Before Writing an Offer
Things to consider:
You have a lot to consider, however I can absolutely make the entire buying process easier for you. If you are bringing your own people to the table, or you require recommendation I can ensure a smooth transaction. Here is what you need to know;
1) Financial Obligation;
You need to pick a Lender that you either currently use for banking, or pick a mortgage specialist that can assist you in securing financing. I can help, as I have people that are extremely good at what they do and I have been working with for years to help past and present clients.
2) Finding the right home;
Truly the best part of the process, as you now know after meeting with the lender what you can afford. You just have to go shopping and find the right fit, the better I understand your wants and needs, the easier this process will be.
3) Writing an Offer;
Once the right home has been found you are going to present and offer, you will be signing off on a commitment to purchasing a home. This can be subject to conditions, or this can be unconditional. If you present an unconditional offer, the moment that the contract has been signed by both parties you have officially firmed the sale. The more traditional route is going with an offer subject to conditions. This means that you will have a timeframe to secure or satisfy your condition. If you do not secure the conditions then you would present a non-waiver of conditions. If all goes well then you will present a waiver of conditions that firms the sale and your proceed as discussed in the contract.
4) Financing/Property Inspection/Sale of Buyers Home;
These are all typical conditions associated to an offer, the first two are typically more common. If you have conditions, they have to be satisfied. So once an offer is accepted, you need to getting working on that process right away. Your lender will get working on the financing, and an Inspection can be set up to ensure the property is safe for you or your family to live in. The timeframe for these to be completed all depends on the people you have engaged to help you. Sale of Buyers home is different as you have written an offer subject to you securing financing based on the sale of your current home. This will put you in a tough position so I would recommend speaking with me about the realities around this and how to make this process as smooth as possible.
5) Conditions met, moving forward to possession;
In the contract you will have agreed on a date that you are going to move into your new home. That period of time is usually 30,60, or 90 days. It is very important during that time that you set up the following items;
- Lawyer appointment
You will have to consider more items such as address changes, however I can help ensure you have what you need for that.
You will meet with a Lawyer hopefully no less than a week prior to possession. At that time you will need to have your down payment prepared, any additional closing cost as well as the legal fee's associated to the documents the selected Lawyer has drawn up.
7) Final considerations;
In the end everything you have done will come down to a few fundamental costs that you need to be aware of on a monthly bases;
1) Mortgage Payment
2) Property Taxes
3) Potential Renovation Costs
6) Home Owner Association or Levies associated to your specific area (if applicable)
You can and should get a very real idea of this monthly number. Your selected Lender and I can help you accomplish this.
7) Move-In Day!!!
The day has finally arrived, you are prepared to take your keys. I will be calling once the Lawyer on the sellers side has secured your funds for his client. At that time it's imperative that we meet at the home as soon as possible to ensure that the property is in the condition that all parties agreed upon. If all is as expected, you have know successfully bought and moved into your home. "Congrats"
If you have any questions about this information, or require an even more detailed version. Please feel free to contact me and we can discuss this further.