Ready, Set, Go! Buy your next home.

What’s the next step?

Start by finding a realtor that you can trust and are comfortable with. If you are in my area I can assist you, or I can help you find a realtor in your area that can help. Set up a buyers consultation to analyze your needs. What are your must have’s, what are you realistically hoping for, looking for an fixer upper or updated home?  Desired location/ commute, are you looking for a single family home or a condo?

Money, Money, Money!

An important question is how will you be funding this purchase?  Do you have funds available or will you be taking out a mortgage?  If so, have you talked to a mortgage professional. Figuring out what you budget is, is a great place to start.  If you are putting down less than 20% you will likely have to have PMI, that is mortgage insurance for the bank in case you default on your loan.

Once you set your budget, the fun begins…

You and your realtor will work on narrowing down choices and will start the search for your future home. In Connecticut, you are required to sign a right to represent or buyer/ broker agreement.  This varies by state.

• 1. This allows the real estate professional to be your buyers agent
  2. You agree to work exclusively with that Realtor for the term of your agreement
  3. They will represent your interests in the home buying process
  4. The listing agent has a fiduciary duty to the seller and their best interest. You should have someone on your side.
  5. You agent is not paid until after the transaction closes.  

Look beyond the Aesthetics

When you are looking at homes, remember that unless you are looking a new builds, the homes have been lived in and will not be perfect.  Expect that you will want to change some things to make it your own. Don’t let that 70’s wall paper distract you, cosmetics can be changed. The appliances, heating and cooling systems might not be new but are functional. So think about what amount of repairs/ upgrades are you willing to do for your dream home?

Offer Time

When you have found your future home, you will need to put in an offer.  That is usually accompanied with proof of funds and an Earnest money deposit. A pre qualifying or pre approval letter from your mortgage company or a letter from your bank showing that you have the funds to purchase this home is needed for proof of funds. The earnest money will be deposited once you have an accepted offer.

1. 1. • You will follow up with the mortgage broker and get your application going, generally it can take about 45 day to close when using a mortgage. Sometimes more, sometimes less.
      • In the offer you likely included conditions, such as what is included, mortgage approval and inspection period.
      • Schedule the home inspection, septic if applicable, radon and other desired tests.
      • Remember that you are likely purchasing a used home and can not expect everything to be in new condition.  The inspections are informative for you to learn more about the home and it current conditions.
      • After inspections are completed and satisfied you go to contact where you put down the rest of your deposit.  Your downpayment is deposited into an escrow account.
      • The mortgage sends out their appraiser to determine the homes value based on their criteria.
      • You will need to contact a real estate attorney to review the files and complete the closing.  If you don’t have one we can refer you to several local attorneys and you can compare their services and rates. They often have a set fee for typical closings.  The attorney will also do title checks to make sure the title is clear and there are no pending liens on the property.

Once all conditions have been met, it is time to schedule the closing.  If using a mortgage, they might do a final check of your credit prior to closing, so please don’t make any major purchase.  You will also need to contact any utility companies to ensure a smooth transfer of utilities.

“The best laid plans of Mice and Men often go astray” 

There could be challenges along the way, but our goal is to make this move as smooth as possible for you.

Contact me today to set up your Buyer Consultation