10 Steps to Buying Your Home

Define Your Needs.  Before you go house hunting, it's a good idea to define what kind of home and neighborhood would best suit your desires and needs. Make a wish list. Share your dreams and the list with Lisa. You may want to divide your lists into negotiable and non-negotiable items so that Lisa can operate with some flexibility when scouting for homes on your behalf.  You’ll be surprised at how many non-negotiable items turn out to be negotiable when you and your agent think creatively about solution.

Hire Your Agent.  Did you know that most sellers pay for the services that a buyer’s agent offers you?  That’s right, the seller actually pays a commission to the buyer’s agent because it helps them to market their home.  To the home buyer, this basically means that you can enlist the expertise of a real estate agent without paying for the service because the seller pays for it.  Many buyers think that they will get a better deal by looking on their own, but what actually happens is that they waste a lot more energy and lose out on the opportunity to have their interests represented.

Get Pre-Qualified for a Loan.  Now that you know what you want in a home and neighborhood, you need to find out what you can afford. A pre-approval or pre-qualification letter shows that a lender is willing to do business with you. Once you have this letter, the likelihood of unexpected obstacles regarding financing is greatly reduced.  Today, many sellers do not want to waste their time with buyers who do not yet have pre-approval.  Get ahead of the game and get your letter before you look at homes.  It may make the difference in putting your offer above another buyer’s.

Let the Hunting Begin!  Now you are ready to embark on your home search - an endeavor that can prove overwhelming if not approached with some forethought.  The most efficient route is to allow Lisa do the initial scouting for you. Using your wish list as a guide, she will alert you of the best listings that meet your requirements.

Make an Offer.  When you're ready to make an offer on a home, Lisa will help you determine the offer price by reviewing recent sales of homes similar in size, quality, and amenities. With your input, your agent will draft a written contract that outlines what needs to be done by both parties to execute the transaction. If the seller accepts the offer, the document becomes a binding agreement, so it is imperative that you carefully review it with and speak up if anything is not clear to you. It's important to note that if the seller changes any aspect of the offer, it is not a binding agreement until the buyer agrees to the seller's changes.

Strike a Deal.  Sometimes, you get lucky and the seller accepts your offer as is. However, in most instances, the seller will make a counteroffer. This is where Lisa’s experience in negotiations will be invaluable. Keep in mind almost everything is negotiable when you are buying a house. This can give you a great deal of leverage in the buying process. Some items you can negotiate include the price, the financing terms, closing costs, move-in dates, repairs, appliances, fixtures, landscaping, painting, and more. 

Communicate Regularly.  Remain in close contact with Lisa so you can quickly review any changes from the seller. Remember, bargaining is not a winner-take-all deal. It is a business process that involves compromise and mutual respect.  Negotiations can be a stressful, deadline driven phase.  Take a deep breath and look out for ways to create ‘wins’ for all parties.

Prepare for the Closing.  When an offer becomes a binding agreement, Lisa will help you tackle the checklist of action items that you, as the buyer, have agreed to perform prior to closing. Depending on how the responsibilities are divvied up in the agreement, this is typically when you will conduct a home inspection, get an appraisal, finalize your financing, secure title insurance, and shop for a home warranty.  Having these procedures done in a timely and professional manner is a must, as any delays could threaten a successful closing.   

Close the deal.  The closing is where home ownership is legally transferred from the seller to the buyer. It is a formal meeting that most parties will attend. Closing procedures usually are held at the title company's office. The closing officer will coordinate all the document-signing and the collection and disbursement of funds. A few days before your closing date, your lender will send a final closing statement that outlines your closing costs, if applicable.

Move In.  Congratulations! The moment you've been anticipating has arrived.  Take a moment to enjoy the feeling when you pull into your new driveway.  Here are a few moving tips: arrange for an alarm company, turn on electricity, water and gas, clean the carpet, and notify your local post office of your new address.  Also note, the best time for renovations is often before you move in.