Buyer's Guide

CHOOSE A REALTOR

This is one of the most important decisions you will make once you have decided to purchase a home. Drake Real Estate is devoted to helping our clients find the home that is right for them. Finding that right home takes time and research. Make sure when choosing a REALTOR, that they listen to what is important to you, are familiar with the area, have extensive local contacts for financing, inspections, repairs, and more. Your REALTOR® will help guide you through financing, property search, negotiations, and the transaction process. Make sure your REALTOR® is a full-time REALTOR®, they listen to what is important to you, and are familiar with the area. This is important because full-time REALTORS® are in touch with the current market and are out in it everyday and can share their knowledge with you to help you make the best decision.

GET PRE-QUALIFIED FOR A LOAN

Often new buyers are so excited to start looking at homes, that they have skipped the most important step. Finding out what they qualify for. After you have chosen a REALTOR, they should be able to give you names and numbers of local lenders. It is best to get good faith estimates and compare each to make sure you are getting the best financing for you. You may qualify for more than you are comfortable borrowing. Keep in mind, you know what you are comfortable paying. Being a pre-qualified buyer will be a huge benefit to you once you have found a home. Sellers take pre-qualified buyers more seriously as opposed to one who is not.

MAKE A WISH LIST

Now that you have the most important tools you will need in buying your home, the fun begins. Make your list, starting with the most important too least important. This list should include things such as location, price, square footage, bedrooms and bathrooms, age, yard size, exterior and interior qualities, and more. There is no guarantee you will find a home with everything on your wish list, but it will give your REALTOR® guidance in what your looking for and what is important to you.

FINDING THE "ONE"

Once your REALTOR® has your list, they can do a search of homes that fit your criteria and you can decide which ones you would like to preview. You may find your home immediately, or it may take some time to find. The best advice we can give you at Drake Real Estate when you are looking for your home is, be patient!! You will know when you have found the 'ONE' for you. It is our job to make sure of that.

MAKE AN OFFER

When you find your home, the next step is making an offer. Your REALTOR® will research comps for the area that your home is in. These comps will allow you to see what homes in the area are selling for and this along with certain information about the home will help guide you in your offer. At Drake Real Estate we will use all of our knowledge, experience, and tools to help negotiate the right deal for you.

HOME INSPECTION

If you don't already have an inspector in mind, your REALTOR® can suggest a few inspectors for you to choose from. You can also ask friends and family members if they are local. Inspectors sometimes vary in what they charge, but not much. I would not worry so much about how much money you can save on an inspection, as I would making sure the inspector that you choose is very knowledgeable about local building practices, and is very thorough in their inspections. A good inspector can not only make you aware of any immediate issues that may need to be addressed with the seller, but can also help make you aware of any potential problems that may arise from lack of maintenance. Go to Hud.gov for 10 questions to ask a home inspector.

CLOSING

Once your home inspection is completed and any repairs have been negotiated and agreed to, your appraisal will have been ordered by your bank. Once your lender informs you that the appraisal is acceptable, it is time to work toward closing. Make sure to contact several insurance companies to get estimates. Once you have chosen which company you will be insured with, let the title company know. The title company will be working with all parties making sure that they have all the information needed to complete the final settlement statement. Your REALTOR® will contact you with the final information and let you know what you will need to bring to closing with you. Once you have the keys in hand, one journey had ended, and another one begins!