1. Ask Questions
The first thing you need to ask yourself is, “Is now the time to buy or upgrade?” What are the pros and cons of buying another home vs. upgrading your current home? Additional questions you will need to ask: How much can I afford? What location do I want to choose for my home? Should I save money for a larger down payment? Is the monthly payment on my home less than renting?
2. Choose the Right Realtor
Buying a home is one of the biggest investments you will make, so a highly qualified realtor is a must. We believe a realtor is a professional who will guide you through the entire buying process with total dedication. We will work with you every step of the way with knowledge and resources to provide you valuable advice and services.
Call us for a customized buyer’s packet to help you get started
3. Find a Lender
You will need to know your mortgage payments, taxes, insurance, closing costs, points and other loan fees. Your lender will help you explore your financing options and provide you with good faith estimates. Once you submit your loan application, along with other documents, your lender will provide you with a pre-approval letter. This letter will help you feel more prepared and give you the confidence to submit a stronger offer when you find a home.
4. View Properties
For many people, finding the right home is the most fun and exciting part of the home buying experience. We recommend you start by making a wish list of characteristics that are “must haves.” Then make another list of “would like to have.” Another important consideration is location and we can help you there too!
5. Make an Offer and Negotiate
An offer is the first step of negotiating the purchase of a home. At Morris Depew Realty we will help strengthen your negotiating position by researching and providing the critical data that will help you determine the market value. This will help you to make an educated determination and offer. We will then assist you in filling out the forms to be submitted. Once we have a response we are there to help you understand your options whether the seller rejects, accepts or counters your original offer.
Typically, inspections are conducted within 7-10 days of contract acceptance, and commonly include a full home inspection, a termite inspection, a radon test, and a survey. We will provide you with the names and schedule qualified inspectors to help you identify any potential problems or pre-existing issues with your new home.
Before the loan is granted, your lender will want an appraisal to ensure your home is worth what you offered. This is set in place to protect both you and the lender. The cost of the appraisal varies and is generally included in the good faith estimate that your lender provides.
8. Make a List….Check it Twice
Morris Depew Realty will provide you a closing checklist:
- All repairs and documentation
- All inspections and appraisals
- Home Warranty
- Homeowners Insurance
- Utility transfers
- Change of address
- Final walk through
- Final loan approval
- HUD-1 statement review
The closing usually takes an hour and is held at a title company or an attorney’s office. Some things you will need to bring include your driver’s license, and a certified check made out to you(the last line of your HUD-1 statement will tell you how much money you’ll need to bring). Once all the paperwork is done and the documents are signed, you’ll be the owner of your new home!
After the closing, we will stay in touch. We are there to attend to any needs that might pop up in the future. Our goal is to have your experience be so positive that you would not hesitate to call upon us again for your future real estate needs. We want you to feel confident enough to recommend us to your family and friends.