The Buying Process.
Start looking for a Home
Often this begins on line looking through sites like :
Or A local Real Estate company website like ours at :
( click on the red wording) Wingman Real Estate Associates KW Partners Inc
Shortly after you start this process your phone is likely to start ringing with offers from agents wanting to act for you.
It’s now time to Engage a Licensed Realtor to represent your interests.
Currently it is a very wise decision to select your own licensed agent to represent you with your home purchase.
The Selected Agent will want to have a Signed Buyers Agency Agreement with you, this doesn’t usually involve you in any costs at this stage.
Establish financing method
Your new agent will begin by discussing finances with you. They will help you understand the many and varied options available to you.
Then they will suggest you contact a mortgage specialist who will work with you to select the best option for you.
Selecting a Property
Your agent will then start looking at the properties that interested you on the various web based sites – it is possible that some of these properties are no longer available.
The agent through his MLS site will be able to check.
They will also be able to complete a thorough search for properties that meet your criteria.
Now comes the fun, visiting and comparing properties, some people know immediately what they are looking for.
Others want to visit a number of properties and yet more have a hard time making up their minds.
Keep looking until you find what you are really looking for.
I’ve found a helpful aid is a check sheet for each property.
I find having a sheet for each property we visit. It has a few items listed:
- Style of Home
- Location, area of city, school district etc
- Aspect – often overlooked – is the home North/South/East/West facing..
- Number of Bedrooms
- Number of Living Rooms
- Condition of Surroundings is the property nicely landscaped
- Basement is the basement dry and finished
- Garages for how many cars
- Off street parking
- An area to write notes on each room etc.,
- Number of power outlets
- Is painting required
- Condition of floor or carpets
- Window types and styles etc.,
The idea is to enable you to remember what you saw and compare as you evaluate the most appropriate property for your needs.
It helps with the pictures you may take with your phone.
They will also help with your own gut feeling for value.
The next part can become stressful.
Making an Offer.
This is where your agent really starts to become important.
Remember if you have signed an exclusive buyers agency agreement your agent has a fiduciary duty to represent you.
The seller by virtue of having an agent listing his property has someone representing him.
By now the number of forms has been steadily building.
Once you make an offer you will see a regular deluge of paper – well perhaps not if you use ‘Dotloop’ to process your forms.
It is important though to spend sometime reading each document.
I will go over each in detail with you as well. -do ask for clarification if you are not sure why you are being asked to sign something.
Accepting an Offer.
- Once an offer has been accepted in writing ( often through dotloop or a similar electronic system) you will have set time limits on a number of important activities.
- Inspections these are important activities to help protect you.
- The first is a Property inspection often added is a Termite inspection
- Next comes optional inspections or surveys for Radon, Septic if needed, Structural,
- There is a strict time limit to completing these, reviewing them with your agent, then requesting repairs from the seller.
- Earnest money deposit – usually required at the sellers title company within a few business days – I like to personally deliver the deposit to the sellers title company.
The Selling Process
Establish Property Value
This is helped by looking at local recently sold, similar properties – Comps – which assist in deciding a listing figure to ask for.
Decide on Selling Method
Start Selling Property
Usually there is a need to declutter a home, make a few minor repairs, tidy the garden. Then perform a deep clean of the whole house.
Finding a Buyer
Today finding a buyer is much easier, although recent interest rate changes have started to slow the process.
List of things to do before you move.
I have a moving list of to do’s that I share with my clients.