10 STEP GUIDE TO BUYING A PROPERTY
1. Check out properties online, see what neighborhoods & locations you'd like.
2. If you know you'll be getting a mortgage, get pre-qualified first! It's just like getting a car insurance quote, doesn't effect your credit and gives you an idea of what you can really afford. A pre-approval is more in-depth, but necessary in order to put an offer in on a home or property if you're not buying the property in cash. We have excellent Mortgage Broker recommendations for every buyer. Here’s two of the best for home buyers. They both have links to get pre-approved online first, then schedule a call with them to discuss your goals. We can always make a warm introduction first. We’ll help you understand total costs needed and estimate what your comfortable home purchase price will be.
3. Hire a Real Estate Agent that knows the market - like us! We can navigate the process and help you make informed decisions along the way. Our vast network of clients and associates allows us to share and shop properties before or as soon as they are listed, giving you an advantage in a competitive market.
4. Narrow your property search to match your needs, wants, and goals. This is the fun part! We'll set up parameters that match the size, style, cost and location of your ideal property that you can view online first. Next, we'll schedule exclusive showing appointments for you to view spaces that match your interest and price point, and give a comparative analysis of each property you're interested in along with estimated costs.
5. When we find you the right one, we'll put an offer in on a property. This paperwork and offer will be reviewed thoroughly with you and when you've got all the information, and are comfortable with all of the terms, we'll submit it to the seller. An offer document is usually an Agreement of Sale and includes the offer price, the closing date, the deposit amount, and any contingencies including financing and elected inspections. You always get to set the terms in your offer, and we’ll discuss how to structure the deal to cover some of the closing costs if needed.
6. Negotiations - every offer is different and every negotiation is too. As your realtor, it's our responsibility to get you the best deal we can and make sure you're confident with your decisions the entire time. We’re trained negotiators that deal with sellers and brokers everyday, so you get the best representation on your purchase. We'll make educated and experienced recommendations to get your offer accepted and protect your deposits and interest.
7. Once your offer is accepted, you'll make a deposit on the home (if that is part of the agreement of sale, usually 1k-5k, depending on the offer price) and we'll schedule an inspection if you elected to have one. We'll help you line up everything you'll need to close the deal, including home owners insurance, recommending a title insurance company, choosing the closing location and details. Closings are most often held in our office. Inspections are paid for buy you, the buyer, and usually range from $600-$900 depending on the type of inspections elected. It's better to know what may need fixing in the property before you purchase it outright. Contingencies allow for us to line up these items without you risking your deposits, should you change your mind along the way, or want to renegotiate based on the inspection or rate changes.
8. Before settlement, we'll stay connected to your mortgage broker to make sure they have everything necessary to get your application funded. They will confirm the final amount due at closing. You'll have a good idea of these costs beforehand since you’ll get a closing cost estimate from us and your lender before you make the offer, but it's standard to review a closing document with itemized taxes and fees associated with your purchase.
9. Final walk thru of property is commonly the morning of settlement. Last stop before...
10. CLOSING, KEYS TO YOUR NEW PLACE! Most of the closing process is done digitally, but final paperwork will need to be signed in person by a notary, usually at Settlement or Closing. This is scheduled a couple of weeks out but the date is usually indicated in the offer.
