Are you looking to buy a home? Harrington Real Estate has dealt with clients far and wide. Whether you are looking to purchase a bigger home for your growing family, or if you need to downsize, we can help.
Harrington Real Estate agents are expert realtors. They know how to advise you in the right direction with each and every move. We pride ourselves on quality customer service, first-hand industry education and more sold homes than the local competition.
If you are looking to buy a home from agents that value Honor, Integrity, and Trust above all else. You’ve come to the right place.
Buyers Resources
Step-by-Step Home Buying Guide
Getting Ready to Buy
Are you ready to find your dream home? Preparing to buy a home can be both exciting and terrifying at the same time.
Fortunately, a Harrington Real Estate agent can lead you in the right direction toward the home of your dreams. You first may want to ask yourself these questions:
- What am I looking for in a new home?
- Do I have enough money to purchase a new home?
- Is my credit in good standing?
You may want to make a list or brainstorm about the features and amenities that you find most appealing in a new home.
Finding A Realtor
Before you choose a real estate agent, it is important to do your homework on the real estate companies in your area.
- Search the Internet for local real estate companies.
- Review local publications for agent advertisements.
- Call each company to compare commission fees, marketing campaigns, and yearly sales volume.
- Talk to your friends and neighbors. Often times someone you know has sold their home and can provide a credible recommendation to point you in the right direction.
When choosing a Realtor, feel free to ask them the following questions:
- How many years of experience do you have in this industry?
- What is your selling experience in my community?
- What professional certifications do you hold (ex. Certified Residential Specialist – CRS)?
- What services will you provide for me as my agent?
- How will you represent me as a buyer?
- Can you provide all the information that I need about homes in the area that fit into my price range?
- What is the fee for your services?
- Can you provide all of the different scenarios with the sale of property I may purchase? (as far as commissions and fees)
- Can you explain the paperwork that I will need to sign?
- What is my contracted timeframe for using you as my agent?
Once you have chosen an agent, it is important to establish specific goals that you would like to meet. It is very important to communicate with your real estate agent and, in turn, that your real estate agent communicates with you.
Starting the Loan Process
It is important as a buyer that you establish some kind of financing before you make any serious home offer. The “pre-approval” process allows lenders to take a look at your finances and credit history in order to make a general assumption about your loan amount.
The pre-approval process is when a lender looks at all of your finances and determines the amount of money you could afford for a mortgage.
In order to get pre-approved for a loan, you need to contact a lender. Your Executive Real Estate agent can help you help you find a lender that you feel comfortable with, and that offers programs best-suited to your needs.
Starting Your Search
Now it is time to start the exciting search for homes! You may want to narrow down your search by asking yourself the following questions:
- What is my price range?
- Where do I want to live?
- Would I be moving into a good school district?
- Are there any zoning restrictions?
- How far is this home from my job?
- How many bedrooms and bathrooms do I want?
- What style of house am I attracted to?
- What amenities are most important to me (ex. pool, fenced-in yard, etc.)?
- Does this home have potential to increase in value?
- Is there room to expand if I would like to build an addition?
There are many new resources for the home finding process, such as Real Estate apps, MLS (Multiple Listing Service) and print advertising.
Finding Your New Home
Beginning the search for your new home can be a great feeling. It is important that you directly communicate to real estate agent what your preferences are for a home.
You may want to first begin by making a list of the features and benefits that are most important in your pursuit of finding a home.
These could be:
- Location
- Affordability
- Size
- Style
- Design
- Amenities
Looking for a home you feel comfortable in is key. Your real estate agent can look for homes in specific areas you have designated.
Making An Offer On A Home
Selecting a home should be relatively easy once a home meets your criteria and the property is desirable for purchase.
You will want to inform your real estate agent what you like about the house and make a list of your likes and dislikes with the property. Though you will most likely have done this already in a general sense, it is important to do it again for specific homes you have in interest in.
The following are common steps in making a home offer:
- Work with your agent to come up with the best price range that suits you, and submit an offer to the seller
- The seller may either accept your offer and the terms that you have put in place, or
- The seller may reject your offer, but may counter with new terms
This is all a part of the negotiation process. Communicating about the house and how it makes you feel is important when making this decision. It is also important to be realistic when it comes to how much you can afford when selecting “your” home.
Financing
Doing you homework about loans will save you both time and money. There are thousands of loans out there to choose from, but it is important to keep in mind several key factors that will help you along the way:
- How much money should I put down?
- How is my credit?
- Is this my first home?
Receiving a loan requires completion of a loan application and specific financial documents including pay stubs, rental checks and/or tax returns. You can receive a loan from a number of different financial institutions, namely: commercial banks, credit unions, mortgage bankers, mortgage brokers, savings and loan associations, mutual savings banks and insurance companies.
Insurance
Insuring your home is like making an investment in your future. You work hard to have a home; homeowners insurance protects you and your family from someone or something taking it all away.
There are many different forms of insurance:
- Title Insurance – protects you in the event that the title on your property has a lien, unpaid taxes, or other legalities that would make it invalid.
- Homeowner’s Insurance – protects your home from fire, theft and other liable coverage.
- Flood Insurance – protects your home from flood damage.
- Home Warranty – offers buyers and sellers the piece of mind that should anything unexpected happen (due to normal, every day wear and tear) of the home’s appliances, heating, air conditioning, plumbing, and electrical systems, it will be repaired (or replaced in some cases) for you without costly fees.
Closing Procedures
The closing process is always changing. It is even referred to as “settlement” or “escrow” in different parts of the country. With increased technology, most closings are completely automated and both parties do not have to be present at the same time to sign.
Closings usually take about 30 days to complete. This mainly depends on the buyer’s financing availability, successful home inspection completion, and various lender conditions (ex. title search, title insurance, termite inspections, surveys and appraisals).
The closing process is the transfer of the title of the property from the seller to the buyer. The buyer will receive the keys to the home or the deed to the land, while the seller receives payment for the property. The amount the seller receives is based upon the amount that is still owed on the mortgage, any outstanding fees or taxes, and any additional closing costs. All legal papers are filed with the local record office.
It is this step where the buyers and sellers do very little. It is important for the buyer to take a final walk through the property to make sure the property’s condition has not changed. It is equally important for both the buyer and seller to make sure the paperwork they are signing reflects the agreement of the original sale.