Buying a home is the largest investment decision most people will ever make. But it’s more than a financial asset. It is where you hope to start and end each day, where you plan to build a life with your family and friends. It’s a place that should bring you comfort and satisfaction. I totally understand this. When it’s time to buy, come and talk to me and I will help find the best home for you.
1. Get Pre-Approved
Before you start to search, be sure to get pre-approved. Many listing agents and sellers nowadays require buyer’s pre-approval letter and proof of funds to be submitted along with buyer's offer. Sellers want confidence that buyer is ready, willing and able to buy before they remove their home from the market upon accepting an offer. So you need to work with your lender on a pre-approval of your loan. The lender will run a credit check, verify monthly income, asset statements, debt-to-income ratio, etc. to determine how much money you can borrow. Mortgage broker can also give you estimate of your monthly payments and funds needed to buy a home. Such a letter will be submit with the offer to reassure the Seller that you are qualified to buy their house.
2. Search Properties
Next I will set up automatic online property search that fits your specific needs. This is the fastest way to be notified when a home hits the market that matches your criteria. If one catches your eyes, you let me know and we can make an appointment to view the property.
3. Offer & Negotiation
After viewed a property, you told me you like it and decide to offer. First I will get the disclosures and reports of the property. I will read the documents and let you know if there exist any red flags. I will do research on the comparables and give you suggestions on offer price. On today's market, it is very important to make a more competent offer. I will work with you to make you a strong but safe offer. Price is only one of the many terms included in an offer, and I can help you present terms that will optimize your offer’s chance of being selected by the sellers. What happens after the offer is submitted depends on the seller and the level of other offers or interest there has been in the property. Negotiating terms with the seller can be quick or can take some time. But you will have an experienced agent on top of the process the whole way through. That’s why you’re working with me!
When you are under contract and the home is “locked down,” the next step will be to schedule a general property inspector to examine the house. I can recommend inspectors and coordinate the process for you. For many buyers the home inspection is the most anxiety-ridden step in the process. Suddenly you discover that your dream home is not without flaws. At this point it is good to remember you are not alone. Almost every buyer (especially first time homebuyers) feels these same emotions and, like them, you too will get through it. The key is to understand which are major issues and which are more minor issues. That’s why an inspection is important.
5. Final Loan Approval
In the final weeks before closing, your lender will be working diligently to finalize the paperwork on your loan. At this point the lender may request additional paperwork from you. Returning these remaining items in a timely fashion will be important to ensuring closing on time. When final underwriting is complete and your lender issues a full approval, it will send instructions to its closing department. These instructions will then be forwarded to the escrow officer (also known as closing officer) at the title company. It will be the escrow officer who actually handles your closing and preparation of the final HUD Settlement Statement.
It should be reiterated that any major purchases after you are under contract should be discussed with your lender. Taking on new debt or lowering your cash reserves could impact final loan approval just before closing. Lenders will do a last minute credit check and verification of employment just before closing.
On closing day you will meet at the title company where the escrow officer will review all of the documents needing your signature to finalize the purchase of the home. I will always review the estimated closing statement to make sure that everything agreed to in the contract is reflected in the closing documents. After you and the seller have signed all the documents, the title company will alert the banks involved, asking permission to fund the loan. After all the money has been transferred between banks, the house officially becomes your home. You might hear the term; “You are on record,” meaning you are the new owners!
Our relationship does not end when you leave the title company. I will still be there for you when you decide to sell your home down the road and for all the years in between. I am able to connect you with professional service providers who can help you with all aspects of your home ownership and should be your primary resource in all matters involved in your home sweet home.