The Condo buying process.The entire process.
1. Start with the numbers - how much can you afford?
A realtor should help you determine what you can afford based on your monthly debt-to-income ratio and the amount of money available for a down payment. The realtor may suggest that you get preapproved for a loan to speed things up. This is the first step - knowing what you are willing to spend and targetting the price range area.
2. Searching for your ideal condo/home.
After the realtor gets the financial ball rolling, the realtor should than sit down with you to thoroughly discuss your home buying needs. A realtor should be more involved in really analyzing in great detail what your home buying needs are and should not jump into a car with you and start looking before this is completed.
Some of the more important things a realtor should be concerned with are what plans you have for family, what type of community you want to live in and what school districts you prefer. This will help you find the right house in the right area to meet your needs as they change. Searching the Multiple Listing Service and networking to locate what is on the market to match both your price range and needs is found - expect your realtor to schedule a showing during the days and times you’re available. As you attend showings, expect your realtor to continue searching the MLS for more matches. This is an ongoing process until you find your ideal home.
3. Making an offer.
Once you have found your dream home, things are starting to get a little more hectic. But don’t worry; the realtor is still there for you. The realtor should now help you write a purchase offer and conduct negotiations with the seller, Feasel said. In addition, the realtor should set up appointments with inspectors, and ensure all agreements are in writing and provided to you. If you haven’t been pre-approved, the realtor should recommend several lenders who offer the best rates and services. The realtor also will tell you what documents you need to apply for a loan.
4. The inspection.
More than three-quarters of the buyers hire inspectors. Most have a clause in the purchase contract that makes the sale contingent on acceptable results of an inspection. The buyer can void the purchase or renegotiate if problems are found. The cost of a home inspection varies by inspector, region and size of house. A typical home inspection includes an assessment of: Exterior features such as outside walls, soffits, decks, the roof, chimneys and drainage conditions. Interior items such as the condition of windows, doors, plumbing fixtures, and electrical outlets and switches. Heating and cooling systems. The attic and crawl space and whether they have adequate insulation and ventilation.
5. The closing table.
Once the loan has been approved, it’s time to close on your new house. Expect the realtor to set up an appointment at a title company where the property’s title will be transferred to your name. During the closing, expect the realtor to make sure you understand all-important documents, including the settlement agreement and the HUD-1. After you receive the keys to your new house, you can still rely on your realtor for help. The realtor can provide you with numbers for moving companies, remodelers, carpet cleaners and more.
The relationship doesn't stop at the closing. Of course, you could do all of the above on your own, but why not tapping into the vast amount of knowledge and experience we have - just contact us today to inquire.