1. Get Pre-Approved
Talking to a lender is the first step to take before looking for a home. When you find the home you want in this very hot market, you need to be 100% ready to write an offer. Having lender pre-approval is a critical part of your offer. If you plan to pay for your home in cash, skip to step #2.
2. Know your “Wants” vs. “Needs”
Making a list or your “deal-breakers” and bonus items will help clarify what you’re looking for and narrow down your search results to keep you on track for your timelines. Your real estate professional will help you through this process.
3. Cash to Close
Make sure you have put aside enough cash for closing costs, administrative fees, inspections, or other unexpected costs that may help you negotiating power. Freddie Mac estimates closing costs to be around 2 to 5% of the purchase price of your home. Your real estate agent will advise you about additional costs to you.
4. Be Prepared to Negotiate
Getting your offer accepted is the beginning of the purchase process. You will want to have the home inspected and then possibly negotiate repairs. This is a time when have a professional representing only your interests will be vital to your overall satisfaction. Being flexible and open to discussions will help you get through the process smoothly.
5. Hire a “Tech Agent”
Having an expert who understands how to utilize today’s technology to best serve your needs is critical to your success. Be sure to have someone in your corner who can work with you at your level and also be able to engage with the other parties involved in your transaction. Technology provides ease and speed, but only if the user is comfortable and competent.
A real estate professional will guide you through the many steps of the sometimes complicated home buying process. It is crucial to find someone to represent you who has the knowledge, experience, and industry relationships that will benefit you the most. Give us a call today for a personal, free, no-obligation consultation.