PRE-QUALIFICATION
Meet with a mortgage broker and find out how much you can afford to pay for a home.PRE-APPROVAL
While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You’ll also avoid being disappointed when going after homes that are out of your price range. With Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you’re interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property it also helps with subject/conditions removal times.
LIST OF WANTS & DON’T WANTS
Make 2 lists. The first should include items you must have (i.e., the number of bedrooms you need, bathrooms, 2 car garage etc.). The second list is don’t wants (ie., no basement, near busy street etc.). Realistically for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.REPRESENTATION BY A PROFESSIONAL
Working with the right Realtor will make this process easy and smooth for you. They will be there to advise you and guide you into making a great purchase. As a Buyer working with a Realtor is free.
BEFORE CLOSING
Once you find the perfect property, place an offer and begin negotiations.- Include inspection & mortgage contingencies in your written offer among other important conditions.
- Have the property inspected by a professional inspector.
- Obtain your mortgage.
- Remove subjects.
- Pay deposit.
- Hire a Notary Public or Lawyer
- Close
All the above may seem rather overwhelming. That is why having a professional represent you and keep track of all the details for you is highly recommended. Please email me or call me directly to discuss any of these matters in further detail.