Buyer's Guide

Notice I said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.

Can you shop for, look at, and ultimately make an offer on a home without a Real Estate Agent? Technically yes, but why would you tackle the biggest purchase of your life without the professional help of a licensed Real Estate Agent? Not only will I help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but I also have a knowledge of the market that you don’t possess. I may be able to steer you away from certain homes or locations, suggest hidden gems, or give you pointers that will help you find your dream home for the right price.

Once you have selected the perfect home, work with your me to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. I will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, you will have an accepted offer documented by a Purchase Agreement signed by both you and the sellers.

Once the home inspection, and any renegotiation, have been successfully completed, the seller’s attorney will prepare a contract. You will hire your own attorney to represent your best interests in the contractual phase of the transaction. Your attorney will ensure the contract protects your interests. Your attorney will conduct a title search and a municipal search to ensure you are purchasing a home with no liens or municipal violations.  You will provide the initial deposit on your purchase (usually 10%) when you sign the contract.

Your lender will order an appraisal of the home you’re purchasing. Lenders take this step to assure themselves that an independent party agrees that your new home is worth at least what you will be paying for it. If the appraisal comes in equal to or higher than the purchase contract price, all is well. If the appraisal comes in below that price then we may be able to renegotiate the purchase price.  In a seller’s market renegotiation can be difficult. Instead you may be asked to increase your downpayment. If this issue can’t be resolved and you’re unable to qualify for your mortgage then you’re able to withdraw from the transaction.

When closing day finally arrives, we will go to your new home for a final walkthrough to ensure everything is as it should be now that the sellers have moved out. Then we will meet with your attorney who will review the detailed and complex mortgage paperwork with you. After signing the final paperwork to complete the purchase, your attorney will wire payment to the seller’s attorney. It may take a few hours for the banks to process the wire. You are now the owner of a new house and you’re all set to move into the home of your dreams!