The Buying Process and Guide
Step 1 – Initial Meeting or Consultation
Buying a home is one of the biggest decisions you will ever make. After you have contacted me, we will schedule a sit-down meeting at my office or another suitable location where we can get to know each other. Establishing a positive personal relationship is very important to me when guiding you through your home purchase.
Step 2 – Financial Preparation
A smart investment starts with the right knowledge. It is important to figure out how much you can afford to spend before you start looking for a home. That means getting pre-approved for a mortgage, creating a budget, and selecting mortgage options that works for you. Your mortgage payment will probably be the biggest expense; however, there are other costs you should be aware of. You do not want any unpleasant surprises!
Step 3 – Starting Your Search
Now that you have a clear picture of your finances and mortgage options, it’s time to start thinking about the kind of home you want to buy. Look for a home that will meet your needs not just today, but also into the future. I will set you up on an automated search, which will send you MLS listing updates by email (immediately, daily, weekly, or monthly). However, that is not it, I also have several sources to find Hidden Inventory and Motivated Sellers.
Step 4 – Viewing Potential Homes
Once you have selected your top homes, we will book showings. Generally, this gives us a chance to view the home privately. We can determine which home fits your current and future needs as well this gives us a chance to take a closer look. With years of experience, I can show you how to make the most money out of each property and add value.
Step 5 – Making an Offer and Closing the Deal
Once you have found a home, the next step is to make an offer and fulfill the terms and conditions. The offer will become a legally binding contract.
- Property Research – We will research all the information possible on the home and conduct a Comparative Market Analysis (CMA). This is where you will get most of your fire power for determining your offer price.
- Conditions – Conditions are clauses that must be fulfilled for the contract to be fulfilled. Generally, all purchase contracts include buyer conditions for Financing, Property Inspections, and Condominium Document Reviews. Seller conditions are possible; however, not as common. The buyer or seller will have a certain number of days to fulfill these conditions (usually 5 business days).
- Terms – Terms are the clauses that make up the contract. These are the items that are agreed to and must be upheld, otherwise there is a breach of contract. This usually includes seller repairs and a buyer pre-possession walk-through.
- Deposits – In order to make an offer, the buyer will need some available money for a deposit. This is a show of good faith in a transaction and is fully refundable if the conditions on the contract are not removed. However, generally, becomes non-refundable once conditions are removed.
Congratulations! The home is yours! Now it is time to prepare for possession. I will help make your move as smooth as possible by providing checklists and trusted contractors for any repairs or improvements to your home.
Step 7 – What is next?
Becoming a homeowner is a major responsibility. It’s up to you to take care of your home and protect what is likely your biggest investment. I will help by providing checklists to ensure you cover most of the maintenance tasks. I am always a call, text, or email away. I am always happy to receive referrals, help when you decide to sell, or invest in real estate.