Why buy with us?
You can buy more home at no extra cost with us! First, you keep much more of your home’s value (tens of thousands) for the same service by selling with us. You can see how much more on the Sellers Information Page. Then, roll the extra savings over to increase your down payment on your next home.
A bigger down payment multiplies your buying power. For example, raising your down payment by just $15,000 can increase your budget by $100,000 or more! It also helps cover a required minimum down payment, lower the interest rate, and avoid private mortgage insurance (PMI) payments.
You can find listings here! You can even save property searches, and receive alerts when new properties become available or existing properties reduce the asking price! You are only notified of the new or price dropped listings you haven’t already seen, saving you valuable time! Read more about the benefits of our free service here.
Select Realty Services LLC strives to be fair and honest in all aspects of our business. We have the market knowledge and negotiating experience to get the job done well.
Buying a new home is a big move. It requires a serious amount of time and money. The journey isn’t always easy. The key to getting there is knowing the home buying journey, the current market, and tools at your disposal. That’s where this guide comes in.
Do your homework
Everybody wants to jump right into viewings. Before you step into a foyer, you should identify your list of “musts” and “wants.” This list has so much to decide: price, size, type, neighborhood, school district…
If you’re planning to buy a home with a partner, create your list with them. You need to be on the same page when buying a house. If you aren’t, you’ll risk wasting time viewing homes you don’t both want. You will also be less able to give agents or lenders the information they need to help you.
Choose a Lender
Talk with a few lenders and choose one that meets your financial needs. This is a big step, as you’ll be working with your lender closely throughout the home-buying process. If you need help, ask your agent to recommend lenders.
Choose a Loan
Once you’ve decided on a lender or mortgage broker, you’ll work with your loan agent to determine which mortgage is right for you. You’ll provide the lender with details of your employment status, income, and money on-hand to spend on your new home. The loan agent will use that information along with your current credit report to pre-approve you for a loan with a maximum amount. Now you know how much you can spend for your new home!
Start Shopping Online
Once you know what you’re looking for, the next step is to start looking at home listings through on-line property searches. You can find listings right here on this site! You can even save property searches, and receive alerts when new properties become available or existing properties reduce the asking price! Read more about the benefits of our free service here.
Now that you have both an agent who knows your housing preferences and budget, and a lender to finance a house within that budget, it’s time to get serious about viewing homes. Your agent will help you determine the quality of listings you find online by yourself, and will also suggest listings you may like based on your search parameters. Then comes the fun part, viewings, which give you the unique opportunity to evaluate properties in-person.
Make an Offer
Once you find the home you want to buy, you’ll work with your agent to craft an offer that not only specifies the price you’re willing to pay but also the proposed settlement date and contingencies — other conditions that must be agreed upon by both parties, such title agent, appraisal, inspections, and closing costs.
Making an offer can feel like an emotional precipice, almost like asking someone out on a date. Do they like me? Am I good enough? Will they say yes? It’s stressful! Some home sellers simply accept the best offer they receive, but many sellers make a counteroffer. If that happens, it’s up to you to decide whether you want your agent to negotiate with the seller or walk away. This is an area where your agent can provide real value by using their expert negotiating skills to haggle on your behalf and nab you the best deal.
The home you want is now under contract for purchase! Time to pony-up the earnest payment. This money is held in escrow by a third party and moved to a secured trust account for safe-keeping. The next 3 steps happen concurrently.
This is a background check of the property. Time to hire a licensed title agent. He or she researches the property looking for encumbrances. These are problems that could block the sale or become yours if not handled prior to purchase. These include unpaid mortgages, mechanic(construction) liens, municipal liens, home owners association liens or past-due accounts, code violations, special assessments, open or expired permits, unpaid utility fees, and any other entities with legal ownership interests. The title agent will solve these problems to create a “clear title”. They issue a guarantee in the form of title insurance.
This is a check of the property’s physical condition. You’ll hire licensed inspector(s) to evaluate the condition of the home and produce detailed report(s). Then you and the lender decide to either accept the current condition, ask the seller to have repairs made, or back out of the contract. This reduces the risk of buying a home that has major issues that would be expensive to correct such as mold, a cracked foundation, or a bad roof.
This is a check of the property’s value. Your lender will have the home appraised by a licensed appraiser to ensure the value is sufficient for the mortgage. Hopefully, the home appraises at the negotiated purchase price. If not, either the seller can agree to lower the price, you can agree to pay the difference, or you can back out of the contract.
The last step of the home-buying process is settlement, or closing. Closing makes the purchase official. The title agent will prepare a settlement statement detailing the purchase. The statement is approved by you, the lender, and the seller. This is when you and the lender pay the remainder to the seller. You sign the final ownership, insurance, and mortgage paperwork. The seller signs to convey the property over to you!
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