Real Estate Buyer’s Guide
Before you start shopping for your property, you should consider making the following preparations
- If you plan to seek financing for your purchase, build a green file that contains all documents that clearly show your current financial picture.
- Check your credit rating with an experienced lending institution or with the three major credit bureaus.
- Once your credit standing is established as stable, keep it that way by avoiding major career moves or making any major purchases.
Our experienced and knowledgeable team can provide you with property listings that are fit for your unique needs. The tips below will help us both define your priorities and refine your search:
- Research and identify highly-rated licensed home inspectors and check their lead time for availability. If you make an offer of a property that is accepted, inspections are among the most immediate appointments you must schedule.
- Narrow your search to a few properties and your real estate agent can make appointments for you both to visit them. Ask your real estate agent about the potential long-term resale value of the properties you are considering.
- Once you have found the property you want to purchase, your agent can help you make an offer to the seller. We will investigate the potential costs and expenses associated with the new property and help you give a competitive offer.
- Once your offer is accepted by the seller, you will need to have a licensed property inspector inspect the property within the time frame that was agreed upon in the effective contract to purchase. You may elect to have additional, specialized inspectors for parts of the property, such as the roof, HVAC, plumbing, or foundation.
- Following the inspection findings, you will have the option to either remove contingencies or request a renegotiation of the contract terms.
- If you are financing, your lender will require you to purchase a certain amount of insurance on the property, with the value dependent on the lender’s requirements and the purchase price of the property.
If you have come this far, it’s almost time for a big congratulations. These last few steps must be completed before the deal is final:
- You will need to activate essential home services and utilities following closing.
- At closing, the closing agent will furnish all parties involved with a settlement statement, which summarizes and details the financial transactions enacted in the process. You and the seller(s) will sign this statement, as well as the closing agent, certifying its accuracy.
- If you are obtaining financing, you will have to sign all pertinent documentation required by the lending institution. If you are unable to attend the scheduled closing, arrangements can be made depending on the circumstances and the notice that we receive.
- If you are bringing funds to the transaction, you can elect to either have the funds wired electronically into the closing agent’s escrow account or bring a certified bank check to the closing in the amount specified on the settlement statement.
- The seller should arrange to have all of the property keys and any other important information for you at the closing so that you may receive these items at this time.