The Buying Process

How I Help You Buy Your Home

Helping you find and purchase a home is only one facet of my job.

In addition, I will:

  • Explain real estate principles, contracts and documents
  • Refer you to a reputable lender that can help you assess your financial situation and pre-approve you for a loan
  • Help you determine the types of homes and neighborhoods that most fit your needs
  • Arrange tours of homes that meet your criteria
  • Provide you with detailed information about homes you’re interested in
  • Determine the market value of homes you’re interested in
  • Assist you in writing and negotiating a mutually-accepted purchase and sale agreement
  • Accompany you to the inspection
  • Coordinate necessary steps after inspection
  • Work with the escrow company to ensure all needed documents are in order and completed in a timely manner

So by working with me, you will:

  • Be more likely to find the home that meets all your criteria
  • Decrease the amount of time it takes to find your home
  • Understand all the terms, processes and documents involved
  • Have current market information to make informed decisions
  • Have a skilled negotiator on your side
  • Have peace of mind that all the details are being handled

Buyer Consultation

This will take 30-60 minutes and can be a conference call, a cup of coffee, or an office visit; whatever works for you! This meeting gives us a chance to talk about the process, the current market conditions, and what you are looking for in your perfect home. I will explain how we use the process of elimination vs. the process of selection. We will set up an automatic email so that when a new listing hits the market we both see it right away.

I want to make sure you don’t miss anything.


Getting Pre-Approved

Determining how much you can afford before you begin your home search will save you valuable time.
I can help you locate a lender who will assist you in finding a financing package that will best meet your needs.

But there are a few steps you should consider beforehand to make the process as smooth as possible:

CREDIT REPORT 
It’s important to check your credit report before you see your lender because:
Lenders check this to determine the amount of loan you qualify for
It allows you to correct any mistakes in the report before lenders see it
If there are any blemishes in your report that are not errors, you should be prepared to explain them to your lender
You are entitled to one free request each year from each of the three credit bureaus. The best way to do this is to go online to AnnualCreditReport.com.

CREDIT SCORE
You may want to check your credit score at the same time you check your credit report (usually for a fee). This score influences how much lenders are willing to loan to you and at what interest rate.

DOWN PAYMENT
Most lenders will give better financing terms to borrowers that can put a 20 percent down payment on the purchase. If you are unable to do so, you will likely be required to purchase Private Mortgage Insurance (PMI) and perhaps pay a higher interest rate.

PREAPPROVAL
A letter of preapproval from a lender shows that they have checked all your documentation and are prepared to make you a loan. Getting preapproved prior to starting your home search saves you time by:
Keeping you focused on viewing only the homes that are within your budget
Helping you obtain your financing more quickly once you find a house you want to buy.

Helpful links:

Mortgage Calculator

Windermere Bridge Loan


Tips in the Mortgage Process

The following actions can jeopardize your loan application & mortgage approval. Avoid the following without consulting your loan officer:

    • Change jobs, become self-employed, or quit your job
    • Take out an auto loan for a car, truck, boat or RV etc
    • Rack up credit card purchases (more than average for you)
    • Close a credit card or line of credit
    • Pay off an auto loan
    • Stop paying bills
    • Spend money you have set aside for closing
    • Purchase expensive furniture
    • Originate any inquiries into your credit (apply for new CCs, etc.)
    • Make large or cash deposits
    • Change bank accounts
    • Co-sign a loan
    • Get married or change marital status

What to do. Let your lender know about the following:

  • ALL debts or liabilities including, credit cars, student loans, auto loans, other mortgages, lines of credit etc.
  • Any and all income sources and assets including, cash on hand, investments, stocks/bonds.
  • Previous credit issues or bankruptcies

If it involves money, credit or tax status it is best to ask your lender before making any moves.


Education Day

On this day, we schedule several hours to go and see around 3-5 homes. I consider this my chance to get educated about the things that you like and dislike. This is also an opportunity for you to get a better idea of what you can get in different areas in your price range. We can also look at market statistics including days on market, list to sales prices ratios and months of inventory.

In my experience, it can take anywhere from a day to a year to find the right home. Your time frame is my time frame.


Find Your Dream Home

Once we find a home or condo that meets your criteria, we will discuss our strategy for making a successful offer. On the next page are strategies we will employ to make a winning offer. This will depend on how competitive the market is in that neighborhood for that home/condo at that specific time.

I will do a market analysis to make sure you don’t overpay.


Due Diligence

 

We will do the following to make sure this is really the best home for you:

  • Get your questions answered regarding the neighborhood
  • Explore schools, commute times, public transit options and more
  • Do a thorough inspection of the home (sewer lines, etc.)
  • Review all required seller disclosures
  • Review the preliminary title report for the property
  • Review the resale certificate, CC&R’s or other regulatory documents
  • Work with your mortgage professional to be sure that you are comfortable with the price of the home

We will perform a market analysis to make sure the home is in line with current market values. This ensures you are not paying too much.


The Inspection

Home inspections are a critical part of the home buying process. Inspections take the mystery out of buying a home and may make it easier

for you to imagine yourself living there. I can help you:

  • Find a reputable inspector and home repair contractors
  • Prepare for when unknown problems are discovered
  • Review inspection options
  • Negotiate fair and appropriate solutions, if necessary
  • A home inspection benefits all parties involved by providing insight into the condition of the home, thereby making you an informed buyer

After the inspection 1 of 3 things will happen:

  1. You are satisfied with the inspection results and move forward
  2. You ask the seller to do repairs or reduce the purchase price
  3. You walk away from the contract for any reason

The Closing Process

Together with my team, we will walk you through the negotiations, appraisal, title contingencies etc. We will be contact regularly to keep you updated on our progress. The process can take anywhere from 7 – 45 days.


You Get the Keys!

But it doesn’t end there…

You will be signing your closing documents a couple days prior to closing. On the day of closing, typically the documents are recorded at the county in the late afternoon and you will have access to your new home in the early evening.

I will keep in touch to find out how things are going, and I’m always happy to answer any questions you might have. I can also provide a list of service providers (plumbers, electricians, etc.) and give you updates on the value of your home going forward.

If you are happy with my service I would love to help your friends and family – we always have time for your referrals.