It is our responsibility to educate our clients every step of the way during the home buying process. Our goal is to empower you to make confident decisions as you invest in your future!
1. The Prequalification Process
The prequalification process gives you an amount you are likely to The prequalification process gives you an amount you are likely to be approved for if you were to apply for a loan. This is an initial step in the mortgage transaction that benefits you as a borrower. Getting prequalified is a simple and quick process, and can even be done over the phone.
2. Look at Homes
Looking at homes is and should be FUN! I know this and prioritize my clients’ needs and wants before hitting the road to look at homes. At this stage in the process, it’s important to discuss the intricate details of each micro market you’re considering and cull down to a modest list of homes you’re ready to tour.
3. Evaluate the Options
After you’ve toured properties, it’s important to evaluate several details regarding the home.
- Current Price
- Cost of ownership on each individual property
- Goals for current purchase
Discussing your thoughts on why you do and do not want to purchase a particular property will help me write the best offer and terms for your situation OR find another property more suitable for your needs.
4. Make an Offer
Making an offer is more than just the purchase price. Terms and conditions as well as differing opinions of market value will come into play. I can honestly explain to you how strong of an offer you are bringing to the table when bidding on a home.
If the initial offer is not accepted, the seller has the right to counter or decline the offer altogether. More often than not, the seller will counter, at which time I will communicate with you the terms in which the seller will agree to. Buyers and sellers may go back and forth several times to achieve a win-win for all parties.
6. Offer Accepted
You and the seller have now come to terms on the purchase of their property and it is time to get to work to ensure both parties end up at the closing table!
7. Escrow Deposit
The earnest money deposit is agreed to in the terms written in the contract. This amount is often a low percentage of the agreed purchase price, but can sometimes be more depending on terms. You are responsible for getting the deposit to the closing company within the amount of time determined by the contract.
The Deadlines are important! You are responsible for providing the deposit, and all other items needed to the mortgage and title company based on the contract timelines. I assist to ensure all inspections, appraisals, and other items are scheduled and completed within the time frame listed in the contract.
The title of the property will be checked to ensure ownership can convey to you without any issues. Generally title insurance is issued as well, protecting you from issues that could arise from the past.
Inspections are an important step in the process. You will want to have a professional look at all of your major systems to determine the condition.
11. Home Insurance
Insurance is an important component of your purchase. You will want to insure one of your largest assets is protected.
A survey will show the property lines and allow you to make sure your property is not encroaching on another’s property and that no one is encroaching on your property.
An appraiser will give their opinion of the home’s value to make sure it is in line with the agreed upon sales price. This will be required when financing is involved.
14. Loan Commitment
At this point your lender has decided that all conditions of making your loan are satisfied, time to move forward to closing.
The pre-closing walkthrough is to confirm the property is in the correct condition for you to take possession. It is important to ensure items that are supposed to convey with the property are there and that items that were to be removed have been removed.
16. Transfer Utilities
I can provide a list of the utility vendors for your specific location. Ask me about our Utility Connection!
Paperwork will be signed transferring the property to you. If a loan is involved, loan documents will be signed as well.
Time to realize your real estate dreams and move in and enjoy your new home!
Now more than ever, there is a need for a highly-trained expert on your side. Buying a home doesn’t have to be stressful when you have a guide to show you the way.
What to Look for in a Buyer’s Agent
Depending on how your home search goes, you may spend multiple months working with your agent. Be sure to partner with someone who maintains an outstanding work ethic. Here are some key attributes you should find in a great real estate agent.
Every transaction is different. Home prices, buyer demand, and available housing can vary by neighborhood. Look for an agent who is experienced in the specific area where you’re interested.
Your agent should be a skilled communicator both with you and with other key parties involved in the transaction. They should be able to submit your offer and negotiate contingencies with the seller’s agent. A great REALTOR© will be adept at working with your lender, home inspector, and attorney or escrow officer. This is why availability is important.
Becoming a real estate agent is a popular career choice but it also has one of the highest failure rates because people don’t realize how much work it is. If you choose an agent who is new to the industry, make sure they have mentorship from a more experienced REALTOR©.
Why Do People Prefer to Partner with the Top Independent Real Estate Company?
When you buy a home, you get a community.
There are over 230 possible steps that need to take place during every successful real estate transaction. At Levin Rinke Realty, you can expect an agent with experience helping your neighbors successfully navigate the local market. We invest in training to ensure you get the service you deserve when evaluating the needs for your home.
A local negotiator is crucial to getting the best value.
A knowledgeable REALTOR© can save you thousands at the negotiation table. Between the original offer, the possible renegotiation of that offer after a home inspection, and potentially the cancellation of the deal based on a troubled appraisal, you need someone who can keep the deal together until it closes.
Understanding Cost vs Worth in Today’s Market.
The affordability of a home is the measure of earning enough to qualify for a loan. On a typical home, this is based on pricing, income, and mortgage rate. The interest rate you pay to borrow money when buying a home matters. As prices and mortgage rates continue to rise, it will impact how much home you can afford in the future.
Many buyers believe their biggest hurdle is the ability to afford a down payment. That may be because those individuals assume a 20% down payment is necessary. While putting more money down if you’re able can benefit you as a buyer, putting 20% down isn’t always required. According to the latest Profile of Home Buyers and Sellers from the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. It may sound surprising, but today’s average down payment is only 13%. That number is even lower for first-time homebuyers, whose average down payment is only 7%.
Being informed on the homebuying process is incredibly important today, so you can make the best possible decision about when to purchase a home. Our agents always have their finger on the pulse of the market, making their clients’ buying experience an educated one.
Now the real estate landscape is highly competitive. Choosing a professional with high integrity to guide you is a simple step that gives you a huge advantage.
Experience the Difference!