For Purchasers
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For Purchasers
Overview of the Buying Process
Begin your process by identifying why you want to purchase a home. Perhaps you are currently paying rent and want to take one of the most important steps to building personal wealth by owning your own home. You may seek to own investment real estate.
Maybe your current home no longer suits your needs, or you want to live closer to friends, schools, work, or other important aspects of your life. Identifying your reasons for purchasing will help you find properties that best suit your needs.
Get Ready
How will you purchase real estate? For many, the means to buy will come from a mortgage loan. To make the application process as smooth as possible, be prepared to provide a complete accounting of your finances to your mortgage professional. Collect the last two years of tax returns, statements from financial institutions, credit and loan statements, all investment information, and any other financial information, so that you can present all of it as a complete package. Even if you are not planning to purchase immediately, it’s a good idea to contact a mortgage professional in advance, because a good one will do more than just generate a loan. He or she will advise you on how to manage your financial circumstances to become the best borrower you can be, enabling you to work toward a winning contract well before you find the perfect property. I always recommend utilizing existing relationships. If you have a mortgage professional who has served you well in the past, contact that person; if you need a recommendation, I can refer you to those who have built reputations for serving their clients well.
Search
When I begin working for you, I would like to meet you in person if possible. Having a face-to-face meeting over coffee or a meal, at my office or yours, or wherever is most convenient for you means we can converse in depth about your real estate search. If an in-person meeting isn’t feasible, of course we can connect via phone, email, text, or video call. After we identify your search criteria, we’ll begin hunting properties. I will create a custom search of our local Multiple Listing Service (MLS) that will notify you when properties that meet your criteria hit the market, and we’ll monitor online real estate sites, social media, and word-of-mouth tips.
See
When the search produces viable candidates, we will schedule showings to see them in person. Given the competitive current market, it is important for you to contact me immediately when you see a property that interests you. Some properties have delayed showings and the schedules are booked quickly in advance; others begin showings as soon as they hit the market. Many properties have predetermined schedules for showings, contract submission, and contract review. I’ll help you get all the pertinent information immediately so you can see properties as soon as possible and be prepared to pounce when you see one you’d like to purchase.
At showings, my primary objective is to identify the type, history, and age of major systems like HVAC, roofing, siding, windows, plumbing, electrical and flooring, as well as minor items like appliances, water heaters, fixtures, and other components. I want you to have as much information as possible about what expenses a property may present and when they may arise, which will help you make the most informed decisions about which properties to pursue.
Write a Contract
I will provide you with carefully researched and comprehensive market data analysis so you can consider a property’s price in context. To determine what you are willing to pay, you will want to know what buyers have paid for similar properties, prices per square foot in the area, and in many cases, the percentage of prices paid over list prices.
Your decisions on price and other terms of your contract will be influenced by the level of competition for a property. Before drafting your contract, I will discover as much information as possible about the market’s level of interest in that property, the number of showings, any terms of particular importance to a seller, and if possible, the number of contracts received or expected by the listing agent. You need to know the level of competition you face before deciding the terms of your contract.
In competitive situations, while price is obviously chief, terms involving financing, appraisal, inspections, closing date, earnest money deposit, and others must be carefully considered. By identifying the tools at your disposal to draft these terms and describing how they work, I will advise you on crafting the best contract you possibly can.
Contract to Closing
Finding a property and getting it under contract marks the halfway point of any real estate transaction. The second half occurs from contract to closing. Depending on the specifics of your transaction, I will facilitate or guide you through:
- Collection and keeping of all documentation
- Complying with all contractually required timelines and deadlines
- Starting your official loan application with your mortgage professional
- Providing to your mortgage professional anything needed from contract to closing
- Deposit of your earnest money
- Scheduling of inspections and review of findings
- Negotiation during inspections
- Starting your closing file with an attorney or closing agent of your selection (I can make recommendations if you need)
- Addressing any appraisal issues
- Ensuring address of any inspections for which the seller is responsible, such as wood-destroying insects, well-water tests, or septic systems
- Receipt and review of Homeowners Association Disclosure Packets
- Conferring with you and your closing attorney about the closing process, title, contract compliance, or any issues that may arise
- Securing appropriate homeowners’ insurance for your new property (recommendations available)
- Establishing utilities and services at your new property
- Scheduling a time for your closing
- Scheduling a final walk-through prior to closing
- Address of any issues discovered at final walk-through
- Address of any last-minute issues before closing
- Arrange for property keys to be delivered to you at closing
- Attend closing to ensure your transaction completes successfully
No Two Transactions Are Identical
I focus on the details of your purchase so that you can enjoy a smooth and successful closing on your new property.