The Buying Process
Whether you are a first-time home buyer or seasoned real estate investor, I offer stress-free, world-class service for all of your real estate needs. I’ll be with you every step of the way; from helping you narrow your search to guiding you through the negotiation process.
Before You Buy
Here are some things to consider as you determine what your long-term goals are and how home ownership fits in with those goals.
What is your budget and how will you pay for the purchase?
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This is my first question to homebuyers. If you are paying all cash, then be prepared to provide proof of funds which is typically a bank statement. If you are going to finance the purchase with a loan, then you will need a pre-qualification letter from a lender.
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When reviewing your current financial situation, check your savings and review your spending habits. Just because a lender states that you qualify up to X amount, doesn't mean you should necessarily borrow that much. The last thing you want is to become house poor. It is important to have a clear understanding of your personal finances before buying.
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What type of home fits your needs and what features does it need to have?
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In addition to choosing a location to live, there are many options when choosing the type of property to live in whether it's a condo, SFR, or multi-family. There's also the number of bedrooms and bathrooms, fixer or turnkey, galley or open concept kitchen, minimum square footage, and other features such as a pool, balcony, fireplace, etc. to consider.
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Is it a seller's or buyer's market?
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The market changes and depending on whether it's a seller's or buyer's market, can have an impact on the experience you have as a buyer. In a strong seller's market, prices are higher and it's more competitive. However, rates also tend to be lower so this shouldn't deter you either.
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Who will help you find your home and guide you through the process?
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There are a lot of real estate agents out there and not all agents are the same. Find an agent that you trust and is reliable. Honesty is the best policy especially when it comes to the biggest purchase you make.
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In many scenarios, the listing agent will represent both the seller and buyer. This is usually the result when buyers reach out directly to the listing agent. I always recommend that buyers get their own agent. The commission is set and paid from the seller's proceeds and no out of pocket cost to the buyer so it's in the best interest of the buyer to have their own agent to represent their interests. Otherwise, the listing agent is just negotiating against themselves.
Steps in the Buying Process
1. Get pre-qualified/pre-approved with a lender.
2. Work with your real estate agent to find homes that fit your budget and needs.
3. Submit an offer to the home you would like to buy. Your agent will need a copy of your proof of funds for the deposit and down payment, as well as the pre-qualification letter.
4. Have the home inspected.
5. Closing - if you are obtaining a loan, then there will be appraisal and other lender requirements to fulfill.
6. Congrats on the new home! :)