Buyer’s Guide

STEP 1: CHOOSE A REAL ESTATE AGENT

As your agents, we can do so much more than open the door to homes that fit your criteria and budget. We will recommend mortgage lenders, schedule tours, advise and negotiate for price, and research the market to identify accurate values. We also facilitate the negotiation process by recommending other terms of the contract than price to reach agreement. We can keep you on track and provide guidance on the criteria you choose for your next home. After you find the home of your dreams, we get to work negotiating, setting up the title process with the title company, communicating with your lender, scheduling and attending inspections, and communicating with the Seller’s real estate agent to keep the transaction on track. Every transaction will have unique challenges, but we have systems and process that work to keep the process moving forward.

STEP 2: RESEARCH

Do you already know where you want to buy? Which features do you like and dislike? What’s available on the market now? What is your timeline to move? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.  We have additional resources to research the neighborhood trends so that we can ensure you get the best price.

STEP 3: DECIDE ON YOUR BUDGET

Notice we wrote to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.  We are happy to provide a budget template at our Buyer’s Representation Presentation.

STEP 4: GET PREQUALIFIED

Before you get your heart set on a home, talk to a mortgage professional to find out for what amount you can qualify. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.  We feel, prequalification makes you more attractive to the Seller and allows us to work on your behalf to get the best negotiated price.

Sometimes there can be obstacles to overcome in order to qualify for the home you desire.  We recommend lenders who work hard for our clients regardless of  lack of time at a job, insufficient credit, past bankruptcies, or other financial issues that can cause problems when trying to secure a mortgage. The earlier you start the process the more successful we can be in finding the right home for you, your budget, and your timeline.

Prequalification will position you to be ready to purchase.  Once the home is selected, there will be a bit more work to complete before you are ready to sign the mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Your mortgage lender should help you to select the option that best fits your needs and we will be there to make sure this happens.

STEP 5: FIND THE RIGHT HOME

This is the most enjoyable step of the entire process when you have an agent working hard for you.  We will arrange showings of homes you’re interested in that are within your price range. We will take notes about what you like and don’t like, and make sure to pay attention to details. We prepare the home for your tour so you can see the home in its best light.  We also make sure you don’t limit your inspection to the home itself. We take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

After each time we tour homes, we update a spreadsheet of the homes on your list with details and rankings that will help you in the decision making process.

STEP 6: MAKE AN OFFER

Once you have selected your home, we work to craft a fair offer based on the value of comparable homes on the market. Since we are familiar with the current markets (whether it is a buyer’s market or a seller’s market), we will be able to determine if the list price is reasonable and be able to help you negotiate through any counteroffer to reach an agreement.  Once agreement is reached, the house will go into escrow and we will begin the process of working with the title company.

STEP 7: DUE DILIGENCE PERIOD

As your agents, we recommend several due diligence steps in most cases. The due diligence period is the time after a contract is signed when the buyer can fully investigate the property. This typically includes inspections, reviewing documents (like surveys or HOA info), and finalizing financing. During this time, you as the buyer can back out for almost any reason—so it’s our opportunity to make sure you’re confident moving forward.

Your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. We will help  you arrange this, and you can schedule it within days of making an offer. We will help you review any inspections and decide whether or not to further negotiate the price or repairs.

During the due diligence period we will also continue assisting in the process of funding the home which includes working with the lender and an appraiser in most situations.  Once all is ready to close, we will take you on one final tour of the home to make sure it is ready for you.

STEP 8: GET TO THE CLOSING TABLE

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home. Yes, we will accompany you through the closing to make sure all your questions get answered by the professional team.