Get prequalified! Your first step when you decide to start
house hunting is to speak with a lender and find out how much you can qualify for.
We’ve had too many customers make the mistake of searching for a home before
getting that preapproval letter, finding a house they love, and then later
finding out they cannot qualify for it. Don’t make this mistake! Know before
you go. You will have to apply for a loan and submit all applicable documents. Do
your research and ask your lender which loan would be best for you.
Conventional, FHA, VA? Things to consider are your credit score, do you have at
least a 580? Then you will have to consider how much cash you have to put down
as a down payment. That will show you how much you need to finance. If you’re
just starting your home search, we have an in-house lender that we can refer you
to. If you use Your Property Masters as well as their in-house lender, they
will credit you $1,000 at closing towards your costs!
Apply for a loan with our in-house lender, here: https://www.blink.mortgage/app/signup/p/YourMortgageMasters?campaign=app
Get set up on our Live Direct Access Portal. What is a Live
Direct Access Portal? It is our way of sending you listings from the MLS as
soon as they are posted. The MLS is a Multiple Listing Service where listing
agents will post their available homes. We will collect the criteria that you’re
looking for in a home: number of bedrooms and bathrooms, square footage, structure,
price range, city, county, pool home, or anything else you’d like to specify.
We will then set you up on a search so that every single listing in your
criteria is sent straight to your email inbox! Every listing that gets posted
after signing you up will send to you the moment it is listed. This is an
advantage to our buyers because they often rely on sites like Zillow and Realtor.com
when looking on their own. The issue with this is that these sites are most
often behind, and in this market, a house will be Pending by the time you see
it on there. With the MLS, you get first dibs, and the second you see one you
like, we can set up a showing and hopefully get our offer in and beat the
Showings! Once you pick some houses you think you might be
interested in, your realtor will set up a showing and take you to see it. In this
market, houses are going extremely fast, so it’s important to get that showing
scheduled as soon as possible. Luckily, we have a full team of buyers agents
ready to show property at any time.
The offer. In this market, houses are selling quickly in
multiple offer situations. The “highest and best” technique is often
implemented where the seller will give it a week or so before deciding on the
best offer to accept. This is why you have to be competitive with your offers.
Check out our article on ways to make your offer more competitive. If
your offer does not get accepted, do not get discouraged. In a bidding war like
the one we’re in, cash is always king, so if someone comes in with a strong
cash offer it’ll often beat any finance buyers out. Keep on searching and you’ll
eventually find the perfect spot for you -
especially with Your Property Masters, expert negotiators on your side!
Say your offer was accepted. Now is the time to make your Escrow
deposit. Escrow is generally 1-2% of the asking price. This money will be your collateral
for the home. If the contract falls through due to a faulty inspection or for
some other reason that is not at fault of the buyer, the escrow will return to
the buyer. If the buyer backs out of the contract, they’re at risk of losing
that escrow. Once the conditions of the sale are satisfied, the escrow is transferred
to the seller.
Order a home inspection. Your Property Masters can help set
this up with one of our inspector contacts. At the inspection, they will check
for signs of structural damage or things that may need fixing to protect your
investment. Sometimes, the seller will give you a credit for a structure that
needs improvement, or they will have it fixed before the deal closes. Home
sales are often contingent upon an inspection period, the shorter the period
the better in today’s market.
Have the home appraised. Your lender will arrange for an
appraiser to come out to the property and provide an independent estimate of
the value of the house you’re buying. The appraiser is a third party company and
is not directly associated with the lender. The appraisal will let you know if you
are paying a fair price for the home.
Paperwork! At this point, you’ll be assigned a title company
who will handle all of the documents needed, signings and transaction
coordination. They will handle the legalities of ownership and make the process
smooth for you, the buyer.
Closing day! You’ll sign all the remaining paperwork in order
to get the keys to your new home! It typically takes a few days for your loan to
be funded after the paperwork is returned to the lender. Once the check is
delivered to the seller, it’s move-in day!