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Buyers

Buying a home is probably the biggest investment you will make, with long term financial effect.   It calls for making many informed decisions and good advice from an experienced real estate professional.  While buying a home, you can learn a lot from the knowledge and skill of a professional realtor.

WHAT CAN A REALTOR DO TO HELP YOU BUY THE RIGHT HOME?

  • First step is always to find out your “buying power”  By helping you find the right mortgage lender your realtor can help you get “Pre-Approved”.  Being “Pre-Approved” greatly increases your negotiation position when writing offers and enable you to get the home of your dreams faster and easier.
  • As a buyer’s agent they work for you to negotiate the best price and terms for you.  If serving as a dual agent representing you and the seller they work with both you and the seller to arrange the best transaction for both.
  • Your realtor will help you make a realistic list of the things that are important to you in a home.

Prioritizing your list will make home shopping easier and you will be able to decide which items are most important and which you can compromise on.

  • Your realtor has access to all listings on the multiple listing service, can review them according to your wants and needs and show you only homes that fit your budget and criteria.  They won’t waste your time showing you homes that are not a match for you.
  • Your realtor may be able to suggest changes in a home that would make it fit your needs better

and improve its condition and value.

  • Your realtor can provide you with information on real estate value, taxes, and give you links to access many of the services you will need in your new home, or to provide information on schools, zoning etc. that could affect your decision to buy.
  • Your realtor can write offers for you on properties that you choose and negotiate to get you the best price and terms.
  • Your realtor can give you a list of qualified inspectors, pest inspectors, sewer, septic, well and any other type of inspection you desire and help coordinate appointments with the seller for those inspection.
  • Your realtor will set up escrow with a title company, explain that process to you, coordinate signing scheduling, funding and recording and getting your keys after recording.

 

TIPS TO SUCCESSFUL HOME BUYING

  1. RESEARCH

Research areas for the best location for your new home.   Check out the areas by driving around the locations that you like.  Looking at different home styles, neighborhoods, schools, and parks will help you find your dream home.  You can change many things about your home, remodel it, add extra space, paint it and make it shine, but you cannot change the location of your home, thus location, location, location is of upmost importance.

  1. GET ORGANIZED AND PRE-APPROVED

Organizing the materials needed by your lender and providing them in a timely manner will assure no delays when you find that perfect home and are ready to make an offer.

  1. VALUE

Always keep in mind that one day you will want to sell this home and move to another.  Buy this home with the understanding that by making improvements and updates you will help to increase the value of your home while enjoying the comfort of your home.

  1. CREATE YOUR LIST OF IMPORTANT FEATURES

List the “must have’s”, nice to have and items that you can possibly comprise on.  This list will help you shop for homes with the amenities that are important and prioritize the other.

  1. SIGN A CONTRACT THAT PROTECTS YOU

Review the contract that your realtor prepares for you, ask questions and make sure you understand the contract and know that it protects you and your rights.

  1. MORTGAGE LOAN

Work closely with your mortgage lender to compare available products and monthly payments.

  1. GET QUALITY INSPECTIONS OF THE HOME

Getting the inspections on the home once you have an accepted offer is so very important.  The cost of the inspections is minimal compared to the potential costs of repairs that could be discovered by a qualified inspector.

 First-Time HomeBuyer Checklist. 

The 12 month timeline will help you sidestep common mistakes, like paying too much interest or getting stuck with the wrong house (Yep it happens)

12 MONTHS OUT

  • Check your credit score ( Check on line, but more importantly call Scott!!  503-208-8220
  • Determine how much you can afford— also call Scott but figure out what you WANT to afford each month
  • Make a down payment plan

9 MONTHS OUT

  • Prioritize what you most want in your new home
  • Research neighborhoods and start visiting open houses
  • Budget for miscellaneous homebuying expenses

6  MONTHS OUT

  • Collect your loan paperwork

       Banks are very particular when it comes to mortgage loans.   They demand a lot of paperwork.  What

       They’ll want from you includes:

       W-2 forms-or business tax returns if you’re self employed-for the last two to three years.

       Personal tax returns for the past two to three years

       Your most recent pay stubs

       Credit card and all loan statements

       Your bank statements

       Addresses for the past five to seven years

       Brokerage accounts statements for the most recent two to four months

       Most recent retirement account statements, such as 401 (k)

  • Research lenders and realtors.  Start interviewing realtors, specifically buyer’s agents.  A buyer’s agent will work in your best interest to find you the right property, negotiate with the seller’s agent and shepherd you through the closing process.  Your agent can also be instrumental in finding a lender who’s familiar with first-time home buyers programs

3 MONTHS OUT

  • Get  Pre-approved for your loan
  • Start shopping for your new home-Once you’re pre-approved the buyer’s agent you’ve chosen will be able to target homes that meet your priorities in your price range.  This way you won’t be wasting time looking at homes you can’t afford.

2 MONTHS OUT

  • Make an offer on a home.-  it usually takes four to six weeks to close on a home.  So, if you have a firm move-out date, allow enough time to deal with any hiccups that can delay closing.
  • Get a home inspection-One of the first things you’ll want to do after an offer is accepted is  have a home inspector look at the property.  If the home inspector finds something that needs repair, that’s a common  example of something that can  delay closing

IN THE LAST MONTH

  • Triple check that all your financial documents are in order and review all lending documents before closing.
  • Get insurance for your new home
  • Do a final walk-through of your new home usually a day or two before closing to make sure the home is in the shape you and the seller have agreed upon
  • Get Cashier’s Check or Bank wire for cash needed at closing.  Title company will give you this figure

 

THAT’S IT!!!   CONGRATULATIONS!!