Buyer Checklist

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Buyer Checklist

Buyer Checklist

Mortgage Pre-Approval

Getting a mortgage pre-approval is important for buyers for several reasons:
Determine affordability: A pre-approval helps buyers understand how much they can afford to spend on a home. It considers their financial information, such as income, debts, and credit history, to determine a realistic loan amount and budget.
Focus home search: With a pre-approval, buyers can narrow down their search to properties within their price range. This saves time and effort by focusing on homes that they can realistically afford.
Stand out to sellers: A pre-approval demonstrates to sellers that a buyer is serious and financially qualified to purchase a home. It shows that they have taken the necessary steps to secure financing, making their offer more attractive compared to buyers without a pre-approval.
Strengthen negotiation power: Buyers with a pre-approval may have stronger negotiation power. Sellers are more likely to consider offers from pre-approved buyers as they are perceived as financially capable and reliable.
Expedite closing process: Since the buyer has already gone through the pre-approval process, the mortgage application and approval process can be expedited. This can lead to a faster closing process, allowing the buyer to move into their new home sooner.
Address potential issues early: During the pre-approval process, any potential issues with the buyer's credit or financial situation may be identified. This gives them an opportunity to address and resolve these issues before making an offer on a home.

Contact Your CiRealty Agent

Hiring a CiRealty realtor can greatly benefit you when buying a property. Here are some reasons why working with us is advantageous:
Market knowledge and expertise: We have in-depth knowledge of the local real estate market. We can provide valuable insights into property values, market trends, and neighborhood dynamics. Our expertise can help you make informed decisions and negotiate effectively.
Access to listings: Realtors have access to Multiple Listing Services (MLS), which is a comprehensive database of properties for sale. They can help you find suitable properties that meet your criteria, including those that may not be easily accessible through online search platforms.
Networking and connections: We have a network of industry contacts, including other real estate professionals, lenders, inspectors, and contractors. We can leverage these connections to provide you with recommendations and facilitate a smooth buying process.
Negotiation skills: A qualified realtor has experience in negotiating real estate deals. They can represent your interests, negotiate the best price and terms on your behalf, and navigate complex negotiations effectively. Their negotiation skills can save you money and help you secure a favorable deal.
Transaction management: Buying a property involves numerous tasks, paperwork, and deadlines. We can handle the administrative aspects of the transaction, ensuring that all necessary documentation is properly prepared and submitted on time. We can guide you through the process and help you avoid potential pitfalls.
Protection and advocacy: Realtors are bound by a code of ethics and have a fiduciary duty to their clients. We are obligated to act in your best interests, provide honest advice, and protect your rights throughout the buying process. Having a CiRealty realtor by your side can give you peace of mind and ensure you have someone advocating for your needs.
Guidance and support: Buying a property can be overwhelming, especially if you're a first-time buyer. A CiRealty realtor can provide guidance, answer your questions, and offer support at every step. We can explain the intricacies of the process, help you understand your options, and provide recommendations based on their expertise.

House Hunt

When house hunting, several factors are important to consider. Here are some key aspects to prioritize during your search:
Location: Evaluate the neighborhood, amenities, and proximity to important places.
Budget and Affordability: Determine what you can comfortably afford. Property Size and Layout: Consider the number of rooms and overall layout.
Condition and Maintenance: Assess the property's condition and potential maintenance needs.
Resale Value: Think about the property's potential for appreciation. Amenities and Features: Identify the must-have amenities and features.
Natural Lighting and Orientation: Take note of the property's natural light and orientation.
Home Inspection: Conduct a thorough inspection to uncover any issues.
Future Expansion or Flexibility: Consider if the property allows for future expansion or flexibility.
Gut Feel and Emotional Connection: Trust your instincts and consider your emotional connection to the property.
Keep these factors in mind while searching for a house to help you make an informed decision.

Make An Offer

Making an offer on a house typically involves several steps:
Determine the Offer Price: You and your real estate agent will decide on an appropriate offer price based on market conditions, comparable sales, the condition of the property, and your budget.
Draft the Offer: Your real estate agent will draft an offer letter or purchase agreement outlining the proposed terms, including the offer price, any contingencies (such as financing or inspection), and the desired closing date.
Submit the Offer: Your agent will present the offer to the seller or the seller's agent. The seller may accept the offer, reject it, or make a counteroffer with adjusted terms.
Negotiation: Negotiations may take place between you and the seller through your respective realtors until both parties agree on the terms of the sale. This process may involve multiple rounds of counteroffers.
Acceptance: Once both parties agree on the terms and sign the purchase agreement, the offer becomes a legally binding contract, pending any contingencies being met.
Due Diligence: After the offer is accepted, you typically enter a due diligence period during which you conduct inspections, finalize financing, and complete any other tasks outlined in the purchase agreement.
Closing: Once all conditions are met and financing is secured, the sale closes. This involves signing paperwork, transferring funds, and ultimately taking possession of the property.
Throughout this process, it's important to work closely with your real estate agent and possibly other professionals, such as a real estate lawyer and mortgage broker, to ensure a smooth transaction.

Appraisal And/Or Home Inspection

Ordering an appraisal and a home inspection are essential steps when buying a home:
Appraisal:
Determines the property's value.
Required by lenders to match the loan amount.
Conducted by a licensed appraiser, paid for by the buyer.
Results can affect mortgage approval and negotiation if the appraised value differs from the purchase price.
Home Inspection:
Evaluates the property's condition.
Identifies potential issues or defects.
Conducted by a licensed home inspector hired by the buyer.
Inspection report guides negotiations for repairs or sale conditions.
Recommended to avoid unexpected expenses and ensure understanding of the property's condition.

Choosing A Lawyer

When choosing a lawyer for real estate transactions:
Research: Look for local lawyers specializing in real estate law.
Referrals: Seek recommendations from friends, family, or professionals in the industry.
Credentials and Experience: Check their qualifications and experience in handling similar cases.
Consultations: Meet with a few lawyers to discuss your needs and assess their communication style.
Cost: Inquire about fees and what services are included.
Comfort Level: Choose a lawyer you feel comfortable working with.
Reviews and References: Check online reviews and ask for references from past clients.
By considering these points, you can find a suitable lawyer to guide you through your real estate transaction.

Buyer’s Visit

The final walkthrough of a home prior to closing is a crucial step in the home buying process. Here's a summary of what typically happens:
Scheduled Inspection: Shortly before the scheduled closing date, the buyer visits the property for a final walkthrough. This is usually conducted with their real estate agent.
Verification: During the walkthrough, the buyer verifies that the property is in the agreed-upon condition as per the purchase agreement. They check that any requested repairs have been completed, and that no new issues have arisen since their last visit.
Utilities and Appliances: The buyer tests all utilities (such as lights, faucets, and HVAC systems) and appliances to ensure they are in working order.
Visual Inspection: The buyer visually inspects the interior and exterior of the property for any damage or changes since their last visit.
Documentation: Any discrepancies or issues identified during the walkthrough are documented and addressed with the seller or their representative.
Resolution: If any issues are discovered, the buyer and seller may negotiate to resolve them before closing. This could involve repairs, credits, or adjustments to the sale price.
Peace of Mind: The final walkthrough gives the buyer peace of mind that the property is in the expected condition before finalizing the purchase.
Closing: Once the final walkthrough is completed satisfactorily, the buyer proceeds with the closing process, signing the necessary paperwork and officially taking ownership of the property.
Overall, the final walkthrough ensures that the buyer is satisfied with the condition of the property and helps to prevent any last-minute surprises before closing.

Purchasing Home Insurance

Purchasing home insurance for closing involves researching and selecting a policy, completing the application, and paying the premium. The
buyer provides proof of insurance to their lender, ensuring the property is adequately protected before closing.

Hiring A Moving Company

Hiring a moving company involves researching, booking, and preparing for your move-in date. On the scheduled day, they load, transport, and
unload your belongings, helping with setup if needed. After a final inspection, you settle payments and begin life in your new home.

Key Pick Up

House key pick-up is when you collect the keys to your new home from the seller, landlord, or real estate agent. You typically arrange a location
and verify the keys work before moving in.