9 Steps To Buying A Home
1. Start Preparing Before You Choose A Realtor
Research online sites such as Zillow and Realtor.com to get a feel for the market. Check prospective Realtor’s online reviews. Zillow and Google are great sites.
Review your finances. Make sure you have adequate savings for a down payment and closing costs. Check your credit scores.
2. Select a top Local Realtor
Some of the most important questions to consider asking prospective Realtors include: How many homes, on average, do you sell per year while representing a buyer? Do you sell real estate full time or part time? Do you have any recent testimonials? Would any of your recent clients who you’ve sold a home to be willing to talk with me about their experience?
Your Realtor should not hedge any of your questions and should be able to substantiate their answers. We will happy to answer any questions and provide many references. You can also check out our many 5 Star Testimonials at Zillow.com.
3. Get Pre-Approved For A Mortgage
The next step to buying a house is to get pre-approved by a LOCAL mortgage lender. As experienced Realtors, we work with several local lenders that we can recommend to you. One of the biggest mistakes buyers make when buying a house is not using a mortgage lender who understands the local real estate market.
4. It’s time to go shopping!
Let’s find a house that’s perfect for you!
5. Make An Offer (Contract)
When determining how much to offer, this is where our 30+ years of expertise is invaluable! We will prepare a comparative market analysis consisting of recent sales in the area, and guide you every step of the way in writing an offer. Other terms of the offer include the closing date, initial escrow deposit, contingencies such as financing and inspections, and mortgage commitment date. It’s critical that when you’re making an offer that you fully understand what each section of the offer means. Again, we will fully explain everything and answer all your questions.
6. Inspections (Home, Termite, and Other Inspections)
Try to complete the inspections as soon as possible. In doing so, you will have plenty of time to determine which repairs you want the seller to make. Most contracts now are “As is with Right to Inspect”, but the seller will often make legitimate repairs or give the buyer an acceptable credit. Again, this is where our experience counts in negotiating with the seller.
A bank appraisal is performed by a third party that’s hired by the lender in order to provide an evaluation of the subject property. Often, we meet the appraiser with comparable sales and our extensive knowledge of the area is necessary in order for the appraiser to understand current market values and trends.
8. Final Walk Through - You're Almost There!
A few days before the closing date it’s time to do your final walk through. The final walk through is the buyer’s right to walk through the house one last time to ensure that the property is in the same condition as when they wrote the purchase offer. It’s also the time to make sure that any agreed upon repairs have been completed.
It’s finally closing day! Congratulations! Buying a house is one of the most exciting events in life and closing day is the day you’ll sign the documents and receive the keys to your new home. We will be with you at the closing to answer any questions or tackle any last minutes glitches that might occur. We are with you every step from contract to closing!