Buyers Tips
- MORTGAGE SHOPPING: Shop around for a mortgage. Different lending companies will offer different incentives and some may give you a lower rate than others. It is a good idea to get 3 different quotes from different banks or mortgage companies to ensure that you are getting the lowest rates.
- PRE-APPROVAL: Before going out and shopping for a home you should make sure that you talk to a lender and get a pre-approval letter. A lender will be able to provide you with a pre-approval letter when you are out mortgage shopping after only a few questions. It is so beneficial to speak with a lender to figure out what loan amount you can afford and are approved for so that you know what to look for when you start home shopping.
- SELECT AN AGENT: It is so important to choose a good agent to help you find a home. What a lot of people don’t know is that it does not cost you anything to use a real estate agent when you are a buyer, why not take advantage of their expertise if it is free? Interview agents or ask friends and family, and you should be able to find a good agent who you trust. Remember to sign a buyers agency with the agent, not just a sub agency so that you know that your agent is working specifically on your behalf.
- EXPECTATIONS: Make a list of all the expectations and wants that you have for your new home. Sometimes it helps to have a list of the things that you are not willing to compromise on such as a garage and a list of the things that you would like but are not top on the priority list. Keep in mind that it is impossible to always find the “perfect” home so be willing to be a bit flexible.
- START YOUR SEARCH: Now you are ready to start looking for a home. Your agent will be constantly keeping their eye out for homes for you. Also, over 90% of buyers start looking on the internet for a home so agents tend to advertise there first. Your community should have a Multiple Listing Service (MLS) that the public can view so you can find some homes that you like. Your agent may set you up with a profile so that homes are automatically sent to your email when one pops up that fits your criteria. If you have questions about a home that you see that is another agents listing or a For Sale By Owner call your agent and have him or her gather more information.
- DRIVE BY HOME: Before contacting your agent to schedule a showing take a day and drive by the home first. Many times just by looking at the front of the home you can decide if it is something you are interested in looking into further. This will save you a lot of time in the long run.
- SHOWINGS: Have your agent set up showing when you find a list of 10 or so that you like. Getting in a home will help you decide what features your like and what features that you don’t, that way you can narrow your list down to your top few and schedule a second showing. Your second showing will help you narrow it down to the house that you would like to make an offer on.
- OFFER: Sit down with your agent and discuss writing an offer on the home that you decide on. This can be an exciting and nerve wrecking time. Figure out a top price that you are comfortable paying for the home and shoot for an offer within 5 % of the value of the home so not to turn off the seller. Your agent will be able to give you good case by case advice on a good solid offer on a home. The seller may counter and you will have to then decide if you will accept the counter or start over. Make sure to write in an inspection contingency so that you can have inspections on the home.
- OFFER ACCEPTANCE & INSPECTIONS: After your offer is accepted you have an allotted amount of time to get your inspections done before the deal is finalize. It is good to have an inspection done by someone qualified, ask your Realtor for names of inspectors that they use and trust.
- CLOSING: This is it, after removing the inspection contingency you can pretty much sit back and relax as your agent, your lender and the title company work together to bring the closing to a reality. You finally made it and hopefully will be moving into your new dream home after paperwork is signed.
