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What's Right For You?

Before deciding which house to buy, think about your lifestyle, your current and anticipated housing needs, and your budget. It is a good idea to create a prioritized list of features you want in your next home and you'll soon discover finding the right house involves striking a balance between your "must-haves" and your "nice-to-haves."


What Can You Afford?

Now that you know what you're looking for, the next step is figuring out what you can afford. A review of your income, savings, monthly expenses, and debt will be necessary.


Early on in the process, you'll want to get pre-qualified for a mortgage loan, which helps determine how much you can afford. It enables you to move swiftly when you find the right home, especially when there are other interested buyers. It also indicates to the seller that you are serious and can afford to buy the property. A pre-approval is a simple calculation done by a mortgage lender that tells you the amount you'll be able to finance through a loan and what your monthly payment will be. When you find a home to buy, a pre-approval also reassures the seller that you have the financial means to purchase his or her home.

 

Shopping For a Home

An important first step is selecting a buyer's agent to help you find your dream home. He or she can represent your interest in a real estate transaction. Buying a home is one of the most important decisions you will make. That's why it's in your best interest to choose an experienced real estate agent who listens to and understands your needs, and works in the area where you want to live.  Your agent should be able to go the extra mile for you, be patient in finding the right home of your choice, and present you with details about the reasons why or why not you should consider choosing to offer on any particular property you may like.  Your agent should be able to present your offer with confidence and finely tuned negotiation skills for the market we a currently experiencing.  The key to buying the right home in this market is to negotiate the best price at next year's value since we cannot determine our declines now.  Your agent must be a powerful negotiator in order to protect your best interests, and she must know which properties will produce the best results for you financially as well as meeting your other needs.


Making an Offer

Once you've found your dream house, its time to get started with the financial and contractual side of the purchase. Let your real estate professional guide you through this process. Purchase contracts vary in length and terms from state to state, and within a state, from locality to locality. Because you and the seller have different goals, rely on your agents experience and expertise. He or she can bring order and calm to the process and will know what questions you may not know to ask to help you reach a favorable outcome.

Multiple offers on the same home are not uncommon, so you may only get one chance to make an offer that the seller will consider. That's why it's important to think carefully about your strategy. In most cases it is better to have your real estate professional negotiate the offer. If you have any personal interaction with the homeowner, don't give out any information about your move, your current housing status, financial status or your feelings about their property - positive or negative. This could hurt you in future negotiations. 

Contracts are legally binding and certain aspects may be interpreted inaccurately, so it is very important your agent has a significant background and understanding of their contract and what items in it can be written to your advantage with what the current market may dictate as well.  Your agent should be more than willing and able to explain each item on the contract in detail if you need it, or at least point out the most important areas pertaining to the sales transaction.  An improperly written contract can result in repercussions, some being financial and others inconvenient during your move.  So, pick an agent that can satisfy you with their knowledge of the contract and escrow process in advance with answering specific questions for you:


Is there a set amount that a Buyer must give as earnest money?

What does the Liquidated Damages clause mean to me and my deposit?

What other forms may be incorporated in the contract to benefit the Buyer?

Who pays for inspections and services?

What consequences may occur if a Buyer does not adhere to the contingency periods set forth?

What is the difference between Arbitration and Civil proceedings?

When can the Buyer take possession of their new property?

What rights does a Buyer have?


Moving Forward

Once you and the Seller have come to a mutual agreement and the contingencies have been satisfied, you will enter into the "contingency period".  This is the time period in which the buyer has the right to fully inspect and investigate the property, and is also referred to as the "due diligence" period.  Your agent will be able to supply you with a list of at least three service providers for different types of inspections depending on the type of property you are purchasing.  Most residential homes are usually sufficient with a general building inspection by a licensed inspector.  In the event more serious items are called to your attention by the inspector, you may decide to seek the opinion of an inspector or licensed contractor who specializes in that trade.  Your agent should also be experienced in discussing which items on your inspection report are important enough to negotiate repairs or other solutions with the Seller.  The contingency period is also the time needed to secure the financing, so it is also important that your realtor and the loan agent keep an open line of communication to make sure everything goes smoothly. Loan approval should be evident at the close of contingency periods, and loan documents ordered so that there is plenty of time to fund the loan before the actual closing date. After all contingencies have been removed and you are satisfied with moving forward in the transaction to closing, the transaction will be nearing completion.  Make sure you have a designated place to keep all of your paperwork pertaining to your transaction and the house somewhere safe and easily accessible.  Here is a checklist of items you should have available:


1. Final closing statement & escrow instructions

2. Homeowner's Insurance Policy

3. Copy of Original Purchase Agreement and any Counter Offers, Addendum's or incorporated forms

4. Disclosures

5. Any environmental reports.

6. Inspection reports.

7. Loan Documents

8. Home Protection Plan or Warranty

9. Title Insurance Policy

10. Manuals and or Operating instructions for appliances or equipment

11. Your agent's contact information, in case you have any questions later


After sales service is important for every Buyer, so you should feel like your Realtor has connected with you and is going to be available and happy to keep in touch with you from time to time.  Aside from all that paperwork and process, let's hope you have a little fun along the way while you find that unique home to fit your personality and lifestyle needs!

Happy house-hunting!

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