Buyers

There are many reasons you may be interested in buying a property or moving to a different home including additional space, living closer to work, income and vacation properties, tired of renting, better location, and better school district. The sooner you are able to identify the main reasons to purchase, the better your chances of easily identifying the right property that suits your specific needs by focusing on that specific criteria.

There are other factors you also need to consider. Does your current home need to be sold prior to purchasing a new home? Do you intend to make upgrades to your new home prior to moving in? Does your home need to be purchased in time for your children to be registered for a new school? How long do you want to live in your home? Are you interested in a house, townhouse or condo?

This should be the most enjoyable step of the entire process (other than moving in!). I will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

Once you have found a home you like, put an offer. This agreement is non-binding, but enables you to pay a specific amount for the home. If your offer is less than the price listed, you will most likely receive a counteroffer price from the seller. You can accept, make another offer or reject the offer. You should make a competitive offer according to the current market.

Once the seller has accepted your offer, and you have received a fully executed contract, you can ask your lender for written approval. At this time you will need to schedule and pay for a home inspection, property survey, and request insurance quotes. A professional appraisal will also be required by the lender to determine the estimated value of the property.

If you are buying a condo, townhouse, or house that are part of a Home Owner’s Association (HOA) you will be required to apply and get approval before you schedule a closing.

The Closing is the final step in a real estate transaction. On the closing date, the seller signs the deed over to the buyer and officially transfers ownership and delivers keys to the home.

The buyer (or the buyer’s bank) delivers payment for the balance owed on the purchase plus closing costs which include; title search services, title insurance, prorated property taxes, mortgage insurance, homeowner’s insurance, HOA and condo fees if applicable. Closing costs are paid by the buyer at the time of closing which vary per transaction.