Buying Real Estate
Allow us to assist 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 familiar with.
Financials: Examine your financial situation from how much you plan on putting down as well as what you are comfortable spending on a monthly basis for your mortgage payment. Once you begin this process, 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 grasp of your personal finances, contact a mortgage broker and see what you will qualify for in regards to an amount of a home loan. Your broker will also give you a pre-approval letter that will accompany your offer on a property when that time comes.
Touring Properties for Sale: This is arguably the most fun part of the home buying process. Once you have determined what you can spend, then we will set up searches for properties. Consider things like desired bed/bath count, square footage needed as well as exactly where you want to be looking. Every town offers different amenities and accessibility.
Writing an Offer to Purchase: Once we locate the property that you wish to make an offer on, we will need to move quickly. We will assist with reviewing comps as having a good understanding of the market will help you move quickly through the offer process and give you the best chance at getting the home you want.
Up to 7 Days after your accepted offer, schedule the home inspection: The best way to learn all details of the home is to hire a professional inspector. They will give the home a thorough exam and alert you of any future repairs that are necessary. This will help you budget for the future or potentially negotiate the terms of your deal if there are larger or unanticipated work to be done.
10 to 14 Days after offer, enter contract: After the home inspection then it is time to solidify all terms and enter contract. Commonly called the “P&S” the Purchase and Sale agreement will confirm all of the terms and conditions of the deal. The deposit funds should be paid along with the signing of this document. These monies 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 transactions. However, no two deals are exactly alike so additional contingencies or desired dates may play a role in process.
Do you have any other questions about buying a home? 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.