The Top 10 Things You Need To Know Before Purchasing Your New Home
• I Want That One!
One of the absolute favorite part of MOST Real Estate Agent’s jobs is helping you find ‘the one’. Watching your face light up as we pull up to the home that may soon become yours is nothing short of miracle magic and it will forever remain the mantra of ‘The Realtor’. Finding ‘the one’. Understanding your wants and needs even before financing will prove to be crucial step in this process so if you haven’t, write those things down! If you’re really not sure how to start, simply ask yourself: “Why do I want a new home? What is my motivation?” “Where will I want to live?” “When do I want to relocate?” Gaining an understanding for these questions can dramatically help the person (your Realtor) navigate you through the home-buying process.
• What You Want vs. What You Can Get:
There is always that desire for more in ones’ life and then there is the simple desire for a minimal something. Both of these attributes exist in the homeowner. Then, you have the financing company that really gets the final say on whether you get to move in to that dream vision of yours. Gaining and understanding for your purchasing power is one of the most crucial first steps to home-ownership. If you are thinking it is your time to purchase a new home your very first stop will be to the lender’s office to determine what type of loan you qualify for and how much the banking institution is willing to loan you. Not sure who your lender might be? Not a problem. We can help determine the best financing company for you to use based on your needs.
• The Emotional Roller Coaster:
Buying a new home can be all sorts of things and it more than likely will be. Happiness. Sadness. Anger. Anxiety. Remorse. These can and more than likely WILL be emotions we go through on this journey. There is so much at play here that understanding this process is 100% necessary to move forward effectively. There will be times when we will be happy. (We found the home) There will times when we could be sad. (The home we just fell in love with already sold just after we decided it was ‘the one’) Anger (Refer to ‘Sadness’ ☺) Remorse (you will more than likely question every single step of this process wondering if you’re making the right decision or if this is really something you should be doing right now) Learning that these emotions are ok and learning how to handle them will further help prepare you for them as we near them. I’ve personally gone through these with a number of clients. As long as we UNDERSTAND what it is that we want and we remain in this process together, with trust, we will prevail. Once you’ve been approved and we’ve located the home you wish to make your own we then begin the offer process. Once we’ve submitted an offer, a couple of things are possible.
1. Your offer is accepted and we dive into the next steps of the process.
2. Our offer is not accepted but a counter offer is given. We then get to make a decision based on your wants and need on how to proceed.
3. The offer is placed when there are multiple offers already available to the seller. This places us in what we call a ‘bidding war’ with multiple agents and or families.
There are other scenarios based on what type of home we are looking at but the above listed are the most common. Given that we currently sit in what’s called a “seller’s market” the local inventory is not on the shelf for very long and if so we are more likely to experience a multiple offer situation. Having someone available that you trust and contains a LARGE knowledge of the Real Estate process is crucial as to protect your best interest!
• You’ve Got A Deal!
Once we’ve successfully negotiated your purchase you will enter the contracting phase of selling process. This is a simple yet complicated portion of your home-buying process as these are the specific terms of your home purchase. Most Real Estate companies carry what is call ‘Errors & Omissions Insurance’ to protect everyone involved in the transaction should there be any mistakes. Walking into this phase of your home-purchasing process without the proper knowledge of the legal aspects of this process could cost you must more than a small commission check. Any deposit that is required to purchase your home (will be determined by the lending institution) will be placed into a special trust account as determined by your contract.
• Is It Really Worth That Much?
You’ve been approved to by a new home. You’ve located the home of your dreams. We’ve ridden the roller coaster putting in an offer and fighting on your behalf to get you the greatest deal. We’ve submitted ALL the necessary paperwork to contract your new purchase. NOW, we place our trust into the appraiser’s hands as he confirms how much the said property is worth. There is a lot at play here and not every appraiser is the same. The appraiser’s job is to make sure that what we’ve contracted your home at is really what the value is. If for some reason the numbers don’t match or aren’t close, there are number of scenarios that could take place and sometimes even the loss of a contract on the home you love. Partnering with the right people through this process is instrumental and is not something to take lightly.
• Yes, But Will You Fix It?
Would you like a Home Inspection with that? YES!
Part of the home-buying process is inspections. We want to make sure (the LENDER definitely wants to make sure) that the home you are about to purchase is what it was explained to be and any major problems are either fixed or the very least pointed out and disclosed. This gives us options. In many cases if you are working with the right agent it can be negotiated on your behalf that these things need to be fixed BEFORE your purchase is finalized. This is a fine line and there have been many deals that fall apart from the buyer and the seller coming to disagreements about who should fix what. Understand that the right Real Estate agent will fight on your behalf but will properly advise you when enough may be enough and it’s time to move forward or move on.
• Home Insurance, Title Insurance, Home Warranties OH MY!
Make sure you have partnered yourself with a Real Estate company that prides itself on quality and customer service. Ensure that those that you do business with are doing business with like minds and you want to ensure that they are working with the best. Your agent is going to have preferred partners to work with that will help you navigate through the world of options and paperwork. Once you’ve completed the home-buying process to this point it will be time to make sure that you and this process are protected to the “nth” degree. Make sure that your preferred partners are trusted and reliable. If you build a trustful relationship with your Real Estate Agent, rest assured they have done the same with some quality folks who have your best interest on the forefront of their business model.
• Closing?! Did Someone Say Closing?!?!
We. Are. Almost. There. Once we’ve weathered the former steps we’re very nearly home free. From this moment on its more confirming what has been put in motion. We will get closing confirmations. Dates, Cost, Etc. In most cases your file will be reviewed by an attorney who will confirm that your Title Insurance is good and your Homeowners Insurance is will be put in place. Once we’ve confirmed these policies and figures we will determine WHEN and WHERE we will close on your new home! We will know exactly what our final settlement amounts are and exactly how much your closing cost will be. Then, we wait very anxiously/patiently for closing day ensuring EVERYTHING that was in place still remains and for the day to arrive that we sign your paperwork and hand over the keys to YOUR brand new home! Some call these step ‘the Final Walkthrough’.
• Welcome Home
I think is pretty self-explanatory. This is the part of the process that is the essence of bliss in the middle of sometimes such beautiful chaos. We’ve been through it all together at this point and now it’s time. We pull up to closing destination. We place our final signatures on our final paperwork. We get the keys and we go to your brand new home. We pull up and experience one of the more magical things about this process. The smile, the look, the reason we got into this business to begin with. You’re now officially a homeowner. Or in some cases a NEW homeowner! ☺
• The Most Important Part
There is a lot of navigation through this wonderful process. It is often said that nothing worth having comes easy. And nothing that comes easy is worth having.
The home-buying process is by no means easy. That being said it’s the guide you choose, to navigate you through the tough terrain, to keep calm during the storm. It’s that person that will make or break this process for you. When you’re looking into purchasing a home, next to finding the perfect home, the most important part will locating the perfect Realtor. As I finish writing this for you I want you to know that nobody is perfect. No process goes on without its hiccups. It is my mission and the mission of my team to serve you perfectly. And we don’t waver from that promise. We don’t deter from that commitment. Knowing what to do is one thing. Knowing what not to do can change everything. When you’re choosing a Real Estate agent, make sure and choose one you can trust as much as your new home.
Sharon Kramer – Your new Real Estate Agent that cares.