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Information for Buyers

It’s important to be well informed and prepared in today’s real estate market. Whether you are a first time home buyer or a seasoned investor we’ve compiled some general information and tips to assist you in your home buying process.

WORK WITH A REAL ESTATE AGENT
One of the first steps would be to locate a Realtor you are comfortable working with. Your Real Estate Showcase agent can help guide you through the home buying process, from helping to determine what’s important to you in a home, scheduling showings and even recommending a local home inspector or lender. Purchase agreements can be very complex sometimes and you want to be certain you work with an agent that will explain the process and have your best interest in mind when it’s time to make an offer, after all, purchasing a homes is one of the biggest purchases you’re going to make!

OBTAINING A MORTGAGE LOAN
Most home buyers will obtain a mortgage from their lender to purchase their new home with down payment amounts varying depending on the type of mortgage loan. That’s why one of the most important first steps in purchasing a home is to meet with a lender to get pre-qualified. This first step will provide the lender with an idea of your financial situation and allow them to help guide you into the type of loan that best meets your needs and help in determining the down payment amount, closing costs, and most importantly, the price range of properties you should be considering in your home search. If you don’t already have a lender one of our agents can provide you with names of a number of local lenders to choose from. When the time comes to formalize the home loan application the lender will verify your financial information and employment and request a more detailed credit check. This is done in order to pre-approve you for the loan which will place the offer you make on a home in a stronger position. Note that once you are pre-approved it’s very important to follow your lenders instructions about applying for any other type of credit, i.e. credit card, car loan etc., not doing so may jeopardize your loan application.

WHAT KIND OF HOME ARE YOU LOOKING FOR
Once you have your credit secured it’s time to consider and prioritize what’s important to you in a home. Things like number of bedrooms and baths, square footage, location, acreage, school district, monthly payment, whether you prefer a two story or ranch home and any other amenities. You will work with your agent who will then search the Multiple Listing Services (MLS) to determine which homes are currently listed for sale that meet some or all of your criteria. From there your agent will schedule showings for the properties that interest you.

MAKING THE OFFER
Once you find the property that is right for you it’s time to make an offer. Your Real Estate Showcase agent is there to assist you in doing so and submitting it the seller. Your agent will go over the documents you’ll be signing and clarify any items for you. Once your offer is submitted to the seller for consideration it’s likely there will be some negotiation. When you and the seller “come to terms” the clock begins to tick, your lender begins the loan process, a general home inspection may be scheduled, the title company is notified and more. All working simultaneously with the target closing date in mind. If you have any questions know that your Real Estate Showcase agent will be there to assist and guide you through the entire process.

WAYS TO PROTECT YOUR INTEREST
Most sellers are required to provide a written Residential Property Disclosure For your protection, get a home inspection Schedule a final walk-through