The Buyers Road Map
Why, when, what and how
Deciding To Buy
Why buy?
Purchasing a property is most likely the biggest financial decision you will ever make. Whether this is your first purchase or you are an experienced buyer, this decision must be made carefully. Are you tired of paying rent? Have you decided to pay your own mortgage and not your landlord’s? Has your family grown in size? Having a clear sense of your reasons for buying will help you choose the right property.
When To Buy
The best time to buy a house often ends up being in the late summer or early fall. Around this time, there tends to be less competition than at the peak during the spring and summer, but still a fair number of houses on the market. In the winter, there are fewer homes on the market, but buyers often have more negotiating power, since there are fewer of them out home shopping.
What To Buy?
Have you outgrown your current home? Are you looking for an investment portfolio? Are you looking for a rental property? Would you like a larger yard? Would you rather live in a different area? Do you want to shorten your commute? What’s your budget? These are all considerations to make when deciding to purchase a home.
How Do I Go About My Finances?
Has your income and/or savings grown? Property ownership is an excellent investment; whether you are looking for your dream home, a rental property, or to expand your investment portfolio. Owning real estate is one of the least risky ways to build equity or to obtain a greater return on your initial investment.
The Buyers Process
1) Meet With One Of Our Real Estate Professionals
Discuss the type of home you're looking for, including style, price, and location after carefully considering the items above.
2) The Buyer’s Advantage
As the home buyer, your agent's commission is paid by the seller of the home in almost all circumstances. This means your representation costs you nothing!
3) Get Pre-Approved
You will need pay stubs, W2s, and bank statements. Knowing what you can afford is critical to a successful home shopping experience. The only exception is if you plan to pay in cash.
4) Search For Homes
The fun part! Your agent will schedule showings and help you find the perfect home.
5) Submit An Offer
Your agent will prepare your offer based on the price and terms you choose.
6) Negotiation
It may take a few tries to get it just right, but hang in there. You're on your way!
7) The Contract
In most cases the contract provides you with a timeline to obtain financing as well as time to inspect the physical condition of the home. Your agent will inform you of all your rights and responsibilities related to the contract.
8) Under Contract
You and the seller have agreed to the price and terms. The home is effectively held for you until closing.
9) Final Details
Perform due diligence, order the appraisal, conduct an inspection, and review terms with the lender.
10) Final Details
While under contract, the buyer will work with their mortgage provider to finalize the loan and perform other due diligence.
11) Prepare For Closing
You will be finalizing your loan, reviewing documents, and discussing the findings from the inspection. Your agent will manage this entire process for you.
12) Closing
This is the transfer of funds and ownership. A title company or an attorney typically acts as an independent third party to facilitate the closing.