Buying a Home
Choose a Realtor:
More important than just choosing a realtor, choose a realtor you can trust. Talk to others who have sold or purchased a home. Ask who they chose and why. Friends and family are usually honest when it comes to business, discuss realtors with them. As a consumer, you need to be educated about what you are buying as well as the company you are buying it through. A realtor is more than a name on a sign. A buyer does not have to use the agent selling the home. Actually, it can be more beneficial to use an agent not selling the home. It is a safe guard for the buyer and the seller. An agent is supposed to watch out for the best interest of their client. If one agent is representing the buyer and the seller, who’s best interest are they going to protect – the seller or the buyer?
Another reason it is important to research your realtor choice before you make a decision is that a buyer should remain with the same agent throughout the process. However, a buyer should change realtors if he/she becomes unhappy with the agents efforts and business decisions.
Why Choose a Dream Home Realty Agent?
Realtors pledge to a code of ethics and professional standards and all of Dream Home Realty’s sales associates are Realtors®. Dream Home Realty’s sales associates are Realtors with integrity.
Loan Pre-Qualification is a simple process. It considers basic information regarding your financial status that you provide and determines an amount in which you may qualify. The amount a buyer qualifies for can be stated verbally or electronically over the Internet. The Loan Pre-Qualification should be performed to help the buyer determine the price range he/she should look at when finding a home.
Pre-Approval for a Loan
A pre-approval is a more detailed and more involved process. The lender will ask for all pertinent information regarding your finances. A lender, of your choice, will perform an extensive check on your financial status. Although the process is more detailed, it will ultimately return the exact amount that you are eligible to receive for a loan.
Find a Home
At this point, you know what price range in which you need to be. The next step, you must decide what features you would like your new property to include. A home buyer must decide how many bedrooms, how many bathrooms, if they want RV parking and do they want a garage? Your Dream Home Realty.com agent will do a complete search through their multiple listings service to find properties specifications.
No matter whose name is on the sign, call your realtor! The agent on the sign represents the seller; you want an agent that will be your representative. Your agent will keep you up to date on new listings that come available. The agent is informed of all new listings that meet your home qualifications via our websites.
Your agent will arrange for you to walk through any home when it is convenient for you.
Making an Offer
When you find your “Dream Home”, it’s time to make an offer to the property owner. Ask your agent to advise you on similar properties in the area and what the homes have sold for recently. The information provided by your realtor will better prepare you for writing your purchase agreement. The purchase agreement will always be in written form detailing what needs to be done by both parties to execute the transaction. The agreement or contract should include the following:
- Address of Property
- Offer price
- Financing Arrangements
- Earnest Money (Deposit Amount)
- Inspection Rights
- The method of conveying the Title
- Documentation of what appliances or furnishings will be included
- Closing Dates and Specifics
- Any relevant Contingencies
Your Dream Home Realty agent will make sure that your contract meets all legal requirements. We will expertly advise you on how to write an offer that will protect your financial position and ensure your protection if a particular requirement is not met. Your agent should give you an estimated cost for the closing according to the contract.
Your offer is presented to the seller once you have signed the contract. The seller may begin to negotiate the offer with you to reach an agreement or acceptance for both parties. Keep in mind that everything is negotiable. Some of the most common items negotiated are:
- Closing Cost
- Title Insurance Cost
- Inspections results i.e. major defect
The key to successful negotiating is keeping in mind that the end result must be satisfactory for both the buyer and the seller.
The negotiations should always be in written form. The real estate agent will have a “Counter Offer” form that should be completed.
After your offer has been accepted, we will have a timeline to follow to ensure a prompt closure. Working with your lender, you will complete an application for your mortgage to buy your property. The lender will order an appraisal of the property as well as survey the property if needed. If necessary, your agent will advise you of inspectors to hire.
Homeowners insurance is another important item that will need to be purchased before the closing can take place. Until you have insurance, the closing cannot proceed. Once again, your agent will help you coordinate all of the closing items to ensure the completion before closing.
As the closing date nears, your agent will be in contact with you almost daily. Your agent will also be in contact with your lender to ensure that the closing agent receives all the necessary documents from the bank. The closing agent will prepare the closing statement. At that point, you should find out what form of payment you will need to bring to the closing for any fees that you will be paying according to the contract.
The closing is where ownership of the property is legally transferred from the seller to the buyer. The closing is usually done by an escrow company. The closing officer/agent coordinates the document signing, collection, and distribution of the funds. Your agent will oversee that the contract terms have been met.
Congratulations! You are a new homeowner. Do not ever hesitate to call your agent with any questions. If your agent has helped you with a smooth, hassle-free buying experience – Thank them by referring your friends and family to them.