The Home Buying Process
Whether it’s your first time on the real estate market, or you’ve completed transactions in the past, the task of purchasing a home can be overwhelming! Maxwell Performance is here to make the process a little easier not only by providing you with top-notch real estate professionals but with all the helpful resources you need. Here are a few of the most important ones for BUYERS:
Purchasing a home is a big decision, and we want to make sure you’re ready. We’ve created a simplified list to let you know what to expect:
1) Have a Down Payment Saved
Banks may require you to have anywhere from a 5% (First Time Home Buyer) Down payment to a 20% Down payment dependent on your situation.
2) Get Pre-Approved for your Mortgage
Before buying your home, you need to know what you can afford. For pre-approval, a credit check is run and the amount of available down payment is taken into consideration. The lender looks at any debts and factors in if the person is a First Time Home Buyer. ( See Link)
3) Decide what you want in a home
This section includes deciding which locations interest you. Things to consider include buying a new home versus a resale home. Home types include single-family detached homes, semi-detached homes, duplex homes, townhouses or condos. When determining what type of home is the best fit, a person should take into consideration the lifestyle that he or she lives, current needs- such as rooms – and future needs if the family should grow.
4) Choose a Real Estate Agent
An Agent can be an invaluable tool when buying a home, and save a home buyer much time and frustration. An Agent understands the market and will lead homebuyers to homes that they want to see. We understand that you have a ton of options when it comes to choosing an agent, but here at Maxwell Performance, it is our commitment to provide you with a buyers agent dedicated to working in YOUR best interest. The agent will be there to listen to you, and provide answers to all your questions. As a MaxWell Client, we provide full access to our home search app, so you can browse homes that are for sale in your area.
5) View Properties
Of all the steps in buying a house, this is often the most exciting and enjoyable. Your Maxwell Performance Agent will search, find and screen homes and present you with the options that best match your established criteria. The agent can book times around your schedule and make you feel comfortable as you work towards a decision.
6) Make An Offer
Once we’ve found you the perfect home, it’s time to make an offer. Your agent will help you base the price of comparable homes that have sold recently in the area. The agent will draft your contract including price, and terms you will need to meet to complete the sale. Your Maxwell Performance agent will ensure your contract meets all of the necessary legal requirements and that are supported every step of the way.
7) Secure the Mortgage
Once the offer has been approved, it is time to complete the mortgage application and secure funds.
Arrange for a home inspector to come and check over the property. Your agent can help you locate a reputable inspector. An inspector will check for signs of asbestos, mould, and pests as well as verifying that the foundation, plumbing, electrical systems, roof, walls, and visible insulation have no issues.
9) Obtain Insurance
You will need to purchase homeowners insurance for the property. Your Maxwell Agent can give you suggestions on who to call.
Prior to closing, the buyer will want to verify that all the necessary documents have been signed and the terms have been met. An agent can help you review this list. On the closing date, closing costs and fees will be made
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