Steps for Buyers
Steps for Buyers
Buying Your Home for the Best Possible Price
|Phase One - Getting Started & Finding Your Home|
|Phase Two - Due Diligence Period|
|Phase Three - Closing|
|Phase Four - Post Settlement|
Getting Started & Finding Your Home
We will also speak about the buyer process, examine the local market conditions,discuss lending options, and lending qualifications. A review of Agency relationships and how we will work together will also be discussed at this time.
The Loan Pre-Approval occurs in this phase. You will need to obtain your pre-approval letter from the lender of your choosing that will process your home purchase loan. The lender will provide you with your budget and price range for your home-This is based on income, assets, debt, and your personal financial plan. You may also want to meet with your tax and financial professional to understand the benefits and consequences of your upcoming real estate purchase prior to submitting your offer.
The Home Shopping Tours of houses that meet your criteria occurs in this phase. We will monitor the market inventory and provide you with listing alerts from the MLS service. Off-Market and Private Owner sale properties that meet your criteria will be identified as well as expired properties that potentially meet your needs are also homes we can tour.
Making an offer is part of this phase. We will research and review relevant sales and discuss appropriate and possible strategies. Preparation and review of all purchase documents, disclosures, and reports occurs in this phase. We will prepare a detailed and complete offer package that includes a lender letter, a “Get to Know Your Buyers” letter for the homeowner to “meet you” and get connected to you as they review your offer. We will present your offer to the seller’s representing Broker and negotiate the Best Possible Price for your new home.
Due Diligence Period
We will schedule your home property Inspections so that we can learn about the property condition- Inspection reviews will follow and any due diligence repair requests will be created and presented to the seller’s Broker. Inspections include but are not limited to: Home inspection, pest, radon, water and septic and chimney; as well as any homeowner association documents as applicable.
If new or criticial repairs are uncovered we can negotiate repairs or obtain a credit against the sale price!
The lender will process and confirm the loan - We will send the lender all purchase documents and addenda. The underwriter will then review all of the documents, along with the financial documents you supplied to them and will then order the Appraisal to confirm the value- We will assist you in obtaining home insurance quotes and provide the documents to the closing attorney for payment at closing.
At the Final Walk-through we will confirm the property conditions and completed repairs as applicable. We are confirming that the property is in the condition it was in when the property went under contract.
Settlement will occur. At that time the attorney will review the loan documents and closing paperwork. You will sign paperwork, give the attorney the bank certified check for your down payment and closing costs if you have not already wired it to the attorney’s trust account. The attorney will then record your closing with the applicable County Registrar’s office and then you will receive the keys to your new home.
We recommend that you arrange to change all of the door locks in your new home. It’s possible that several copies could have been given to family or neighbors. It would also be a good idea to update the security system and/or codes if the home has one.
If you have agreed to do some home repairs from the inspection after closing it is highly recommended that you take care of them right away so that they don’t get postponed or forgotten. Take some time to get acquainted with your neighbors and neighborhood. We provide and would LOVE to host a Welcome Home Party for you a few weeks after you have moved in and are settled and will share the fun details before closing occurs.
Most closing attorney’s recommend you update your estate plans and Will after you purchase a new property. Consider meeting with your financial and tax advisor after settlement. Masha Halpern , Boutique Real Estate is pleased to provide any post settlement concierge assistance. Please contact us at your convenience. 919-414-0337 or Masha@MashaHalpern.com. Remember to check for fun things to do all year long at www.ChapelHillNCandBeyond.com, our blog!