Buyer Resources

Purchasing a property is most likely the biggest financial decision you will ever make. Whether this is your first purchase or you are an experienced buyer, this decision must be made carefully.

Why do you want to buy?

Are you tired of paying rent? Have you decided to pay your own mortgage and not your landlord’s? Have you outgrown your current home? Are you looking for an investment portfolio? Are you looking for a rental property? Would you like a larger yard? Would you rather live in a different area? Do you want to shorten your commute? Having a clear sense of your reasons for buying will help you choose the right property.

Has your income grown?

Property ownership is an excellent investment; whether you are looking for your dream home, a rental property, or to expand your investment portfolio. Owning real estate is one of the least risky ways to build equity or to obtain a greater return on your initial investment.

Now that you have defined your buying goals, it is time to start gathering and preparing some financial documents to keep the process as smooth as possible.

Build Your Green File

In order to finance a home, you will need to create a green file containing important financial information. Your green file will generally include the following:

• Financial statements
• Bank accounts
• Investments
• Credit cards
• Auto loans
• Recent pay stubs
• Tax returns for two years
• Copies of leases for investment properties
• 401K statements, life insurance, stocks, bonds, and mutual account information.

Check Your Credit Rating

Building up and maintaining a good credit plays a big factor in helping to determine what price point you can afford. Having a conversation with a lender and having them pull your credit prior to beginning the search process will make sure your goals are realistic. Together, you can determine a course of action that is best suited for you.

Be Careful With Your Finances

It is important to manage your finances well prior to the purchase of a property. It is important that the lender see you are coming from a place of stability. Now is not the time to make major career changes, or to buy a brand new car. Before making any big changes, speak to your realtor to ensure that your home purchase will not be affected.

Buying a home is a big decision with many different factors at play. It requires important financial decisions, solving complex issues that may arise, and working through paperwork. Working with an experienced realtor who has your best interest at heart can help make the process as smooth as possible. A trusted realtor can help guide you through the process and give you access to properties before they become public.

Here are some things to look for when choosing an agent that is right for you:

• Look for an experienced and relatable agent – someone who understands your needs and has closed transactions similar to yours.
• Interview a few agents before picking “the one:” asking questions about their familiarity with the neighborhood, their work style, and personality can help you find the right fit.
• Try to figure out what your needs are: would you rather an agent that has less clients and more time to focus or you, or someone that is very busy but has more experience. Is someone that is available weekends and nights a must?
• Make sure to find an agent that is easy to get in touch with and returns calls promptly. In this industry, sometimes waiting too long for responses can cost you the house.
• Choose an agent who you can connect with and feel comfortable speaking to about important and personal matters.

Now that you’ve done all the necessary preparations, its time to find your dream home!

Take a Drive

Take a drive around the area you’re interested at different times during the day to see what its like. Can you image being a part of it? Visit some of the local stores, get a feel for the community and figure out if you’re happy with everything the town has to offer. Are the malls close enough? The commute to work? Is there a good hospital nearby? These are all important things to keep in mind when deciding on a community to move into.

Narrow Your Search

Once the community has been selected, find a few homes in the area that meet your basic criteria. Schedule showings and take notes of what you like and dislike about each. This will help you remember the specifics of each home and help you organize your thoughts.

Time to Buy

After looking at all your options and finding the one, your realtor will help you submit an offer. A good agent will help you draft the offer in a way that will present you in the best possible way to the sellers, give you an advantage over others. They should also explain to you what the other costs associated with the purchase will be to make sure you are prepared for everything.

The Process, Step-by-Step

The Initial Agreement and Deposit

There are some important things to keep in mind to make the process as smooth and transparent as possible:

Keep Written Records of Everything - The buying process can be very stressful, and many verbal conversations can often be misinterpreted. It is helpful to write everything down to keep track of what exactly was agreed upon and have this signed by all other parties. Our agents are happy to help walk you through this process to ensure transparency and good communication.

Stick to the Schedule - Once your offer has been accepted, a timeline will be crafted to outline each step in the process until closing day. It is important to keep track of these dates to make sure all paperwork required by you is complete on time.

The Closing Agent - A closing agent will be chosen to be in charge of the escrow and to make sure the title is clear to close.

Congratulations! The home is almost yours! There are just a few more steps to make sure nothing gets overlooked:

Final Walk-Through Inspection

This final walk-through takes place the day before or morning of the closing. This is your last chance to walk through the home before it is officially yours. Take this last opportunity to make sure everything is working properly, the condition of the home is the same as the last time you saw it, and that the home is cleaned out in the way you were expecting.

Closing

During the closing, the buyers will typically sit down with the closing agent to review and sign all necessary documents. These documents will explain all details of the transaction including the finances to make sure everyone is in agreement and there is no confusion. Once all documents are signed, the keys to the home will be turned over to you, and the home is officially yours.