Buying Tips
Getting ready to buy a home?
Buying a home can be a new experience for many. Here is some home buying information to help you get started.
A buyer’s agent can sell you any home on the market or any home coming on the market. If you can buy it, a buyer agent can probably help you buy it far more efficiently and at a better price and terms. The buyer’s agent commission is paid by the seller – not you. Hiring a buyer’s agent is like hiring a personal real estate trainer (to move you through the process) for free.
STEP 1: FINANCING
While prequalification is important, sellers will be much more receptive to buyers who have been pre-approved. You’ll also avoid the disappointment of focusing on a particular home, only to find it out of your price range. Through pre-approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. Having received pre-approval, the seller will consider you as a serious buyer. There is no cost for pre-approval by a lenders.
You’re free to use any lender you choose. Just make sure they’re experienced and have the ability to perform on your behalf. If you don’t have a lender, you may use my preferred partners.
STEP 2: SHOPPING
LIST OF NEEDS AND WANTS
Make two lists. First, list items you must have, the number of bedrooms, bathrooms, one-story vs. two-story, etc. Second, make your wish list, such as a pool, home office, etc. As you view homes, compare features against your chart to find the best match.
FOCUS & ORGANIZATION
Assemble the items that you will need to maximize your home search efforts. Here are a few ideas.
1. One or more detailed maps highlighting your favorite neighborhoods.
2. Bookmark sites with homes on the keep list.
3. iPad for taking notes as you search.
4. Pics on your phone to help refresh your memory regarding individual homes.
LOCATION
Location, location, location. Are you close to your every day needs? Such as school district, proximity to shopping, parks, freeway access, etc.
VISUALIZE, Take the time to imagine the house with your decor. Will the floorplan work to fit your needs?
BE OBJECTIVE
My advice? Think with your head, not with your heart. Does this home really meet your needs? There will always be houses on the market. Don’t be so quick to make a hurried decision that you may later regret.
BE THOROUGH
Taking the time to work through the details now may save you money and prevent issues in the long run.
1. Have a property inspection done by a professional home inspector.
2. Request a second walk-through to take place within 24 hours prior to closing.
3. Check to see that no unexpected changes have been made to the property since your last visit.
All the above may seem a bit overwhelming. That’s why hiring a professional to represent you is highly recommended.
STEP 3: PAPERWORK
Once you find your dream home, we will prepare a purchase agreement on your behalf that defines the terms of your offer to purchase. Your offer will then be submitted to the broker representing the seller. There may be negotiations with your offer, before acceptance by both purchaser and seller. This is done utilizing the “counter offer” process. Therefore, it is to your advantage to make prompt decisions and to be in constant contact with us during the negotiating period. The seller may decide to accept a different offer. You may not have an opportunity to improve the terms of your offer to the seller, so making your best offer is to your advantage.