The Top 10 Things You Need To Know Before Purchasing Your New Home

Dated: 10/19/2017

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The Top 10 Things You Need To Know Before Purchasing Your New Home

  I Want That One!One of the absolute favorite part of MOST Real Estate Agent’s jobs is helping you find‘the one’. Watching your face light up as we pull up to the home that may soon becomeyours is nothing short of miracle magic and it will forever remain the mantra of ‘TheRealtor’. Finding ‘the one’. Understanding your wants and needs even before financingwill prove to be crucial step in this process so if you haven’t, write those things down! Ifyou’re really not sure how to start, simply ask yourself: “Why do I want a new home?What is my motivation?” “Where will I want to live?” “When do I want to relocate?”Gaining an understanding for these questions can dramatically help the person (yourRealtor) navigate you through the home-buying process.

  What You Want vs. What You Can Get:There is always that desire for more in ones’ life and then there is the simple desire for aminimal something. Both of these attributes exist in the homeowner. Then, you havethe financing company that really gets the final say on whether you get to move in tothat dream vision of yours. Gaining and understanding for your purchasing power is oneof the most crucial first steps to home-ownership. If you are thinking it is your time topurchase a new home your very first stop will be to the lender’s office to determinewhat type of loan you qualify for and how much the banking institution is willing to loanyou. Not sure who your lender might be? Not a problem. We can help determine thebest financing company for you to use based on your needs. 

 The Emotional Roller Coaster:Buying a new home can be all sorts of things and it more than likely will be. Happiness.Sadness. Anger. Anxiety. Remorse. These can and more than likely WILL be emotions wego through on this journey. There is so much at play here that understanding thisprocess is 100% necessary to move forward effectively. There will be times when we willbe happy. (We found the home) There will times when we could be sad. (The home wejust fell in love with already sold just after we decided it was ‘the one’) Anger (Refer to‘Sadness’ ) Remorse (you will more than likely question every single step of thisprocess wondering if you’re making the right decision or if this is really something youshould be doing right now) Learning that these emotions are ok and learning how tohandle them will further help prepare you for them as we near them. I’ve personally gone through these with a number of clients. As long as we UNDERSTAND what it is thatwe want and we remain in this process together, with trust, we will prevail. Once you’vebeen approved and we’ve located the home you wish to make your own we then beginthe offer process. Once we’ve submitted an offer, a couple of things are possible.1. Your offer is accepted and we dive into the next steps of the process.2. Our offer is not accepted but a counter offer is given. We then get to make adecision based on your wants and need on how to proceed.3. The offer is placed when there are multiple offers already available to the seller. Thisplaces us in what we call a ‘bidding war’ with multiple agents and or families.There are other scenarios based on what type of home we are looking at but the abovelisted are the most common. Given that we currently sit in what’s called a “seller’smarket” the local inventory is not on the shelf for very long and if so we are more likelyto experience a multiple offer situation. Having someone available that you trust andcontains a LARGE knowledge of the Real Estate process is crucial as to protect your bestinterest! 

 You’ve Got A Deal!Once we’ve successfully negotiated your purchase you will enter the contracting phaseof selling process. This is a simple yet complicated portion of your home-buying processas these are the specific terms of your home purchase. Most Real Estate companiescarry what is call ‘Errors & Omissions Insurance’ to protect everyone involved in thetransaction should there be any mistakes. Walking into this phase of your home purchasingprocess without the proper knowledge of the legal aspects of this processcould cost you must more than a small commission check. Any deposit that is requiredto purchase your home (will be determined by the lending institution) will be placedinto a special trust account as determined by your contract.

  Is It Really Worth That Much?You’ve been approved to by a new home. You’ve located the home of your dreams.We’ve ridden the roller coaster putting in an offer and fighting on your behalf to get youthe greatest deal. We’ve submitted ALL the necessary paperwork to contract your newpurchase. NOW, we place our trust into the appraiser’s hands as he confirms how muchthe said property is worth. There is a lot at play here and not every appraiser is thesame. The appraiser’s job is to make sure that what we’ve contracted your home at isreally what the value is. If for some reason the numbers don’t match or aren’t close,there are number of scenarios that could take place and sometimes even the loss of acontract on the home you love. Partnering with the right people through this process isinstrumental and is not something to take lightly.

  Yes, But Will You Fix It?Would you like a Home Inspection with that? YES!Part of the home-buying process is inspections. We want to make sure (the LENDERdefinitely wants to make sure) that the home you are about to purchase is what it wasexplained to be and any major problems are either fixed or the very least pointed outand disclosed. This gives us options. In many cases if you are working with the rightagent it can be negotiated on your behalf that these things need to be fixed BEFOREyour purchase is finalized. This is a fine line and there have been many deals that fallapart from the buyer and the seller coming to disagreements about who should fixwhat. Understand that the right Real Estate agent will fight on your behalf but willproperly advise you when enough may be enough and it’s time to move forward ormove on.

  Home Insurance, Title Insurance, Home Warranties OH MY!Make sure you have partnered yourself with a Real Estate company that prides itself onquality and customer service. Ensure that those that you do business with are doingbusiness with like minds and you want to ensure that they are working with the best.Your agent is going to have preferred partners to work with that will help you navigatethrough the world of options and paperwork. Once you’ve completed the home-buyingprocess to this point it will be time to make sure that you and this process are protectedto the “nth” degree. Make sure that your preferred partners are trusted and reliable. Ifyou build a trustful relationship with your Real Estate Agent, rest assured they havedone the same with some quality folks who have your best interest on the forefront oftheir business model.

  Closing?! Did Someone Say Closing?!?!We. Are. Almost. There. Once we’ve weathered the former steps we’re very nearlyhome free. From this moment on its more confirming what has been put in motion. Wewill get closing confirmations. Dates, Cost, Etc. In most cases your file will be reviewedby an attorney who will confirm that your Title Insurance is good and your HomeownersInsurance is will be put in place. Once we’ve confirmed these policies and figures we willdetermine WHEN and WHERE we will close on your new home! We will know exactlywhat our final settlement amounts are and exactly how much your closing cost will be.Then, we wait very anxiously/patiently for closing day ensuring EVERYTHING that was inplace still remains and for the day to arrive that we sign your paperwork and hand overthe keys to YOUR brand new home! Some call these step ‘the Final Walkthrough’.

  Welcome HomeI think is pretty self-explanatory. This is the part of the process that is the essence ofbliss in the middle of sometimes such beautiful chaos. We’ve been through it alltogether at this point and now it’s time. We pull up to closing destination. We place ourfinal signatures on our final paperwork. We get the keys and we go to your brand newhome. We pull up and experience one of the more magical things about this process.The smile, the look, the reason we got into this business to begin with. You’re nowofficially a homeowner. Or in some cases a NEW homeowner! 

 The Most Important PartThere is a lot of navigation through this wonderful process. It is often said that nothingworth having comes easy. And nothing that comes easy is worth having.The home-buying process is by no means easy. That being said it’s the guide you choose,to navigate you through the tough terrain, to keep calm during the storm. It’s thatperson that will make or break this process for you. When you’re looking intopurchasing a home, next to finding the perfect home, the most important part willlocating the perfect Realtor. As I finish writing this for you I want you to know thatnobody is perfect. No process goes on without its hiccups. It is my mission and themission of my team to serve you perfectly. And we don’t waver from that promise. Wedon’t deter from that commitment. Knowing what to do is one thing. Knowing what notto do can change everything. When you’re choosing a Real Estate agent, make sure andchoose one you can trust as much as your new home.Thank you!Sincerely,Your Real Estate Agent

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Rose Cramer

As a Realtor since 2003, Rose Cramer never gets tired of helping people. One of her greatest loves is working with first time home buyers and finding their dream home. Rose's work ethic and passion ar....

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