Home Buying Guide: The Sequel
This week, we present the 2ND installment of our two-part home buying series, which focuses on the great house hunt and post-hunt steps. You’ve gotten your financial house in order, so now it’s time to get shopping for your dream home!
1. Start Touring – Virtually or In Person
By now, you’ve narrowed the search to your favorite neighborhoods, considered school districts, property taxes, and such amenities as parks and bike trails and easy access to shopping and entertainment. Now for the fun stuff – touring!
Earmark some of your favorites on the located on our Featured Listings page. And don’t forget that kwELITE offers clients the option to tour in person or virtually. You can tour one or 100 homes from the convenience of your home. There’s no limit to your search. You can even purchase your property long distance.
2. Make an Offer and Negotiate the Closing Costs
How much you should offer is based on such factors as the comps in your area, how long the home has been on the market, and the condition of the property. You can rely on your kwELITE agent to put in a competitive offer based on these points. Be prepared to negotiate, or pay full price (or above asking) if you find yourself in a bidding war.
3. Open an Escrow Account
An escrow account is an account that holds the money and documents involved in the sale of a home. It is held by a neutral third party to ensure that both the buyers and the sellers are financially protected and that the transfer of money and documents is secure. Our partners, Platinum Title & Escrow, will help you do all of this with ease!
4. Conduct a Title Search
A title search examines public records to confirm legal ownership of a property and determines if there are any claims to a property. Challenges to your potential home’s title will delay the sale, so it is best to verify the seller has the right to sell early in the purchasing process.
5. Conduct Home and Pest Inspections
Having a neutral, third party examine a home before the transaction is completed is very important. Issues that come to light as a result of a home inspection can be negotiated between buyer and seller. If the seller does not want to deal with the hassle of fixing an item, the buyer can assume the responsibility and, in turn, get the house for a lower list price. If a serious problem is discovered, the buyer can rescind an offer without penalty.
Not all states require pest inspections as part of the real estate transaction, so check your local guidelines. Even if your state does not, it’s not a bad idea to include a pest inspection as wood-destroying insects can do significant, and costly, damage to your future home. Additionally, many mortgage companies mandate that pest issues be resolved before the transaction is finalized.
6. Get Homeowners Insurance
Homeowners insurance is protection and peace of mind. It safeguards all your personal possessions inside your home and out – from your new flat screen to the swing set out back. Just as your home was a big-ticket item, so, too, is repairing it should disaster strike.
Hail damage and kitchen fires can happen. Repairs can quickly amount to large sums, and insurance will cover the majority of these costs. Plus, if someone is injured on your property, your homeowners policy will protect you by covering medical expenses.
There are numerous homeowner policies. For more information on the best policy for your needs and budget, contact Aksarben Insurance, a kwELITE preferred partner, here.
7. Signed, Sealed, Delivered
You’re just about ready to close the deal, but before you do, go through a final walkthrough of the property to verify that all issues detected in the home inspection have been addressed to your satisfaction. You then can submit a cashier’s check for the down payment and closing costs and close out the escrow account.
All that’s left is signing the papers and picking up the keys to your new home!
Now get packing! You’re about to move into your new home! If you have any questions about the home-buying process, give us a call today. We love putting our clients into the homes of their dreams.
The benefit of working with a kwELITE agent is our unparalleled VIP experience for our customers. Our concierge services start the minute you walk into our office, with refreshments, to help with switching your utilities to make the moving process as seamless as possible.
Plus, you can meet with your mortgage advisor, title professional, insurance agent, and realtor all in one place at our new one-stop-shop. Contact us to get in touch with an ELITE agent today!