HOME BUYER’S GUIDE
Buying a home is a big decision and commitment. Our team is here to offer you a seamless approach to your home search. Our agents are local area experts ready to start working for you.
Here are a few helpful tips when buying a home:
ONE: Know What You Can Afford & Establish a Price Range
Whether you are purchase with a loan or with cash (or both), you should be prepared by knowing how much of a home you can afford. Knowing what you are qualified to purchase helps narrow down the search and can save you time. It also prepares you to submit offers quickly, which is critical in a seller’s market where buyers are often competing with one another.
TWO: Select the Right Agent for You.
Not all agents are created equal. Do your research and make sure that you choose the right agent for you. This might be someone that works independently or someone who is part of a team. Some work set areas of town or only on set hours of the day. Others might work with so many buyers that their time is limited. Make sure that the agent you choose has the time and work style that fits your needs best! Do expect to sign an agreement when working with your agent so you protect yourself and know what to expect from them.
THREE: Visit Properties and Understand the Neighborhood.
Not all houses are created equal, and not all locations are created equal. When you start visiting properties with your agent, take note of the details. Keeping notes and track of properties you visit can help you make a strong decision when you are ready to make an offer. Here are a couple things to keep in mind that you should look at when touring properties:
FOUR: Make a Strong Offer.
We are in a seller’s market right now. What does that mean for you? As a buyer, you need to make sure that your offer is strong because you likely will be competing with other buyers. Offers are usually strong on one side or the other: in the terms, or in the price. If you are offering a cash purchase with fewer contingencies, sometimes you can offer a lower price since your terms are strong. Vice versa, if you are relying on a loan and all the usual contingencies, you should expect to offer a stronger price. In a competing offer situation, your agent may also suggest an escalation clause, which would allow your offer to compete with other offers so that you have a better chance of being accepted.
Once you submit an offer, the seller will either accept, counter, or reject your offer. No matter what reaction you face, our experienced team of agents is ready to negotiate on your behalf for the best terms and price.
FIVE: What Happens When You’re “Under Contract”
Once both parties agree to the price and terms, you are “under contract.” During this period, you will want to hire a professional inspector and navigate any due diligence documents. Inspections can cost you anywhere from $300-$1000+ depending upon the size of home and extent of the inspection. You will want to also review all of the due diligence documents which include any leases, zoning restrictions, HOA, covenants, and more. A title company will be selected to research any clouds on the property that may need to be resolved before closing. Finally, if you are purchasing with a loan, the lender will require you to pay for an appraisal of the property. During this time, you will also be working closely with your lender to complete the loan.
SIX: Closing and Moving In
Once all of the items above are completed, you will be ready to close! Closing is usually conducted at a Title Company’s office, but can also be conducted separately, anywhere around the country. It usually takes about 30-60 minutes to complete the closing documents. (Don’t forget to bring your ID to the table!) When you can take possession and move in will be determined within the terms of your contract.
See our Moving Checklist HERE: