Why Choose The Cervone Group When Looking to Buy?
Oftentimes, individuals embark on their home buying adventure uninformed, unprepared, and uncertain of the requirements and the entire process.
Homeownership is a significant financial commitment that should not be taken lightly, regardless of whether you are a first-time or seasoned buyer. As your buyer’s agent, our mission is to make the process of purchasing a home as seamless as possible for you by providing you with the information and tools you need to make a well-informed, educated decision.
We’ve included a concise home buying guide below that details the process and how to prepare for your first or next home purchase.
#1 Evaluate Your Finances
With the help of a mortgage calculator, you may create an expected budget dependent on your income, assets, debts, and other financial obligations, in order to ensure that you can pay your mortgage on time each month. Additionally, you’ll want to have some cash reserved for a down payment and settlement expenses, as you’ll be required to make a down payment of between 3-20%, depending on your loan type.
#2 Securing Finances
Once you’ve assessed your financial status and created a budget plan, you may contact a reputable lender with confidence to discuss loan options. When you choose a loan that meets your requirements, apply to obtain a pre-approval letter. A pre-approval letter will determine your borrowing capacity based on your financial profile. The pre-approval strengthens your negotiation position and demonstrates to sellers that you are legitimate.
#3 Getting Your Feet Wet in the Market
Now that you’ve received a letter of pre-approval, you can begin looking for homes with the assistance of your real estate agent. You may save time and effort by focusing your search on properties within your price point.
Consider some inquiries with relatives and friends, conduct an online or mobile search, and also have your real estate agent show you properties that are a good fit. When you locate a suitable property, your real estate agent will assist you in making the best decision and submitting the best offer. The seller may accept your offer or counter offer.
You can continue negotiating with the seller or accept his counteroffer and finalize the purchase. If you reach an agreement, a contract will be drafted, you will demonstrate your commitment by fully executing the agreement of sale along with submitting a an earnest money deposit to the seller’s agency to be held in an escrow account.
#4 The Due Diligence/Inspection Period
When you have an executed contract with the seller, you can complete the mortgage application process with your trusted lender where you were pre-approved.
Your real estate agent can assist you in submitting your application, providing required documents, and verifying these documents. You have 30-60 days to fulfill your purchase contract, so act quickly. You’ll also want to consider hiring inspectors to check the property for safety and reliability throughout the contingency period.
Choosing a thorough, qualified inspector who will not overlook major issues to support the purchase is essential. Once you obtain the inspection report or reports, you may evaluate significant concerns to repair and perhaps negotiate repair responsibilities with the seller, ask for a sellers credit or terminate the contract.
#5 The Home is Yours!
Once your mortgage is fully approved, the title company has issued a clear title and the home inspection reveals no material defects that would cause you to terminate the contract, and nothing else falls through at the last minute, it’s time to schedule your settlement. On or before the day of settlement, we will work with you to schedule a time to do a final walkthrough of the property. This usually occurs the day of or the day before settlement. If all checks out with the house on the walkthrough, we head to the settlement table where the title clerk will manage the closing process and your loan officer may be in attendance as well to walk you through the mortgage documents. Of course, we will be there as well to assist with anything needed.
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