ARE YOU BUYING A HOME? THEN YOU’RE IN THE RIGHT PLACE!
If you are searching for homes for sale in Lapeer County, or nearby counties St. Clair, Tuscola, Sanilac, Oakland, Genesee or Macomb – everything you need to know about how to prepare for a great home buying experience is below. I hope you find this information useful.
There is no such thing as a typical home buyer. My team and I are trained, expert professionals and we can provide the answers you need if you cannot find them here. Please call us at (810) 691-0731 if you need help!
Until then, read and enjoy our Buyer’s Guide. Congratulations on beginning the home buying process!
10 STEPS TO Closing
Step 1:Find the
STEP 4:Start home
STEP 6:Order an
FIND THE RIGHT REALTOR
A seller has someone on their side. Listing agents have an allegiance to the seller. The goal is to get the seller top dollar for their home. The value of having someone working for YOUR best interests when buying a home can’t be overstated.
HIRING A REAL ESTATE AGENT? ASK THEM THESE QUESTIONS:
- What education/experience do you have in the real estate field?
- What education/experience do you have in real estate?
- Have you been in the real estate business for a long time?
- How do you assist buyers in closing the deal?
- What is the best way to communicate with you?
- What are your working hours?
Step 2: PREPARE FINANCES
Mortgage lenders recommend that you do not buy a home worth more than 3 to 5 times your annual household income. If you are not purchasing a home with cash, you will need a mortgage pre-approval from your mortgage lender. You will work with a lender to get a loan that meets your needs. While some buyers want to keep their monthly payments as low as possible, others want their payments to remain stable.
MORTGAGE PAYMENT AND FINANCIALS
- Check your credit report. You should note any errors you see and discuss them with your lender.
- Compile all necessary documents, including pay stubs, bank statements, and past tax returns.
- Decide how much payment you are comfortable with. Remember that you will also have a mortgage payment plus taxes and insurance!
PREPARE CASH FOR A DOWN PAYMENT & OTHER EXPENSES
To buy a home, you will need to save money for your down payment, earnest money, closing costs, and home inspection
- Typically, a down payment is between 3% and 20% of the purchase price.
- Earnest Money is money you put down to show that you are serious about purchasing a home. It’s also called a good faith deposit.
- For the buyer, closing costs range between 2% and 5% of the loan amount.
- The cost of a home inspection ranges from $300 to $500.
You can compare offers from a variety of reputable lenders in all 50 states, ranging from small, regional providers to large, well-known companies such as Citi and Bank of America. You’ll get a personalized quote and be able to read lender reviews and ratings to determine which lender is right for you. Learn if you qualify for a special loan, such as a Veterans Affairs (VA) loan or federal or state-sponsored home buying programs.
Get that mortgage pre-approval letter — it’ll make you a more competitive buyer.
Note: In contrast to being pre-qualified, being pre-approved means that you have been approved by a lender for a specific loan amount. To be reviewed & verified by the lender, you must provide documented financial information (income, statements, assets, debt & credit reports, etc.).
Prepare for a Mortgage:
- Check if you qualify for a special loan, such as a VA, FHA, USDA, or HUD program.
- Compare loan quotes from multiple lenders.
- Get preapproved for a mortgage and receive your letter.
step 4:start home shopping
If you’ve made a list of your must-haves, don’t forget to take into account the neighborhood you want, the type of schools in the area, the length of your commute to and from work, and the convenience of local shopping. Be aware of your safety concerns as well as the appreciation rate of homes in the area.
- Prepare your home wish list in advance.
- Spend some time in each area, imagining yourself living there.
- Find properties in your price range in the neighborhoods you prefer.
- Visit open houses or schedule a private showing with one of our team members.
- We will pay attention to the details of each house.
- Check the plumbing.
- Test the electrical system.
- Make sure the windows and doors are working properly by opening and closing them.
- Analyze the neighborhood and surrounding areas.
- Is there a lot of traffic on the street?
- Are schools, shopping, restaurants, and parks nearby?
step 6:order an INSPECTION
An inspection can identify defects in a home you are considering buying. You may be able to negotiate with the seller to fix any issues that are revealed during the inspection.
A reputable home inspector will inspect the home during the inspection period. Following this, the inspector will provide us with a list of findings.
STEP 8:appraisal oRDERED
An appraisal is performed by an independent party of the bank, and is not part of the process that consumers can choose from.
When your home is under contract with a financed offer, an appraisal is required before you can move forward with the sale. Whether or not you make it to closing without further negotiations depends on the outcome.
step 10:closing dAY
At closing, you sign ownership and insurance paperwork and receive your keys to your new home! Closing typically takes four to six weeks. Your purchase funds are held in escrow during this time, where your money is kept safe until the transaction is complete.
FINAL WALK THROUGH
We will perform a final walkthrough of the property within 24 hours of closing to make sure it is in good condition. The final inspection takes about an hour. If the seller agreed to make repairs, we will make sure they have been completed.
We will be sure to:
- Make sure all appliances are functioning properly
- Check for leaks in all faucets and run the water
- Open and close garage doors with the opener
- Flush the toilets
- Start the garbage disposal and exhaust fans
Who will be there:
- Your agent
- The seller
- The seller’s agent
- Your loan officer
BRING TO CLOSING
- Government-issued photo ID
RECEIVE YOUR KEYS
Realty Executives Main Street, LLC
1022 S. Lapeer Road
Lapeer, MI 48446