SAVE UP AND GET YOUR FINANCES IN ORDER
As you probably already know, buying a home is not cheap. Not only will you have to save for a downpayment, but you will also have to calculate additional expenses, such as closing costs, earnest money deposit, and moving costs. We recommend you save for a healthy down payment (at least 5-20% of the sale price), plus a sum to cover the extra fees you will incur during the home buying process. Based on all this information, come up with a maximum sale price, you would feel comfortable purchasing.
FIND A REAL ESTATE AGENT TO WORK WITH
Buying a home will be one of (if not the most) the most significant purchases you will make in your life. Therefore, it is essential to have an experienced real estate agent representing your best interests during the home buying process (after all, the listing agent's allegiance is to the seller).
As a buyer's agent, I offer unique and customized services to my buyer clients, including neighborhood expertise, handling challenging conversations and negotiations, guiding your through all the paperwork, and helping you enjoy the home buying process as much as I can!
GET A MORTGAGE PRE-APPROVAL
Before you start shopping around for homes, it is crucial to get a mortgage pre-approval if you are not making a cash offer. We recommend you choose a mortgage broker to find the best loan options for you. During a mortgage pre-approval, expect to fill out lots of paperwork, provide proof of income, bank statements, etc. Most importantly, lenders will be checking your credit report, so make sure you are informed of your score and try to improve it if the number is too low. If your credit score is good, maintain it that way by avoiding credit and making any large purchases until closing day.
TELL YOUR AGENT WHAT YOU'RE LOOKING FOR
Every buyer is completely different. Each person has their own style, needs, desires, and budget for purchasing a property. Therefore, let us know what you're looking for in a home to narrow down our searches and only show you properties suitable for you.
Before you tell ME what you're looking for, make a list of things you require and desire to have in your new home. Then, discuss the list with your co-buyer(s) (if applicable) and make sure you all agree to have everyone on the same page and make the house-hunting process run much smoother.
FIND HOMES THAT INTEREST YOU AND ASK YOUR AGENT TO BOOK SHOWINGS
After narrowing down a list of what you're looking for, I will start looking at homes for you in my internal databases and external sources. I also invite you to look for listed properties that look appealing to you and send them to me for further screening. After selecting various properties, you will let me know a convenient date and time to view the homes in person. At that point, I will schedule showings, and we will repeat this process until you have picked a property you would love to call home!
WRITE AN OFFER AND NEGOTIATE PRICE & TERMS
Once you would like to make an offer on a property, it's essential to act fast!
First, we will sit down and look at the neighborhood's trends and comparable market values. Based on this information and the subject property's features and overall condition, we will determine the price you would like to offer.
Next, I will write an offer based on your directions on the offer price and contingencies. While you may offer what you wish, please keep in mind of the following components that make an offer more appealing to a seller: a strong offer price, a larger earnest money deposit, a shorter inspection period, no financing conditions, and a closing day that is convenient for the seller. To make your offer stand out from the others, I also recommend you write a personalized letter to the seller explaining why you love the home!
Once an offer is submitted, the seller can: accept the offer, decline the offer, or counteroffer.
HOME INSPECTION
If you decide to add a home inspection contingency in your offer, you will have a deadline to waive the condition and proceed with the transaction. The typical timeframe to waive this contingency is between 1-7 days of offer signing.
As a buyer, you will most likely have to incur the cost of the home inspection. As it depends on the company and its services, you should expect to pay anywhere from $300-600.
The home inspector is a professional who will do a thorough investigation of the property you want to purchase (this part typically takes around 3-5 hours).
Once complete, the inspector will provide a full report of what they found and give you some tips on how to maintain the home should you proceed to purchase it. If any issue is found inside the property, you can accept them as-is, or you can try to negotiate with the seller to get the problems fixed or lower the price. It's important to note that we have to be careful not to be overly picky about smaller issues. Still, we will also take necessary precautions on potentially significant problems.
APPRAISAL
Lenders will typically request an appraisal to ensure that the value of the property is justified. Additionally, an appraisal typically helps homebuyers by bringing in a third party to make sure they don't overpay for a home.
Lenders typically hire an appraiser, but buyers incur their fees on closing day.
TITLE SEARCH
In simple terms, a title is a legal document that identifies the registered owner(s) of a property.
A title search is the process of researching public records to determine a property's legal ownership and find out if there are any claims (such as liens) on that property. A lawyer must complete a title search before closing day, and a clear title must be obtained to transfer ownership.
Once an offer is firmed up, you will have many tasks to complete before closing day:
HOMEOWNER'S INSURANCE
One of the principal tasks includes getting homeowner's insurance, which protects you against events such as floods, fires, and storm damages. We recommend you start shopping early to compare rates and get the best deal possible.
CHANGE ADDRESSES AND UTILITIES
Another task you will have to complete before closing is changing all the addresses on your subscriptions, bills, banks, etc. Additionally, a few weeks before closing, you should call all utilities to have your name changed and schedule them to service your new home in time for when you take possession.
START PACKING
While organizing for the big move, you will have to start packing! If you have lots of items to move out, we recommend you start by sorting through all your belongings and donating or selling items that you no longer use. As for things you plan to keep, try dedicating a few minutes or hours every day leading up to move to pack. Additionally, hire a moving company and/or rent a storage unit if you require these services.
CLOSING DAY REFERS TO THE DAY THAT FINALIZES YOUR PURCHASE! AFTER CLOSING, YOU WILL RECEIVE THE DEED + KEYS FROM YOUR LAWYER; YOU ARE OFFICIALLY A NEW HOMEOWNER!
PRE-CLOSING WALKTHROUGH
A few hours or a day before closing, we will go to your new home together and make sure that the property is in the same condition (minus minor wear and tear) as the inspection. If there are any significant issues, we can bring it up to the seller's representatives before closing on the property. This allows you to have peace of mind during the move.
SIGN CLOSING DOCUMENTS
At closing, you will be reviewing and signing many documents to finalize the transaction.
Make sure you bring:
Both the buyer and the seller will incur closing fees. For the buyer, these fees typically include:
WELCOME HOME!
Congratulations on the purchase of your new home! It was a lot of hard work, but now you can relax and throw a party to celebrate! Also, if you have any concerns after closing, I am always here to assist you.
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