When choosing a buyer’s agent, it is important that you have every confidence in the agent’s ability to represent your best interests. When purchasing a property in today’s market, it is not unusual to find more than one buyer trying to secure the same property.
Because of the competitive real estate market, your agent must be educated, aggressive, know current values, and also be respected by their peers. A reputation for high ethical standards and attention to detail is a must when negotiating for that desirable property.
A smart listing agent will not advise a seller to consider price only – there are many additional factors that an agent should keep in mind. One of these is the agent representing the buyer and her ability to achieve a successful closing.
Before you get started, do some homework.
This handy Buyers Guide will show you some things to keep in mind as you are hunting for that home of your dreams.
Start your research by using our simple mortgage calculators below to see whether you can afford to pay the monthly mortgage on the kinds of houses you have in mind.
We also encourage you to make application with a lender before you start looking for a home. This is called getting pre-approved for a loan; it will tell you exactly how much you can afford and may make the closing process go faster.
But, remember that owning a home involves more than a monthly mortgage. You’ll also have to consider money you’ll need to have at hand when you make an offer, when you close on a home and on a monthly basis after the home is yours.
Earnest money, usually 1% to 5% of the cost of the house, which you pay as a deposit on the house when you submit your offer. It is your proof that you are a serious buyer
Mortgage insurance, paid by borrowers making a down payment of less than 20% Closing costs, usually 3% to 4% of the cost of the house, to pay for processing all the paperwork
This includes:
The internet is a quick way to see whether the houses that are currently available meet the following critical criteria: in the right location, with the right features and at the right price. If you find after your internet search that few properties meet with your expectations, you may want to readjust your criteria change the location, features, price to increase your chances of finding a house that works for you. If you have any difficulties in this initial search, feel free to contact me for assistance. Homes can become available instantly and your agent is always the most current resource for literally up to the minute new home listing information.
Once you know what you want, where you want it and what you can afford, its time to see the houses for yourself. To help stay focused, bring with you a checklist of things that you’ve decided ahead of time are important qualities of your future home.
You certainly want to be happy with your new home but try not to get paralysis through analysis…
A professional has access to a network of contacts and can draw from extensive market knowledge to help pinpoint the right house for you quickly.
A professional also can help you structure your deal to save money, explain the advantages and disadvantages of different types of mortgages and guide you through the paperwork.
And best of all, our professional services are at no cost to you!
A fixed-rate mortgage is the most common. In a fixed-rate mortgage, your interest rate and payment stay the same for the life of the loan. An adjustable-rate mortgage usually starts out at lower interest rates and lower monthly payments than fixed-rate mortgages, but your rate and monthly payments may rise and fall based on a financial index.
There are also several government mortgage programs available, including FHA mortgages, which are designed to help people who might not otherwise qualify for a loan.
You may also have a choice in loan terms. There are 30-year loans and 15-year loans.
Once you’ve determined how much you’d like to offer, work with your real estate professional to submit the proper information. This includes:
This can be just the beginning of the negotiation process. The seller has three options: accept your offer, counter your offer or reject your offer. Let your real estate professional advise you on the best way to present your offer for a good outcome.
Obtaining financing might include loan approval, which will include an appraisal of the property. Also be prepared to make your down payment, which is usually due several days before the close of escrow.
Now is the time to schedule a professional inspection of the property; it is one of the best safeguards you can take before buying. A home inspector should check (and may give you a rough price for repairs on) the electrical system, plumbing and waste disposal, the water heater, insulation and ventilation, water source and quality, pests, foundation, doors, windows, ceilings, walls, floors and roof.
Keep in mind that the inspector isn’t there to tell you whether you’re getting a good deal. He or she is there to give you an educated and professional opinion on whether the house is structurally and mechanically sound and fill you in on any repairs that are needed.
Often a real estate professional will help make sure your insurance company and your title officer are working together to put your policy in effect by the close of escrow.
But, if you get your insurance agent involved early in your home-buying process, he or she may also help point out ways to help keep your insurance premiums lower.
You will be signing loan documents and closing papers, paying the balance of your down payment and closing costs.
