BUYERS FLOW CHART
Ready to Buy?
Determine your why. Are you a first-time home buyer? Are you upgrading or downsizing? Are you looking for a rental property? It is particularly important to determine the reason you are buying to help you choose the right property.
Getting Ready to Buy
For most people, buying a home is the largest purchase you will ever make. Once you have determined your “why” there are several questions you need to answer before starting your home search.
- What is the current housing market situation in the area I want to buy?
- How much can I afford?
- How much down payment do I have?
- Am I financing or paying cash? Do I have a lender pre-approval?
- Do I need to sell in order to buy?
Select Your Real Estate Agent
No matter if you are a first-time home buyer or you have gone thru the process before, it can be a stressful experience. From searching for the right home, presenting an offer, negotiation the terms, research/due diligence of property, tons of paperwork and many other items in between – the process can be complicated and overwhelming for a buyer on their own. Choosing the right Real Estate Agent will make the biggest difference.
What to look for when choosing a real estate buyer’s agent?
- Reliability and Experience – Knowledge is Power
- Excellent Communication Throughout the Process
- Local Market Expertise
- Past Satisfied Clients Reviews
- Full-time Real Estate Agent
Let me help you start the search for the perfect home …
First step is to choose your desired area.
Get to know the neighborhoods that interest you. Take a ride around the town to get a feel for what it would be like to live there. Choose a few properties of interest and ask your Real Estate Agent for availability, more details, and to set up a showing. Once you find the house you like, your agent will guide you in presenting a strong offer based on your needs and the condition of the home and current market trends. An assertive, prompt, and knowledgeable agent will present your offer in the best way possible for acceptance over other offers.
What Happens After Your Offer is Accepted?
Here is the typical timeline in a nutshell:
- A prompt buyer’s home inspection is always recommended. This is a necessary expense to make sure all systems and structure of the home are in good condition. Buyer will hire a licensed home inspector of their choice. If needed, buyers can also opt for additional inspections by specialized contractors (for example septic). Also some towns require a town inspection before closing.
- Once inspections are complete and buyers and sellers agree to move forward, seller’s attorney will draw contracts and send to the buyer’s attorney for review (many times there are items that come up from the inspections that have to be negotiated and added into the contract). After buyer signs and leaves down payment, the documents are sent to seller’s attorney for sellers to sign.
- If you are financing the purchase, the loan process is started. The Real Estate Agent must keep the communication lines open between all parties (attorneys, lenders etc) so that the buyers can reach the closing table in a timely fashion.
- Closing will be scheduled once municipal search, title and loan are all cleared. Once the closing date is set your agent will coordinate the final walkthrough either the day before or the day of the closing to make sure everything in the home remains in working order, there are no items left behind by the previous occupants, and all punch list items that were agreed upon from inspection if any, were completed.
- On closing day all documents will be signed by all parties, funds transfers will take place, and home keys will be provided to the buyers…TIME TO CELEBRATE!!
Closing Day
If you have come this far, then this means that it is almost time for a congratulations, but not yet. Do not forget to tie up these loose ends:
Final Walk-Through Inspection.
More of a formality than anything else, the final inspection takes place a day before, or the day of the closing. You will visit the property to verify that all is in working order, everything is the same as when you last viewed the property, that there are no extra items left behind, and that everything included in your purchase is still at the property.
Home Services and Utilities.
We will provide a list of useful numbers for the activation of home services and utilities after the closing occurs.
Be Prepared.
We are ready to assist you should an unforeseen glitch pop up, even at this last stage. Something at the property breaks down, or some other minor detail – no need to worry. We have encountered these problems before so we know how to handle them efficiently and in a stress-free manor.
Closing.
The closing agent will furnish all parties involved with a settlement statement, which summarizes and details the financial transactions enacted in the process. You and the seller(s) will sign this statement, as well as the closing agent, certifying its accuracy. If you are obtaining financing, you will have to sign all pertinent documentation required by the lending institution. If you are unable to attend the scheduled closing, arrangements can be made depending on the circumstances and the notice that we receive. If you are bringing funds to the transaction, you can elect to either have the funds wired electronically into the closing agent’s escrow account, or bring a certified bank check to the closing in the amount specified on the settlement statement. The seller should arrange to have all property keys and any other important information for you at the closing so that you may receive these items at this time.