Your Brownsburg Homes Realty Specialist will spend time with you to explain the buying process in detail. Here is a preliminary checklist to help you get started.
Before you start looking for a home, you need to know how much you can spend. Getting your mortgage pre-approval is the very first step in the process! It will strengthen your position when you're ready to submit an offer and help you focus on amazing opportunities in your price range.
Consult with your bank and a mortgage specialist (we encourage you to get a second opinion!) They will look at your current financial situation and pre-approve you for a mortgage. If you don’t have someone to help you with this process, we’d be happy to introduce you to one of our partners. Be sure to get your pre-approval in writing. It will typically be valid for 120 days.
It’s imperative that you know the costs to be aware of when buying a home because they can add up quickly (on top of your purchase price.) The three most common expenses are the Inspection ($350 - $550), the Appraisal ($350 - $500), and Closing costs that range from 1% - 4% of the cost of the home. Don’t worry! Our job is to make sure you are informed and prepared and often times we can negotiate for the seller to cover a portion or all of these fees for you.
One of the responsibilities of your Agent is to ask you all the right questions that will help you create your home wish list. There are a lot of factors to consider but start with the main ones first:
We can’t wait to invite you to join The Matrix, the latest and best online property search tool that gives you direct access to the same MLS system used by Realtors. With Matrix, you can now search in real time (no more delayed property info) on any device. it’s user-friendly and instant; it looks a lot like your favorite social media tools where you can like, comment, save and share listings. it also allows you to easily communicate with your Brownsburg Homes Realty Agent by making comments on a listing or requesting showings. This tool is exclusive, you must be invited by a Realtor.
We know how busy life can get and that your time is valuable. We’ll help streamline which properties you see to ensure they meet your criteria and price range so you aren’t wasting your time. You’ll want to keep track of which properties you preview and provide honest feedback on each one to your Agent.
In today’s hot real estate market, if you find a property you love, you’ll have to decide quickly if you want to put in an offer. Most properties are selling in multiple offers (bidding wars where there is more than one offer on the same property) Your Agent will explain this process in more detail as well as help set expectations with you based on the properties you preview.
When you submit an offer (Agreement of Purchase and Sale), the main components for you to be aware of include:
- Offer Price
- Earnest Money
- This is typically 1%-10% of the purchase price and payable to the listing brokerage with the offer, or within 24 hours of acceptance of the offer, depending on the situation.
- Closing/Completion Date - This is the date that you pay for and take title (ownership) of the property.
- Inclusions and Exclusions - When submitting an offer, your Agent will list items you wish to include or exclude from your purchase
- Terms and Conditions
- A condition is a clause the buyer needs to waive or fulfill by an agreed time in order for a sale to be finalized. The most common conditions are: financing, inspection, possession date. Often in a hot market or in a multiple offer situation it's common practice to submit offers with no conditions. A term is used to clarify what the buyer expects to be done or included with the property. Your Agent will advise on all the necessary clauses and terms to include in your offer to protect you through the purchase process.
- Clauses - Your Buyer Specialist will advise on all the necessary clauses and terms to include in your offer to protect you through the purchase process.
Once your offer has been successfully negotiated and accepted by all parties, you now have either a conditional or firm sale. Once firm (conditions have been fulfilled according to the agreement), your firm sale remains pending until Closing/Completion Date of the agreement.