Home Buyers Road Map
Step 1 – Decide to Buy
Purchasing a home is one of the biggest financial decisions people will make in their lifetime. Buying a home can be complex and requires a lot of paperwork. Ask yourself these questions to ensure that you are making the right decision. Are you tired of paying rent? Have you decided to pay your own mortgage not your landlord’s? Would you like a larger yard? Have you outgrown your current home? Would you rather live in a different area? Do you want to shorten your commute? Once you have made the decision to move forward you can have peace of mind knowing you made the right decision.
Step 2 – Prepare to Buy
Once you have made the decision to purchase a home the next step is to prepare yourself for the home buying experience. Be sure to gather all documents that might be requested by the mortgage broker such as financial statements, recent pay stubs, tax returns for prior two years, credit cards, auto loans and 401K statements. Before looking for homes you should obtain a loan pre-qualification from a licensed mortgage professional. We will be happy to recommend experienced, knowledgeable lenders in the residential, construction and investment real estate fields. It is important that you are approaching your purchase from a place of financial stability so now is not a good time to make sudden career changes or large purchases.
Step 3 – Choosing an Agent
When choosing an agent, you need someone who will listen to your wants and needs, and who will work to negotiate terms you are happy with. Having a licensed professional to offer guidance and direction along the way will get you through the the process with ease. Above, all you’ll want an experienced agent who has the resources of a leading real estate firm behind him or her, a firm such as The Property Firm.
Step 4 – Shopping for a Home
Once you have identified your budget and financing options, and have an understanding of what criteria your dream home must meet, its time to go shopping. Your agent will prepare a property list of the properties that best fit your needs. Select a few properties from this list that interest you the most and have your real estate agent make appointments to visit them. At The Property Firm we advise our clients on builder reputation, short term and long term market trends, and resale values; as well as resources for local school ratings and urban development plans.
Step 5 – Make Offer
When you find the home of your dreams and are ready to move forward and make an offer on the home, anticipation is high. There are several factors to be considered when submitting a qualified offer. Your offer should be based on three things 1) The list price of the home 2) A Comparative Market Analysis of sold homes in the area 3) The qualified advice of your Real Estate Agent. It is important to trust your expert real estate sales associate and rely on their negotiating strategy to help you get the best deal possible.
Step 6 – Closing
After your offer has been accepted you will place your escrow deposit with the title company listed in the contract. We at The Property Firm will provide you a list of preferred, qualified home inspectors who can provide all necessary and required reports. Our agents attend all home inspections with their buyer and provide important insight regarding the inspection report. Your agent will negotiate on your behalf for any repairs necessary. Our agents can provide you with a list of contractors that can assist with any repairs. It is imperative that you keep in close contact with your lender providing them with all necessary documentation in a timely manner in order to get your loan approved and funded on time. If you are purchasing the home with financing, you will be required to have a licensed appraiser determine the value of the home for the bank. Once the appraisal is completed and deemed valuable enough for the loan you will receive the go ahead to purchase the property. The day of the closing you will visit the property for a final walk-through inspection to verify that all is in working order, everything is the same as when you last viewed the property and that everything included in your purchase is still at the property. Closing is the process of transferring ownership from one owner to another and where all papers and official documents are signed. The closing is the last step in getting your mortgage and actually taking ownership of your new home.
CONGRATULATIONS, you are a homeowner!