Buyer Awareness

Keep in mind if you are thinking about obtaining a home mortgage you will have to deduct your current monthly expenses to determine what you can qualify for.  Also, if you are financing your purchase credit scores will have an impact on your monthly note. 

If you are obtaining a home loan, a pre-qualified letter is a good start, however, it is usually a simple mortgage tool that gives a sense of a reasonable budget to stay within.  The more powerful buying tool is a pre-approved finance letter. With this in hand, the seller will take you more serious when negotiating a final purchase price. 

When driving through an area that you may want to live in, think about resale value in the future. Ask yourself:

Is this a new developing neighborhood, or well established?

What is your proximity to schools, retail stores, and medical facilities?

Is there an HOA? If so, what are the monthly fees and by-laws?

 I can assist you in all of these areas.

This is where the rubber meets the road.  As your realtor I would create a CMA, Custom Marketing Analysis in hand outlining the cost per sq. ft and number of days on the market of like homes that have sold recently in the neighborhood. This will give you the necessary data to make a good offer. 

Once both sides (Buyer and Seller) have agreed and signed the offer, it now becomes a contract.  In addition, you, the buyer will usually submit an earnest money check to show your commitment to purchase the contracted property. Generally there are contingencies outlined in the contract ie. financing, home to sell, home inspection, appraisal, title search etc.  I would be happy to assist you in writing this up as your realtor. 

A quality home inspection can reveal critical information about the condition of a home and its systems. This makes the buyer aware of what costs, repairs and maintenance the home may require immediately, and over time. Home appraisals are generally ordered by the lenders to assure the home is appraised at or above the value of the purchase price. Surveys are done to show correct boundary lines and easements.   

This is the final check by your lending institution.  They want to make sure you still qualify for your home loan.  This generally involves another employment and salary verification. They will most likely re-run your credit. So rules to the wise, try not to make large personal purchases until after you close.  

This is your final inspection before closing.  Assure the property is in good standing as outlined in your contract agreement. 

Now you are ready to close. Review all credit and debits on HUD1 statement, bring photo ID, certified funds if needed, Proof of Home Owners Insurance. Once completed with necessary signatures, you will be given the keys to your new home.

Congratulations!