Quality over Quantity
BUYERS
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Before you start your home search, take some time to think about what you're looking for and your goals. Consider factors like preferred neighborhoods, the type of home, and any must-have amenities. While you may need to adjust some of your "must-haves" as you explore the market, having a clear list of your ideal features will make the process much smoother.
Finances
It's essential to have a comprehensive understanding of your financial position before embarking on the homebuying journey. Take the time to assess your savings, ensure you have sufficient reserves, and make sure you are financially prepared for the costs involved in purchasing a home. This includes not only the down payment but also closing costs, moving expenses, and any unexpected repairs or upgrades that may arise. Having a solid financial foundation will give you the confidence to navigate the process, make informed decisions, and ultimately achieve your homeownership goals with peace of mind.
A Pre-Approval Letter or Proof of Funds (POF) is required when submitting an offer. Choosing the right mortgage lender or broker is crucial. If you don’t already have a lender or broker you’ve worked with in the past, take the time to research potential options. Check online reviews, ask for recommendations from family, friends, or your realtor, and ensure that you select someone with a strong track record of satisfied clients. Most importantly, choose a lender or broker you feel comfortable working with throughout the homebuying process.
Pre-Approval Letter or POF
Hire a Real Estate Professional
The real estate industry encompasses a wide range of professionals including brokers, agents, salespeople, property managers, appraisers, and more. It’s important to remember that not all real estate professionals are REALTORS®. Big companies are not necessarily the best choice, as you may not get the attention you need. Once again, do your diligence. Referrals are usually the best way to go. However, you must feel comfortable and trust your agent. Trust that they have your best interest at heart.
Once you’ve found the home you’d like to buy, it’s time to make an offer. Here’s where your agent's expertise comes into play. Don’t get discouraged if sellers don’t accept your offer right away. Sellers can counter your offer, inspections can reveal possible repairs, and you can suddenly find your budget at risk and maybe even question if this is the right home for you. Above all, stay calm and continue to communicate with everyone involved.
Offer & Negotiate
Close the Deal
The timing for closing can vary, all transactions are different. Typically, within 48 hours prior to closing, you’ll do a final walk-through to check that all agreed-to repairs are completed and that the home is in the expected condition. 72 hours prior to the closing date, you will also receive your Closing Disclosure. This document lays out the final details of your loan and closing costs you have agreed to. Review it carefully.
Closing Day
On closing day, you will attend the settlement appointment to review and sign the final paperwork. On this day, the ownership of the property is transferred to you, the buyer. This day consists of transferring funds from escrow, providing mortgage and title fees, and updating the deed of the house to your name. Once all documents are signed and funded, you are done with everything, and you will be ready to move into your new home!
