Basics About Buying


Step 1: Define What You Are Looking For

Create a prioritized list of features you would like with your property and why you would like these features. This can be a great starting point and give you a search criteria, but keep in mind your funding. Some compromises may be necessary to fit your budget. Also, keep in mind location, which is one of the most important parts of buying a property.

Step 2: Determine What You Can Afford

Perform calculations on what your yearly income is and how much can be spent on a monthly mortgage. Get pre-approved by a mortgage company to determine how much of a property you can afford and what your monthly payments would be based on the pre-approval. It can narrow your search criteria a little more.

Step 3: Shopping For Homes

Now that you know what features you would like with your property and how much you can afford to buy, its time to start looking for an actual property. You could start by looking online. Check out Our Listings to see if any of our properties would work for you.

If you find a property online be sure to visit it in person, so you can get a feel for the property. Also, try looking into going to Open Houses. Contact one of our Agents to arrange a visit to a property or to find possible Open Houses.

Step 4: Making an Offer

Once you find a property you are happy with, you must present an offer to the seller. Typically this takes time and can be difficult since both parties are trying to achieve different goals. In most cases, it is better to have a third party, such as one of our Agents, to help you negotiate the offer.

Be careful if you have personal interaction with the other party not to give out any information about your current housing status, your move, financial status, or feelings about the property (positive or negative) because it could hurt you in the negotiation.

Step 5: Inspection and Insurance

This is a major step in the buying process and there can be many potential problems which could be discovered. 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. Some of the more common problems to look for are a leaky roof, radon gas, termite damage, a foundation problem, and wall cracks, to name a few.

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. One of our agents could help you through this process to make it go as smoothly as possible.

Step 6: The Final Closing

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!