Happy Friday! As the 2020 year starts to wind down, I know that there will be many folks taking stock of the changes and challenges that this year has brought all of us. For so many folks, their lives have been changed quite a bit this year and we know that when lives change, real estate moves may make sense. Some of you may even be starting the search for your new home.
I wrote this newsletter a few years ago. This post outlines our process for how we take homebuyers through the complex process of buying a home. If a real estate purchase may be in the works for you in the next year, please take a read through and as always, don’t hesitate to reach out with questions.
So what does our Home Buyers Process look like? What can buyers expect from us when purchasing their new home?
As Ken and I meet with our clients in preparation for their home purchases, one of the most important aspects of our job is to educate our clients about our Home Buyers Process.
Whether buyers are hoping to purchase their first home, or their fifth, we take them through that same process each time because we find that when we do, the process of education and discovery is powerful for our clients and the subsequent home search, loan, and under contract periods go very smoothly. So, how does this process go? Read on below for details.
1. Goal Setting and Information Gathering Meeting:
With regard to ensuring a smooth and successful home purchase, this first (now Zoom!) meeting is very important. We use this opportunity to talk through our clients’ goals and hopes with regard to their next home, answer questions about the market, loans and lenders, neighborhoods of interest, and we provide names and contact information for reputable vendors that our buyers might need to connect with (think lenders, CPAs, homeowners insurance brokers, financial advisers).
We make sure to explain how the house hunt works and how we ensure our clients don’t miss out on any homes that might work for them. We also talk about how we will research the sales price so they don’t pay too much when the right home comes along.
In this meeting, we set the general parameters for the home search, and set our clients up with a portal to the local Multiple Listing Service. That way, our buyers can start to get acquainted with the market and the homes that might meet their needs.
This meeting is always no pressure, it’s usually fun, and people almost always leave empowered and ready to take the next steps.
2. Choose Lender and Loan:
After our Goal Setting meeting, if buyers will be financing their home, they get to work choosing a lender. They choose a lender and loan product that suits them best, and submit their paperwork for loan pre-approval.
3. Look at Homes to Find the Right Place:
Once a home buyer is all ready to get out and look at homes, we’ll look through homes together online, buyers can drive by and scope out neighborhoods, and we will set up in-person showings for the homes that have the most potential. We will see homes together to weed out the bad apples and look for red flags. We will evaluate homes together so that when the right one comes up, our buyers are ready to pounce.
4. Writing and Submitting Contracts:
Before submitting an offer on a home, Ken and I will set up a time to review the necessary contracts with our buyers so they understand what they will be signing when the time comes. Once our clients find the right home, we will be evaluating and researching the property in-depth and scouting out details for our clients so they know what a good offer might look like. We help our clients craft their offer for the seller of the home they’re interested in, and we make sure it’s presented in the most professional and compelling way. Writing and submitting a great offer is an art, and when done well, this can play a huge role in ensuring a buyer’s offer is accepted.
5. Under Contract and Transaction Coordination:
Once a buyer writes a contract that is accepted by a seller, that buyer is officially “Under Contract”! Woohoo!
That starts the Under Contract Process. Buyers will be responsible for finalizing their loan, setting up home inspections, getting their homeowners insurance set up, and more. There are about 30-45 days of contingencies that buyers will navigate and we are there throughout the whole process to help coordinate and assist with these hurdles.
We also have a fabulous Transaction Coordinator, Nicole Vallely, who helps us all keep track of deadlines, puts together Google calendars for our buyers, and coordinates necessary paperwork between buyers, sellers, lenders, and the title company, and acts as a liaison between all parties.
Nicole is a rockstar and we are so appreciative of her help every day! We know our clients are, too!
6. Consistent Communication:
Throughout the home buying process, Ken and I make sure to communicate consistently. Our active home buyers can expect to hear updates from us on a weekly basis and when things are really heating up, it might be that our buyers will hear from us on a daily basis. We will always reach out if there is something our clients need to know and we won’t leave our clients hanging wondering what’s going on with their transaction.
7. Closing and Move In!:
This is what it is all about! Ken and I help our buyers get through their final walk-through at the property and navigate the closing and loan paperwork. And then they get the keys to their new place. We make sure the details are buttoned up so closing goes smoothly.
If a home purchase is of interest to you, let’s chat! We are always happy to help you on the search for your new home. Don’t forget to follow us on Instagram for our latest listings and updates!
Until next time!