Home Buying Tips

If you plan to finance your new home, getting pre-approved for a mortgage is the first step of the home buying process. Getting a pre-approval is generally a quick process and demonstrates that you are a serious buyer to both your Realtor and the person selling their home. A pre-approval may be required before you can view a home in person or put in an offer.

First, you need to know how much you are approved to purchase. Knowing how much home you can afford narrows down online home searching to suitable properties, so no time is wasted considering homes that are not within your budget. 

Your Lender will help show you a clear picture of what is financially required to buy a home. You’ll know how much money is required for the down payment and closing costs or if you qualify for any free grant down payment options. If you have credit concerns they can also help you put a plan together to increase your credit score.

If you want to use the equity in your current home for the down payment on the next, it is possible. The purchase of your new home would be contingent upon the sale of your current home. Closing on both homes would be done on the same day in “back to back” closings. Ann will help walk you through this process.

Looking at houses is an exciting time! Remember that paint can be changed and fences can be built. Look for items listed on your "needs" list and allow the wants to be great buying features.

Once you have found the home that you want to make an offer on, timing is important. Ann is accessible even after traditional business hours to ensure timeliness. There is a lot that goes into the offer process and having an experienced Realtor on your side can help you get your dream home.  Be prepared to write a  earnest check at this time. 

If you’re ready to make an offer on a particular home and also want to prove to the home seller that you’re serious about your offer, there’s a way to prove your commitment. This is where earnest money comes into the picture. When a buyer and seller enter into a contract, the seller takes the home off the market while the transaction moves through the entire process to closing.

Earnest deposits are typically 1% and are heal in the trust account of the buyer's agent broker until closing.

Once your offer is accepted, these are the due diligence tasks I recommend:

• get the home inspected
• get a homeowners insurance quote
• lender will order the appraisal
• loan commitment
• negotiate repairs
• other appropriate inspections
• attorney will review the title work
• closing company will order survey
• 
  

When the closing date is confirmed, schedule your utilities to be turned on day of closing, change your address and other necessary items to help make your move as seamless as possible.

The final closing statement will have a lot of figures involved in the purchase of the home. Bring your state issued ID and be prepared for a 1 hour closing at your selected closing company.