Buying a home is the biggest financial investment that people will make. It is important for Buyers to make an informed decision about their purchase and to work with the right Realtor who will help them through the process of researching properties, contract negotiation, inspections, understanding the costs involved, mortgage approval and processing the paperwork for the lawyer.
The first step for any Buyer is to get their mortgage pre-qualified by their lender. Having the pre-approval in place will save you time, there is no point in looking at homes that you cannot afford or if you cannot find a lender who will grant you a mortgage. With your pre-approval in place, you will have peace of mind when negotiating the price on your home. In a Seller's market, Buyers can often face bidding wars, you and your Agent will be able to confidently present an offer that is within your means and relieve any concerns that the Seller has over any financing conditions.
There are several different kinds of inspections that Buyers can do to investigate a home to ensure it is the right decision and one that won't be a costly mistake down the road. WETT inspection, perimeter drains, septic, structural engineer, building inspection, radon or pest inspection are all inspections to consider, your Agent can guide you on which inspections are encouraged, and can suggest companies that they trust and have worked with in the past to hire. If you find issues with the property upon an inspection, you may be able to negotiate a better price on the property or have the Sellers remedy the issue prior to possession.
Your REALTOR® helps to reduce the risks when purchasing your home. They know how to negotiate on your behalf for better teams and that you are offering market value for the home. Being proficient in contract writing, they can ensure that your interests are protected and well represented.
It is important to know that not every REALTOR® that you meet has your best interests. A REALTOR® could be working on behalf of the Seller. Be careful not to disclose important information about yourself until you have established your working relationship. There are three different kinds of relationships that you can have with a REALTOR®, Designated Agency, Limited Dual Agency and a Customer relationship. It is recommended that you familiarize yourself with the Working With a Realtor brochure and talk to your REALTOR® if you have any questions.