Purchasing a property will probably be the most important financial decision you will ever make. Whether this is your first purchase or you are an experienced buyer, the decision is no doubt made carefully. We’re here to help you make the decision that’s best for you.
Why Do You Want To Buy?
Are you tired of paying rent? Have you decided to pay a mortgage for yourself and not your landlord’s? Have you outgrown your current home? Are you looking to build an investment portfolio? Would you like a larger yard? Would you rather live in a different area? Having a clear idea of why you’re wanting to move will help you move in the right direction.
Has Your Income Grown?
Property ownership is an excellent investment; whether you are looking for your dream home, a rental property, or to expand your investment portfolio. Owning real estate is one of the lowest-risk ways to build equity or obtain higher returns on your investment.
Before you start looking at homes, it is a great idea to make some preparations.
Compile Your File
This file contains all your important financial documents and will help you to secure financing. The typical file should contain:
- Financial statements
- Bank accounts
- Credit cards
- Auto loans
- Recent pay stubs
- Tax returns for two years
- Copies of leases for investment properties
- 401K statements, life insurance, stocks, bonds, and mutual account information.
It is essential that you visit your lending institution if you are planning on financing your investment. Your lender will research your credit rating, compile your financial information, and help you determine what you can afford. We work with remarkable lenders in the area and are happy to recommend them. The lenders we partner with are experienced and knowledgeable in the residential, construction, commercial and investment real estate fields.
Be Careful With Your Finances.
Now is not a great time to make sudden changes or large purchases. You want to approach your purchase from a position of financial stability.
Buying a property requires making many important decisions, understanding complex processes, and completing a lot of paperwork. It helps to have an expert in your corner when undertaking such a large purchase. We can guide you and provide you with the information you need to get the property you want and the best access to services that will help you throughout the process.
Our Real Estate Team is here to provide top service for you. All our agents are:
- Experienced in all types of transactions.
- Familiar with the area and all surrounding areas to provide you the best information and advice when searching for a property.
- Excited to work with you! We always strive to return your calls and emails promptly, get showings scheduled for times that work for you, and really getting to know you through the process!
Once those preparations are out of the way, it is time to find the right property for you.
Take a Drive.
Get to know the neighborhoods, complexes, or subdivisions, which interest you. Drive around and get a feel for what it would be like to own a property in the area. Start getting a sense of the properties available in those areas.
Narrow Your Search.
Select a few properties that interest you the most and have your real estate agent make appointments to visit them. Ask your real estate agent about the potential long term resale value of the properties you are considering.
Time to Buy.
Once you have picked out the property you want to purchase, your real estate agent can help you make an offer that the seller will accept. A good agent will investigate the potential costs and expenses associated with the new property. An agent can also help you draft your offer in a way that gives you the advantage over another offer.
The Process, Step-by-Step
The Initial Agreement and Deposit.
Here’s How We Help You:
- We keep written records of everything. We keep everything in writing, including purchase agreements, counter-offers and all associated documents. We will draft all of the paperwork for your purchase and make sure to walk you through the whole thing before you sign.
- We stick to the schedule. Once your offer has been accepted, you and the seller will be given a timeline to mark every stage in the process of closing the real estate contract. We’ll track every contingency in your contract and make sure to get them taken care of on time and with the least stress for you. Your contract is a legal document, so meeting the requirements on time is our number one priority. .
- We communicate with you. During the process we will keep you constantly updated, so you will always be prepared for the next step. Any questions you have will be answered by a member of our team as soon as possible.
The Attorney. Your attorney, whom we can always recommend, will be selected to complete a title opinion on your behalf. They will research the complete recorded history of the property to ensure that the title is free and clear of encumbrances by the date of closing and that all new encumbrances are properly added to the title. Some properties are subject to restrictions which limit various activities such as building or parking restrictions. There may be recorded easements and encroachments, which limit the rights to use your property. The attorney you choose will make sure to communicate any possible issues and we’ll make sure to take care of getting them resolved.
Inspections. Once your offer is accepted by the seller, you can have a licensed property inspector inspect the property based within the time frame outlined in your purchase agreement. We will coordinate this for you. You may elect to have different inspectors inspect the property, including, pest, radon, and general home. There are also different inspectors who specialize in commercial spaces. We’ve worked with many credible inspectors and have many great recommendations!
Depending on the outcome of these inspections, one of two things may happen:
1. Either each milestone is successfully closed and the contingencies will be removed, bringing you one step closer to the close, or
2. The buyer, after reviewing the inspection report, will craft a remedy request and ask for items to be repaired. The buyer and seller will work come to a mutual agreement on these items.
Appraisal and Lending. It is important that you keep in close communication with your lender, who will let you know what additional documents are needed to approve of your loan. If the agreement is conditional upon financing, then the property will be appraised by a licensed appraiser to determine the value for the lending institution, via a third party. This is completed to ensure the number the bank sees is accurate. We always make sure to check in with your lender to ensure approval is received on time and the financing process goes smoothly.
Congratulations! It’s finally time to close on your brand new home!
Final Walk-Through Inspection.
On the day before or day of closing, you will visit your new home to verify that all is in working order, everything is the same as the last time you viewed the home, and that any remedy items you requested were completed properly.
Home Services and Utilities.
We always make sure to send you a list of useful numbers for the activation of home services and utilities before the closing occurs so that you are prepared.
We are always ready to help should any unforeseen issue arise. We have encountered problems close to closing before, so we know how to handle them efficiently and in a stress-free manner.
The closing agent will provide all parties with a settlement statement, which summarizes and details the financial transactions enacted in the process of purchasing your home. You, the seller, and the closing agent will all sign this document to certify its accuracy.
If you are obtaining financing, you will sign all documentation required by your lender. If you are unable to attend the closing, arrangements can be made depending on the circumstances. If you are bringing funds to the transaction, you can elect to either have the funds wired electronically into the closing agent’s escrow account, or bring a certified funds check to the closing in the amount specified on the settlement statement.
The seller should arrange to have all property keys and any other important information for you at the closing so that you may receive these items at this time.