The New Year is nearly upon us, and that means the next home buying season is right around the corner! In recent years, home buying in Metro Columbus ramped up right after the Super Bowl, and didn’t slow down until the late fall. If you plan to buy a home in 2017, now is the time to prepare!
1. Download our free 26 page eBook, “How to Buy a Home Like a Pro”. Review the Consumer Federation of America’s questions to ask! Then find a true Exclusive Buyer’s Agent only at an Exclusive Buyer’s Broker like us!
We can set up a private Home Search Online Portal at no cost with real time accuracy – unlike Zillow, Trulia or Realtor.com!
2. Get pre-approved. A mortgage pre-approval is a thorough review and verification of your income, employment history, credit history, debts, financial resources and overall ability to pay.
Once your lender has determined your mortgage eligibility, you’ll be issued a pre-approval letter. Copies of this letter can then be supplied with your home purchase offer, evidencing that you are ready, willing and able to buy. This strengthens the appeal of your offer to a home seller.
3. Don’t rock the boat with your credit. Pre-approvals are not written in stone! Making changes to your employment or credit picture, even seemingly benign changes, can cause your lender to void the pre-approval and start over.
4. Line up the professionals you’ll need. Begin by becoming a Buyer-Client of an Exclusive Buyer’s Broker! Only an Exclusive Buyer’s Agent or Broker can give you true fiduciary representation that protects your best interests. This is a critical distinction that can save you thousands of dollars, and protect you from the inherent conflicts of interest and disadvantages that come with other types of agency.
You will also need a home inspector, home insurance agent, and possibly home service providers and contractors. Your Exclusive Buyer’s Broker has a vast network of trusted professionals to share with you.
5. Know what you’re looking for, and in what neighborhoods. Before you begin touring homes, make a list of the must-have home features and amenities. Be realistic about what your budget can buy. Also decide what school districts and neighborhood amenities are important to you.
6. Make a strategic offer on the home you like. Your Exclusive Buyer’s Broker will counsel you about local sales activity, and help you create a strategic offer that takes market trends and home condition into consideration, while protecting your best interests and getting you the best price and terms.
Unlike typical real estate agents, an Exclusive Buyer’s Broker will never recommend waiving important contingencies that protect you!
7. Promptly provide your lender with any documentation that is requested. Once your offer is accepted, time is of the essence! Stay in contact with your lender. Order your home inspection. Arrange your insurance coverage to become effective as of the closing date. Your Exclusive Buyer’s Broker will help you manage all the steps!
There are some things you cannot control in the home buying or closing process, such as the time it takes for the bank appraisal, or the time it takes for final review of your mortgage underwriting. Do your best to keep your pieces of the transaction moving along, and be patient on the rest.
8. Make sure your credit data and financial information remains consistent. In many cases, closing delays are caused by a credit score change or other buyer financial issue, which in turn disrupt the mortgage approval. Do not change jobs, open or close lines of credit, make large purchases, or transfer large sums of money around.
Ready for a new home in the New Year? As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax