Meet the BCI Properties Real Estate Services agents that are here for you:
Our 5 step buying guide to get you into your new home
1. GET PRE-APPROVED
1. Qualify
Be prepared to provide pay stubs and bank records to your lender.
2. Verify
Be prepared to discuss credit and job history.
3. Budget
Know your monthly expenses. Just because the bank states you can afford an $1850 a month payment doesn’t mean you are comfortable in doing so.
4. Woo Hoo!
You will be given a letter of pre-approval to enclose with your offer. This sends a signal that you are a ready and able buyer.
5. Lay Low
Finally, avoid large purchases, changing jobs or doing anything that would affect your credit.
2. GO SHOPPING
Stick to your budget
You know how much house you can afford. Don’t fall into the too-much-house-not-enough-money trap.
Know what you are looking for
How many bedrooms do you need? What size of yard? How much storage?
Use the power of the Internet
Your BCI Properties agent can send you everything you need to know about a house. In some cases virtual tours are available. This will save you and your sales agent hours of time looking at properties that do not meet your needs.
3. MAKE AN OFFER
Taking action is the first step
Your BCI Properties agent will be with you every step of the way.
Timing really is everything
In this market, if you find something you like, submit an offer.
Things to consider when making an offer
Listing price compared to recent sales in area. Your BCI Properties agent will help you with this.
Condition of house.
Closing costs – Who pays?
Potential inspection items.
The stronger your offer the more likely it will be accepted
Substantial earnest money deposit.
Reasonable closing dates.
Reasonable requests of the seller.
Expect that there will be a counter.
Negotiation comes down to how much you want the home and how badly does the owner wants to sell. A good agent navigates you through this so everyone wins.
Offer and acceptance
That’s the goal!
4. SIGN & CLOSE
1. Inspection
A qualified home inspector will look at everything in your potential home. Remember all homes typically have maintenance and repair issues. You and your agent need to decide what you can live with and what you feel needs to be fixed. You might ask the seller to fix something and you might not. Again, your BCI Properties agent will help you navigate through this part of the negotiation.
2. Appraisal
Once you and the seller agree on the inspection, your lender will send out an appraiser to ensure that you are paying fair market value for your home. This protects you and the lender. Typically there is an additional cost for this, which you the buyer will pay.
3. Underwriting
The final process to obtaining your loan. Be prepared to supply tax returns, W-2’s and bank statements. The faster you can get these documents to your lender the better chance you have on getting through this process quickly. You will then be asked to sign a large stack of documents that basically states that you will pay your mortgage to keep your home!
4. Closing
Your loan company will wire money to the seller through an escrow company.
5. MOVE IN!
Once the sale is recorded with the county and your agent gets receipt of this, you get your keys.