This page is dedicated to help “Buyer’s” understand the process of buying real estate. It can get really confusing, especially if you have never purchased property, or since things constantly change, a refresher on the process. I should “WARN” you that buyer’s will feel many different emotions during the buying process such as
- HAPPINESS
- BEING NERVOUS
- SCARED
- ELATED with JOY
- GIDDY
- and OWNERSHIP.
These are normal, especially the joy and happiness you will feel when the deal closes. Here’s a list of things “Buyer’s” should know.
- Talk with a Mortgage Lender or Broker – This should be your first step because you need to know if you can qualify for a loan and how much you can afford. If you don’t have or know of a lender to use, contact us by phone or email and we will give you several names to call. The process only takes about 10-15 minutes with a lender and then the FUN can begin. Of course if you have $Cash$ to pay for the whole thing, then you can skip this step. One other thing I will mention is the lender can also give you an estimate of what your down payment and closing costs should be.
- Start searching for Homes. 88% of buyer’s will look on the internet first before they even contact a real estate agent. Well, your on the internet and have probably seen a few homes, so give someone on the Boulter team a call and let us HELP in the FUN.
- Did you know that Buyer’s rarely ever pay the real estate commission. The real estate agent receives his commission from the seller. Typically most listings will pay a 6% commission, 3% goes to the selling agent and the other 3% will go to the buying agent. Knowing this will relieve some stress.
- Mentioned in the first point above and is probably common knowledge but in order to get a loan, buyers will need to have a down payment. As little as 3.5% for an FHA loan to as much as you want. Buyer’s who have 20% down are favored by most lender’s. If you put less then 20% buyer’s may have a premium mortgage insurance fee added to their loan. However, in this economy to have programs that will take 3.5% down payments is great, because then as a buyer you have options that open up that renters don’t have.
- Tell your real estate agent (we hope it’s us), exactly why you want to buy property. We find it that if we know the “Big Y” to buying property we can then help you make the right decision for you when that property comes along.
- Professional Home Inspection – The Boulter team highly recommends buyer’s purchase a professional home inspector to look at the property. A home inspection is an added cost and is usually between $300 on up depending on the size of the home and inspector. An inspector will test and look in all the nook’s and crannies of the property that you or I can’t see. Then they will give a report of the property which let’s the buyer know if there is anything wrong with the property. Do you have to get an inspection? No. And you can do it yourself. But it’s the peace of mind buyer’s receive when they know the whole picture from a professional who is trained to help you.
- Home Warranty – These are great as well. Think of it as insurance that if something should break after you move in, then it can get fixed at the warranty companies expense. The basic costs usually are around $350.00 at time of closing. If something should break then it will cost $60-$70 for a service man to come to the house, but then that’s it. Buyer’s can ask for the seller’s to pay for a home warranty when they offer on the home.
These are some of the bigger items buyer’s need to know about before they start the process. However, the Boulter Team will ensure that this process is smooth and enjoyable. Now let’s get you a home.
