STEPS IN PURCHASING YOUR HOME
Step 1 - Get Pre-Qualifies
It is recommended that home buyers get pre-qualified for a loan with a lender before searching for a home to purchase. That way you will have completely reliable information about what you can afford.
Additionally, any offer that you make on a home will be taken much more seriously if you have been pre-qualified then if you haven't (You will be in much better position to make an offer once you have sold your privious home, if you have one)
Good Reasons to get pre-qualified:
You can determine which loan program best fits your needs and which programs you qualify for.
You will know exactly how much you are qualified for. It's no fun to find your ideal home and then relize that you can't afford it.
Your down payment, monthly payment and closing costs will be set so you can budget your money in advance.
If you are a first-time buyer, you may qualify for a special first-time buyer program, which may allow you to afford more home for your money.
A very important part of buying a home is finding the right lender and the right mortgage product.
There are many different kinds of lending institutions, offering a wide range of loan packages. So it is important to do some research and shop around because what you don't know can hurt you.
Step 2 - Selecting a Home
Complete a list of likes and dislikes. The more you know about what kind of home you are hoping to buy, the more effectively I will be able to facilitate your search.
When you get the chance, please fill out the following questionnaire, so that I'll be able to schedule appointments to see homes that fit the profile.
Step 3 - Finding your home
This is the fun part! You choose the homes that you want to view and save time by viewing only homes that match your criteria.
Let me know in advance, the time that works best for you to view the properties of your choice. I will then call the listing agent and make a showing appointment. A few hours in advance is ideal, as it allows some time for the listing agent and the seller to make the appropriate arrangements.
Step 4 - Making an Offer
There are 4 main components to the offer: Price, Posession Date, Attached/Unattached Goods and Conditions.
Note: A deposit is requrired at this time. It is required by law, that the Real Estat Brokerage deposits all funds into their Trust Account within 48 hours of final acceptance of the offer (at which time it will clear your account)
Is the deposit refundable? Yes and No. If the buyer cannot meet the conditions they have specified on the contract (e.g. the bank will not approve buyers mortgage) the buyer is entitled to receive their deposit back. If the conditions have been met, and the buyer waived all conditions, but is unable to close, the deposit is forfeited.
We need to decide what conditions we need to have on the offer (e.g. Financing and Home Inspection.
Condition day(s) are specified on the Purchase Contract and must be adhered to. Conditions must be removed by 9:00pm on condition day.
Offer is then presented to seller. Seller has 3 options:
- Reject the offer
- Counter offer
- Accept the offer
CENTURY 21 Elevate Real Estate