At Lawyers Realty LLC, we recognize that buying a home can be one of the more exhilarating and rewarding experiences in one's life. Whether you're a first time home buyer or have the experience of moving several times, we pledge to protect your interests, preserve your equity and provide you with intelligent choices on your involvement in the process.
Let's begin the home buying process so that you can understand how easy and hassle-free our TEAM can make it for you.
#1 Getting Ready To Buy
So, are you ready to buy the “American Dream?” Preparing to buy a home can be exciting and terrifying at the same time. Luckily, a Buyer's Representative can lead you in the right direction toward the home for your dreams. You first may want to ask yourself:
You may want to make a list or brainstorm about the features and amenities that you find most appealing in a new home.
- What are you looking for in a new home?
- Do you have enough money to purchase a new home?
- How does your credit look?
#2 Starting the Loan Process
It is important as a buyer that you establish some kind of financing before you make any kind of serious offer. The “pre–approval” process allows lenders to take a look at your finances and credit history in order to make a general assumption about your loan amount.
The pre–approval process is when a lender looks at all of your finances and determines the amount of money you could afford for a mortgage.
In order to get pre-approved for a loan, you need to contact a lender. Your buyer's representative can help you help you find a lender that you feel comfortable with and that offers programs best suited to your needs.
#3 Starting Your Search
Now, it is time to start the exciting search for homes! You may want to narrow down your search by asking yourself the following questions:
Searching for a home is becoming easier than years ago. We now have the Internet as a powerful “home finding tool”, as well as the MLS (Multiple Listing Service) and print advertising. Talk with your Lawyers Realty Buyer's Representative about establishing a LR Home Key Account so that our Web site can do some of the work for you.
- Where do I want to live?
- School District?
- Are there any zoning restrictions?
- How far is this home from my job?
- What is my price range?
- How many bedrooms and bathrooms do I want?
- What style of house am I attracted to?
- What amenities do I desire (ex. pool, fenced-in yard, etc.)?
- Does this home have potential to increase in value?
- Is there room to expand if I would like to build an addition?
#4 Finding Your New Home
Beginning the search for your new home can be a great feeling. It is important that you directly communicate what you desire in a home to your Buyer's Representative.
You may want to first begin by making a list of the features and benefits that are most important in your pursuit of finding a home. These could be:
Looking for a home in an area where you feel comfortable is key.
#5 Making an Offer on a Home
Selecting a home should be relatively easy once a home falls somewhere in your criteria and the property is desirable for purchase.
You will want to inform your Buyer's Representative what you like about the house and make a list of your likes and dislikes with the property.
Communicating about the house and how it makes you feel is important when making this decision. It is also important to be realistic when it comes to how much you can afford when selecting “your” home. Your Lawyers Realty Buyer's representative and real estate attorney will assist you with drafting your offer so that it meets your needs and protects your interests.
Doing you homework about loans will save you time and money. There are thousands of loans out there to choose from, but it is important to keep in mind several key factors that will help you along the way:
Receiving a loan requires completion of a loan application and specific financial documents, including pay stubs, rental checks and/or tax returns. You can receive a loan from a number of different financial institutions, namely: commercial banks, credit unions, mortgage bankers, mortgage brokers, savings and loan associations, mutual savings banks and insurance companies.
- How much money should you put down?
- How is your credit?
- Is this your first home?
Insuring your home is like making an investment in your future. You work hard to have a home and homeowners insurance protects you and your family from someone or something from taking it all away.
There are many different forms of insurance:
- Title Insurance – which protects you in the event that the title on your property has a lien, unpaid taxes, or other legalities that would make it invalid.
- Homeowners' Insurance – which protects your home from fire, theft and other liable coverage.
- Flood Insurance – which protects your home from flood damage.
- Home Warranty – which offers buyers and sellers the piece of mind that should anything unexpected happen (due to normal, every day wear and tear) of the home's appliances, heating, air conditioning, plumbing, and electrical systems, it will be repaired (or replaced in some cases) for you without costly fees.
#8 Closing Procedures
The closing process is always changing. Closings usually take about 30 days to complete. This mainly depends on the buyer's financing availability, successful home inspection completion, and various lender conditions (ex. title search, title insurance, termite inspections, surveys and appraisals).
The closing process is the transfer of the title of the property from the seller to the buyer. The buyer will receive the keys to the home or the deed to the land, while the seller receives payment for the property. The amount the seller receives is based upon the amount that is still owed on the mortgage, any outstanding fees or taxes and any additional closing costs. All legal papers are filed with the local recording office.
It is this step where the buyers and sellers do very little. It is important as the buyer to take a final walk through of the property to make sure the property's condition has not changed. It is equally important for both the buyer and seller to make sure the paperwork they are signing reflects the agreement of the original sale.
#9 Settling In
You have unpacked boxes, arranged your furniture and feel complete with your moving task. What's next? There is always an adjustment period when you move. It is important to understand that what you, your spouse and/or children may be feeling is completely normal.
The following is a list of a few things that may help:
- Urge everyone to talk about how they are feeling.
- It is important to get outside and tour the neighborhood or take a drive and visit some new places around the community.
- E-mail old friends and neighbors to let them know about your new home and community.