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FIND THE RIGHT AGENT
Buying a home is one of the most significant purchases in a lifetime. It is essential to have an experienced agent in your corner, always looking out for your best interest. A buyer agent’s fiduciary responsibility is to represent the buyer and to ensure that they are protected.
After all, a seller has someone in their corner. A listing agent has an allegiance to the seller. Their goal is to get the seller top dollar for their home. There is incredible value in having someone working for YOUR best interests when buying a home.
PREPARE FINANCES
Mortgage lenders recommend you do not buy a home that is more than 3 to 5 times your annual household income. If you are not purchasing a home with cash, you will need a mortgage pre-approval provided by your mortgage lender. A lender will work with you to get a loan that meets your needs. Some buyers are concerned with keeping their monthly payments as low as possible, others want to make sure that their monthly payments never increase.
A mortgage requires a good credit score. You can improve your score by:
•Paying down credit card balances
•Continuing to make payments on time
•Avoid applying for a new credit card or car loan until you have been approved
•Avoid making big purchases until you have been approved
•If possible, avoid job changes until you have been approved
In order to make your dream of buying a home a reality, you will need to save cash for your down payment, earnest money, closing costs & home inspector.
A Down Payment is typically between 3.5% & 20% of the purchase price
•Earnest Money is money you put down to show you’re serious about purchasing a home. It’s also known as a good faith deposit.
•Closing Costs for the buyer run between 2% & 5% of the loan amount
•A Home Inspection costs $300 to $500
Start touring homes in your price range
Time to start shopping! We will take notes on all the homes we visit. It can be hard to remember all the details of each home, so take pictures or videos to help you remember each home, and review the notes you have written. Once we have found THE house for you, we will present an appropriate offer based on recent sales and current buyer activity in the area, as well as the value of the property in its current condition. Negotiations may take place after the offer is presented.
WHEN TO MAKE AN OFFER:
So you have found THE house! Congrats! In today’s market when the demand is higher than the amount of homes available it is important to act fast!
HOW MUCH TO OFFER:
We will sit down and look at recent sales and current buyer activity in the area, as well as the value of the property in its present condition. Putting all this information together, we will determine the price that you would like to offer.
SUBMITTING AN OFFER
There are some components to an offer that makes it more appealing to the sellers.
•Put Your Best Foot Forward
We will work together to discuss your options and create your very best offer. Depending on the circumstances, you may have only one chance to make a good impression.
•Put Down a Healthy Earnest Deposit
A large earnest money deposit shows the seller you are serious
•Cash Talks
A transaction that is not dependent on receiving loan approval is more attractive to a seller
•Shorter Inspection Periods
Try shortening the inspection period to 10 days
•Write the Seller a Letter
We will make your offer stand out by writing a personal letter to the seller, explaining why you fell in love with their home.
•Offer to Close Quickly
Many sellers prefer to close within 30 days.
ORDER AN INSPECTION
During the inspection period, we will schedule an inspection with a reputable home inspector to do a thorough investigation of the home. Once this is complete, the inspector will provide us with a list of their findings. You can take the issues as-is or request the seller to address some or all of the findings. We will be mindful and reasonable on smaller items while being very cautious and vigilant of potentially significant issues.
NEGOTIATE FINAL OFFER
Issues typically arise after the home inspection, and those issues tend to result in another round of negotiations for credits or fixes.
1. Ask for credit for the work that needs to be done.
Likely, the last thing the seller wants to do is repair work.
2. Think “big picture” and don’t sweat the small stuff.
A tile that needs some caulking or a leaky faucet can easily be fixed. Repairs are still up for negotiation and perhaps a small credit would help with closing costs.
3. Keep your poker face.
The listing agent will be present during inspections and revealing your comfort level with the home could come back to haunt you in further discussions or negotiations.
APPRAISAL ORDERED
Your lender will arrange for a third party appraiser to provide an independent estimate of the value of the house you are buying. The appraisal lets all parties involved know that the price is fair. The loan file then moves on to the mortgage underwriter.
If approved you will receive your final commitment letter that includes the final loan terms & percentage rates.
