What can a Realtor® do to help you buy the right property?
They will help you determine how much you can invest in a property, without jeopardizing your financial stability.
They will help you develop a realistic idea of what is the best option for you, including: size, style, features, location, accessibility to schools, transportation, shopping and other personal preferences.
They have access to a list of all available properties in the multi – list system and can evaluate your needs and affordability. Will not waste your time showing inadequate housing.
They can supply information on Real Estate value, taxes, utility costs, municipal services and facilities. They might also be aware of proposed zoning changes that could affect your decision to purchase.
They help negotiate the best price and the best terms for you, acting as a liaison between you and the seller, to present offers and counteroffers until an agreement is reached.
They can help you get familiarized with the closing process and will obtain closing figures for your review before closing.
Steps for a successful purchase of a property:
1 – A Realtor can advise and assist you throughout the buying process, making it easier and helping you save money, at no cost to you.
2 – Develop a plan to purchase a home can help you focus on the most important factors and organize the entire process.
Carefully review your monthly spending budget and clearly define how much is the most you ‘re willing to pay monthly for the property ( Remember to include Mortgage, Insurance, Taxes and HOA fees some properties ).
Define the size, style, and features of the property that best suits your needs.
Define location according to your personal preferences, accessibility to schools, transportation, shopping and more.
The establishment of ” criteria ” early on will save time shopping and may keep you from buying a home on a whim. Your main reason for buying a home should be the value you are getting for your money.
3 – Loan Pre-approval. Contact your financial institution or through a mortgage broker to be pre-approved for a home loan. This pre-approval will set the maximum price you can afford. A lender typically uses the 28% formula ( your monthly mortgage cannot exceed 28 % of your monthly income ) in approving your loan. Start looking at properties with the features, location and a defined price. You and the Realtor visit and evaluate the properties that fit this criteria. Then, the property that best suits your needs (cost, location, features, ..) is chosen. Submit an offer when you’ve identified the home you want to purchase. You and your Realtor will define what the appropriate value is for the property and a contract will be written up. Your offer may or may not be accepted for any number of reasons. You have to have other properties defined as a second option.
4 – Acceptance of Offer. Once your offer is accepted, a deposit (usually non-refundable ) will be made and the processing of the closing begins. The title company examines the title to avoid any problem. The lender will handle the entire loan process.
5 – Inspection. To prevent any major physical problem with the property that cannot be easily detected, an inspector will be hired to technically review all areas of the property and define if there is any risk buying it. Paying for a qualified home inspection before you buy is not just spending “a little more ” for peace of mind, it is essential for anyone who does not want to spend thousands of dollars in repairs.
6 – Closing and delivery. The day set for closing, transfer of the property is signed and the keys are delivered. Now you can enjoy your property!