Getting Your Ducks in a Row

Getting Your Ducks in a Row (Part 1)

Getting Your Ducks in a Row when Purchasing a Home is important.  Below is a Step-by-Step guide on what process you should use when starting to think about buying a home. 

First, call your Local Mortgage Lender to look at where you stand financially with Credit, Income, Assets and Liabilities.  Doing so allows you, the buyer, to see what you can afford to purchase and then you know what price range you can look at when searching the homes for sale on the market.  This is the most important step, because if you are Prequalified your Realtor knows that you have done your homework and are ready and qualified to buy.  On the other hand, if you aren’t quite ready financially your Mortgage Lender will be able to tell you what you need to do to get ready to purchase in the future.

Second, interview Local Realtors to find the perfect Realtor that you can build a connection with, this will help you both in the process of finding your future home.  As a buyer you will look at multiple homes with your Realtor and you want them to know and understand what style of home you are wanting to buy.  You will be able to give them specifics as to what you want or don’t want in a home and they can start helping with that search.  Once you sign with them as a Buyer Client they are able to give you their professional opinion on the properties you want to look at. 

Getting Your Ducks in a Row (Part 2)

Last month we covered the first two tips for preparing to buy a home – (1) Choose your Mortgage Lender and (2) Choose your local Realtor.

Third, make a wish list and identify your priorities for the home you want to buy.  Most properties will not have everything on your wish list, so you will want to make sure you get the ones most important to you.  When viewing properties, remember this will be your home and ownership gives you the opportunity to customize the home to your style.  The home is just one factor to consider, you will also want to keep in mind the location, school district, proximity to work and amenities.  Keeping a comparison checklist of the homes you view can be helpful.

Fourth, you have found the home to make your own.  Work with your realtor to submit an offer to purchase.  Rely on their expertise to present the best terms to help you win an accepted offer. 

Fifth, Congratulations!  You have an accepted offer!  Contact your mortgage lender right away to keep the process moving forward so you can close on your new home in a timely manner.   Your lender and realtor will work together to help you every step of the way. 

Sixth, we are ready for closing.  The home purchase transaction will most likely take place at a title company.  You, the sellers, your realtor and lender will attend the closing.  There will be loan documents and property transfer documents to be signed by all parties as needed.  You will receive the keys to your new home at this time.