Buyer's Guide

Do you already know where you want to buy? Do you want a condo, townhome, or single-family home? Which features do you like and dislike? Do you know what’s available on the market now? If you answered ‘no’ to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of asking prices. This could give you valuable insight into housing trends in specific neighborhoods and help you when the time comes to make an offer.

Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount than anticipated or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get started on your search in earnest, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already pre-approved for a loan.

We will arrange showings of homes you’re interested in that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

In some cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. We can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there are, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.

The Purchase and Sale (often referred to as the P&S) is the governing contract between a seller and a buyer with reference to the property to be purchased. Most buyers submit an initial Offer to Purchase which spells out the basic terms of a contract -- who is buying the house from whom, for how much and when, and basic contingencies like a home inspection or mortgage contingency. Once the due diligence phase has been completed, the P&S supersedes the initial offer and outlines in much greater detail the terms of the purchase. Along with including everything relevant from the initial offer (price, dates, contingencies) it also includes things like the legal description of the property, specific responsibilities of buyer and seller, title and deed considerations, seller credits, and any agreed upon fixtures that remain with the property or will be taken by the seller. Your real estate attorney will be instrumental in guiding you through this phase of the transaction.

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender, title company, and attorney.