0 Buyer's Guide: Closing on Your Dream Home

You've made it! With the help of your Realtor, you've found the perfect house, are satisfied with the inspection and repairs, sailed through the appraisal and are in the home stretch of making it officially yours.

Closing is a brief process where all of the necessary paperwork needed to complete the transaction is signed and the title to the property is filed in your name. Most importantly, after closing is when you receive the keys to your new home!

Finally your journey down to road to home ownership, whether it's your first house or fifth, is complete. Now you can focus on the more important things...like who to invite to your house warming party.

-Eric

To see the complete Buyer's Guide click here.

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1 Buyer's Guide: The Road to Closing

Now that you've found the perfect home and have reached an agreement with the seller on the details of the purchase, you are officially on your way to making the home yours. Typically, there are 4 pit stops along the road to the closing table:

1. Order an inspection. Buyers should always make their offers contingent on a home inspection, which should be scheduled as soon as the offer is accepted. If problems turn up, buyers can ask sellers to make repairs or back out of the contract at no cost to the buyer.
   
   During an inspection, an inspector comes to the property to determine if there are material physical defects and whether expensive repairs and replacements are likely to be required in the next few years. Such inspections for a single-family home often require two or three hours, and buyers should attend. This is an opportunity to examine the property's mechanics and structure, ask questions and learn far more about the property than is possible with an informal walk-through.
   
   
2. Negotiate repairs. After the inspection, it's up to buyers to decide what repairs, if any, they should ask the sellers to handle. Superficial flaws may not be worth mentioning, but significant problems, such as with the roof, heat, electric or plumbing may warrant a second look.
   
   Whether sellers will agree to those repairs is another matter. Sellers may refuse, agree to split the cost, or offer to take care of everything.


3. Appraisal. An all-important step in getting the financing you need is the home appraisal. A real estate appraisal is the expert opinion of a certified, state-licensed professional who determines the value of a piece of property. The worth, or value of the property, will determine how much a lender is willing to give you to buy that particular piece of real estate.
   
   
4. Final walk-through. Inspection: check. Appraisal: check.
   
   Now it is time for you to take one last "walk through" the house before it officially becomes your new home. During this visit, you and your Realtor will make sure all of the requested repairs have been completed and the condition of the home meets the requirements agreed upon in the contract.
   

Check back soon for the final installment of the Buyer's Guide.

-Eric

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0 Buyer's Guide: Making an Offer

So you've found the home you can't live without. Now it is time to make it yours!

No aspect of the home buying process is more complex, personal or variable than bargaining between buyers and sellers. This is the point where the value of an experienced Realtor is clearly evident because they know the community, have seen numerous homes for sale, know local property values and have experience negotiating real estate transactions.

How much? You sometimes hear that the amount of your offer should be "x percent" below the seller's asking price or "y percent" less than you're really willing to pay. In practice, the offer depends on the basic laws of supply and demand: If many buyers are competing for homes, then sellers will likely get full-price offers and sometimes even more. If demand is weak, then offers below the asking price may be in order.

What else is involved? While much attention is spent on price, an offer to buy a home includes both the price and additional terms, including closing costs and financing options. For example, you may choose to ask the seller to assist with closing costs or a home warranty.

What's next? Your Realtor will then present your offer to the owner and the owner's representative. The owner, in turn, may accept the offer, reject it or make a counter offer.

Because counter offers are common--any change in an offer can be considered a "counter offer"--, it's important for you to remain in close contact with your Realtor during the negotiation process so that any proposed changes can be quickly reviewed.

Once you and the seller have reached an agreement, you are officially on the road to closing on your new home.

Check in soon for Part 5: The Road to Closing!

-Eric

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0 Buyer's Guide: The House Hunt

Now that you have your dream team in place and have a better idea of what you are looking for in your next home, it is time to go out and find it!

Choose your favorites. With your priority list in mind, your Realtor can begin sorting through the homes currently on the market and suggesting properties for you to consider. In addition, you can search through listings online. This will allow you to explore the real estate market a bit on your own before selecting which homes you would like to see with your Realtor.

Your Realtor may also know of houses that are not yet for sale but may be in the near future. Your Realtor's connections with other real estate professionals and knowledge of the market are valuable tools in finding your ideal home.

Hit the pavement. Enough with the photos and online descriptions. Now is it time for you and your Realtor to take to the streets and view homes in person.

Dress comfortably. Be sure to wear comfortable clothing and sturdy shoes. House-hunting can be tiring, especially if you're relocating to a distant community and want to see a dozen homes in one day. There's no sense in torturing your feet unnecessarily.

Take notes. Your Realtor should provide you with profile sheets detailing each property that you are viewing. Remember to jot down a few notes--after a long day of house hunting, the details may begin to run together!

Relax. Granted, buying a home is a major life-altering event, but it's not worth making yourself insanely stressed. While some buyers know their house the second they step inside, others may prefer to take a moment to compare notes on the different properties, especially if another person is involved in the final decision. Regardless, take time at the end of your house hunting expedition to unwind, calm your thoughts and emotions and keep the whole experience in perspective.

Check back soon for Part 4: Making an Offer!

-Eric

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1 Buyer's Guide: Making Your Priority List

A home is more than just a collection of bedrooms and bathrooms. Several properties -- each with four bedrooms, three baths, and the same price -- may well represent radically different designs, commuting distances, lot sizes, tax costs, interior dimensions, and exterior finishes.


List the features and benefits you want in a home. Consider such things as location, size, amenities (extras such as a pool or large kitchen) and design (one floor or two, colonial or modern, etc.).

Know your priorities. If you can't get a home at your price point with all the features you want, then what features are most important? For instance, would you trade fewer bedrooms for a larger kitchen? A longer commute for a bigger lot and lower cost?

Consider your needs in several years. If you plan on starting a family soon, now may be the time to buy a larger house rather than moving or expanding in the future.


Everyone has their own criteria, and you want to find what’s perfect for you. If there is more than one person purchasing the home, then you’ll need to sit down and make your priority list together.

Sample priority list:

Must have:

• 3 bedrooms
• 1.5 bathrooms
• Hardwood floors throughout
• Formal dining room
• Certain location/school zone
  

Would like to have:

• Fenced backyard
• New construction
• Separate laundry room

It is important to share your priority list with your Realtor. Your Realtor should then send you information on listings that match your preferences. From here, you can select which homes to see and the house hunt has officially begun!

Check back soon for Part 3: The House Hunt!

-Eric

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0 Buyer's Guide: Hiring Your Team

For many buyers, especially first time home buyers, it can be tough to figure out where to even begin. Let us help.


Step #1: Hire your Realtor.

Buying and selling real estate is a complex matter. At first it might seem that by browsing online sites you could quickly find the right home at the right price, but a basic rule in real estate is that all properties are unique.

No two properties -- even two identical models on the same street -- are precisely and exactly alike. Homes differ and so do contract terms, financing options, inspection requirements and closing costs.

Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. You will need a qualified real estate professional that you can trust to look out for your best interest and guide you through the home buying process.

Might I also add that working with a real estate team, such as--oh, I don't know--Eric and Cara Wilkerson, has numerous advantages. With two professionals working with you to achieve your goals, you can count on reliable information and advice when you need it most.

Now that I am finished with my shameless plug, let's get back to business...


Step #2: Hire your lender.

Buyers who have been preapproved for a home loan often have their offers taken more seriously by sellers. Your lender will inform you about interest rates and help you determine how much you can afford. Then, with your price range in mind, your Realtor can begin the search for your perfect home.


Check back soon for Part 2: Making Your Priority List!

-Eric

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