BECOME A HOMEOWNER
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Finding your forever home doesn’t happen overnight. Buying a home is, for many people, the largest financial decision of one’s life, and there are many factors to consider. Be sure to consult a lender to determine what you are able to afford. Weigh your needs and your wants as a preliminary step to ensure your home search is efficient and effective.
Establish Your Goals
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Establishing a relationship with a knowledgeable real estate agent is crucial to your home search’s success. The best agents will have a strong familiarity with the local market and will be able to find you likely prospects based on your demands. Make sure you and your agent go over the Working With Real Estate Agents (WWREA) Disclosure Form prior to discussing any substantial information.
Find an Agent
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Once you and your agent have identified your wishes and constraints, it is then necessary to enact a buyer-agency agreement between both parties (you and your agent). This ensures that the agent will be compensated for their efforts. That assurance implies a financial obligation on the agent’s behalf to secure a deal with which you are satisfied.
Form a Buyer-Agency Agreement
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Work with your agent to create a short list of properties that fulfill your needs and are within your budget. Take note of your top picks and ask your agent to schedule a showing at these properties. Online listings and fact sheets can tell you a lot, but you won’t know if a home is right for you until you step foot inside!
View Properties
After visiting properties, you will hopefully find a home that you would like to purchase. With the help of your buyer’s agent, determine a fair offer price and submit an offer to the seller/listing agent. After negotiations, you should hopefully be able to garner a deal that satisfies all parties.
Strike a Deal
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This is a very crucial step to prevent problems from arising down the road. Once the seller has accepted your offer, you (as the buyer) have a due diligence period of typically 30 days (although the time period is negotiable) to inspect the property and address any issues you find. Within this time period, you should negotiate with the seller solutions to these issues so that the property is ready for your move-in following the closing.
Due Diligence
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Your offer to purchase will designate a closing date shortly after the expiration of the due diligence period. At the closing, the buyer, the seller, and their respective agents will meet to sign all the necessary paperwork to transfer title of the property. Closings are conducted and overseen by closing agents, this will likely be a licensed attorney.
Closing
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Following the closing, the closing agent will “record” the transaction with the local government through the Register of Deeds. This process officially transfers ownership of the property. It is important to note that proceeds are not received by the seller, nor is the buyer able to occupy the property, prior to recording. Once the recording has been completed, you are now able to move in!
