Once those you’ve secured the right agent and prepared your financials - it’s time to start shopping!
If you can, take a drive around the neighborhoods and communities that interest you to get a feel for the area. You can look online at listings as well. If you’ve found a property you like, contact your agent and they can schedule a time to visit the home. When looking at properties, ask your agent about the long-term resale value of the properties being considered.
Narrow Your Search
Talk with your agent about your desired property and establish criteria together. How many bedrooms and baths would you like? Do you want a yard? Is there a specific school district you’d like the property to be zoned in? There are many factors to consider, so communicating them will help your real estate agent focus on the right potential properties.
It's Time to Buy
Your real estate agent’s negotiating skills will be important for handling the offer process. Once you’ve found the property you want to purchase, it’s time to make an offer. Your real estate professional will do all the necessary analysis to help you create an advantageous offer. A good agent will examine the potential costs and expenses associated with the property.
During the negotiation process, your agent will draft the purchase agreement. Home warranty, escrow arrangements, and title will be included in the offer. Your agent will advise you of all protective contingencies, local regulations, and customary practices as well. Remember, your real estate professional will advise and notify you of important information, but it is ultimately your decision as to the terms and exact price you wish to offer.
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Get Your Financials in Order
Now is not a good time to make sudden career changes or large purchases. You want to approach your property purchase from a position of financial stability. Large purchases or loans can affect your credit and balance sheet in a way that can limit your buying options.
Your credit score will hold a significant impact on the type of property you can buy, your interest rate and overall property price. We can work with one of our preferred lenders to get an updated credit to know exactly where it stands. The lender will research your credit ratings from the three credit reporting agencies Equifax, Experian and TransUnion. We are happy to recommend seasoned, knowledgeable lenders in the residential, construction, and commercial and investment real estate fields.
Organize Your Finances
When it’s time to make an offer, you’ll want to know you’re fully prepared to close the deal. In order to avoid delays, bidding wars, or conflicts, preparing your financials is crucial.
- Bank accounts
- Recent pay stubs
- Check Your Credit Rating
- Financial statements
- Tax returns for two years
- Credit cards
- Auto and other loans
- Copies of leases for investment properties
- 401K statements, life insurance, stocks, bonds, and mutual account information
PrequalifyPre-qualifying for a loan will help you with:
- Finding the ideal price range you can afford
- Determining what your monthly payment will be
- Understanding the different loans you qualify for
- Estimating the down payment and closing costs
Don’t Max Out Your Budget
Just because you’ve been approved for a max amount, doesn't mean you should spend it all on the home's sale price. You will want to set some of that aside for closing costs, taxes and potential home repairs or remodeling.
Get to Know the Area
Make sure the neighborhood works for you and your family - are you close to schools and is shopping conveniently located?
Don’t Skip the Home Inspection
Inspections are worth their weight in gold and will draw attention to problems you may not otherwise see, giving you peace of mind and letting you make more informed decisions about your purchase.
Getting pre-approved by a lender lets the seller know you are serious and ready to purchase a home and that you are not just window shopping.
Know what you can live with and what you cannot live without and also those things that can be taken care of with a simple remodel. If you need a 4 bedroom home, don't buy one with 2 that requires a massive addition which can break your budget.Look at the Age of Appliances and Other Systems
Appliances are some of the most expensive portions of the home and you should pay particular attention to their age and whether they have required service. Other systems to have inspected are your HVAC, hot water heater, and your septic & well, if applicable. You may be able to get the seller to add a home warranty when buying.Check For HOA Requirements
Most neighborhoods have HOAs that govern what you can and can't do - be sure you know what the rules are for your neighborhood.
- Never sign a real estate contract without understanding all the details-consult us first.
- Arrange all the recommended inspections, valuations, etc.
- Advise on long term property management
- Handle ALL details that arise during the home buying process
- Provide buyer tips to help with the purchase
- We will negotiate the contract in YOUR best interest.