The Path to Homebuying

Few things can be more confusing, or laced with more potential pitfalls, than buying a new home. At Braeview, we have experienced this truth, and have dedicated ourselves to helping our clients avoid the problems while reaping the benefits of buying a new home for their family. The steps outlined in this section are not meant to be taken as exclusively covering all potential problems, as there are as many possible situations as there are individuals. We will, however, try to give you a guideline by which to organize your homebuying experience. Remember that your Realtor is a valuable resource. Customer service is a vital part of a good Realtor's qualifications. Choose one that puts you first...you are the only reason we exist!

The Early Stages.... Research

Research should be done right from the start. This doesn't have to be an in-depth study of Real Estate (that's why you have Realtors), but you should at least be prepared for a few basics:

Real Estate Professionals....whom will you choose to represent you through this procedure? Don't hesitate to check out more than one company or agent, and be prepared to sort sales pitches from actual information. Allow time to get to know the representative a bit...remember, you may be interacting with this person for weeks or months!

Financial Professionals....find a loan officer or mortgage broker who will help you wade through the financial requirements of homebuying. You can do this any number of ways: referral by friends and family, referral by your Realtor, Internet or local media advertising (Braeview recommends some in this site), or just look in the yellow pages. As with the Realtor, remember that you will be using this person's services for the duration of the process, so bear this in mind when interviewing prospects.

Legal Professionals....Very important to the success of your venture is the lawyer you choose. Real Estate...the buildings and land you will be aspiring to purchase...is a purchase which can be affected by circumstances and laws which are decades, or even centuries old! Select a lawyer who specializes in this field, then listen closely to the advice that lawyer gives you.

Building Inspectors....To buy something as important as Real Estate without first having verified the quality and condition of that purchase might not be the wisest of actions. A good inspector will walk you through all the corners and crevices of the home you select...and tell you the "bottom line" before you commit yourself!

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There are many possible variations and additional fields which might apply to your situation.... Moving Companies? Relocation Companies? Equipment Rentals? School Authorities?...so don't stop when you finish the above list. List potential problems as they occur to you...now, before they arise...and try to plot solutions for them. Don't forget your greatest resource: your Realtor. That person is there to help you find answers to your questions, so don't hesitate to ask!

Qualifying

Here is an important step which many people don't even realize should be done before the search even begins! After all, why worry about the money when you haven't even found anything to buy?!

The answer is that this step represents the foundation of your purchase offer when you do locate a home which you decide should be yours. Without a letter from an accredited lender, you won't even be considered! Even with AAA credit and the ability to place a substantial down payment, you are lacking the document needed to enter into negotiations.

We will not even try to cover the details of financing here, but just be aware that there are many options available, and perhaps more than one which applies to your situation. Get advice from your Realtor and your Financial Professional. Some issues to resolve at this point are:

• What kind of mortgages are available to me?
• How much will the institution involved loan me?
• How much can I really afford?
• Ask to be pre-qualified, including such basics as a credit check...don't wait until time is crucial to find out that some minor mistake on your record is going to trip you up!

Do these things early in the game...you'll be doing a favor for yourself, and everyone else involved!

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The Search

This area is a large one, and basically involves organizing your wants and needs regarding your new home. It is also the time when you want to decide how and when you will be able to work the search into your schedule.

What are the basic criteria you will set for yourself when selecting potential homes for consideration? Do you want to specify a minimum number of rooms of a given type? Do you have a certain location in mind? A school district? Style of building? Lot size?

Use your Realtor. You will need to think over your "wish list"...set some goals for your "dream house". Then, with the help of your Realtor, you may need to refine the list to fit your other limitations, including financing and commuting considerations.

Don't forget to be flexible when you finally begin searching. See how closely you can match your list, but remember to look at each prospect with open eyes. You will be refining that list throughout the process, so let each home you see aid you with this exciting process!

Finally, be sure to decide on a general plan for viewing homes. You will need to consider family schedules, availability of the homes in question (Open Houses? By Appointment Only?), and availability of your Realtor, among other things. Whenever possible, maximize your use of computer resources, including your Realtor's MLS access, any local sites (ask your Realtor), and larger sites such as Realtor.com.

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Prepare to Move

You should take as much time with this subject as is necessary to prepare it thoroughly. It's important to realize that moving can be a trying event, so do what you can early to make things go more smoothly later.

If you currently own your home, and are intending to sell it before buying a new one, now is the time to begin the process. Get a Comparative Market Analysis, and be realistic when evaluating the results. This process is intended to provide you with a guide to the value of your home according to what the current market will bear. While this may or may not reflect your own expectations regarding the value of your property, you should seriously consider using the CMA results when pricing your sale. Location and Asking Price are perhaps the two biggest variables which will determine the effectiveness of your marketing strategy.

Prepare your home to be shown. Try to look at your property with the eye of a prospective buyer. Is it so cluttered with (your wonderful) furniture or belongings that it's difficult to imagine anything else in there? Does it look clean and in good repair? Are the storage areas available for viewing? Should you begin some repairs? Painting? Cleaning? Ask your Realtor for advice with this...it's what he or she does for a living!

Decide when to list your home. If you are ready to look, or will be in the very near future, then it may be time. The higher you decide to price the property over the CMA results or your Realtor's advice, the sooner you should list, as you may have to adjust your marketing if it doesn't sell. You can often make your sale contingent upon finding a new home...ask your Realtor about this, too. Preparation in this area will allow you the greatest chance of a smooth transition from old to new.

Don't forget to use this time to plan and prepare for your move. Begin inventorying your belongings, and packing those items which you don't expect to need before your targeted move period. Label the boxes clearly, and store them in a place located as conveniently to the exit as possible. Remember to consider the appearance of your property when choosing this "staging area" if you will be showing it to prospective buyers.

Begin getting the necessary preparations underway for any changes in documents or records as applicable. Such things as address change forms, procedures for school record changes or transfers, and other similar necessities can be readied before they are actually needed. At least try to develop a list of what will need to be done, so you will have plenty of time to refine it or resolve any unknowns before the time for action arrives.

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