Your Key To A Seamless Home Buying Experience
A real estate buyer’s guide is an essential roadmap for navigating the complex journey of buying a property. It’s more than just another piece of paper, it’s a comprehensive educational guide that provides potential homeowners with the critical information and insights they need for their upcoming process.
Designed to demystify the intimidating home buying experience, a buyer’s guide helps potential buyers understand the intricacies of real estate transactions. These guides typically offer strategic guidance regarding initial research, local market trends, financing options, property selection, and critical steps from initial research to final closing. Below are some helpful highlights:
Start Research Early
It’s helpful to begin your research months before an intended move. An early start allows buyers to familiarize themselves with different neighborhoods, property values, and market trends. As preferences narrow, buyers should start actively looking at properties three to four months before their intended move date.
Secure Financial Readiness
Obtaining a mortgage pre-approval and proof of funds is crucial, even for cash buyers. Having pre-approval demonstrates a financial capability and seriousness to sellers, giving buyers a competitive edge throughout their negotiations.
There are two main routes for securing a pre-approval: the first is having direct lenders (banks or credit unions) that provide loans directly; the second is having a mortgage broker who connects buyers with multiple lenders to find the best rates and terms. For luxury properties, lenders also offer jumbo loans that cater to high-value transactions.
Proof of Funds
Sellers often request proof of funds to validate purchase power. This may include recent bank statements or a letter from a financial institution confirming the ability to finance the transaction. Sellers want to feel confident that a buyer can afford to purchase their home and that they will make it to the closing table with ease, at the agreed upon closing date.
The Offer and Beyond
Once a buyer has found their dream home, they will work with their real estate agent to craft a competitive offer. In today’s market, a strong offer backed by solid financials can make a world of difference. However, a strong offer may go beyond finances, flexibility is often an important component of an accepted offer. With such limited inventory right now, sellers may need additional time to find a new home to move to. If they have children, they may want to stay in their current home through the end of the school year. The sellers may want to close on their current house quickly, but rent it back from the buyers, which will allow the sellers to use the proceeds to close on their next home before they need leave their current home. Point being, if a buyer can be flexible with their closing date, it may set their offer apart from others who are offering the same amount of money as another buyer who cannot be as flexible.
Scheduling Specialized Inspections
Every luxury property is unique and may require different types of inspections. Beyond standard home inspections, consider specialized assessments mentioned in my previous article. Inspections are an extremely important part of the home buying process. Your real estate agent will be able to guide you as to which inspections are needed for your specific property.
Sealing the Deal
After successful negotiation, inspections, and often additional negotiations again after the inspections are completed, buyers enter into a contract, which typically requires a percentage for the down payment. The closing process usually takes 30-60 days from contract signing, during which time you’ll finalize financing and complete any remaining inspections, lift contract contingencies (inspection or financing), and prepare for a closing and ownership.
By working with experienced professionals, you’ll be well-equipped to find and secure your dream home. Remember, in this a high-stakes market, preparation and expert guidance are key to a seamless and successful buying experience. Hiring the right real estate agent is the first step in the process and will reduce your stress level along the way.
The links below are live and always up-to-date. Bookmark to have constant access the most current and most accurate real estate market information available.
Click HERE for this week’s New Listings in Greenwich.
Click HERE for this week’s Open House List.
Click HERE for the most Recent Sales in Greenwich.
Click HERE for the Greenwich Multiple Listing Service (MLS) where you can create your own custom Property Search. The MLS contains the most accurate and up-to-date information for all homes listed on the market.
Stefanie Lacoff is a licensed real estate agent with Berkshire Hathaway HomeServices New England Properties in Greenwich, CT. Contact Stefanie for assistance with selling or purchasing a home locally or around the world.
Text/call: 203-536-9403
Email: [email protected]
stefanielacoff.bhhsneproperties.com
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