Tips for Buying a Home
Understand the NAR Settlement Changes
A buyer agency contract is required to ensure clear commission terms and obligations.
Your agent will work to negotiate commission coverage with the seller’s agent.
Get Pre-Approved Early
Pre-approval strengthens your offer and clarifies your budget. Collect recent paystubs, bank statements, and W-2s to expedite the process.
Define Your Home Preferences
Make a list of “must-haves” and “deal-breakers” to guide your search effectively. Research neighborhoods, schools,commute, etc.
Be Ready to Act Quickly
When you find the right home, move forward with an offer as soon as possible, especially in competitive markets.
Know the Buyer Expenses
Budget for earnest money, inspections, and appraisal fees upfront, and understand closing costs such as escrow and title fees.
Prepare for the Offer Process
Offers include key terms like purchase price, financing type, and contingencies (e.g., appraisal, inspection). See list of terms to know
Navigating Multiple Offers
Increase competitiveness by submitting a strong initial offer, including flexible terms or escalation clauses if needed.
Plan for Inspections and Repairs
Inspections reveal a property’s condition; decide which repairs you may request before closing.
Understand the Appraisal Process
The lender’s appraisal ensures the property’s value aligns with the loan amount. Be prepared to negotiate if the appraisal falls short.
Plan for Final Steps and Closing
Schedule utilities, perform a final walkthrough, and review the Closing Disclosure three days before closing.