The purchase of a home is a big deal, and the process is exciting but can seem overbearing and complex at times, but it doesn't have to be. That's where I come in. It's my job to get you the very best value for your money and to protect you from unwanted surprises during and after the transaction.
Whether this is your first home purchase or tenth, every deal is different but one thing won't change: my commitment to you. So let's get started getting you into a home now!
Steps To Purchasing Your New Home
Understand Your Financial Position
The first step involves some preparation on your part. The most important task you can do to prepare yourself is to be very clear on the financial undertaking. It is my recommendation that you seek the guidance of a qualified lender so that they may spell out the financial process. This will include:
- Qualifying you for a purchase of a certain amount
- Making you aware of money that needs to be spent upfront
- Spelling out what will be your approximate monthly payment
- Informing you on the documentation they will need to approve you
- Writing up a pre-approval letter that will be included with any offer you submit
Start Your Home Search
Now the fun begins! Looking at houses is exciting and is different for every client. I have had buyers that have bought the first house they've looked at, and others that have gone through as many as 40 houses. Regardless, I enjoy the opportunity to walk through houses with buyers and to discover what is important to them. My hours are flexible, and looking at houses can happen on any day of the week and at any hour of the day.
Make an Offer
Once you find the house that you would like to buy we will sit down and draft up a purchase agreement showing the amount and terms that we propose to the seller. The seller can either accept that offer as written or draft a counteroffer with the changes they would like to see. Everything is negotiable, and it is my job to negotiate out the price and details to where you are at peace with the purchase.
Get Your New Home Inspected
Once the offer is accepted and we have a contract it will be your option to have a home inspection performed by an inspector of your choice (suggested inspectors are available on my resources page). This is an upfront cost that will have to be paid at the time the inspection takes place. If there are issues that arise as a result of the inspection, we will discuss it and approach the seller with solutions.
Throughout this time, your lender will be processing your loan. We will work toward a closing so that you can take possession of your new home as quickly as possible!
Frequently Asked Questions
The business of real estate is changed in that we are under strict guidelines of protection and distancing. For example, no riding together, masks must be worn inside of houses and no more than one party inside a property at one time. That being said, the market does not seem to have been affected.
Interest rates are at historic lows, so many buyers are finding they can afford more of a house than they think. Lack of houses on the market poses a challenge, so it is important to have an experienced real estate agent that knows many options and angles for winning out in a competitive market.
For now, we have no reason to believe that the rates are going to go up. Many economists are predicting that the rates may even go down.
Typically speaking, we have seen election years cause consumers to “sit back and wait” to see what happens. 2020 is different. I am seeing no such signs and would argue that the opposite is true due to the catching up that is taking place from when real estate business was hobbled by the shut down.
Absolutely. With strategic planning and stringent timelines, this is a very good time to sell one house and move into another and for the process to be smooth.
The best way is to take the timing out of it. While not everyone has the means, the most stress free way to make a move is to buy your next house before you sell your current one. This is possible because of the assurance that your current house will sell very quickly, and because of the many worry-free financing options that can bridge the timeframe.
I can give you a strong idea of what your home is worth just by doing a review of surrounding areas. For me to fully evaluate your home’s value, I need to come to the property and take a tour and then do a comparative market analysis. I can have this for you within 24 hours of touring your home.
This is where, as a buyer, you offer a price on a property, but then also add a note that you are willing to go higher with your price in order to beat out competing offers. An example would be “I offer $200,000 but am willing to offer $2,500 more than any competing offer up to a maximum sale price of $225,000.” These have become very common in the last 2 years as we seek creative ways to win in a multiple offer situation.
As we have seen values increase, there is always the question of whether a house will appraise for the amount you are paying. A house must appraise for the amount you are paying in order for your lender to grant you the loan. When you offer an appraisal guarantee, you are stating that, as a buyer, you are willing to offer extra money should the appraisal come in at a lower value than what you are paying for the home.
This is a term used to describe a scenario where a property has received multiple offers. In most cases, the listing agent will set a deadline for offers to be received.
Often, when there are multiple offers on a property, the listing agent will ask for buyer agents to submit their highest and best offer by a certain time. This simply means that as a buyer, you want to put your best foot forward and simply offer what you see is fit and reasonable.
This simply means that it is a good time to sell because values are up and also because there is a backlog of buyers waiting to get into houses.
Typically, a buyer’s market is the result of a high volume of houses on the market, forcing the sellers to be competitive with their prices and terms.
There are several ways. Most of the public uses Zillow. As an agent, I can set up a search for you that is more accurate and up to date than what Zillow has to offer.
This can vary, but the basic thought is that once you have an accepted offer, you can expect to close on the house within 5 weeks.
This is a period of time that the seller is allowed to stay in the house after the closing. A common figure is 30 days, but there is no standard and it can vary depending on circumstances. Obviously, if the house is already vacant, there is no possession period and you take possession at the closing.
A home inspection is always a good idea. A licensed home inspector will generally inspect structural, electrical, plumbing, and HVAC components of the house. Please note that an inspector expects to be paid immediately for their services and they usually run $350-$450. There are cases in which you may want to waive a home inspection. For instance, if the home is new or in fantastic condition, or to strengthen your offer on a multiple offer situation.
There are many loan packages that are available from lenders. Some of the factors that come into play when choosing a type of loan are: available cash for down payment, available cash for closing costs, credit rating, amount of monthly payment and how long do you intend to live at the house you are buying.
Help Me Find My Dream Home
I want to help make your dream a reality! You can use the form below to help me understand what you're looking for and I'll contact you with options, or if I need more information.