Buy
The Benefits of Working with an Agent
Market Analysis
Expert market analysts are at your disposal, each of whom are equipped with the resources to ensure an accurate outlook of the current market.
Negotiate
Negotiating your purchase is critical. That is why your agent is trained to handle the nuances of a real estate transaction in accordance with your wants and needs.
Coordination
Each and every detail of your purchase is coordinated by your agent, guaranteeing fulfillment of all requisites needed to carry out the perfect transaction.
Documentation Oversight
Real estate transactions are filled with copious amounts of paperwork. Your real estate agent will work diligently to procure and administer the proper paperwork to carry out a seamless transaction.
Representation
From start to finish, an agent of your choice will represent your best interests to help you succeed in every aspect of making a purchase.
Support
We provide our agents with the best resources in the industry. This includes mortgage brokers, escrow and title companies, and home inspectors to carry out a safe and expeditious sale.
The Buying Process
1
Getting Your Finances In Order
Unless you're pursuing an investment loan, purchasing a primary residence will require the following areas of adequacy: credit score, credit history, two-years worth of documented earnings, and seasoned down payment money, each in accordance with the loan-to-value ratio of the property. Lenders will then analyze your financial capability through a debt-to-income ratio (monthly income/recurring expenses) to see if you have met their standard of 43% or below. Thus, it is important that your finances be in order prior to seeking a loan.
2
Mortgage Lender
Finding a mortgage broker is your next step. With the help of your agent, you will be directed to one that is highly regarded in the community. A good mortgage broker will be able to guide you through the buying process alongside your agent. The mortgage broker will ask for pertinent documentation relative to income, down payment, followed by running your credit. From there, you will discuss several options offered by their preferred lenders, with points and rates at the forefront of the discussion.
3
Pre-Approval
Receiving pre-approval is much different than being told your pre-qualified in that it gives you the leverage to make an offer. This is a direct result of providing a qualifiable financial background to your mortgage broker. It remains important however to not share your pre-approval amount with the seller. You should instead ask your mortgage broker to list the exact price of the home on your pre-approval letter. So many homebuyers and agents make the mistake by showing their true buying potential, thereby hindering their negotiation power.
4
Hire a Real Estate Agent
Hiring a competent agent with excellent backing and resources is the way to go. A good agent will guide you through the process and serve your best interest. They should never break confidentiality, loyalty, or fall short of providing you with accurate information. Work with one that is communicative, knowledgeable, and patient. Doing so will benefit your transaction to the fullest and place you in a position of much needed security.
5
Shop
You are now are ready to buy a home. This process involves a detailed search with your agent. Together, you will gain access and inside knowledge of homes that are for sale, giving you the edge needed to find yourself in a favorable position. Understanding the current market will significantly shape your judgment. Discussing the specifics of your criteria with your agent is a great way to overcome the obstacles of the home selection process.
6
Offer
Constructing a balanced offer, such that both parties benefit, is where success lies. The offer must be nuanced to the extent of giving you the best terms. It is therefore important that you understand the wants and needs of the seller to make sure your offer is perceived favorably. Counter offers might ensue but don't stress: all this means is that the seller is open to acceptance. A compromise of sorts could be the ticket you need to get your offer accepted.
7
Escrow
The escrow process looks complex but is quite simple once you get the hang of it. A neutral third-party escrow company, typically chosen by mutual agreement, will oversee funding, deposits, disclosures, and closing documentation. A title company, often the same as the escrow company, will ensure that the title being vested is legitimate and unencumbered by liens and defects through the chain of title. As you can see, communication will be of utmost importance when trekking your way through the many phases of escrow.
8
Inspections and Appraisal
The home inspection and appraisal processes are highly instrumental. Whereas the home inspection gives the buyer latitude, the appraisal process is different in that it hinges on the opinion of the appraiser. If the appraisal falls short of the purchase price, issues are likely follow, placing each party in a position of compromise to make the deal happen. It is therefore best to understand the value of the home before you place an offer, specifically as to whether all rooms and additions have been permitted.
9
Closing Day
The final stage of your transaction is quite simple. You will find yourself in receipt of the final paperwork, outlined with an insurance policy for your home and newly vested title. You will also be provided with a closing disclosure that reveals your credits and debits. Now that the process has come to an end, you can grab the keys knowing that your purchase was carried out in the most secure manner possible. As you can see, the home buying process has its difficulties but can be made easy with proper knowledge and foresight. Congrats on your new home!