Buying a home can be very difficult, costly, and time consuming if you are not properly educated in the process of purchasing a home. Below you will find some important steps that will help guide you in the purchase of your new home, and will help make your journey a smooth one. Do not hesitate to contact one of Team SURGE expert agents for any additional information; we are here to help in purchasing your most important investment, YOUR HOME!
As soon as you have made the decision to become a homeowner should start your online your search right away. You can do this through www.sgtrealtyexperts.com, newspapers, and magazines. Write down the areas you would like to live in, schools you want your children to go to, and other wants and needs you have.
2) Schedule your BUYERS CONSULTATION & Hire Your Real Estate Agent
When purchasing a home it’s FREE for you to use a buyer’s agent because the seller pays the buyer’s agent commissions on nearly all transactions. Contact a Team SURGE agent and schedule a comprehensive Buyer’s Consultation; this is 100% free and is very important for the following reasons:
a. You will learn: all the necessary steps you will need to complete the purchase of your new home.
b. You will learn: about your local market and see if the time is right for you to purchase a home.
c. You will find out: if you, and the agent, are compatible to work with each other during this very important process.
d. And most importantly: you, and a Team SURGE agent, can set expectations of each other and answer any additional questions you may have.
3) Decide How Much of a Home You Can Afford
Most lenders recommend buyers look for homes that cost no more than four times their annual household income, and that’s with a 20% down payment with moderate amount of debt. Ultimately this decision should be made based on your own financial situation. One of the best tools for this is the Zillow online Affordability Calculator to give you a good idea where you need to be. There are a lot of different types of home loans out there and that’s way it’s very important to get Pre-Approved for a home loan before you start your search.
It is very import to get Pre-Approved prior to your home search. You will need to know home much you are approved for, how much you can afford, and how much you actually want to spend. The only way to do this is to get Pre-Approved through a reputable mortgage lender. Here at Team SURGE we highly recommend Matt Hickman with Academy Mortgage. Click on any of the links to have one of Matt’s team member’s contact you about your mortgage needs.
One of the most over-looked items in purchasing a home is getting the best service and price for your home & auto insurance needs. Here at Team SURGE we highly recommend contacting Luke Udy at American Family Insurance. Luke Udy offers a wide variety of services from life insurance to home & auto insurance. By clicking on one of the links you can contact a member of Luke’s team today to get the ball rolling so there are no surprises in the 11th hour.
6) Shop for Your New Home and Make an Offer
This is where all your hard work and due diligence pays off. Make a checklist of the pros and cons with each home you see and rate them on a scale from 1-10, 10 being your dream home. Once you have narrowed down the homes to your top 2-3 homes, do not hesitate to revisit the homes several times to make sure you get a good vision/idea of living there. This is where your Real Estate Agent expertise are the most important because of their knowledge of the local area, market, properly priced homes, and negotiating the offer so you get the best value possible.
7) Pick your Title/Escrow company
Choosing the right Title/Escrow Company is very important. They will be ones that issue your title insurance, make sure the title is clear of any negative issues, facilitate your closing, and handle the disbursement of all the funds. We here at Team SURGE highly recommend you research several title companies before you pick one for your title/escrow needs.
Make sure you have ample time to perform your due diligence on the home, and you may also want to schedule a home inspection as well. Failure to complete a thorough due diligence on the home can lead to tens of thousands of dollars in repairs, possible denial of your loan, and many other issues that can send you through an emotional, and costly roller coaster ride. Do not let this scare you, here at Team SURGE our agents only work with the top professionals in their industry and most importantly, we all have 100% fiduciary for you, and you alone. We here at Team SURGE highly recommend Bobby Chiodini at Dynasty Home Inspections. He is very thorough and he is known for spending the time with buyers at the home tell they are comfortable in knowing all there is to know about the home inspection findings.
This is also the time to finish you’re financing and have the home appraised. Make sure you work closing, and diligently, with your real east agent, lender, Title Company, and insurance agent on providing them with all the necessary information they will need during this process. Remember, every transaction in real estate is time sensitive and you will need to work fast and diligently during this time.
9) Close and Move into your NEW HOME
At closing, you will sign all the required paperwork in order to complete the transaction/sale of your new home. This typically takes 1-2 hours and your loan normally does not fund/record for 24-48 hours. After the transaction funds/records the home is all yours and you are off to making wonderful memories in your NEW HOME!