Buying Real Estate
Allow us to help you to the best of our ability as professionals in the industry. To get you started, here are some steps in the home buying process for you to get familiarized with.
Initial Phase – Preparation
Prepare financially: Take a look at your financial situation. This includes everything from how much you intend on putting down as well as what you are comfortable paying on a monthly basis for your mortgage payment. Once you begin this process, it is a wise idea to refrain from any larger expenditures as this can affect the amount of a loan that you apply for.
Consult with a Mortgage Broker: Once you have a good grasp on your personal finances, contact a mortgage broker and find out exactly what you will qualify for in regards to an amount of a loan. Your broker will also give you a pre-approval letter that will accompany your offer when that time arrives.
Second Phase – Property Search
Viewing Properties for Sale: This is perhaps the most fun and best part of the whole home buying process. Once you have determined what you can comfortably afford, then we will set up searches for properties. Factor in things like bed/bath count, square footage size as well as exactly where you want to be looking. Each town offers a variety of different amenities and accessibility. We can be a great resource in helping you decipher which towns may fit your criteria best based on our extensive knowledge and experience.
Third Phase – Offer to Closing
Crafting an Offer to Purchase: Once we identify the property that you would like to make an offer on, we will need to move quickly. We will provide you along the way with current comps in each town we look in that will help confirm the best offer for us to negotiate. Having a strong understanding of the market will help you move briskly through the offer process which will give you the best chance at getting the home you want.
Up to 7 Days after your accepted offer, you will want to have a home inspection: The best way to unearth all details of the home is hiring a professional inspector. They will give the home a thorough exam and inform you of the current condition along with any repairs that are necessary. This will help you budget for the future or negotiate the terms of your deal if there are larger issues or work to be done.
10 to 14 Days after offer, enter contract: After the home inspection process has been completed then it is time to solidify all terms and enter contract. Commonly referred to as the “P&S” the Purchase and Sale agreement will identify all of the terms and conditions of the deal. The deposit funds should be paid along with the signing of this document. These funds will be held in escrow until released the day of your closing.
45-60 days from the offer you will typically close: This is a usual time frame for most deals. However, no two deals are completely alike so additional contingencies or desired dates may play a role in your process.
Any other questions? Let us be your resource for all. Please always feel free to ask any questions about any part of the process and let our expertise work for you.