The Ultimate Home Buying Guide - 36 tips everyone should know
- Upon our initial meeting, we exchange contact information to including: e-mails, telephone numbers and address.
- Explain and sign Exclusive Buyer Representation Agreement.
- At our office meeting, I will introduce you to my support team. This meeting is usually quite in-depth, so it is best to set aside at least an hour or more. We will discuss the needs of your family, areas for your search and price range. Extra time will be required if we are going to see properties. We like to go out with new clients at the beginning of our relationship in order to get a feel for your tastes and area preferences. A list of current listings will be given to you before you leave the initial meeting and each home is described in detail.
- Depending on your needs, we may provide you with a packet, which contains valuable information: area maps, local school districts, district boundary maps and current listings in the areas where you are searching. We may also provide you with flyers having to do with frequently asked questions regarding how to hold title and who pays for what in the different counties.
- If you are relocating from the another area, we may give you a relocation package and take you on an area tour to pinpoint possible towns that might be of interest to you and your family.
- You will receive a sample of the purchase contract. We ask that you read over this contract and make notes of any questions. This enables us to move smoothly through the process of writing an offer when the time comes
- What is a disclosure package? We talk generally about what you will experience and need to know during this process. We have found that if a prospective buyer has reviewed a contract and a sample disclosure packet it helps to demystify the process.
- Have you started with a lender? We explain the difference between pre-approval and pre-qualification; and how this may affect your offer. We do have a list of lenders that have a proven record of accomplishment. You may access these names by visiting our website at www.canasrealty.com, please look under the heading “Meet the Team.”
- How do we proceed on your behalf? Once we have determined a range of the purchase prices we submit your e-mail address to a program called Home Buyers Marketing. This service sends an hourly update regarding listings that have just come on the market, those that have just sold and those that have closed escrow thereby disclosing the purchase price. The Home Buyers Marketing is an invaluable tool. This information is delivered via your e-mail so that you may continuously check the status.
- Each week we preview all of the new listings on Brokers Tour, which is on different days in different counties, and we become your eyes and ears!
- When a new property comes on the market we preview it for you, contact you immediately if it seems to be a fit, and then make an appointment to show it to you.
- Quite often, through networking, we become aware of properties that are either not on MLS (Multiple Listing Service) yet or those that are never put on MLS, also known as a Pocket Listing. As I become aware of these, we notify you.
- When we have identified a property that meets your requirements, we retrieve a disclosure packet for your review.
- We then meet to formulate an offer. Sometimes the terms of an offer can be as important as the price. How one structures an offer is critical. At this meeting we discuss multiple offers, current market trends, how quickly we must respond, and the number of other confirmed offers, if any. What are the requirements of a seller (do they need a quick close, a long close or a rent-back)? How do we determine what to bid up if necessary? We explain the liquidated damage clause, your earnest deposit and your rights concerning this.
- We will review the concept of an as-is offer and what that means to you, as well as what your rights are regarding further inspections.
- At times, it may be important to review and execute all of the disclosures that have been provided. It makes our offer a stronger offer when we are the buyers that walk in with “all of our ducks in a row.” Should a disclosure packet not be available (which is rare), we may be able to get inspections prior to writing the offer so that we are the buyers coming in the strongest. We have a comprehensive list of trades people and inspectors for your convenience.
- We’ll discuss the importance of a “no financing contingency” in the contract, or what if you need one? What if you have to sell your current home in order to buy?
- With a very large down payment sometimes proof of funds is required, not to worry, this is common.
- Close of Escrow (COE): Timing for and why it is important to close escrow mid-week.
- Sometimes listing agents and sellers like to see a letter introducing you and your family. We will give you suggestions for this letter. This practice has seemed to be effective, based on our experience.
- Presenting the offer. We try to go to either the listing agent’s office or the seller’s home and present your offer directly to the seller(s) and their agent. Sometimes sellers are not available, in the case the offer is presented directly to the listing agent, who in turn presents it to the seller for us.
- Counter offers, if there are any, can be stressful. Our experience in these situations is helpful in negotiating any difficulties.
- Congratulations! You have purchased a new home!
- Now the escrow period begins.
- We get all information to the title company, the lender, and interface with the listing agent. We are one-on-one with your lender throughout this process, providing them with all of the documentation required to finalize your loan.
- If an appraisal is necessary, we always meet the appraiser at the property with the current comparisons in hand.
- We review the Estimated Buyers closing statement. We order this document several days prior to closing escrow. This allows you to review your loan amounts and any other charges associated with the sale. If any changes need to be made, we have plenty of time to make corrections.
- As we approach the COE date we arrange “sign off” at the title company. This is the time that we sign all of the paperwork for the lender and the title company. We are always with you. The lender should be present for this. Remember to bring your Drivers License!
- We schedule a buyer’s walk-through of the property. We make sure that the property is in the same general condition as of the date of purchase. The seller is usually present to explain how different appliances and systems work. If it is in the same general condition, we sign a Buyer’s Verification of Property Condition statement.
- Any further funds required from you in order to close escrow should be delivered by you to the escrow company in the form of a cashier’s check.
- When your loan funds, I will call to let you know.
- It is all finalized when the title company calls and tells me that we are “on record.” We in turn call you. The home now belongs to you. If the seller has a rent-back, they remain in the property for the period of time that we have agreed upon, otherwise you take possession at 5:00pm on that same day.
- We can arrange for you to either pick up the keys at the title company, or we retrieve these for you from the listing agent and deliver them to you.
- We are still involved after close of escrow. Sometimes you need suggestions or assistance. We are still available to meet workmen for you or schedule appointments.
- Each of our clients, whether they buy with us or sell with us, receives a closing file containing all of the documentation for the sale. This is delivered to you within a week or so after completion of the transaction. This includes your HUD statement, which comes from the title company. You will need this for next year’s taxes. Over the years our clients have appreciated having these files as a reference.
- After we have completed the purchase of your new home, we e-mail to you a questionnaire that asks for a critique regarding the level of our service and ask for suggestion. We would appreciate honest feedback, and ask that you complete this and e-mail it back to us. This way we can continue to improve and offer the highest level of service in our area.
We look forward to working with you!
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