Buying Real Estate

The process of buying real estate is exciting, but there are many steps that are involved for a successful transaction. I have created a list below for you to follow so that you can be well prepared. Follow these steps to help make the process go smoothly.

Find the Right Realtor: Any real estate search should begin with establishing a good relationship with an experienced professional. Do you research and work with someone that sells in the area you are interested and works with the type of properties of interest.

Location:
Each neighborhood offers its own unique amenities, culture and services so be sure to do your research and investigate which area might be best for you. Take into consideration things like proximity to public transportation and your work commute along with the cost of the homes that are suitable for your needs. I can also help navigate the right areas to focus on based on my years of experience and area knowledge.

Work With a Reputable Lender:
Most Realtors have recommendations for a few lenders for you to interview. They can help you with checking your credit as well as pre-approve you for an amount to borrow for a home loan. This will dictate the price range of homes that will be in your search. They will also provide you with a pre-approval letter that you will need to accompany your offer when you submit one.

Plan Your Budget:
An important part of planning your real estate purchase is to budget your money and to understand your overhead. A mortgage agent can give you a good faith estimate of what costs to expect depending on your particular situation, but you will want to be aware of all related expenses so there are no surprises. It is also best to refrain from any large purchases during the homebuying time as that can affect your eligibility for a mortgage.

Make Your Best Offer: Too often in today's real estate market, there are too many buyers and not enough homes therefore, when you find the perfect opportunity realize that you may be in competition so putting your best foot forward could save you time and money in the long run.

Home Inspection:
Having a home inspection done is important for having a better understanding of what your new home may need in repairs. Not only does a professional know exactly what to look for with regard to current conditions, but this report can help you best in budgeting for future expenses. Should any extensive repairs be required, this can sometimes lead to further negotiation with the seller.

Finalize The Contract:
Having a good attorney is critical for when you are ready to enter contract. Once your inspection has been satisfactorily completed, the next step is to sign your Purchase and Sale Agreement, often called “P & S,” which will be facilitated by your attorney. This contract identifies all terms of your offer including important milestone dates and will be accompanied with your down payment funds. You may have further steps for your loan approval, but this will be the next big step until your closing.