Purchasing a home is most likely going to be your largest investment. It’s important to work with professionals who are familiar with real estate so that your investment doesn’t turn into a money pit. When selecting a real estate professional, do your homework! You want to make sure that you are working with someone who will tailor their skill set to match your needs.
In the blur of financing, forms, inspections, marketing, pricing and negotiating, it makes sense to work with a realtor that has experience, knowledge of the community where you’re looking to live, and your best interest in mind. Every home buying experience is unique, so make sure you are working with professionals that are capable of handling every obstacle this process brings.
Before the Search:
Before you begin your home buying search, look into different areas that have access to all your wants and needs. Utilizing websites like Realtor, Zillow and Trulia allow you to see how the local schools rate, that state of the market, taxes and crime statistics. Educating yourself on your local market and working with an experienced realtor can help you narrow your search and help you make an informed decision about which home is right for you and your family.
Finding Your Realtor:
Buying a home is all about decision making. You can only make good decisions when you have all the available information before you. Second to deciding what house to buy, choosing a realtor is one of the most important decisions you make in the entire buying process.
A good real estate agent should always have your best interest in mind. They are your guide through the maze of all things real estate. It’s important that they listen, respond quickly to your needs and put their expertise to work for you.
That’s why when you work with The Gargaro Group, you’re working with more than an agent, you’re working with an agency. We are the trusted source for all your real estate needs. We specialize in local real estate, finding you on and off-market properties. Our trusted consultants are experts in their respective fields, working seamlessly to provide you with the advice, knowledge, and guidance so you can make an informed decision.
We offer a fully comprehensive, client-centered service that’s focused on creating real estate opportunities for you.
Most first-time buyers need to finance their home purchase and a consultation with a mortgage broker is a crucial step. The cost of financing your home is often times greater than the price of the home itself (factoring in interest, closing costs and taxes). Get as much information as possible regarding mortgage options and other costs. Getting pre-approved is the next step to finding the home of your dreams.
Once you’ve secured financing from lenders, you can set your budget and seriously begin your home search.
Looking at homes begins with a discussion with your realtor. Make your realtor aware of your budget, needs and wants in a home. Prioritize those needs and wants because no home will tick every box. Inform your realtor and they will present you with a current list of relevant homes. Through our extensive client database, and 24/7 marketing monitoring we can locate on and off-market homes, unlike traditional real estate agencies, giving you more home buying options.
So you’ve found the one! Let your agent know that you’re ready to make an offer. To give you an understanding of market value, your realtor will create a CMA, or comparative market analysis, of recently sold homes in the area you wish to buy, so you know an appropriate price to offer. Remember in addition to the asking price, a proposal to buy includes both the price and terms. In some cases, terms can represent thousands of dollars in additional value, or additional costs, for buyers. Once you’ve submitted an offer to the sellers, let your agent work for you. They will keep you posted every step of the way.
In the case of a counteroffer, it’s important to have an experienced real estate agent who can negotiate on your behalf.
Once you are under contract (or bottom-lined), you have fully executed a purchase agreement. Both buyer and seller have signed to legally bind the document.
Now is the time to get the home fully inspected by a licensed professional. Once the inspection contingency is removed the mortgage company will order the appraisal. (Note: If there is no mortgage there is no appraisal.) Express any concerns to your agent immediately. Your agent is your lifeline here, they are your voice!
Most agents require an earnest money deposit, or EMD, upon acceptance of your offer.
At The Gargaro Group, we typically negotiate EMDs to be deposited after removal of the home inspection contingency. This is helpful to a buyer because we don’t require you to risk your money until after you know the house is suitable. This is one of the many advantages The Gargaro Group offers over other agencies.
Your agency will reach out to your lender and title company to provide all the closing details and answer any questions. Our client relations liaison is your guide through the final steps of the transaction process coordinating all the paperwork and arranging the time, date and location for the closing.
When a seller opts to stay in their property after closing, the seller will rent the property back from the buyer (you) and pay the buyer’s mortgage principal, interest, taxes, and insurance, or PITI.
Congratulations, and welcome home!