Ultimate Real Estate Buyers Guide

One of the most important steps to buying a home is finding an experienced real estate professional to guide you through the process. The next step is being prepared. This ultimate real estate buyers guide ebook includes buying advice, checklists and tips to get you started.
Let's Dive In

Do's and Don'ts

The following do's and don'ts will help you avoid pitfalls when it comes to making what is possibly the biggest investments of your life.

Do's and Don'ts

Do Understand Your Home Buying Goals

It is critical to know what you want before embarking on your home buying journey. Create a list of your goals, both personal and financial. Think about what you want in terms of location, size, type of neighborhood, schools (if applicable) and area amenities.

Do's and Don'ts

Don't Overestimate What You Can Afford

Before searching for the perfect property, get pre-approved by a lender. Looking for homes outside your budget is a waste of your time and can wreak havoc on your emotions. You will be disappointed if what you are pre-approved for is substantially less than you thought. Knowing what you can afford before you start with save time and aggravation.

Do's and Don'ts

Do Keep Your Emotions in Check

When you find that perfect home, it can be hard not to get emotionally attached. Go into the home buying process with high intention and low attachment. This will keep your spirits up when looking for that perfect place.

Do's and Don'ts

Do Use a Local Real Estate Professional

Local realtors have an in-depth understanding of the current market conditions in the area you desire. In addition, they often have access to off-market properties. They understand local market complexities and can negotiate based on their experience for the best price and outcome.

Do's and Don'ts

Don't Make Major Financial Changes

Your ability to demonstrate financially stability is the single biggest determining factor when getting a mortgage. Avoid financial moves such as making large purchases, moving large amounts of cash, applying for more credit, co-signing a loan, or switching jobs.

Do's and Don'ts

Don't Get Discouraged

Whenever you’re in the market for a new home, patience is key. It could take weeks or months for the right home to appear, and you may lose a home opportunity to another buyer. Don’t feel like you have to settle for a house that doesn’t meet your needs just because there are few options on the market. If you can wait it out, more opportunities will undoubtedly come along. Be confident. You will find your perfect home.

Why You Should Use a Realtor

In the era of digital technology, it’s easy to assume buying a home is simple. Most people think you browse online listings and make an offer. However, purchasing a home involves much more. Here's why using a realtor is essential in the home buying process.

1

In-depth Understanding of Local Market

Searching for homes online might seem easy but it’s very time-consuming. Local real estate professionals have detailed information about neighborhoods, schools, amenities, and property values. Plus, they have an inside track to properties that may not be on the market. As a result, they are able to present listings to match your home buying objectives.

When you are ready to make an offer, your buyers agent will help you craft a competitive offer based on the local market while protecting your financial goals and interests.

2

Expert Guidance and Negotiation Skills

There are 133 tasks to complete once an offer is accepted. A buyers agent will navigate you through your real estate transaction. In addition, they will connect you with trusted professionals such as mortgage brokers, home inspectors, contractors, and lawyers who are critical to the process.

Realtors are well-versed in handling all kinds of real estate documents. These include purchase agreements, disclosures, inspection reports among others. They ensure all paperwork is correctly filled out and submitted within timelines to avoid possible legal issues.

3

Save Time and Reduce Stress

Your buyers agent will guide you step by step throughout the process. From providing appropriate listings to helping with paperwork and deadlines, you will save time and alleviate stress.

Think Outside the Home Search Box

When you begin your search, be creative.

1

Leverage the Power of the Internet

Work with your real estate agent who will provide MLS searches. Look on 3rd party property search sites, and classified ad sites like Craigslist. These property searches will help you find homes as well as help you get a better idea of the size of the mortgage you’ll need to live in the neighborhood or area of your choice.

2

If you Snooze, You lose

Once you’re pre-approved, don’t delay in making an offer when you find a home you love. Work with your agent to establish the parameters for a good offer. And as soon as you do, make your offer.

3

Consider New and Pre-Construction Developments

Get in on the ground floor with new construction. Most of these homes will significantly rise in value, allowing for more equity. Choose a realtor who is experienced in the industry and will be able to negotiate for you

Mortgage Strategy

Be prepared for every stage of the process. This is especially true when it comes to choosing a mortgage lender and applying for a loan. The mortgage process is one area which can derail the home transaction if not handled properly.

Do Your Homework and Be Ready

  1. Find the right mortgage broker for your particular needs. Shop around. Compare rates. Compare companies. Ask questions such as: the difference between fixed and adjustable rates, what credit score they require, and the loan interest rate.
  2. Underwriters are like detectives. Their job is to make sure you are who you present yourself to be. To keep the process moving, make sure your finances are in order and you have gathered the appropriate paperwork required for the loan.
  3. As you move through the process, specific details can affect your mortgage outcome: changes in marital status, job status, and bank accounts may impact the loan outcome.
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BUYER TIMELINE

Your buyers agent will work closely with you throughout the process to make sure you are success. This general buyers journey timeline will get you started.

01


Mortgage Pre-Approval
Mortgage Pre-Approval

Knowing what you can afford is critical.
Gather your financial documents
Research and shop for lenders. Choose a lender.

02


Hire a Real Estate Professional
Hire a Real Estate Professional

Your real estate agent will work closely with you on this significant process. Choose an agent you trust and who you can work with from start to finish. Based on your goals, your agent will present suitable homes. negotiate on your behalf. advocate for you, and protect your interests.

03


Home Search and Offer
Home Search and Offer

Your home tours begin! As the buyer, your main focus is finding a home. The right real estate professional will use specific tools and send you listings of every available property(some may be pre-market) that meets your criteria. Once you find a home, your agent will prepare the best offer based on the price and terms you choose and negotiate on your behalf.

04


DAY 1 - PURCHASE AGREEMENT
DAY 1 - PURCHASE AGREEMENT

YOU'RE ON YOUR WAY! You and the
seller agree to price and terms. Your real estate attorney will inform you of the responsibilities related to your contract. The home is effectively held for you until closing based on the terms. In most cases, the contract provides you with a timeline to obtain financing and inspection information.

05


DAYS 2-10 HOME INSPECTION
DAYS 2-10 HOME INSPECTION

Schedule, complete, and review a home
inspection. Your real estate agent will help guide you through this process.

06


DAYS 14-15 PAPERWORK AND DOCUMENTS
DAYS 14-15 PAPERWORK AND DOCUMENTS

1. Sign Purchase and Sale Agreement
2. Apply for mortgage: review terms
and submit all documents to lender.
3. Lender orders an appraisal

07


DAYS 30-40 MAKE MOVING ARRANGEMENTS
DAYS 30-40 MAKE MOVING ARRANGEMENTS

Day 30
Schedule movers. Notify companies of change in address
Day 40
Contact insurance company for binder policy

08


DAYS 45-50 FINAL PREPARATIONS
DAYS 45-50 FINAL PREPARATIONS

Day 45
Finalize your loan, review documents
and receive your mortgage commitment.
Day 50
Confirm closing day, time, and location

09


DAY 59 WALK THROUGH
DAY 59 WALK THROUGH

Walk through the home after seller moves out to ensure all inspection tasks are complete and the seller move out went smoothly.

10


DAY 60 CLOSING DAY!
DAY 60 CLOSING DAY!

YOU MADE IT! The closing is typically held at the buyer's attorney's office where you will sign closing documents. CONGRATULATIONS!

Additional Resources

Click the links below for additional information to make your home buying journey a success:

Search South Shore Communities

Search Properties on the South Shore

Create a Custom Home Search

Agents at Michelle Larnard Real Estate