Thinking of buying your first or next house? Congratulations! Purchasing a home is an exciting life event, but too often comes with a sense of feeling overwhelmed by the process. The aim of this series of articles is to get you in the mind frame of being a proactive, not reactive, home buyer. The strategies we will cover are designed to help you put your best foot forward as a perspective home owner, and ahead of the competition.
You Are #1
While you as the purchaser play the biggest role on the buy-side of the transaction, there are a number of professionals who will assist you from the initial home search all the way to closing day. Chapter 1 of our series on Home Buying Must-Do's will focus on assembling your team needed for success.
Mortgage Lender
A good place to start is by calling various lenders in your area and explaining to them your goals (desired home price, location, income). Ask what loan types or grants would be available for someone like yourself. Some municipalities and government programs offer assistance with closing costs and down payments to entice home buyers. This may require a separate application process or educational element, so identifying these options early in the game is advantageous. Having conversations with representatives from national lenders, local banks as well as mortgage brokers will give you the best overall picture of what options are on the table. Once you’ve settled on a lender go through the pre-approval process. This achieves several goals. First, you’ll have time to address any unexpected items should they appear on your credit report. Also, not only will a pre-approval give you a sense of your buying power, but will provide your real estate agent a direction as to what homes to show you and (very important!) sellers more confidence in any offer you submit.
Real Estate Agent
There is no shortage of real estate agents in the Capital Region vying to be your representative. Asking friends/family for recommendations is a good idea but also make sure to check out sites like Realtor.com, Zillow and Trulia and read reviews from past clients. Form a short list, then call to interview. Factors such as experience and knowledge of location/price range you’re wanting should be discussed. Also consider their availability. Do you need to go through an assistant or agent in training whenever you have a question? Once your lender and agent have been selected you are well on your way.
Attorney
Once you’ve had an offer accepted your attorney will review the contract and (assuming an attorney review period is written into the sales agreement) will offer advice on any needed revisions. While many attorneys can handle a standard residential real estate transaction its always best to hire someone who focuses on that particular field.
Home Inspector & Insurance Agent
To round out your team you’ll need a home inspector as well as a homeowner’s insurance provider. These final members of your team come into play once a property is under contract. Your mortgage lender and real estate agent should be able to provide you with recommendations, as they see real estate transactions day in and day out, therefore should know who provides top quality work. If you currently have other forms of insurance (life, auto, etc.) ask your agent if savings are available for bundling multiple policies.
WRAP UP
Keep your eyes out for future publications within this series. If you've enjoyed the article I would encourage you to follow us on Facebook, Twitter and Instagram @SJLincolnRealty for additional content or click here to learn more about us. As a local growing real estate firm all social media follows/interactions carry significant importance. Plus, we'd love to hear from you!
Steven Luttman
Broker/Owner
SJLincoln Realty
35 Bath Street, Ballston Spa NY 12020
(518) 309-8584