Determine Needs and Goals

The first thing you should do is determine what you want and what you need in a home.

The following are the characteristics to consider in determining your needs.

• Price range
• Minimum number of bedrooms and bathrooms
• Minimum amount of living area, a basement, a garage
• Special requirements, such as wheelchair accessibility
• Timing of when you want (or need) to move
• Steps involved in selling your home or moving from your current residence

The following are qualities to consider in determining your desired home.

• Styles you like (and those you do not)
• Lifestyle (lot size, townhouse/condominium, active, urban)
• Condition (new construction, move-in condition, a fixer upper)
• Location (main street, close to town, cul-de-sac, waterfront)
• Public services (water, sewer)
• Features most important to you (fireplaces, wood floors,pool
  

 

Location, Location, Location

One of the most significant decisions you will make during the buying process is selecting where to live. Finding communities that are right for you and offer amenities most important to you are paramount to a successful move.(Neighborhood Information)

To make the home searching process easier, you should focus on selecting a limited scope of towns to significantly increase your chances of efficiently finding the home of your dreams.  Searching for homes across a large area can feel like finding a needle in a haystack and can get a bit frustrating.

The following are some important issues to consider in choosing a location where you would like to move.

• Home prices and availability
• Commuting patterns or availability of community services and public transportation
• Access to cultural, recreational, and leisure activities
• Urban vs. rural settings
• Quality of schools and child care

 

Seek Professional Assistance

To determine how much money you want to spend, you should find out how much your mortgage payment will be (mortgage calculator) and how much money you will need to buy a home. Mortgage brokers have many different plans that accommodate all types of buyers. (get pre-approved for a mortgage)  

After consulting with a mortgage broker and have determined a price range, your next step is to contact a Realtor.

All the Realtors at JCS Realty provide buyers with expert advice and will make sure that your next purchase is an enjoyable experience.

What a Realtor at JCS Realty can do for you.

• Provide expert guidance through a complex process
• Give Insight about homes and communities
• Search and find your next home (preferred buyers list)
• Set up appointments and view properties
• Negotiate contracts
• Provide all necessary contact information
• Provide market value
• Educate you about the home buying process
• Support you through emotional decisions

 

Make an Offer

Offers formalize the home buying process by committing in writing to purchase a property, subject to certain terms and conditions.

A Realtor from JCS Realty can help you make an educated decision on what offer to submit and will help you through this whole process.

The seller will provide the buyer with disclosures on any defects the home may have that the seller is aware of.

Some of the main items included in the purchase agreement are the following:

• Offer Price (how much you are willing to pay)
• Deposit (the amount you will place in an escrow account to secure your offer, this amount is negotiable and on average is about 3% of the offer price)
• Contingencies (mortgage approval, inspections, etc.)
• Closing (when you take ownership and possession)

The seller has the following options when considering offers:

• Accept the offer as proposed
• Counter the offer with a modified offer
• Reject the offer and return the deposit

 

 

Contingencies

Most offers will have contingencies. A contingency means that the offer to purchase will consummate when certain other actions pertaining to the offer are fulfilled.
Some of the most popular examples of a contingency in an offer to purchase would be inspections, mortgage financing, and the buyer needing to sell current home before purchasing.

Home Inspection
These inspections are performed for, and paid by, the buyer. An inspection usually takes place within 10 days after the sellers acceptance of the offer. If the inspection uncovers problems, the buyer may be able to withdraw the offer, or may propose an alternative to resolve the issues.  The buyer should be present when inspections are performed so that the inspector can describe the process and findings personally. It is a valuable time to learn how the house has aged, as well as the details of any issues.

Mortgage Financing
Most people need to obtain a mortgage in order to buy a house. This process usually takes between 20-40 days.
The following is the process of obtaining a mortgage:

• Choose the right lender for you (have a mortgage broker contact you)
• Apply for the loan – submit your financial information
• Order appraisal and survey (these are some buyer costs involved in obtaining a loan)
• Underwriters approve or deny the loan

Selling House to Buy House
In some cases, a seller will accept an offer from a buyer that has to sell their house first before they buy (sometimes called a 72 hour contingency).
For example:

• The buyer submits an offer contingent upon their house selling.
• The seller will still be able to accept other offers.
• If a second buyers’ offer is presented to the seller, the first buyer will have 72 hours to release their contingency or they will lose the house and their deposit shall be returned.
• If the buyer sells their house before any other offers are presented & accepted then the buyer shall proceed and close on the house.

 

Closing

The closing is an exciting time; all negotiations are resolved, and all contingencies have been met. Often, the days leading up to the closing date are active, as both parties work to put everything in place.

What to expect in the days before closing
Closings usually occur thirty to ninety days after a signed Purchase & Sale Agreement. In the period leading up to closing, the buyers and their homeownership service providers are normally focused on removing contingencies, which would include conducting inspections and processing the mortgage.

What to expect at closing
Closings are administered by a closing attorney or an agent from the title company. The buyer and seller will sign the legal documents transferring the title. If a mortgage is obtained then the buyers will be asked to sign the mortgage and any other papers that the lender may require.
At conclusion, the title company shall record the new deed and mortgage, and discharge all previous obligations of the seller. Once the closing papers have been executed and the deed recorded, the buyers take legal ownership of their new home.