What To Expect As Buyers
You will want to start this process by talking to an experienced mortgage lender about what price of home you can afford. They can help you figure out your budget and down payment options. They can also pre-approve you, so you can conduct a more accurate home search.
Note – if you need recommendations, feel free to contact us at MulhernHomes@gmail.com for a local, trusted professional.
Choose your real estate agent and discuss your home wish list and financial needs with them. (See our Tips for Choosing a Real Estate Agent tab)
Reflect on your wants vs. non-negotiables
Ex: school districts, taxes, bedrooms, bathroom, ranch vs. two-story
Your agent will pursue listings that fit your criteria and arrange for showings.
Before a showing:
Schedule all showings in advance. 24 hour notice is the standard guideline.
Pack a notepad and pen if you would like to make notes regarding your likes and dislikes
Wear shoes that slide off easily and comfortably
If you have children, consider whether they will be helpful or distracting. If you plan on using their input, by all means, bring them along. On the other hand, many kiddos become tired, bored, or fussy during showings; they may be happier with a sitter or loved one and you may be able to focus better.
During a showing:
Observe curb appeal, neighborhood, layout, and included amenities
Take notes things you like/dislike
Ask questions and give input to your real estate agent. This will help them gain a full understanding of your housing needs, wants, and aesthetics.
After a showing:
Discuss any decisions or feedback with friends, family, or your agent
If you find a home you would like to purchase, you will put an an offer together with your agent:
You will discuss and decide on a price to offer, any inclusion requests (stove refrigerator, etc.), length of time needed to complete home inspection and secure financing, and choose a closing date.
Offer to purchase contracts will take between an hour or two to put together, depending on its complexity and contingencies
Anticipate counter-offers, most deals will include negotiation from both parties
Prepare to either reach an agreement or call it quits
If you reach an agreement:
You will make a good-faith deposit called “Earnest Money“. It is meant to show your “earnest” intentions of following through with the contract. (The amount will vary depending on the price of house, condition of the market, etc.)
The house may be inspected by a certified home inspector
If any major problems are found, this may include a renegotiation with seller
The house will be assessed by the bank for its value
Finances will be secured
Closing will take place at a title company and will roughly last an hour. You will sign all of your new mortgage documents required by your lender. The seller will sign the necessary documents to transfer the title to you. The title company will make arrangements for any existing mortgage payoffs, final water readings & the notice to the taxing authority to transfer the future tax bills to the you, the new buyer. Once all the documents are signed, you will provide your contributed funds as well as the funds being provided your lender, you will exchange keys, garage door openers, and they will receive the sale proceeds.