On the surface, buying a home may seem like a straight forward process, however, there are many variables that can make home-buying quite complex.
Being prepared and organized makes the journey to home ownership much more streamlined and enjoyable. Here are some steps to take before beginning your search.
Why choose The Chris Ranallo Team
Choosing the right advisor to guide you through buying a home is serious business. Homebuyers should give just as much consideration to hiring a buyer’s representative as sellers give to hiring a listing agent. The most important thing is for you to feel comfortable with your agent and know they will guide you in the right direction. The Chris Ranallo Real Estate Team will take time to discover your needs and will make sure we fully understand your goals and aspirations before we start looking at possible homes.
In today’s home-buying environment, a mortgage pre-approval is not only essential, but incredibly easy to obtain. A pre-approval can be done online, over the phone or in person and lets you know exactly what you can afford to purchase. Being approved demonstrates you are a willing and able buyer and gives you a head start in getting the loan process underway. Learn more about pre-approvals by visiting with one of our preferred lenders.
Creating a Wish List
Almost every home purchase involves some degree of compromise, which is why it is important to prioritize your wants and needs before you begin your search. There are many things to evaluate before you starting looking depending on your lifestyle, budget and future plans. Here are some things to consider…
Location ,Type of Home, Size of Home, Number of Bedrooms & Bathrooms,Features and Amenities, Price & Monthly Payment Breakdown
Finding your home
Congratulations! You have a pre-approval and are now working with our team! Let’s start looking at some homes! These days, most information can be found online and makes it really easy to get a jump-start on sifting through homes that match your needs. The good news is, after we sit down, we will send you an email with homes that match your criteria and will automatically notify you when new listings hit the market.
Found a couple homes you like,? Now it’s time to schedule some tours and take a look in person. We will make sure to take notes and help you evaluate the pros and cons for each property.
Did you find an Open House that you wanted to see? It’s totally fine to go to open houses, just let the agent on duty know you are working with the Chris Ranallo Real Estate Team. This will save you from receiving messages from other agents who may not know you are already working with our team.
Once we narrow down the list of houses that you like, we will help you make an informed decision and walk through your top houses again just to make sure it’s your dream house.
Making an offer
So we found your dream house and it’s time to make an offer!
Buyers often focus on price but don’t always consider the other important terms involved in a real estate contract. Here are some of the items included in a purchase agreement…
Price, Mortgage, Terms, Earnest Money, Home Inspection, Appliances and Items included with the Home, Closing Date and more.
So either the sellers will accept your offer “as is” or they will submit a Counter Offer for you. If they have countered then we will discuss their terms and either accept or counter back. The goal here is to find a mutual agreement on all terms.
Congratulations! They have accepted your offer! Let’s take a moment to celebrate, but now the real work begins for us.
We’ll need a couple things from you.
We’ll need the Earnest money to submit to Listing Agents Office and will need you to schedule a home Inspection. Don’t worry, we will give you a list of great inspectors that we have worked with and highly recommend.
The home inspector will send us a detailed report with pictures to highlight any major deficiencies so we will have a good understanding of the current condition of the home. We will go over any items you have concerns about and decide what we want the seller to repair or address.
After we have negotiated the Inspection, your loan professional will send an appraiser out to make sure the home is worth what you offered and will ask you for any additional documentation needed for final loan commitment. Once the appraisal is done and loan commitment is received, you can just work on packing your stuff, scheduling a moving company and contact all of the utilities to make sure they are under your name for closing day. We have a great resource on our website with all of the contact information for these utilities.
The day before closing, we will do one final walk through your new home and explain everything you need for closing day.
Closing day! We will meet you and your lender at closing and make sure everything is in order and ready to go! Your lender will have already explained everything you need to bring and answer all of your questions. Closing usually takes 20-30 minutes and the closer will explain any and all of the documents you need to sign. When it’s all done, we will hand you the keys to your new home! P.S. I’m a hugger!!