How much house can you afford? Before you meet a lender to officially find out, we’ll help you calculate your “front-end” and “back-end” ratios. Combined, these ratios make up your total Debt-to-Income Ratio. Lenders use your credit score and your debt-to-income ratio to determine if you qualify for a loan and, if so, how much you qualify for. If you know your credit score, we can help you estimate both the likelihood of being qualified, and the total amount you may qualify for. In short, we’re here to help you prepare for a meeting with your lender, but we don’t make loans. You’ll still need to coordinate with a lender to apply for a loan. If you don’t have a lender in mind, don’t worry. We know some of the best home loan professionals in the area, and we’ll be happy to introduce you.
2. Home Search
You probably can already name a few features that you want or don’t want in your new home. We’ll help you identify and prioritize all of your criteria. Your agent may start by showing you a few homes based on your initial wants and needs. In most cases, after touring only a few homes you’ll have more criteria to add to your list. Once you’ve solidified your criteria, your agent will work within your timetable leveraging our network and the latest technology to help you find the right home.
3. Market Analysis
Once you’ve found the right home, we’ll do a thorough market analysis incorporating recent comparable sales data. This analysis will help you to gauge whether the seller’s list price is high, average or low compared to recent sales of similar homes.
4. Closing Estimate
Before you submit an offer, your agent will coordinate with your lender in order to provide you with a closing costs estimate for the home you’re considering.
Your agent will walk you through every detail of the Real Estate Contract, which is the form you’ll use to make an offer. After you’ve discussed everything and you’ve determined the exact offer you want to make, your agent will fill in the terms on the contract, everyone will sign, and then your agent will deliver the offer to the listing agent.
Opportunities for negotiation occur at various points throughout the buying process. Our agents are skilled negotiators and will remain objective throughout all negotiations. Your agent will strive to gather information from the seller that will give you an advantage in negotiations. However, your agent will at all times keep your personal and financial information completely confidential. Above all, your agent will always negotiate for your best interests.
7. Contract Management
Once the seller has accepted your offer, your agent will manage your contract all the way to closing. Think of your agent as the quarterback. They will coordinate all inspections and walk-throughs of the property, communicate with your closing agent and lender, and provide you with regular status updates along the way. No question is too big or small during this timeframe. We want your buying experience to be a pleasant one, and our agents love to help.
When the big day finally arrives, your agent will accompany you to your closing to make sure everything goes smoothly, and you receive the keys to your new home.