Buyer’s Guide to Real Estate
Buying Real Estate could be discouraging to some and a big milestone to others. Obstacles will always be in the way, but we should always take our best foot forward by preparing ourselves and to move with confidence. In this overview we will discuss the buying process and how we could best prepare when approaching real estate.
A habit I see with buyers I encounter, 80% of the time, they are not being honest with themselves. Many buyers think they are ready to dive into real estate when in reality they want to window-shop. It’s like jumping into a relationship without getting to know the person!
Once a buyer gets a sense of what they want in a property in a specific neighborhood and know what Real Estate can do for them, they are now ready for the pre-buying process.
Pre-Buying Phase
Step 1 & 2 - Pre-Approval
Like all big decisions there will be planning involved before any final decisions is made. Many buyers are not aware of the necessary steps that need to be taken first before shopping.
Step 1: Speak to a loan officer and get pre-approved for a loan
The loan officer will take a look at your finances and get an understanding of the amount you are eligible to borrow.
Step 2: Get to know your real estate agent. If you decide on working with an agent, highly recommend for first time home buyers, understand the proper steps that should take place before, during, and after the transaction. The agent’s job is not only to inform the buyer, but also put ourselves in the best position.
Buying Phase
The most exciting, but also where most buyers quit. My philosophy when I work with a buyer is to move with confidence. It is important to move with confidence and to stick with what we need and want. It is easy to get distracted with what is out there, but we must focus and not to get emotional when we find properties that are a match!
Step 3 - Shopping
Find properties that match with what we want.
Send offers we are comfortable with and understand the property. As market changes so does our offer, it’s important to be educated with what is happening when negotiating.
Step 4 - Negotiate
Offer accepted and contracts are signed
This is when we put contingencies to buyer and sellers entering into contract
Find inspections, insurance, financing options (applying for mortgage)
Closing
Where everything is finalized, funds and ownership exchange hands
An overview of the buying process, simplified. Please feel free to reach out to me for any additional questions.
