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10 Steps to Buying a Home

Some Highlights:
* If you’re thinking of buying a home and you’re not sure where to start, you’re not alone.
* Here’s a guide with 10 simple steps to follow in the homebuying process.
* Be sure to work with a trusted real estate professional to find out the specifics of what to do in your local area.Her commitment and unparalleled customer service are only matched by her marketing abilities. As a listing specialist, Mona knows every property is as unique as the family occupying it. She crafts a custom and comprehensive marketing campaign tailored to each specific property and targeted demographic. In highlighting all the positive attributes of a home while leveraging innovative approaches, her listings stand out in a competitive market.

Save for your down payments

Create a budget and do your research. There are lots of low down payments options available.

Know your credit score

Learn your score and clean up outstanding depths like student loans and credit cards.

Find a Real Estate agent

Contact a local professional to guide through the process.

Get Pre-Approval

Differentiate yourself as a serious buyer and have a better sense of what you want

Find a Home

Work with your agent to find a home in your budget that meets your needs.

Make an offer

Determine your price and negotiate the contract

Have a home inspection

Address any hidden issues in the home with the seller.

Get a Home Appraisal

Ensure the property is worth the price you are prepared to pay

Close the sale

Schedule a closing date once the loan is approved so you can sign the final paperwork

Move in

Congratulations! You’re a homeowner

There are many benefits to working with a real estate professional when selling your house. During challenging times like the one we face today, it becomes even more important to have an expert help guide you through the process. If you’re considering selling on your own, known in the industry as a For Sale By Owner or FSBO, please consider the following:

1. Your Safety Is a Priority
During this pandemic, your family’s safety comes first. When you FSBO, it is incredibly difficult to control entry into your home. A real estate professional will have the proper protocols in place to protect not only your belongings, but your family’s health and well-being too. From regulating the number of people in your home at one time to ensuring proper sanitization during and after a showing, and even facilitating virtual tours for buyers, agents are equipped to follow the latest industry standards recommended by the National Association of Realtors (NAR) to help protect you and your family.

2. A Powerful Online Strategy Is a Must to Attract a Buyer
Recent studies have shown that, even before COVID-19, the first step 44% of all buyers took when looking for a home was to search online. Throughout the process, that number jumped to 93%. Today, those numbers have grown exponentially. Most real estate agents have developed a strong Internet and social media strategy to promote the sale of your house. Have you?

3. There Are Too Many Negotiations

Here are just a few of the people you’ll need to negotiate with if you decide to FSBO:
* The buyer, who wants the best deal possible
* The buyer’s agent, who solely represents the best interest of the buyer
* The inspection companies, which work for the buyer and will almost always find challenges with the house
* The appraiser, if there is a question of value
As part of their training, agents are taught how to negotiate every aspect of the real estate transaction and how to mediate the emotions felt by buyers looking to make what is probably the largest purchase of their lives.

4. You Won’t Know if Your Purchaser Is Qualified for a Mortgage

Having a buyer who wants to purchase your house is the first step. Making sure they can afford to buy it is just as important. As a FSBO, it’s almost impossible to be involved in the mortgage process of your buyer. A real estate professional is trained to ask the appropriate questions and, in most cases, will be intimately aware of the progress that’s being made toward a purchaser’s mortgage commitment.
Further complicating the situation is how the current mortgage market is rapidly evolving because of the number of families out of work and in mortgage forbearance. A loan program that was there yesterday could be gone tomorrow. You need someone who is working with lenders every day to guarantee your buyer makes it to the closing table.

5. FSBOing Has Become More Difficult from a Legal Standpoint

The documentation involved in the selling process has increased dramatically as more and more disclosures and regulations have become mandatory. In an increasingly litigious society, the agent acts as a third-party to help the seller avoid legal jeopardy. This is one of the major reasons why the percentage of people FSBOing has dropped from 19% to 8% over the last 20+ years.

6. You Net More Money When Using an Agent

Many homeowners believe they’ll save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission.
A study by Collateral Analytics revealed that FSBOs don’t actually save anything by forgoing the help of an agent. In some cases, the seller may even net less money from the sale. The study found the difference in price between a FSBO and an agent-listed home was an average of 6%. One of the main reasons for the price difference is effective exposure:
“Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.”
The more buyers that view a home, the greater the chance a bidding war will take place.

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