WELCOME TO MY FIRST ENTRY IN THE ONLINE HOME BUYER SEMINAR. I HOPE YOU ENJOY THIS! PLEASE EMAIL ME WITH ANY COMMENTS, AND ALSO SEND ALONG ANY QUESTIONS YOU MAY HAVE!
~ Liz
You Want to Buy a Home!
Buying a home is one of the most significant financial decisions any one of us will ever make. And yet, it’s much more than just a financial decision. Many factors will play in to your home buying decision, such as price, location, your personal needs and wants, and how long you intend to stay in this home, for starters.
I have outlined below 10 steps to Purchasing Your New Home:
1) Get Pre-approved by a Lender
Unless you are paying cash, you are going to have to get a mortgage, to buy a home. You begin this process with a simple conversation with a lender of your choice. Your REALTOR may be able to point you to several lenders that they have had positive experiences with. Your lender will be able to tell you what price range you qualify for, so that you can begin shopping for homes that will fit for you. Did you know that the second item on a Purchase Agreement is a paragraph that asks, what type of loan you are going to be getting, and also whether or not you are pre-approved? Getting pre-approved can oftentimes save you money. Picture the following scenario: A seller has two offers come in at the same time. One buyer is pre-approved. The second buyer has offered $1000. more, but his/her purchase agreement says, that they will go to the bank within the next 10 days to see if they can get pre-approved. Which offer do you think the seller is likely to favor?? The one where the buyer is already Pre-Approved!
2) Find a Qualified Buyers Representative
Before you do anything else, find the professionals that will help you to purchase your home. Your lender and your REALTOR. Your REALTOR should be someone that you like and trust, and that will work hard for you. A Buyers Representative is a REALTOR that is working for you, the Buyer. Look for a REALTOR that has the designation of an ABR (Accredited Buyers Representative). You might also want to determine that your REALTOR has satisfactory experience. Your REALTOR doesn’t just schedule showings for you; they must be able to craft a good purchase agreement, with sufficient provisions to protect their client. They should know the market. They should be able to provide you with sales data that helps you to determine the price you should be offering. You may want them to be competent enough with technology so that they can provide you with up to the minute listings. Basically, they are going to be the one helping you find a home, negotiate a purchase agreement, and follow up on all aspects of your closing. Finding the right REALTOR can make this a better, more enjoyable, experience for you all the way around.
3) Assess your Wants and Needs
Start writing down what you really consider NEEDS, and also what you WANT in a home. You may not get all of the “wants” but you should strive to get all of your “needs”. If you are a couple, write them down separately and then see how you match up. The process is definitely a give-and-take one. Your REALTOR can set up a search of homes for you that closely match these items.
4) Shop for a Home
Your REALTOR will listen to what you want and need in a home and supply a list of homes to you for your review. Usually your REALTOR will need one day ahead to schedule showings for you. As you begin to tour homes, you will begin to get a sense of what you like and dislike and your REALTOR will too! Soon you’ll find the one that fits.
5) Negotiate Terms
Once you find the home you want you will work with your REALTOR to put together your Offer. Purchase Agreements are always written. They contain items such as: how much you are offering, the type of loan you will be getting, when you want to close, when you will take occupancy, what personal property you are asking for, inspections and tests, title work, prorating taxes, rebates from the seller, and any other items particular to that sale.
6) Obtain your Mortgage
After we have successfully negotiated a deal on the home that you want, I always say to my clients, “Now is the time to keep your lender happy!” Now your lender will direct you to give them additional information that they might need to further your mortgage.
7) Prepare for the Closing
Together we will be going through the steps outlined in your purchase agreement. Most closing periods are about 30 days. The first thing we do is make sure your loan is all set. Then you will schedule your inspection. If that turns out o.k., then we will have your lender schedule the appraisal. Your REALTOR will receive the title work on your home and review it with you, along with your lender. The deed will be ordered. You will secure your Home Owners Insurance. When the closing day is determined, then you will call to switch utilities into your name and we will plan to meet at the bank! We may also want to do a final walk through of the home before closing.
8) Actual Closing
Generally the title company or the lender will conduct the closing. They will be in touch with you to make certain that you know how much money (if any) you need to bring to the closing table, and any other items that you will need.
9) Move
It is the norm in our area, to receive immediate occupancy upon close. This means, you get the keys to your new home at the closing table and you get to go right there!! It’s YOURS!
10) CELEBRATE!
I also have a Homebuyer’s Toolkit that is published by REBAC, the Real Estate Buyer’s Agent Council. This booklet also details all the steps to purchasing a home. I would be happy to mail you a copy of this booklet, if you would like to call or email me with your mailing address.
Buying a home is one of the most significant financial decisions any one of us will ever make. And yet, it’s much more than just a financial decision. Many factors will play in to your home buying decision, such as price, location, your personal needs and wants, and how long you intend to stay in this home, for starters.
I have outlined below 10 steps to Purchasing Your New Home:
1) Get Pre-approved by a Lender
Unless you are paying cash, you are going to have to get a mortgage, to buy a home. You begin this process with a simple conversation with a lender of your choice. Your REALTOR may be able to point you to several lenders that they have had positive experiences with. Your lender will be able to tell you what price range you qualify for, so that you can begin shopping for homes that will fit for you. Did you know that the second item on a Purchase Agreement is a paragraph that asks, what type of loan you are going to be getting, and also whether or not you are pre-approved? Getting pre-approved can oftentimes save you money. Picture the following scenario: A seller has two offers come in at the same time. One buyer is pre-approved. The second buyer has offered $1000. more, but his/her purchase agreement says, that they will go to the bank within the next 10 days to see if they can get pre-approved. Which offer do you think the seller is likely to favor?? The one where the buyer is already Pre-Approved!
2) Find a Qualified Buyers Representative
Before you do anything else, find the professionals that will help you to purchase your home. Your lender and your REALTOR. Your REALTOR should be someone that you like and trust, and that will work hard for you. A Buyers Representative is a REALTOR that is working for you, the Buyer. Look for a REALTOR that has the designation of an ABR (Accredited Buyers Representative). You might also want to determine that your REALTOR has satisfactory experience. Your REALTOR doesn’t just schedule showings for you; they must be able to craft a good purchase agreement, with sufficient provisions to protect their client. They should know the market. They should be able to provide you with sales data that helps you to determine the price you should be offering. You may want them to be competent enough with technology so that they can provide you with up to the minute listings. Basically, they are going to be the one helping you find a home, negotiate a purchase agreement, and follow up on all aspects of your closing. Finding the right REALTOR can make this a better, more enjoyable, experience for you all the way around.
3) Assess your Wants and Needs
Start writing down what you really consider NEEDS, and also what you WANT in a home. You may not get all of the “wants” but you should strive to get all of your “needs”. If you are a couple, write them down separately and then see how you match up. The process is definitely a give-and-take one. Your REALTOR can set up a search of homes for you that closely match these items.
4) Shop for a Home
Your REALTOR will listen to what you want and need in a home and supply a list of homes to you for your review. Usually your REALTOR will need one day ahead to schedule showings for you. As you begin to tour homes, you will begin to get a sense of what you like and dislike and your REALTOR will too! Soon you’ll find the one that fits.
5) Negotiate Terms
Once you find the home you want you will work with your REALTOR to put together your Offer. Purchase Agreements are always written. They contain items such as: how much you are offering, the type of loan you will be getting, when you want to close, when you will take occupancy, what personal property you are asking for, inspections and tests, title work, prorating taxes, rebates from the seller, and any other items particular to that sale.
6) Obtain your Mortgage
After we have successfully negotiated a deal on the home that you want, I always say to my clients, “Now is the time to keep your lender happy!” Now your lender will direct you to give them additional information that they might need to further your mortgage.
7) Prepare for the Closing
Together we will be going through the steps outlined in your purchase agreement. Most closing periods are about 30 days. The first thing we do is make sure your loan is all set. Then you will schedule your inspection. If that turns out o.k., then we will have your lender schedule the appraisal. Your REALTOR will receive the title work on your home and review it with you, along with your lender. The deed will be ordered. You will secure your Home Owners Insurance. When the closing day is determined, then you will call to switch utilities into your name and we will plan to meet at the bank! We may also want to do a final walk through of the home before closing.
8) Actual Closing
Generally the title company or the lender will conduct the closing. They will be in touch with you to make certain that you know how much money (if any) you need to bring to the closing table, and any other items that you will need.
9) Move
It is the norm in our area, to receive immediate occupancy upon close. This means, you get the keys to your new home at the closing table and you get to go right there!! It’s YOURS!
10) CELEBRATE!
I also have a Homebuyer’s Toolkit that is published by REBAC, the Real Estate Buyer’s Agent Council. This booklet also details all the steps to purchasing a home. I would be happy to mail you a copy of this booklet, if you would like to call or email me with your mailing address.
There’s a lot to this, but its loads of fun too! ~ Liz
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