Steps for Buyers
1. Potential home buyers must be prepared financially. A mortgage professional will pre-qualify for you for a mortgage and explain the mortgage terms and conditions to you. You need money readily available to cover the down payment and closing costs.
2. Chose a REALTOR® with an ABR® designation which indicates specialized training to work with buyers. Different kinds of relationships are possible with your real estate professional, therefore, know your options. You will be spending a lot of time with your REALTOR®, so make sure you are comfortable with them. Did you know that not all real estate agents are REALTORS®? There are REALTORS® specially trained to work with buyers. They hold the ABR® designation.
3. Assemble your team. Initially, team members will include family member(s) or friends for support and advice, a mortgage specialist and a REALTOR®. In addition, a lawyer, home inspector and other professionals will be added to your team as circumstances dictate.
4. Communicate your needs and wants for your new home. Let your REALTOR® know if these change during the course of your viewings.
5. Be realistic in your expectations because, unfortunately, no house is perfect.
6. Keep an open mind since your REALTOR® may have advice on alternative approaches to meeting your goals. Make use of their experience.
7. Provide feedback to your REALTOR® when you visit properties. As you view properties, let your REALTOR® know what you like and don’t like about each property.
8. Protect yourself. Purchase only what you can comfortably afford. Your REALTOR® will advise about conditions added to the offer that will protect you.
9. Negotiate reasonably. Overly aggressive negotiations often result in no deal!
10. Finally, follow through on commitments made in your contracts. Your REALTOR® and other team members will help you.
You are a home buyer! Now what?
The contracts are sent to both the buyer’s and seller’s lawyers. You need to finalize moving arrangements, address changes, insurance and utility hookups. Your lawyer will meet with you to review and sign documents. He or she also handles the financial aspects of the purchase. Cash from you for the purchase and any borrowed money (mortgage) is disbursed to the required parties before the sale is completed on closing day.
On closing day (possession day), after all legal and financial requirements have been satisfied, the lawyers will release the keys to your REALTOR® to be delivered to you at your new home. Together you will confirm the condition of your purchase. Move in and enjoy your new home.
The Home Buyers Guide has detailed information from financing to moving.