Buying a home is a big decision…
It is the single most expensive asset most people acquire in their lifetime. The more prepared you are at the beginning, the less overwhelming and chaotic the buying process will be. From the initial planning to selecting the perfect home there are many steps to prepare you for the buying experience.
What is a Buyer’s Agent and do I need one to purchase Real Estate?
A buyer’s agent represents the consumer who is purchasing the property in the real estate transaction, not the seller.
The buyer’s agent works directly for the buyer and has their best interests in mind throughout the entire real estate transaction.
It doesn’t cost you any money, commissions are paid by the seller.
Understanding the process
The loan process
Preparing to move
Selecting a lender & the loan process
The loan process is the tedious part of the purchase. It is crucial for you, as a buyer, to understand what you can qualify for as far as a mortgage payment. Once lenders have received your information and can pull your credit report, they will be able to give us an accurate amount you can qualify for.
It is important for us to learn your wants and needs. Be as specific as need be, it will help us select homes that match all of your criteria. The step where we physically start the previewing process. We’ll schedule the appointments to view the properties that you are interested in.
When we have found a home that you love, it’s time for us to do our research. I will provide you with comparables in the neighborhood and/or surrounding area. This will show you what homes are selling for and hopefully give you an idea of where you want to start with your offer. This would also be the time to research the areas schools or maybe request information from the seller on their average utility bills, questions/concerns on the property. disclosure, etc.
Making an offer & deposit money
You need to enter into a written agreement which starts with your written proposal. This proposal specifies your price and the terms and conditions of the purchase. Purchase and Sale Agreement forms offer protection for you, the buyer, and covers the questions that need to be answered during the process. Deposit money accompanies your initial offer to purchase, this money is held until all parties have reached an agreement and the offer becomes a contract. Once the deal is firm, the deposit money held in trust goes towards the purchase of your new home.
This is the process that follows once you have sat down and written the offer on a property. We send the offer to the listing agent, who represents the seller. The agent and the sellers will discuss the offer and may either accept, counter or reject our offer. If they decide to counter or change our offer in any way, this is known as the negotiating period. This can go back and forth until we have reached an agreement; when everyone has signed off on the final contract.
This stage will start once we have an accepted offer. The first and most important step is to get financing approval. The lender will require all documents related to the transaction. Once written approval has been received from your lender you can move on to the home inspection. This will ensure you that the home is in good condition and there are no hidden defects. After all conditions have been satisfied, it is time to make the deal firm. Congratulations, you’ve just bought yourself a house!
Preparing to Move
You’ll be responsible for choosing an insurance company to insure your new home. Once you have selected that company and the agent, please contact your lender with the information, including their telephone number. Also, you will need to start contacting the local utility companies to have the services transferred into your name on the date you are scheduled to take possession.
Closing day for a home buyer is a fresh new start. It can also be extremely stressful. Make sure you know how much money you will need to bring in on closing. The balance owing will not only include what is stated in the purchase agreement, but will also include land transfer tax, legal fees, disbursements and any closing adjustments. Discuss this with your lawyer well in advance of closing to ensure that you have sufficient funds available. Most closings take place around noon so don’t plan to arrive at the home earlier. Being properly prepared before, during and after you move into your home will make your home purchase a wonderful experience. We are here to answer any questions that you may have during this process, even after closing!