A guide to achieving the American dream
Buying a home, whether it's your first or tenth, is a big and important task.
The goal of your RE/MAX Good Life Real Estate Agent is to guide you through
each step, making it as stress-free and enjoyable as possible. With VIP service
they can help you achieve just that. With a well organized, proven approach to
the home-buying process, your RE/MAX Good Life Real Estate Agent can help you
find the home of your dreams.
Your Agent will help you through what can sometimes be a
complicated and time-consuming process, with special assistance in these areas:
Step 1: Defining What You
Want
Step 2: Figuring Out What You Can Afford
Step 3: Shopping For Homes
Step 4: Making An Offer
Step 5: Inspections and Insurance
Step 6: The Final Closing
Step 1:
Defining What You Want top of page Start by creating a prioritized list of
features you want in your next home and the reasons why. Use it as your search
guide, but remember that depending on your funding, you will probably need to
make some compromises. In addition, talk to your real estate professional about
where you want to live. Location is a huge part of any move. RE/MAX Good Life
professionals are trained to help their clients narrow down their choices by
sharing market trends and local information like neighborhood statistics and
community links.
Step 2:
Figuring Out What You Can Afford top of page Now that you know what you
want, it's time to see what you can afford. You can start by crunching the
numbers yourself using our selection of calculators.
When you're ready to move to the next step, you can get pre-approved for a
mortgage. This process can often be performed in under an hour and it
accomplishes two important goals. First, it will tell you how much house you
can afford and what your monthly payments would be. Second, it tells the seller
that you can afford to buy their home.
By definition, a pre-approved buyer has an approved mortgage subject to an
appraisal of the property. Many times a buyer can use this pre-approved status
as leverage during the negotiation process.
Step 3:
Shopping For Homes top of page Once you know what community you'd like to
live in and have an idea of how much house you can afford, its time to start
checking out actual properties. Beginning this search online can help save you
time since it can help you target homes that meet your search criteria. Our
home notifier can even email you when properties come on the market that meet
your search criteria.
Next, begin visiting homes in person. Ask your RE/MAX Good Life real estate
professional to arrange visits and attend open houses that are in your target
area and price range. When comparing homes, make sure to look at all aspects of
the property. Is the property tax approximately the same? Are both the houses
renovated? Do they both have the same amount of bedrooms and bathrooms? Are
both houses located on the same or similar streets? Does either house have any
encumbrances?
Remember to keep an open mind when you are looking at homes. Use a virtual home
planner to help you imagine what the house could become with you as the owner.
Step 4:
Making An Offer
top of page Once you find the home you want, you need to make an
offer for the house. Typically this is a very difficult and trying time since
both parties have totally different goals. In most cases it is better to have a
third party, such as a real estate professional, negotiate the offer. If you
have any personal interaction with the homeowner, don't give out any
information about your move, your current housing status, financial status or
your feelings about their property - positive or negative. This could hurt you
in future negotiations.
This might also be a good time to consider purchasing a home protection plan.
These insurance policies can be purchased by the buyer or seller and help
protect against unexpected costs or home repairs during the listing period or
in the initial years after a home has been purchased.
Step 5:
Inspections and Insurance top of page After your offer is accepted you will need
to set up, coordinate and interpret various inspections, including insect,
radon, building quality, oil tank, title, etc. You will also need to arrange
for homeowners insurance and finalize the mortgage.
This is a major step in the buying process and there are many potential
problems that can be discovered during this period. These include a leaky roof,
radon gas, termite damage, a foundation problem, and wall cracks, to name a
few. These problems happen all the time. The difference between closing on your
dream home and starting the process all over again is what occurs during the
negotiations between you and the seller.
Your RE/MAX Good Life Real Estate Professional can help make these discussions
go more smoothly. In most states you will also have the option of a "walk
through" before the closing. This is your last chance to make sure that
all of the items that you have agreed upon were completed to your satisfaction.
Step
6: The Final Closing top of
page Before you arrive at the closing, make sure all the necessary
paper work and deposits have been completed. If the mortgage, title work,
homeowners insurance and other items necessary under local and state laws are
not completed and brought to the closing table, the closing may not happen on
time. And, depending on what the contract says, this could result in further
action including financial penalties and even the loss of your rights to the
home.
Once you close, it's official - you own the house! But there might be a few
things you want to do before you lay out the welcome mat. These include
arranging for an alarm system, turning on the electricity, subscribing to the
local paper, cleaning or replacing the carpet, arranging for lawn services,
etc. This could also be a good time to make some needed renovations.
Be sure to turn to your RE/MAX Good Life real estate professional for guidance
and information about many money-saving offers available to RE/MAX Good Life
customers.