Finding Your Home
By getting pre-approved, you know exactly how much home you can afford. There is nothing worse than finding your dream home, only to find out that you cannot qualify for a loan to buy it. A pre-approval also strengthens your bargaining power when negotiating with a seller.
Determining Your Wants And Needs
I have several methods to help you determine your wants and needs. I have found the most effective method is for everyone who will be living in your home to sit down and fill out my wants and needs worksheet. This forces you, as a group, to really analyze everyone’s expectations in your new home.
The Search Begins
At this stage, I will compile a packet of information and pictures of all of the properties available that match your wants and needs. You will select properties you would like to look at on our first tour of homes.
New Properties On The Market
In addition to checking the MLS database at least once a day, I input your information into the MLS database, which notifies me when new properties are added that match your search criteria. Once a new property is available I will tour the property with or without you (your choice).
Making An Offer
Determining Your Offering Price
Once you have found the right house, I will prepare a Comparative Market Analysis (CMA) on the property to help you determine the fair market value of the property.
Writing The Offer
Our goal is to get this home on your terms which includes things like closing dates, things to be included in the sale, and of course price and earnest money. I will explain your contractual rights and responsibilities, talk about different negotiating strategies and give as much advice as I can. The offer will spell out how much you are willing to pay for the home, what type of financing you will obtain and a myriad of other important details and dates relevant to the purchase of the property.
Negotiating With The Sellers
After we complete the paperwork, I will deliver your offer to the Sellers or the Sellers’ broker. This is an important step because it gives me an opportunity to explain the offer, overcome objections, build rapport and answer any questions the sellers may have. The Sellers will do one of three things: Accept, reject or counter the offer. Oftentimes negotiations will go back and forth several times before the offer is accepted or rejected.
Stage 3 –Taking Care Of Contingencies
Home Owners Association
If the property is a part of a Home Owners Association, we will have an opportunity to read and accept the Documents pertaining to the association. Basically, these documents describe the rules, regulations and finances pertaining to the association.
The sellers of the property will provide you with a Title Insurance Policy. This policy protects you, the buyer, as well as the bank, against loss arising from disputes over ownership of a property. We will have an opportunity to review the policy and determine if there are any exceptions to the policy that you find objectionable.
You have the right to have an inspection of the property prior to closing. I recommend you hire a professional inspector to help you with this task. If you find any problems with the property, you can ask the seller to repair them or compensate you for future repairs.
Your lender will hire an appraiser to determine if the property is worth the price you are paying. If the appraisal comes back low, you will have several options depending on the contract.
Stage 4 – Closing & Possession
The “closing” is actually comprised of two separate closings, however they happen at the same time. At the real estate closing you and the seller will sign closing documents relating to the transfer of the property. The loan closing takes place when you sign the loan documents. After all documents are signed, the lender disburses funds to the closing broker, seller is paid and title to home is yours.
The time and date of possession of the property is negotiated on the contract. Upon possession, you can start moving in!