By getting pre-approved, you know exactly how much home you can afford. There is nothing worse than finding your dream home, only to find out that you cannot qualify for a loan to buy it. A pre-approval also strengthens your bargaining power when negotiating with a seller.
I have several methods to help you determine your wants and needs. I have found the most effective method is for everyone who will be living in your home to sit down and fill out my wants and needs worksheet. This will encourage you, as a group, to really analyze everyone's expectations in your new home and begin to formulate a group wants and needs list.
At this stage, I will set up a search for you on the MLS which will email you all of the properties available that match your wants and needs. You can then sort the homes into your favorites, possibilities and discard the ones you don’t like. It is a portal so I can see what you like and don’t like. We will base our first day out looking on the ones you have “favorited”.
Any time new listings are added to the MLS database, you will automatically be sent that listing if it fits your specific criteria. If you are unable to tour a house you are interested in right away, I can do a video chat with you to make it possible for you to see the house virtually, without you even being there!
If your search criteria is narrow enough, I will send postcards to all of the homeowners who have properties that match your wants and needs letting them know that I have a qualified prospective buyer interested in homes like theirs. This method has proven to be very effective for buyers with limited options.
Once you have found the right house, I will prepare a Comparative Market Analysis (CMA) on the property to help you determine the fair market value of the property.
Our goal is to get your preferred home on your terms which includes things like closing dates, items or parameters to be included in the sale, and of course price, earnest money, and down payment. I will explain your contractual rights and responsibilities, talk about different negotiating strategies and give as much advice as I can. The offer will spell out how much you are willing to pay for the home, what type of financing you will obtain and a myriad of other important details and dates relevant to the purchase of the property.
After we complete the paperwork, I will deliver your offer to the Sellers or the Sellers agent. This is an important step because it gives me an opportunity to explain the offer, overcome objections, build rapport and answer any questions the sellers may have. The Sellers will do one of three things: Accept, reject or counter the offer. Often times negotiations will go back and forth several times before the offer is accepted or rejected.
If the property is a part of a Home Owners Association, you will have an opportunity to read and accept the Documents pertaining to the association. Basically, these documents describe the rules, regulations and finances pertaining to the association.
The sellers of the property will provide you with a Title Insurance Policy. This policy protects you, the buyer, against loss arising from disputes over ownership of a property. You will have an opportunity to review the policy and determine if there are any exceptions to the policy that you find objectionable.
You have the right to have an inspection of the property prior to closing. I recommend you hire a professional inspector to help you with this task. If you find any problems with the property, you may be able to ask the seller to repair them or compensate you for future repairs.
I will work with the appraiser to make sure he or she has all the information about the property to make an informed and fair appraisal.
The "closing" is actually comprised of two separate closings, however they happen at the same time - the securing of the loan and the transfer of the property. At the real estate closing you and the seller will sign closing documents relating to the transfer of the property.
The loan closing takes place after you sign the loan documents. After all documents are signed, the transaction is submitted to the county for final recording of title, and is finally closed. The home is yours and I will deliver the keys to you!