1) Begin Your Search
As a potential homebuyer you must determine what is most important to you in a home. Most often you want to narrow down items such as location, square footage, number of bedrooms, bathrooms, etc. Once you have made a "wish list" of desirable features, you then want to prioritize them by level of importance. This will help you decide what features/amenities will make or break a sale for you and therefore make the most out of your time spent looking for a home!
Before taking your search to the next level you should contact a mortgage specialist to determine how much you are able to spend or would like to spend. This 15-20 minute conversation is a valuable tool in determining your lending rate, your buying power and it will in the end help to narrow your search.
*This pre-approval/pre-qualification must accompany an offer.
3) Working with a Real Estate Professional
Having decided the features you most desire in a home, and how much you can spend... Your next step is to contact a real estate professional that will guide you to your new home. This professional should be experienced in the business and have a strong knowledge of the local markets. A real estate professional can give you important information regarding pricing, home value, home quality and most importantly your realtor should be a strong negotiator. Ideally, you would like to have a "buyer's agent" because they represent you and your best interest.
4) Finding Your New Home
After you have selected a realtor that best represents what you are looking for... It is time to begin your search! A realtor should be "your eyes in the sky" and have their attention focused on finding a property that best fits your needs for the best price possible. Your agent should have access to Multiple Listing Service (MLS) and LinkBoston. Once you have found property that fits your criteria, it is time for you to hit the streets! Getting in to see a home is the best way to determine if it may be something you are looking for (pictures can be very deceiving!).
5) Make an Offer
Having found the home of your dreams, it is now time to make an offer! You want to make an offer for what you, and your agent, feel is the fair market value (especially when deemed a home is overpriced). The offer will be hand written and include several main parts:
- Offered Price
- Time of expiration
- Good faith deposit
- Closing date
- Contingencies (i.e.: mortgage, home inspection, contingent upon sale; etc.)
Once an offer is accepted and all inspections are completed, a Purchase & Sale Agreement (P&S) will be signed. A check of 5% or more is to accompany the P&S. You should hire an attorney to write the language in your Purchase & Sale Agreement and construct any Addendums.
Closing will typically take place within 30-90 days of the accepted offer. Once the offer has been accepted, inspections completed, P&S signed, and mortgage commitment received...You are now ready to close and move into your new home!!
Through the buying process I will be there to provide direction and ease of transaction.