Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by your agent will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
Selling first may be the best idea because you will have
your equity available, options open, and be in a stronger
negotiating position. We can further discuss these
options during the buyer consultation.
Meet with an ABR (Accredited Buyer’s Representative) credentialed real
estate agent and sign the buyer agency agreement. Remember, finding a
home isn’t the most difficult part, it is managing the process and
negotiating the contracts.
See the section on Services Provided for more details regarding agent
responsibilities.
Meet with a mortgage broker or lender, determine your budget, and
decide on a comfortable monthly payment. Your lender or mortgage
broker will determine the maximum monthly payment. There are two
main levels when qualifying for financing, pre-qualification, and preapproval, with pre-approval being the stronger of the two. This process will
require documentation indicating employment, income, available cash,
and outstanding loans to evaluate your debt-to-income ratio, credit score,
and loan options.
Determining your housing requirements: Consider proximity to work, school, shopping, …etc., yard size, style – detached, sing family, condo … etc., bedrooms, bathrooms, garage, storage, amenities, and special requirements.Often people are shown homes that meet all their requirements, yet it simply doesn’t “feel right”. We all tend to purchase homes based on a particular “feeling”. Ask yourself why you want certain features and why certain features are important to you. You must understand your needs based on your lifestyle. This will be important for your real estate professional to know when helping you find that one particular home. Remember, you’re not just buying a physical structure, you’re buying how you will feel in that home.
My Goal Is to Provide You with the Most Personalized Service That Is Designed to Help You Buy Your Dream Home.
How many homes should you see during the search? Many times, people purchase the first home they view and that’s because I take time to better understand the differences between must haves, desires, and wants. I learn why people are buying a home and that helps me narrow the selection so that they are only viewing appropriately matched homes. Remember, you may have viewed hundreds of homes online before viewing even one person! Should you choose to buy the home, you will likely have the option to order an inspection outlining any defects. The report will examine elements such as heating, electrical, plumbing, roofing, and materials used in construction. Please be certain to ask about securing a home warranty on the property, as many times they can be negotiated into the transaction.
MAKING AN OFFER
WHEN TO MAKE AN OFFER: So you have found THE house! Congrats! In today’s market when the demand is higher than the amount of homes available it is important to act fast!
HOW MUCH TO OFFER: We will sit down and look at recent sales and current buyer activity in the area, as well as the value of the property in its present condition. Putting all this information together, we will determine the price that you would like to offer.
During this process I will present the purchase agreement to the seller and or seller’s agent and its likely you will feel some anxiety. The seller has four options. Sellers can accept your offer, counteroffer, accept a competing offer, or all together reject your offer.
Remember, Andrew Cherry is a certified Real Estate Negotiations Expert you can trust!
Behind the scenes your agent, the title company, and your lender will be
diligently working to close the sale. Closing responsibilities include income and deposit verification, credit report, appraisal, inspections, and title search.
After signing the final paperwork to complete the purchase, you are now the owner of a new house. It may take a few days for your loan to be funded once the paperwork has been returned to the lender, but once that check is delivered to the seller, you’ll be all set to move into the home of your dreams.
From start to finish, my company will handle every aspect of the real estate transaction with utmost professionalism, ensuring a smooth and stress-free process. You can focus on envisioning your coastal paradise while I take care of the rest.
