Buying a home can be an overwhelming process. From financing to negotiating to closing, there are a lot of moving pieces that can leave home buyers bewildered.
The Ridgeway Team can help guide you through each step of the buying process, offering sound advice along the way. We know the ins and outs of the real estate industry, you’ll not only end up with a great home, but you’ll also walk away with a great experience. That is why EXPERIENCE COUNTS!
Follow these simple steps:
1. A MUST–getting pre-approved by a lender
If you skip this step, you will be setting your self up for disappointment by knowing what you can afford. At a contract writing you will also need a pre–approval from a reputable lender in order to present your offer. Waiting until the last minute to do this step could make you loose your home of your dreams! The Ridgeway Team will be able to assist you with finding a reputable lender that will be able to meet your needs. The lender will then go over your financing options, check your credit report, help with what monthly payment amount you can afford, and what you can expect for down payment requirements and closing costs. Mortgage Calculator Below!
2. Choosing a home
Guess what–you may not us to find your home. However, you will need us to sort the properties that you are viewing. We can assist you in this process by offering objective information about each property you are interested. We know how to answer your questions or know how to find the information that you request. Buying can be a very emotional process. Let us help take the stress away!
3. Making an offer
You just found your dream home. What’s next? The Ridgeway Team, once you’ve found the home of your dreams, will research recent comparable sales of similar homes in the area to help determine a fair selling price. Based on those comparable sales, as well as other factors like inspections and repairs, we will then help you structure an offer to include contingencies if needed and facilitate negotiations to get the very best deal possible. You will be required to offer earnest money. We will make suggestions on how much will be best for the contract negotiations. The Ridgeway Team has over 75 collective years of EXPERIENCE–we know how to conduct very savvy negotiations.
There are three basic areas that you, the Buyer, can negotiate. 1. Price 2. Concessions and 3. Closing Costs. We can help you decide on how to structure your offer.
4. After you get your dream home under contract
Most contracts have contingencies–items that must be completed by both Buyer and Seller. On of the most common contingency is a home inspection. The Ridgeway Team will arrange for a board certified home inspector who will not only inspect the house for any issues, but will write up a comprehensive report. The Seller is responsible for many issues by contract. Many houses may have other inspectors such as a pool inspection, septic, and termite. The Ridgeway Team will arrange for those inspections, too. You will need to continue to work with your lender by providing in a very timely manner any documentation needed for the loan. This is a critical, time sensitive step. The lender will order an appraisal.
The Ridgeway Team will handle the paperwork that a closing company will require. The closing company/attorney will handle the coordination with the lender.
Prior to closing you will have a final walk through of the property to assure that the repairs, if any, and other systems remain in normal operating condition.
Be sure to remember to change utilities into your name about a week before closing to be effective the day or closing.
All monies brought to closing must be wired. The closing company will give you instructions. DO NOT wire to a company that you are not familiar–there are scams out there!!
At closing you will need to bring a photo ID and a big SMILE!
Insurance can be confusing. There are many different kinds that relate to buying a home. Your lender will require a homeowners policy to insure the lender’s equity in case of loss. You cannot close without this policy in place.
There is title insurance. The lender will require this policy be placed on the property for the amount that the lender is lending. Don’t worry–the closing agent/attorney will be handling this insurance.
Many of our area homes will require flood insurance. There is often a 30 day waiting period–order your insurance well in advance of closing.
Home warranties, another form of insurance, are often used to help with maintenance of appliances, etc. during the first year. This item is often negotiated at contract presentation with the Seller paying up to $550 for the policy.
Termite Policy Many homeowners understand that termites can be an issue with our climate. You may want to consider this optional yearly policy to protect your assets from all wood boring organisms. When you close on your house, you will be given an initial clean bill of health!
QUESTIONS??? CALL US