Today I met with a couple who were considering selling their home. Three years ago, they were first-time buyers. They said their experience was "so horrible" that I felt compelled to compose a "First Time Home Buyer Should Know" checklist as soon as I came home.
With today's technology and internet, most buyers assume they don't need a realtor and can search on their own. True, you can acquire all of the listing information online, but you should work with a Realtor for a variety of reasons to guarantee you make an informed selection on one of the most significant purchases of your life.
- First and foremost, you should meet with a skilled Real Estate Agent who will walk you through the entire purchase process. A skilled professional agent will defend your interests and walk you through the process step by step.
- Meet with your bank or a mortgage specialist who can qualify you based on your income and debt ratio and get you a good mortgage rate.
- Once you've determined your budget and received pre-approval for your mortgage amount, you may work with your agent to limit down your property search depending on your financial constraints.
- The realtor will organise your house search and keep you up to date on all accessible listings.
- During the home search and viewing process, your Realtor should advise you on the merits and drawbacks of the house, future re-sale features of the house, and comment on location and floor plan to provide you with the best understanding of the properties.
- Once you've found something you like, your Realtor should provide you with a Comparable Market Analysis on comparable residences.
- Create a negotiation plan.
- After negotiating a fair price for the home you want, the next step is to engage a qualified Home Inspector to properly check the property and obtain final permission from the bank.
- Never delete contract conditions before the above two crucial prerequisites (finance and home inspection) are met. Because once you waive the criteria, you have committed to purchasing the home. As a result, you must first obtain the formal Approval Letter from the bank, as well as your satisfaction from the Home Inspection Report, before waiving the two restrictions. You may waive constraints and commit to buying the home whenever you are entirely happy financially and with the outcome of the inspection.
- The final step is to engage your own lawyer to close the deal.
This could be one of the most significant investments of your life. As a result, a skilled Real Estate Agent will help you save money by negotiating the greatest market value of the home, as well as safeguard you from making costly mistakes along the process. Working with a professional Realtor eliminates the guesswork!