Steps to Buying a Home

Once signed, the Buyer Agency Agreement allows your broker to work for you as your fiduciary and binds them to keep your privacy and not share confidential information with anyone else. All in all, it protects you as a buyer.

Be sure to let your broker know if there are any real estate apps you like or have used already, and you can work together to decide which app might be the easiest for you going forward. 

Here are some tips we suggest you discuss with your broker as you begin your search to make sure you’ve got your best foot forward:

• Be honest – with yourself and your broker – about what you are looking for in a home. This will make the process much more streamlined and will help get you exactly what you need without wasting time in this fast-paced market.
• Establish your preferred way of communicating – do you read and respond better to texts, or are phone calls best? If you have multiple email addresses, make sure your broker has the most appropriate one to make sure you receive all information in a timely manner.
• Take the time now to ask about potential strategies that you may need to use when submitting an offer so that you’re fully prepared when the time comes. Find out more about appraisal gaps, waived inspections, and any other tools that you may be willing to include to make a strong offer.

Your broker can set you up with an auto email that will send you listings that fit your criteria as soon as they hit the market, so you’ll be one of the first to know! If you see anything that you’d like to view in person, let your broker know so they can set up a showing and go with you to see the property. They will also keep your wants and needs in mind during all discussions with other brokers as well as within our brokerage to keep a pulse on what may be coming on the market that could be a match.

Be sure to ask your broker for an overview of all the costs you will need to pay. In addition to the cost of the home, the buyer will typically have to pay for the following:

• Earnest Money (note that you will need to need to have these funds readily available)
• Inspection
• Appraisal
• Closing Costs (which can include title fees, mortgage fees, title insurance, and prepaid HOA’s)

*These costs are all dependent on the terms of your offer

Customarily, both brokers commissions are paid by the listing brokerage. However, this can vary from listing to listing.

Prior to offering on a home, it’s advised to get pre-approval with a mortgage lender. This will allow you to set forth your budget and decide what your price point should be.

You will be working throughout the process with the title company, your mortgage agent, and your broker (along with any teammates they have, such as a transaction coordinator).

Once you decide to view a home, your broker will contact the agent, schedule a day and time, and receive details on how to access the home. During the actual showing, it is advised that you are discreet about any intentions about the house while other people are around. After the showing, you can debrief your thoughts with your agent.

The amount of time it takes varies. Some people find their ideal home right away, whereas for others it can take months. The best things to do are to stay optimistic, be realistic about your expectations, and clearly communicate with your broker about what you like and don’t like in the homes you see. Sometimes expanding your horizons by venturing into a new neighborhood or adjusting your budget might be what it takes to find the right spot. 

Depending on the market, you may need to act fast to be sure you can get into a home for a showing once it hits the market. With a lot of buyer activity, showing slots may fill up quickly, so be sure to let your broker know ASAP if you’d like to view a property.

Yes! You are welcome to visit any Open House, either on your own or with your broker. If you go on your own, be sure to let the agent who is hosting know that you are already working with a broker, and then communicate any thoughts on the home with your broker after your visit.

Make sure to let your broker know ASAP if you need to cancel a showing appointment so they can release the booking, and, if necessary, reschedule for a better time.

In a fast-paced market, you may be one of multiple offers, so your strategies are important. Your broker will communicate with the listing agent and find out as much information as possible, including offer deadlines, what could be an incentive for the seller, and any terms that may give you an edge. Chat with your broker about all of the options, and make sure you are comfortable about anything you are waiving. Check out some tips to consider HERE.

Your contract is in electronic format using CTM software, and you will be able to access it through links in the emails that your broker will send. Anything you see in the contract that is blue is editable, while anything in black is set forth by the real estate board and can’t be changed. Be sure to located where you need to sign and/or initial on each electronic document you receive and that you take care of completing these in a timely manner.

This can happen in a competitive market, and it’s important to stay positive. New homes will come on the market every day, so there will be more opportunities to find the right home for you! Also keep in mind that if your offer is close to the one that was accepted, you could be a backup in case the original contract falls through for any reason.

This depends on each property, and your broker will keep you posted with details. The best advice is to remain patient and make sure you’ve put your best foot forward. Your broker will keep you informed of any updates or follow up as soon as they know more.

The designated Title Company or listing brokerage will hold the earnest money. See below for more information about title.

Your broker will keep a careful eye on timing to be sure that you know the deadline of when your earnest money becomes non-refundable. If you have any concerns, be sure to ask your broker.

Depending on the title company, there may be the option to pay online. Check with your broker.

The title commitment is the legal document including all easements and aspects of the property recorded with the county in which the property is located. When reviewing, you want to specifically look for:

Schedule A: Policy, loan, type of property (legal description)

Schedule B: What needs to happen for the property to be free and clear of liens and easements

If you have any questions, make sure to follow up with your agent, and we always recommend having your attorney review any documents you have questions or concerns about.

The title company will email you a Settlement Statement with an itemized list of all credits and debits. This document will specify the exact amount of money you’ll need to bring to closing.

You or your broker will schedule the inspection. Your broker will have recommendations for who to use, or you can research local inspection companies online and make your own choice.

It is ideal to schedule the inspection right away so that you can know early on of any issues within the house that could come up and then can weigh your options with as much time as possible. Ask your broker to check with the listing agent about the seller’s availability, and then you can schedule a time that works for you. The inspection company will ask for the listing broker’s information so they can find out lockbox details and how to get access to the home

You do not need to attend, but it can be helpful to be there and address any issues with the inspector present. Keep in mind that if you do attend, it can take at least a few hours, depending on the size of the home. Be sure to chat with your broker to let them know about the confirmed appointment time to see if they are able to attend.

You can choose whatever types of the inspection you want. CLICK HERE to see what types are available, and if you have any  questions or need advice about what you should do, ask your broker.

Once completed, you will receive a final report from the inspector that outlines their findings. Be sure to review the information and share the report with your broker. Together you can discuss anything that you would like to see addressed and/or repaired by the seller.

There are times when a seller chooses not to complete your inspection objection requests. Whether they are serious health and safety items or smaller fixes, you will need to consider what you are willing to do yourself. A few suggestions to think about:

• If the repair is serious, is the cost of doing it yourself be worth it to you to secure the home?
• If you back out of the contract, will you regret not doing the repair?
• Could you hire a handyman to complete some of the tasks in a relatively quick amount of time?

Be sure to ask your broker any questions as you consider your options.

As long as you meet the dates and deadlines set forth in your contract, your earnest money is refundable. Fees for inspections performed are generally not refundable.

Check with your broker to see if they have people that can help. They likely have contacts in all areas that they can pass along for you to reach out to. Be aware that no repairs can be scheduled or conducted prior to taking ownership of the property.

Your mortgage company will schedule this appointment, and a licensed appraiser will go to the home at that time to analyze the property. If a survey is required, your agent will be in touch with you. 

If the appraisal shows the value lower than what you are under contract for, then you have a few options:

• Object and ask the seller to adjust the purchase price
• Terminate and walk away
• Take the property as-is under value and provide additional funds

You will need a government issued ID. If you are bringing certified funds, be sure to have your check in hand.

It depends. They may be present at the same time to sign their required documents, or it could be a split closing, in which case they will have taken care of what they need to do at another time.

You will receive these at closing, unless the seller has left these items at the new home for access after closing.