Process for Buyers

Whether you are a first time buyer or a veteran, the process is forever changing. With foreclosures, short sales, and now COVID into the mix, no transaction is ever the same. With all that has happened in the economy, finding the right home for the right price has never been more important. You need a Realtor who understands this from beginning to end, as well as all the potential roadblocks that shouldn’t catch you off guard!

  • Find an agent who can foresee and handle the many twists that transactions have today.
  • Find an agent that prepares you on how to make an offer before you need to make an offer.
  • Find a Realtor that shows you how to read the listings. 
  • Find a Realtor that fights for you! 

You want an agent on your side who is aggressive, knowledgeable, resourceful, and FULL TIME.

Process for Buying: 6 Basic Steps

STEP 1

Choose a Realtor

Find a Full Time Realtor who is committed to helping you every step of the way. The combination of my experience and expertise will guide you through the entire process to assure you find the home that suits your needs and within your means.

Helpful Hints:

  1. Keep in mind that when you are the Buyer, you don’t pay the Realtor’s commission! Commission is a cost for the Seller!
  2. Your cost as a buyer is a small administrative fee, paid only at settlement.
STEP 2

Understand the Financing

Talk to a lender to become pre-qualified for a loan. I can assist you with this process. Click to see some of my Vendors.

Helpful Hints:

  1. Typically it takes less than 30 minutes to go over your information with a Lender. It costs you nothing. A Lender will let you know your qualified price range.
  2. Since some Buyers qualify for more than they’d like to spend you can also tell your Lender that you’d like to be at a certain amount per month and then the Lender can take that amount and work backwards.
  3. Your lender will provide you with a Pre-Qualification letter to include with your offer – most sellers require this letter before considering any offer and it makes for a much stronger offer.
  4. Loan programs change constantly! You’ll learn what program(s) you may qualify for which could reduce your down payment, reduce closing costs, and/or reduce your payments, thus increasing the amount you can spend on a home.

After speaking to you lender, with the help of your Realtor, you should be able to answer there very crucial questions:

  1. What is your monthly payment at your chosen purchase price?
  2. What type of loan are you using?
  3. How much money are you putting down on your loan?
  4. How much are your settlement costs?
  5. Do you need seller subsidy?
  6. If so, how much does your lender need 30, 45, or more to close on the loan?
STEP 3

Search & Tour Homes

We will discuss your requirements so we understand exactly what type of home, in what areas and with what features you desire. Based on your criteria, I will send you listings of available homes for your review.

I will set up a saved search(s) so that each day I can send you any new listings or price changes on existing listings that meet your criteria.

You tell me which properties interest you so that we can set up the appointments and together we go through the homes.

Helpful Hints:

  1. In most cases I will search a little above your price range and a little below. Why? In a constantly changing market I feel confident that if the price is high, I can negotiate lower. I also search lower to be sure we aren’t missing any great deals!
STEP 4

Make an Offer

I can prepare a Buyer’s Comparative Market Analysis (CMA) to help you determine the right price to offer the seller. This tool will show you what the value of like homes are that are active, under contract or have sold recently. Armed with this knowledge I can be more ready to prepare our initial offer! Price is just one aspect of the offer.

Your lender can prepare an estimated HUD1 sheet so that you know and understand your closing costs and how much cash you will need at settlement.

Along with the Lender you have selected, we will help you determine what type of financing is right for you and the home.

Together we will review the disclosures and disclaimers prepared by the seller and required by law so you understand the implications. These documents will inform you of any material facts about the home that could impact its market value.

What contingencies need to be included in the contract? We review each together so you can determine what to include or not and the best approach. Contingencies protect you in the event of surprises. Common types of contingencies included in a contract offer: Financing, Appraisal, Home Inspection, and Lead Paint.

I will then prepare and explain all aspects of the Contract Offer in detail so you understand what you are signing and what it means to you. Along with your offer, a good faith deposit (typically 1% of the offer amount) is required to show your commitment. When the offer is accepted your good faith deposit will be credited toward your closing cost. Once the offer has been made, typically I will need to negotiate on your behalf to assure that you get the home you want for the best possible price.

STEP 5

Complete Financing & Inspections

Congrats on getting the accepted offer! You are officially ratified, but don’t celebrate yet. There is a lot of work to do and quickly. 
At this point you will need to:

  1. Call your lender and formally apply for financing. He/She will also need a lot of paper work. For example: your last couple of W2, your last 2 months of bank statements, your last 2 years of tax returns, etc.
  2. Select a Title Company to do the title work and prepare the settlement documents.
  3. Select a Home Owner’s Insurance company.
  4. Select a Home Inspector. If you want additional inspections like radon, septic, water, sewer scope, etc you need to let your Reatltor know ASAP.
  5. Select a Termite Inspection Service.
  6. Call your gas and electric company to have service changed into your name on the day of settlement. You can call ahead to set this up.

(See Vendors)

I will take care of setting up the appointments for the appraiser and all inspectors. I will also accompany you on the Home Inspection. If the seller needs to make any repairs, as per the inspections, I will prepare the addendums, negotiate for you, and make sure all repairs are made by licensed certified contractors and done correctly and on time.

STEP 6

Get to Settlement

Just before settlement, you will wire funds to the title company based on what your lender tells you.

On settlement day the wire should hit before getting to the table and you should have your drivers license. Before we get to the settlement table, together we will do the final walk through to make sure the property is delivered as per the contract. While at settlement, the title officer will go to settlement statement (aka ALTA) to make sure you understand all the fees and documents you’ll be signing.

As your Realtor, I do all of this to make sure you have the strongest possible offer that provides you with the best protection for the unforeseen developments. I strive to make this a great experience for you and that the process goes smoothly!

Ready to Get Started?

Complete the form below or give me a call at 410-336-2569.

Mortgage Calculator

How much will it cost me?
Monthly
  • Principal & Interest
  • Property Tax
  • Home Insurance
  • PMI
$
$
%
$
$
$

Compare listings

Compare