Buying a Home

Watch this video to learn what to do first when deciding to purchase your dream home!

How to decide which neighborhood is the right one for you

Are you looking for a neighborhood that’s the right fit for you and your family? You could Google for hours, but you won’t get all the answers you need. Nothing beats experiencing a neighborhood in person. Drive around, walk the streets and paths, and explore all the nooks and crannies. Eat at local restaurants, check out the shops and schools, and attend events in the neighborhood. Going through this process will help you to find the right place where YOU belong!

THE TIMELINE OF BUYING A HOME

We strongly encourage you to start the search about three months before your target moving date. This gives you time to learn the market, obtain a pre-approval letter from your lender, and search for and visit properties. Once you find the right one and make an offer, it typically takes about 30 days from acceptance of offer to the day of settlement, which is when you get the keys to your new home!

 

Here are the four main steps you will experience once you choose the property you want to turn into your next home:

1. The Negotiation

We work with you to put together an offer with the price you are willing to pay, based on the sale prices of other homes recently sold in the area, the condition of the property, and how many of your criteria it meets. The offer includes other details such as inspections, settlement date, financing contingencies, down payment, deposit amounts, etc.

2. Due Diligence

Once your offer is accepted and the property goes under contract, you have a certain amount of days, per the contract, to hire a home inspector and negotiate with the seller about any needed repairs. You also will need to review the HOA or condo documents and send all the paperwork that is requested of you to your lender and the title/settlement company.

3. Obtaining The Mortgage

You were pre-approved by your lender, but now is when you complete the full process of obtaining a loan. The lender will verify all your documents – including tax returns, bank statements, and paystubs – and order an appraisal of the home. After all lot of back and forth, usually all conditions are met and the lender will fully approve your loan.

4. The Settlement

This important meeting takes place three to four weeks after the seller accepts your offer. Within those weeks, the bank will have approved and funded your loan and the title company will have verified the title of the home, ensuring it is clean and clear for the seller to transfer ownership to you. All you need to do now is bring a certified check for the full down payment, sign a big stack of documents, and walk out with the keys to your new home!

DECIDING THE OFFER PRICE FOR A HOME

  • Market Value

    How do you know whether a property is priced reasonably? Look at homes that have sold in the same area during the past six months and compare their final sale prices to what the seller is asking for the property.

  • Investment

    Make sure your purchase is also a wise financial investment for the future. Research current market trends and consider whether the property will appreciate in value over time.

  • Is it the one?

    Whether you’ve viewed five or 55 homes, does this one feel like THE ONE?

  • Pay less? More?

    Deciding on a offer price can be nerve-wracking and difficult. If you are considering paying over market value, base your decision on how much you love the property, the competition from other buyers, and the number of other homes available in your desired area. If you’re looking to go in low, consider whether the property condition and lack of interest from other buyers could allow you to open negotiations with the seller.