SELECTING A REALTOR Selecting the right agent is essential. Most real estate agents today are members of the Multiple Listing Service (MLS) and can easily show all member listings. Call A&K Financial so that we may help you selecting the best real estate agent for the area you want to buy in. PRE-QUALIFICATION/PRE-APPROVAL If you haven't yet been pre-qualified or pre-approved with a mortgage company, now is the time to do that. Once you've found the house of your dreams and want to make an offer, your offer will be considered stronger if you include a pre-qualification or pre-approval letter from your lender. This also gives your Realtor a guideline for the price range of the homes you would like to look at. So call A&K Financial today to get a pre-approval letter in less than 24 hours. DETERMINING THE RIGHT HOUSE FOR YOU The best way to begin the process is to make a list of all the things that are important to you in a home. Some of these might be number of bedrooms, bathrooms, size of closets, size of the yard, fireplace, garage, and of course the location. Many buyers prefer to do a "driveby" of homes first before actually viewing the inside. This can be very helpful if specific location is important to you, but you can't always judge a book by it's cover. It's best not to see any more than 5-6 homes on any one day. If you try to view more than that, they'll start to "run together" and you'll have trouble remembering each house. I recommend having a clipboard with you and making notations on each house - what you liked and didn't like about it. Communication with your Realtor is very important and the more your Realtor knows about your likes and dislikes the faster and smoother the process will be. This is also a good time to become familiar with the Earnest Money Contract. Ask your Realtor for a blank copy of the contract so that you might have time to thoroughly read it and flag anything you have a question about. You may find a home the first time you look and feel that you couldn't possibly make a decision until you've seen every home in your price range. It's my experience that when a buyer finds a home that meets all of their requirements, it's best to make an offer on that house and not wait to see others. While your looking at 10 more homes, the home of your dreams may be snapped up by someone else. MAKING THE OFFER Now you've found the house you want to purchase, what comes next? Ask your Realtor for "comparables" - in other words, a list of other homes in the area of similar size and location that have sold in the past 6 months. This will help you determine what is a fair price for the house. Your Realtor will then fill out the Earnest Money Contract and submit it to the listing agent for consideration by the Seller. Once a price has been agreed to by both buyer and seller you have a contract. THE FINALE The contract is sent to the Title Company where they research the title to the property, making sure there are no defects to title. This is the time to have inspections of the property. Ask a friend that has recently purchased a home if they could recommend their inspector. Your Realtor cannot recommend an inspector, but should be able to furnish a list. After the structural, mechanical, and wood destroying insect inspections are complete and you feel comfortable about the purchase, and you've received your loan approval, a closing can be set. Organization in looking for and buying a home can be an exciting and rewarding experience. Good Luck and Happy Hunting! |
