Ready to Buy a Home? Part 3

Now that you have found your dream home, and you are ready to make a purchase offer, your Realtor can walk you through the process of completing the purchase contract. Your Realtor will complete the contract with your information including the total amount you wish to offer on your dream home, your down payment, etc. Then you can meet in person to go over contract and sign or you can even digitally sign the documents received by email. My suggestion is going over what a contract looks like when you start the process at the beginning so that by the time you make your first offer, you will have a better understanding of the lingo.

Depending on the type of market you are buying in, whether it be a seller’s market, a buyer’s market and how many people are competing for the same home, will help you determine your purchase price. If you are competing with other offers, be prepared that you may have to find several homes you like over the course of time before you get an accepted offer. In a competitive market, it is not uncommon to make 3-5 offers before you get your first accepted offer. Do not get discouraged. It does take time sometimes and is very normal.

Your Realtor can help you determine your best purchase price range by showing comparables of the home you are interested in making an offer on. You want to make sure you have your prequalification letter as well as proof of funds for your down payment in hand to give to your Realtor along with the purchase offer as that helps make the strongest offer possible and the listing agent will confirm that information before they present the whole package to the seller. After all, getting an accepted offer is the ultimate goal.

I hope this three part series has been helpful to you on buying your first home. Please let me know if you have any comments or suggestions. Next time, we will talk about the accepted offer and the process to close on your new home.

**Please Note: I am a licensed Realtor in San Luis Obispo County, California with Century 21 Hometown Realty. CaDRE License # 01972834. This blog is not intended to solicit anyone who is currently working with a real estate professional. This blog represents my experience, but may not apply to all homes or locations, please check with a real estate professional who is familiar with your specific market before implementing.**

Ready to Buy a Home? Part 2

Now that you have been pre-approved for a mortgage loan and you have found your Realtor, you may be asking what is next? First, I would like to share with you an article I found that is a good resource for proper buyer etiquette. It helps set expectations up front and will establish a good solid working relationship with your Realtor from day 1. Please click on the link shown below the quote.

Real estate agents love working with people, but there are always clients who may unintentionally cross the line. Here are a few simple protocols you can use while shopping for a home that will keep you out of hot water and on good terms with real estate agents. Especially your own agent.
Elizabeth Weintraub of https://www.thebalance.com/rules-for-working-with-agents-1798904

One other item I feel important to mention before we move on is that just because you qualify for a loan of a certain amount, does not mean you have to buy at that amount. You can choose to stay well below that number if you feel that would work best for you. For example, I am currently working with first time home buyer’s who were pre-approved for $300,000. They decided what was best for them was to stay around $230,000 and so we focused strictly on homes around $250,000 or less. Then I was able to focus in on what their dreams and desires were, and I was able to find them the exact home they love and adore. You have choices and many options to consider such as saving for retirement, buying an investment property, or saving for your kids’ college fund with the extra money.

With your pre-approval letter, price of a home you wish to stay below, and your Realtor, you can now start searching for that perfect home of your dreams. You can search for homes yourself, have your Realtor search for you or combine both methods. It is always wise to stay near to your target price, so you are not disappointed when you fall in love with a home that is out of your price range.

Once you find the homes you are interested in, it is now time to tour those homes with your Realtor. It is also a good idea to drive by those homes first, and preview the neighborhood at different times of the day and also different days of the week. That will give you a good idea of what the neighborhood is like. Once you have driven by those homes, your Realtor can then set up appointments for viewings.

Finding homes you are interested in, driving by those homes, and then touring may be an instant or ongoing process depending on the length of time it takes for you to find the home that you love, and also dependent upon if other buyers are bidding on the same home. Your Realtor will be a wealth of information and knowledge to help you navigate every step of this process, so you can enjoy the journey along the way.

Next time, we will continue this discussion as we look at what happens when you make an offer. Look for part 3 soon.

Remember to make every moment count!

Ready to Buy a Home?

Have you been thinking about buying your first home and wonder where to start? First, I would like to congratulate you on taking that first step and that is getting serious about home buying. It is important to take time to prepare yourself in every aspect so that you can make your home a blessing, rather than a negative experience. Make sure that you are ready and that the timing feels right for you and not because family and friends are pressuring you into it.

Also, financially, it is important to have your credit cards paid off, an emergency fund saved, and that you have cash set aside for the down payment and closing costs. However, there are loans out there that have little or no down payment particularly for first time home buyers and veterans. A lender will be able to guide you on preparing for the financial aspect, and all the lending options available to you. Shop around as lenders fees can vary. A mortgage broker will have several different loan companies available to find you the best rates, while a small local bank or credit union may have options that can save you money. Your lender will then provide you with a pre-approval letter specifying your maximum loan amount. This is a powerful tool to help you get an accepted offer on the home(s) you choose to make an offer on. Plus, it will not set you up for heartache on looking at homes above your price range.

Lastly, find a good Realtor and one that has your best interests at heart. A good Realtor listens to your wants and needs and can then make recommendations based on your desires and total purchase price.

As a Realtor, I pride myself on providing the ultimate client experience. Here is a testimonial of my service:

“Kari went above and beyond to be there for us through our search and purchase of our home. She was very knowledgeable and gave us her honest and helpful opinions during a somewhat complicated negotiation. She is a warm and welcoming person to deal with in what could have been a stressful time!”
Troy and Janette of San Luis Obispo

Thank you to each one of my clients who placed their trust in me. I am grateful for you.

Next week, I will continue to discuss this topic and what happens after you find your Realtor.

Contact me by email if I can be of service at kari.schultz@c21home.com.

Have a great rest of your week!