly.
GET PRE-APPROVED
Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause problems when trying to secure a mortgage. Before you get your heart set on a home, let me put you in touch with a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as sellers and realtors will know you are serious.
FIND THE RIGHT HOME
This should be the most enjoyable step of the entire process.
We will arrange showings of homes you’re interested in that are within your price range and desires. Take notes about what you like and don’t like, and make sure to pay attention to details.
Turn light switches on and off, open and close doors, and run the faucets in various rooms. Make sure to take time to explore the neighborhood and how close it is to necessities like schools and grocery stores.
MAKING AN OFFER
Once you have found the right home for you, we will work with you to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. We will be able to help you negotiate if you receive a counteroffer.
Once an offer is accepted, we move on to the next steps!
HAVE THE HOME INSPECTED
In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed.
I can help you arrange this, as we know several great inspectors. If there are no major issues, the process moves to the next step.
If there are issues, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.
SELECT YOUR LOAN
Now is the time to go back to the mortgage lender who
pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans, FHA loans, first time home buyers, etc.
We will work with a mortgage lender to select the option you feel the most comfortable with.
GET A HOME APPRAISAL
Your lender will schedule your home to be appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are buying/selling a fair price for the house.
CLOSING
The closing process involves finalizing the sale, and it includes several important steps. Securing homeowners insurance and coordinating with a title company to ensure a clear title are at the top of the list. Myself and a real estate attorney can guide you through the paperwork to help you understand everything, ensuring smooth closing. You get the keys and the home is yours!