The Buying Process

The First Step                                                                                                                  
The process of buying a home or investment generally starts with determining your buying power; that is, you’re financial reserves plus your borrowing capacity.  I can refer you to a number of lenders so you can compare and decide who is best qualified to help you.

Finding your Home or Investment
Once you know how much you can and want to invest, the next step is to find the properties that most nearly fit your needs concerning location, size, amenities, and style of home.   This is the time to choose a professional real estate licensee.  They can help you by investigating all available properties, having you look them over, and getting access to go into the ones you like most.  Once you have found one you really like you make an offer and the seller will either accept, counteroffer, or deny your offer.

Property Evaluation
Once you and the seller have agreed to the price and conditions in a purchase contract, it is time to complete the evaluation of the property. Depending on the area and property, this could include inspections for termites, full home inspections, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. As your agent, we can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. After the reports if anything needs to be done, you will negotiate who will fix what.  Then costs are paid and any problems are fixed or sold as is. You will also receive disclosure statements disclosing everything known about the condition of the property.  After everything is disclosed and inspections done, the closing date is just around the corner.

Closing
Escrows are usually 30 to 45 days, but can be longer or shorter depending on the situation.  Five days before closing you will do a final walk through at the property to confirm home has been maintained in its original condition.  After the final approval from the lender, you sign all necessary documents, title is transferred, and you get the keys.

How Do Real Estate Agents Get Paid?
Real estate agents are paid through their broker, who is paid a sales commission usually by the seller when the transaction closes.  Agents have many expenses such as: marketing, advertising, selling insurance, desk & phone costs, expensive online tools, continuing education classes, board dues, gas driving clients around, and endless time and effort before they even know they are getting paid.  They have financial obligations just like you, so it will be to your mutual benefit if you choose a real estate agent and stick with that person. The agent will respect your loyalty and respond with a sincere commitment to you.

The Benefits of Hiring a Real Estate Agent: 
  1. Agents can help you from the very beginning by researching all homes in the market that fit your criteria, and give you access inside the ones you like.
  2. An agent can look up the history and any information about the property through a special search.
  3. Agents are trained extensively on the laws to make sure you are on the right track, and recognize them when they are being broken by another party in the transaction. 
  4. Agents are trained extensively on the laws to make sure you are on the right track, and recognize them when they are being broken by another party in the transaction. 
  5. Agents are accustomed to dealing with problems that might come up in a transaction, and know the best way to negotiate smoothly through.
  6. Agents are available to give advice and answer questions throughout the entire process, making sure you know everything you need.
You Be the Judge
Real Estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $300,000. If you had a $300,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $300,000 legal question, would you deal with it without the help of an attorney?
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