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The Buying Process
There are only three things to remember when buying real estate, right?
If only it were that easy. How about these four words instead:
Ayre/Rhinehart Bay Realtors
The truth is buying a home or other property can be one of life's biggest and most complicated steps. You need to know the intricacies of the local market. You need to know all the steps in buying a home, from negotiating a price, to arranging the inspection, to obtaining financing. You need to know that your interests are being protected and that your purchase is not a misguided one.
We can help.
Why work with a Realtor?
If you're like most people, you'll need a mortgage in order to buy property. The best advice we can give you is this: Get a pre-qualification letter from your lender BEFORE you start looking at properties.
Why? Several reasons:
1) It puts you in a stronger negotiating position with the seller. One of the most common reasons for a purchase agreement to "fall through" is the buyer's inability to obtain adequate financing. By the time this comes to light, the frustrated seller has lost valuable marketing time because the word will have already been out that there's an accepted offer on their house - your offer. Being pre-qualified proves to the seller that financing will not be an issue. And this can work in your favor if the seller has several offers to consider at once.
2) It presents you as a serious buyer. If you've put in the time and effort to get a pre-qualification letter, it means you've got your "ducks in a row" and are serious about purchasing property. Which makes everyone else serious about helping you find what you need. While "window-shopping" may be interesting and entertaining for you, it is stressful for the seller (who may believe you want to make an offer), frustrating for your agent (who only wants to help you), and wastes your time. Getting pre-qualified tells everyone that you mean business.
3) It makes the process easier for everyone since you've already found a lender, you already know what documents and information your lender will need when it's time to apply for a mortgage and you already know what credit issues (if any) need tending to before you are officially approved for financing. Getting all this information in order is a lot easier to do when you're not pressed for time (usually there are time limitations included in a purchase agreement for obtaining financing) or when emotions are running high because you've fallen in love with a home and are frantic about closing the deal before time runs out.
4)It saves everyone (especially YOU) a lot of wasted time and heartbreak. You'd be surprised how often buyers discover too late that they don't qualify for the mortgage that they need. Imagine spending your time and energy looking at homes, finding the perfect one in the perfect neighborhood, and getting your offer accepted only to find that your "dream" home is not financially attainable. And then watch as someone ELSE buys "your" home while you scramble to get your finances in order. Spare yourself this agony. Find out ahead of time exactly what you can afford and exactly how much money you can borrow.
5) You may be surprised how much you can really afford. And of course, this works both ways. You may discover that your expectations were a little high - that you can't afford as much as you thought . Or you may find out that you can easily afford to spend more than you realized. This can open up new opportunities - you may be able to consider properties in a totally different price range. But the only way you'll know for sure is to get pre-qualified.
We help buyers find financing all the time and we have contacts at all the leading lending institutions in the area. If you need help in this area, we can connect you with just the right lender to suit your needs. Also, our agents are familiar with eligibility requirements for various government-sponsored programs. We can help you explore options you may not even have been aware of.
Your agent has access to all available properties in the area, including those offered for sale "by owner" and those that have just been listed only hours ago. Also, our sales staff tour newly listed properties in the area every week. This gives our agents a firsthand look at the property to give them a better idea if it might be suitable for you. From this large pool of properties, your agent will select the ones that best meet your needs. Together you'll set up a convenient meeting time and begin to compare the features of the homes you see.
Of course, you're the one who ultimately decides which property is right for you. Keep in mind that sometimes buying a home can be an exciting and emotional time and sometimes your judgment can get clouded in the process. Your agent can help you by being a sounding board and by providing objective information about the property. Their job is to help you answer two very important questions:
Writing and presenting a "purchase agreement" are some of the most critical steps in the whole process. Usually there are some issues that require some spelling out and later, some negotiating. Some examples include:
This is where having an experienced agent on your side is especially valuable. Your Ayre/Rhinehart agent deals with sellers on a daily basis, year in and year out. He or she knows how to word an offer so that 1) it serves your best interests and 2) it will be well received by the seller.
Once you're happy with the wording and terms of your offer, your agent presents it to the seller (or their agent). Then the fine art of negotiation begins.
Fortunately, your Ayre/Rhinehart agent is very well qualified to handle this trickiest part of the buying process. Remember: they deal with these things every day.
It's their job.
In the meantime, go have some fun. Just leave a number where you can be reached. Your agent will want to share the good news with you right away.
This is the point where you make an official application for a mortgage, if you need one. If you've followed our advice, then you've already started the process when you obtained your pre-qualification letter from your lender.
As for the rest of the buying process, let us arrange the required inspections, appraisals, utility changeovers, title research and document preparation. Let us calculate usage fees, tax prorations and utility prorations. If a problem should arise, we'll be in touch promptly and we'll help get it taken care of. Juggling all these balls is second nature to us.
After all, we've been doing it for over 25 years.
First, you'll have the opportunity to review the preliminary closing figures and have any questions answered. Then we'll coordinate the time and place for this final step in the buying process. You don't have to worry a bit about the myriad little details that lead up to this exciting day. All you'll have to do is show up (with the required documents and monies of course!) (Relax, we'll make sure you're fully prepared.)
Papers are signed, money is exchanged and the title, deed and keys to the property are all yours. You receive a highly detailed closing statement (very useful at tax time). And the satisfaction that you've made the right choice in choosing us.
So, you really do have only three words to remember:
We make buying real estate easy.