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Buyer's Guide

TIPS FOR BUYING A HOME

Which Comes First Buying or Selling?

The answer to this question would be whatever you feel comfortable with.  Are you comfortable paying two mortgage payments at once?  Most people, even if they could afford to do so, want to avoid paying two mortgage payments.  Another bad scenario we've seen is for buyers to be actively searching for their next home, find the perfect one, but not be able to afford it because they need to sell their current house first. 

Get Loan Pre-approval

Meet with your lender and start looking at loan options to find which programs best meet your needs and how much you can afford.  Once you are pre-approved your lender will provide a pre-approval letter which states your ability to borrow money and, thus, buy a house.  This letter is important to sellers because they don't want to accept an offer that might fail later due to financing not coming through.  You can visit as many lenders as you like and get several pre-approvals, but keep in mind that each time you get a credit check it will show up on future credit reports.  For more hints and helpful brochures refer to our Helpful Articles for Buyers. 

Make a List of What You Want

List the features you are looking for, including number of bedrooms and bathrooms, price, location, size, amenities, and design.

Making The Deal

Once you chose a home you like you have a couple of options.  You can accept the seller's listing price or you can offer a different price.  When you make an offer the seller may accept, reject, or counter your offer.  This process goes on until a contract is made or until the deal is rejected because price and terms can not be agreed upon. 

Home Inspections

Home inspections can be very important.  An inspector goes to the property to determine if there are material physical defects and whether expensive repairs and replacements are likely to be required in the next few years.  This is an opportunity to learn far more about the property than is possible with a walkthrough.  For more information on home inspections refer to our Helpful Articles for Buyers.

Closing

Closing is the process where all of the necessary paperwork needed to complete the transaction are signed.  The result is that title to the property is transferred from seller to buyer.  The buyer receives the keys and the seller receives payment for the house.  For information on closing costs refer to our Helpful Articles for Buyers.

Give us a call to start the search for your new home!
 

John's Cell: (605) 391-9002 

Stephanie's Cell: (605) 391-5858

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