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For Buyers
FIRST TIME BUYERS
If you are purchasing a home for the first time, there are steps you can take to make the process of looking for a home smooth, easy and fun. This will probably be the biggest purchase you will ever make, so it’s understandable you might be nervous about investing your money in a home for the first time. So do our homework before you start and you’ll be rewarded in the end.
First, find a Realtor who knows the inventory and someone you feel comfortable with. A Realtor has a list of resources that can assist you along the way. Find someone you trust.
Second, ask your Realtor (if you don’t already have a relationship with someone) for the name of a reliable lender. You will need to spend some time with a lender before you begin your search qualifying for a loan. The lender will pre-approve you for your purchase. This way you and your Realtor can look for homes in your price range. Make sure your lender is ready to give you a “pre-approval” letter you can give to your Realtor. That letter becomes an important part of making an offer.
Third, ask your Realtor to provide you with an estimate of costs associated with purchasing your home. You will need money over and above your down payment for a home inspection, escrow fees, title fees, and lender fees. It could represent about 2% of your purchase price.
Fourth, ask your Realtor to set you up on a Auto Notification through her Multiple Listing Service. This will notify you of any new homes/condos that hit the market or have had price reductions. All the homes will be within your specifications. Making an offer on a property that comes on the market (or has had a price reduction) the same or next day gives you the advantage.
Fifth, once you find a property you want to make an offer on, do your homework with recent “sold” homes/condos in the area. Get a comparable market analysis. Your Realtor will know the List-to-Sale ratio in your area. Having a CMA is a picture of WHAT has sold, WHEN it sold, HOW MANY DAYS it took to sell, and the PRICE of the sale. This will help you decide on your opening offer. You don’t want to come in too low. If another offer comes in while the Seller is looking at your low offer, the Seller can take the new offer, or rescind your offer, and issue a Multiple Counter Offer to both parties making the offer. Now….you’re in a bidding war. Trust your Realtor.
Sixth, once you are in escrow, “perform” within the contract. Get your inspections completed with enough time to request repairs from the seller. Complete the loan application process very early, because the loan will take the longest, and Sellers want to know your are going to follow through with it. Sign all the escrow paperwork early.
Seventh, close escrow…celebrate.
EXPERIENCED, SEASONED BUYERS
If you are buying up, buying down, or buying investment property, you will do the same thing you’ve always down before when you’ve purchased property…. you’ll FIND A QUALIFIED, KNOWLEDGEABLE, EXPERIENCED, FULL TIME REALTOR
Then….you’ll do just what First Time Buyers do. Follow the steps above.
Good luck.
