Successful Home Buying

8 Steps to Successful Home Buying

1.  Hire the Right Broker
To protect themselves, buyers should first seek a broker who can unconditionally advocate their interests, including helping them negotiate the lowest price and best terms. This can only be accomplished by seeking the services of a Buyer’s Agent.  Team Livesay can help.

2. Get Pre-Qualified for Financing
This is more important now than ever before.  Many buyers cost themselves time and money by locating a property first, then applying for a loan.  Good buyers get pre-qualified by a lender before the search begins.  Going to the bargaining table pre-qualified is like having cash in hand, and sellers may be more amenable to a lower price if they know the buyer is already qualified.  Part of the negotiation could include a quicker closing period, which is also desirable to many sellers.  Additionally, if there are competing offers, sellers will most likely take the one that has financing in place.  Buyers should also know what they can (and can’t) afford beforehand, as looking for a property in too high of a price range is a waste of time, while looking for a property too low in price may eliminate the perfect match.

3. Review HOA Documents
Almost every property is subject to some type of homeowners association (HOA), that states how the property can be used and enjoyed via a set of HOA documents. These need to be carefully reviewed, as they could be in direct conflict with the very reason a buyer would want to purchase the property.  Furthermore, if the association has annual meetings, request and review the HOA meeting minutes from the last two years, as well as the HOA budget, covenants and bylaws.  You’ll then have a good idea of the pulse of the association, points of contention, and what potential capital improvements (additional costs) there could be in the near future.

4. Get the Property Inspected
Anxious buyers may want to skip a property inspection to save some time and a few bucks in acquisition cost, but hiring a qualified inspector to inspect the property before closing is good insurance that there will be no hidden surprises after closing.  This is also an opportunity to negotiate repairs with the seller prior to closing.

5. Negotiate Everything
Buyers may think the only thing to negotiate is price.  Although that is an important aspect of the purchase, it is not the only one.  Earnest money, financing costs, closing costs, possession, upgrade allowances and many other items can be negotiated. Team Livesay will discuss all of this with you.

6. Don’t Waste Time – Make an Offer
In any market, it is important to make an offer as soon as you pinpoint your property.  Waiting a few days to gather more information often gives other buyers time to step in ahead of you. An offer can be made contingent upon time to conduct additional research until you become more knowledgeable about what you are buying. If what you find out is unacceptable, you can then cancel the contract without penalty.

7. Hire a Lender
Buyers may initially want to go to a lender they have used before, only to find out at the eleventh hour that the lender cannot make the loan because the property type is out of their specialty. Whether buying a condominium, single family home, vacant land or ranch, you’ll want to work with a lender who specializes in your type of property.

8. Close and move in
Team Livesay will walk you through each and every step necessary to make your dream a reality.