When buying a home, you are faced with a multitude of steps and decisions! We will walk you through what these steps are and what to expect along the way. Knowledge is power, and we'll do all we can to empower you as you embark on your home buying adventure.
The very first thing to know is that when REALTORS® are representing a Buyer client, they have the highest level of legal responsibility to you, the Buyer. A brief explanation of the top four legal responsibilities follows:
Undivided Loyalty - the agent must act only in your best interests and put them above their own and those of other people. The agent must avoid conflicts of interest and must protect your negotiating position at all times.
Confidentiality - The agent must keep information confidential, even after your relationship ends.
Full Disclosure - The agent must tell you in writing what services they will provide, must tell you everything they know that could influence your decision in a transaction, and advise you of any potential conflict of interest they may have while working on your behalf.
Obedience - The agent must obey all your lawful, reasonable, and ordinary instructions. If you insist on something unlawful, the agent must refuse and consider ending your relationship.
While at your side each step of the way, We will make the process of purchasing a home easier, more enjoyable, less time-consuming, and less stressfull, and less expensive than if you undertook this challenge on your own. We will help you prepare so that sellers perceive you as a preferred buyer and thereby enhancing your bargaining position, help you locate and access properties for sale that match your specifications, and help you with all the details, leading to up to the successful purchase of your new home.
Your First Step: Getting a formal Mortgage Pre-Approval
The very first thing to do is to get confirmation in writing from a mortgage professional as to how much a lender will commit to lending you after you find the right home. It is very important to know that a mortgage pre-approval is very different from being pre-qualified for a mortgage. With mortgage pre-approval, your mortgage broker or bank will ask you to provide a letter of employment as well as income verification. They will also do a Credit Bureau check for you. Once you are pre-approved, you can begin your house search knowing the maximum amount you are able to spend, and with full confidence knowing you have a formal mortgage pre-approval. Also, REALTORS® are only allowed to enter homes with potential buyers...if buyers are ready, willing, and able to purchase. The mortgage pre-approval process is the only way to determine the ablility to purchase. If you don't have a mortgage professional, we can recommend several that our clients have been happy with.
A typical mortgage pre-qualification is based on verbal information passed along to the bank or mortgage broker. A person is told how much they may be able to borrow based on how much they earn, current debts, etc. We feel it is always best to know right up front exactly how much a lender is committed to lending you. Finding the home of your dreams after investing days, weeks, or months in the search....only to be turned down for a mortgage at that time would be extremely upsetting and completely unnecessary. Especially if it's because of something that could have been discovered right up front, and perhaps early enough to be dealt with, and corrected.
Your next step
The next step to buying a home is to first ask yourself why you want to buy a home: to stop paying rent? To start building equity? To have a place of your own? To raise a family? To move up to a bigger house? To have a revenue property? Next, list what kind of home you'd like and where you would like to be living. Be specific, even down to what you need, and what you want. Also identify what you are not prepared to live with, near, etc.
Think of yourself as zeroing in on a target, going from the general to the specific. Consider area (city, suburban neighborhood, country); community (north, south, east, or west side); neighborhood (older and settled or sparkling new; a particular school zone; recreational facilities; and other community services such as transportation, day care, library, stores, entertainment). Ask yourself how many minutes you are willing to commute to work. What do you like to do when not working, and how close would you like to be to friends and family.
Think about home styles. How much space do you need? Does your situation require a one-level home, or are stairs acceptable? Consider size and kind of property. Do you want a newer home, or maybe an older one to fix up?
We Will Find The Right Homes For You
During the pre-approval process, you will ideally have asked your mortgage professional what the absolute highest mortgage amount is, that they are committed to providing you. You can now decide whether you want to spend right to that maximum, or a somewhat lower amount to leave yourself a cushion. Some people choose not to go right to their maximum, allowing them to have extra funds for travel, extras, savings, or a cushion in case of rising interest rates. We will commit to only showing you properties that are within the price limit you set. You are free to raise or lower the initial limit you had set at any time. We will utilize the benefits of the (MLS) Multiple Listing Service system to locate the best properties that fit the search critieria that you have set.
We have the best possible resources and communication systems available today to help you locate the homes on the market that match your specifications. You can even search our listings here at our website, we also have a free real estate app that can show you information on homes available on MLS in the area you are driving or walking through, this app is DaveSchroderEasyHomeSearch.
We Will Help You Every Step Of The Way
We will help you complete the various steps, including financing and inspections, and finally....obtaining your new keys on the day you move in. Our goal is to do everything we can to make the home buying experience as enjoyable and stress free as possible. Our goal is to ensure you are so happy with our services, that you will be happy to recommend us to your family, friends, neighbors, co-workers, random strangers on the street, etc.