The Buying Process
BUYING YOUR NEW HOME
Buying your new home is not an easy process. It is one of the most important things you will ever do. My goal is to educate you on the process, which will help you make better decisions and save you money. I will keep you up-to-date on any changes in your target markets. I will explain all next step actions that need to be made. My ultimate goal is to make the home buying experience as smooth and successful as possible.
THE PROCESS OUTLINE
- Determine your timetable.
- When do you have to be in your new home. Knowing the end date will determine when you need to start the process.
- Identify outside issues that will impact your timetable, such as school start dates, work commuting issues and existing family commitments.
- Do you have to sell and close on your existing home in order to buy your new home?
- Choose your realtor.
- Take the time to understand your agent's qualifications.
- The process has changed dramatically. Does your agent have Internet experience?
- Does your agent have solid knowledge of your target market?
- Will your realtor listen to your requirements?
- Is your realtor an accomplished negotiator?
- Start the financial review process.
- Get a financial review with a mortgage professional.
- Review your credit rating and correct and document any issues on your report.
- Get an understanding of the various mortgage products and pick one that meets your needs.
- Determine your new home purchase budget.
- Estimate the amount of funds that will be available to use for your down payment including existing home sale proceeds.
- GET PRE-APPROVED! Never wait until you make an offer to start this process.
- Start your features list. Outline your "MUST HAVE" requirements.
- Location, lot type and house style.
- Proximity to transportation, town and schools.
- Room configuration - Bedrooms, Bathrooms and Living space.
- Start your target market education.
- Initiate an auto search where listings come to you daily.
- Get community information such as schools, transportation and local resources.
- Find out what an extra $25,000 in list price gets you in home features.
- Line up resources needed to close.
- Hire an attorney who specializes in real estate.
- Start talking to the inspectors that you will use.
- Get the names of contractors that can estimate repairs costs for any inspection issues.
- Get an understanding of what happens after your offer to purchase is accepted by the seller.
- The property inspection.
- Your attorney's role.
- Finalize your mortgage approval.
- Understand your closing related costs.
- Lenders fees including loan processing, underwriting fees, appraisal charges and any escrow fees.
- Third Party charges such as legal fees, inspection costs, title work and insurance.
- Government fees for local taxes and deed recording fees.
- YOUR AGENT, LENDER AND LAWYER WILL EXPLAIN HOW THESE CHARGES WORK AND PROVIDE A GOOD FAITH ESTIMATE EARLY IN THE PROCESS.
I hope this is helpful information in today's market. If you want to review this information in person please feel free to contact me. Thank you.
One of the most important steps outlined above is initiating an auto search through the MLS. It is the key part of your market education. All listed properties are on the Internet. Getting MLS listings sent to you on a timely basis is fast efficient and is critical in accelerating the learning process. If you want to sign up for this complimentary service, please register on the second next to the outline titled "See More Listings" and I will get you set up on an automatic search.