Buying

Unless you are able to pay cash for your home, most buyers will need to go through the process of applying for a mortgage. By contacting a mortgage loan specialist before you begin your search, you are able to determine the amount of loan for which you qualify. Typically, a borrower is pre-qualified for a loan that amounts to 28%, or less, of their gross monthly income. In addition, if you know the amount of the monthly payment you would be comfortable paying, a mortgage specialist can calculate the price range for your home search. Getting pre-qualified for a loan also increases your chances of your offer being accepted. A seller is more likely to accept an offer from a buyer who already has funding versus one who still needs to get a loan.

Prior to getting pre-qualified, you should obtain a copy of your credit report so that there are not any negative surprises when you are ready to apply for your loan. Correct any errors that you may discover on your credit report. Also, you will want to reduce your consumer debt as much as possible by paying down credit card balances.

It’s imperative to know that during the buying process of a new home you can not incur any new debt. This includes major purchases (cars, boats, opening a new credit account, etc.).

By going through the pre-qualification process, your mortgage specialist can provide you with an estimate of how much cash you will need for the sales transaction. Cash is needed for the down payment, earnest money, and closing costs of the transaction.

For Lenders that may be able to assist with your Lending needs please refer to our Area Information tab. Please note that we do not endorse or prefer any lenders. We are not responsible for any outcomes associated with mentioned or named persons.

Decide what features are most important to you in your new home as well as which locations you would prefer to be in. By establishing your criteria, you will save time shopping for homes that do not meet your needs. When making an amenities list, determine which criteria you absolutely cannot live without and which ones you are willing to budge on.

Once you have decided on the price range and the features you are interested in, your next step will be to decide whether you will search on your own or use the services of a Real Estate Agent. If you choose to use an agent, make sure you enter into a Buyer’s Agency Agreement. This ensures that the agent will represent you, as the buyer, in the selling process, and not represent the interests of the sellers. Please note that if you have a signed agreement with an Agent that no other Agent will be able to assist you without the termination of that agreement.

Talk to friends and family for their referrals of agents they have worked with. Once you have some names, interview several agents before making a final decision. Select a REALTOR® that you trust and with whom you feel comfortable working.

Any of Spears & Co Real Estate’s Agents would LOVE to assist you. To find an Agent that is suitable for your needs please visit our “Spears & Co Team” tab to read short biographies, see photos and gather contact information.

Remember, there are no out-of-pocket fees that you pay to the buyer’s agent. These costs are incurred by the seller. Your agent will research property listings for potential matches to your criteria and schedule showings for you at a convenient time. In addition, they will provide guidance to you during the contract negotiation phase of the selling process. Many times, they will also coordinate and schedule the home inspection, appraisal and closing for you, as well as provide documentation needed to secure your closing.

Once you have selected an agent and determined what you are looking for in a home, it is time to begin your active search for homes that interest you. Based on your criteria that you provide your REALTOR®, he/she will be able to search their listing database for homes that meet your needs.

While visiting properties that are on the market, compare homes. Every home is unique! Even if every home you visit has all of the main criteria you are looking for, each will have different characteristics. Bring your Amenities Checklist with you to all homes that you visit. Check off which features each house has. Make notes on each home of what you like and dislike. Don’t be afraid to ask questions about a property! If your Agent is unable to answer a question right away they will certainly obtain that information for you.

Once you have found your dream home, it is time to prepare an offer to purchase. Your buyer’s agent can provide guidance on what is an acceptable offer, what you should notate or include in an offer, etc.. Your Agent will most likely compare the property to recently solds in the area to come up with the best offering price.

Prior to closing, you should be given access to the house so that you can walk through and give it a final inspection. This should be done as close to the closing date as possible, preferably on the morning of the closing proceedings. When you go to do your final walkthrough, your home inspector will not be with you. It is your responsibility to inspect the home and ensure that everything meets your approval. You will be required to sign a Buyer’s Walk Thru and Acceptance Form.

Usually at the time an offer is accepted, or after you have a commitment from your lender, a date and time will be arranged for your closing. The closing procedures will be handled by an attorney of your choosing. The day before, you will be told the total dollar amount you will need to bring to closing by the closing attorney. They will also provide you with any additional information you may need to prepare yourself for the proceedings.