Buying a Home
The Buying Process
Buying a home can be a complex and time consuming process that requires the guidance of a trained professional. The content within this section will provide you with a solid foundation on which to build a lasting and trustworthy relationship with you and your agent as we guide you through the path to your dream home.
Buyer's Agency allows us to negotiate on your behalf to acquire your new home with your best interest in mind.
Follow the 9 steps below to help guide you through the buying process.
Step - 1 Make the Decision to Buy
It seems obvious, but it's good to note that the first step to buying a house is making the decision to buy. Consider the reasons you want a new house and write them down. Determine how long you want to live in the new house - does buying still make good financial sense? Can you afford a house that will meet your list of requirements?
Step 2 - Seek Professional Guidance
We would like to schedule a time to meet with you to hear the reasons you want to buy a house and your plans for the future. We'll talk about neighborhoods, schools, economic factors liable to affect the market today and tomorrow, as well as how you would like your house and neighborhood to grow with you.
At this time, we will also help you get pre-qualified for a mortgage loan. Pre-qualification is a written statement from a loan officer indicating his or her opinion that you will be approved for a mortgage loan up to a certain amount. The fact that you are pre-qualified will help us when we are negotiating the deal.
Step 3 - Begin the Hunt
After our initial meeting, we will search all our resources for houses on the market that fit your criteria. We'll preview these houses to eliminate the duds. Then, we will schedule appointments to tour the houses at times convenient to you.
As we tour houses, we will point out positive features and negative features. We'll ask you to tell us what you like and what you don't like. You'll probably amend your "wish list" as we tour houses, some things will become more important and others less important. With this new information, we'll refine our search criteria to narrow in on the house of your dreams.
Step 4 - Know the Market
Our knowledge of the local market is an essential factor in the house search. We'll let you know when the market in a particular neighborhood is "hot" and requires immediate action or when the market is "cool" and allows for thoughtful consideration. As we tour houses, We'll let you know when the asking price has negotiating room and when the house is "priced to sell". Our unique market knowledge will keep you a step ahead of the "house hunting competition".
In a "seller's market", it is not unusual to see multiple offers on a property, full-price offers and even above-price offers. On the flip side, during a "buyer's market" there are more houses for sale than buyers. This gives us more negotiating room as houses are taking longer to sell.
Step 5 - Find Your Dream House
We are confident we'll find your dream house. When we do, our agent will put together the purchase offer tailored for your needs including appropriate contingencies (such as obtaining financing, favorable home inspection, clear title, etc.).
The offer is normally presented with "due diligence and earnest money". Due Diligence money is a deposit made directly to the seller to take their home off of the market while you do your inspections and secure financing. This amount is applied to your purchase price; however will be lost if you walk away from the transaction. Earnest money is a deposit placed in an escrow account to secure an offer to buy the property. The amount is applied to closing costs. If the seller accepts the offer, generally closing is held 30 to 60 days from the offer date (generally dependent on the turn around time of your mortgage financing).
Step 6 - Negotiate the Deal
It is not uncommon to receive a counter offer when the initial purchase offer is submitted. Don't let this discourage you. We will discuss the counter offer and decide whether or not to accept the counter offer, submit our own counter offer, or reject the counter offer and move on.
Market conditions will play a role in how aggressively we negotiate the deal. We will also work within your limits. Emotions can lead to buyer's remorse. It is better to set limits prior to negotiating an offer and stick to these limits.
Step 7 - Get a Loan
During the closing period, you will be working with your mortgage lender to close the loan. Since you pre-qualified for the loan before starting your home search, you will be that much closer to the end. We'll gather the necessary property information your lender will need to close the loan.
Step 8 - Close the Deal
You will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs. We will be glad to review the "Good Faith Estimate," answering questions and highlighting missing costs and estimates we believe to be low.
Step 9 - Move In
Congratulations! It's time to move into your new house and make it your home. Enjoy this exciting time. We will give you a checklist to help you remember the numerous details that will make your moving day a pleasure.
Contact Century 21 Hancock Properties today to answer your questions, provide professional advice, and handle all the details for you. Like you, today's consumers want comprehensive services from their real estate professional. Century 21 Hancock Properties offers the services you want and the peace of mind you deserve.
- Mortgage Services
- Home Warranty Protection*
- Home Inspection Services*
- Title/Escrow Services
- Professional Moving Services
Through CENTURY 21 ConnectionsSM Century 21 Hancock Properties offers you additional services and programs that will help save you money and provide the highest level of service ever offered by any real estate organization. With the Customized Home Search System, the CENTURY 21® System averages a home bought or sold every minute of every day. Is there any reason we can't help you purchase yours?
HOME BUYING TIPS - Click Here.
MOVING IN - Click Here.
*not available in all areas