|
1. Choosing a
Realtor
Choosing a Realtor could be
the biggest decision you will
make in this entire process.
Make sure your Realtor is
licensed, is fulltime and very
reputable. It is very important
to ensure that your Realtor has
your best interests in mind. A
licensed Realtor is a
distinguished designation that
exemplifies honesty, integrity
and responsibility. A licensed
Realtor is governed by a body of
his or her peers that conform to
a set of standards, rules, and a
code of ethics.
2. Learn About an Agency
It
is important that you understand
who represents you and who
represents the seller when
purchasing your new home. You
are welcome to engage in a
buyer's agency agreement for
complete fiduciary from a
Realtor to you. A buyer's agent,
by law must ensure that your
transaction conforms to law,
fairness, and fiduciary and that
means that you will have someone
on your side in the search for a
new home. A seller’s agent will
and must represent the seller at
all times, not the buyer. So it
is wise to hire a buyer's agent
to ensure that you are well
represented throughout the
process.
3. Get
Pre-Approved
Now is the time to find a
Mortgage Banker who will give
you the best interest rate, the
best program and the lowest
costs when applying for a
mortgage. Usually, your Realtor
will make several
recommendations if you don’t
already have someone in mind.
4. Finding a Home
If
you are lucky enough to find a
great Realtor, then most of the
work will be done for you. Your
Realtor will open the entire
real estate market to you from
the comfort of their office or
at your home. Ask for all
neighborhoods, all conditions,
and the price range that you
have been pre-approved for. Once
you have narrowed down your
selection, you are ready to
start looking. Pay special
attention to location. They say
there are three things that
matter the most when buying a
home, and they are “LOCATION,
LOCATION, LOCATION”.
5. You've Found Your Dream Home!
Now is your opportunity to bid
on the home of your dreams. You
need to offer an amount to the
seller that you feel the house
is worth, based on your
experience, your needs and your
wallet. Some buyers offer less
than the asking price, some
buyers offer the exact price and
some buyers will even offer more
than asking price. It all comes
down to how much you want the
house. You will need to put an
initial deposit down with offer
in the amount of $500. If the
offer is accepted, the seller
may want the balance of 5% of
the purchase price, which is
usually within ten days. You may
try to negotiate another deposit
amount, but it will be up to the
seller to accept whatever amount
as a good faith deposit.
Remember, there are lots of
buyers out there looking at the
same homes that you are, so if
you finally find one that you
absolutely love, make an offer.
You may not find another one
home exactly like it again.
Always consult with your buyer's
agent for advice, but remember,
you make the decision, not the
Realtor.
6. You Found a
Home that Suits Your Needs
Make sure you get a home
inspector into the property to
inspect the integrity of the
home. He/ she will inspect the
structure, roof, heating, the
foundation, the plumbing, the
electrical, the appliances, and
can do a pest inspection,
including testing for termites.
Generally, if the property has
termites, the seller will repair
the damage and treat the
property. But remember, the
seller could say no, so you
would have to make a decision
whether to move on, or take care
of the problem yourself. Always
get a home inspection - you'll
pay about $350-$500, but it will
pay for itself in the event that
you need a new roof, heating
system, etc.
7. How
Long Does It Take to Close?
Once the contract has been
signed and the inspections have
been, it will typically take
your lender about 4-6 weeks to
pull your financing package
together. Once your lender has
obtained the clear-to-close, you
are able to pass papers and move
into your new home.
|
