8 Steps to a Successful Home Purchase
- Get preapproved. Knowing how much you can afford is very important. Make sure to look for homes in your price range. Home sellers are savvy and often will not consider offers if the buyer has not talked with a lender. Showing a seller that you are able to obtain financing and can afford the home can make the difference between winning or losing a home. Tomson Burnham works with several reputable lenders and mortgage brokers to help you get preapproved.
- Interview buyer agents and ask tough questions. Agents vary in expertise and skill. Interview buyer agents and find one that is a good fit for you. Ask agents,
- if they will represent both a seller and a buyer on the same transaction (Tomson Burnham agents never will);
- if they will show you all of the homes on the MLS that meet your criteria regardless of the commission compensation (Tomson Burnham agents always will);
- if real estate is their full-time job (Tomson Burnham agents are only full-time real estate agents);
- how many transactions they complete a year. A successful full-time agent should complete at least 12 (Tomson Burnham agents average 20 per year);
- how often they will call/email you with new listings (Tomson Burnham agents will contact you daily with new listings);
- what is their fee for representation during a for sale by owner transaction (Tomson Burnham agents charge hourly rates or a flat rate for FSBO transactions)
- Know where you agent's loyalties lie. A home is a large investment and buyers should make sure that an agent is representing their best interest exclusively . At Tomson Burnham we will only represent one side of a transaction to ensure that you as the buyer or seller get the best terms possible.
- Make your home search effective and efficient. Most people have solid preferences in a home, but often can't articulate exactly what they want. This can lead to wasted time looking at homes that don't meet your desires. In order to make the buying process more efficient, Tomson Burnham has an extensive buyer search checklist to help pinpoint what you are looking for
- Make a solid financial investment. Buying a home is an emotional investment. Buyers often make a poor choice when buying a home by stretching themselves to buy a home they really cannot afford. Foreclosure and poor home maintenance are two outcomes of this. Tomson Burnham agents look at home buying as an investment, and we encourage buyers to make wise choices. By asking a lot of questions, we can help to find the home that meets your emotional and financial criteria.
- No home is perfect. Unless you have a home custom built, all homes have flaws. If the thought of remodeling, gardening, or painting are not appealing to you, make sure your purchase reflects that. Decide if you want to pay a higher price for an updated home, or a lower price for a home that needs work. Often times homeowners decide to buy a home that needs updating, but don't have the skills, time or money to take on a remodeling project. Tomson Burnham agents can help you prioritize what is the most important in a home.
- Plan for home maintenance. Regardless of what type of home is purchased, maintenance is required. Home buyers typically budget for mortgage payments, but not home maintenance. Budget at least 1% of the value of your home for maintenance every year. Tomson Burnham agents can help you estimate what your maintenance costs might be.
- Keep informed during the process. Transactions often have complications due to missed deadlines or poor communication between parties. Keeping informed of the status of the transaction will help to mitigate these problems. Tomson Burnham agents have an online transaction management system (TMS) that allows all parties involved in a transaction to access documents, see the calendar for due dates, and needed tasks. With 24/7 access, a client can see what is happening at any time that is convenient for them. We can even burn a CD for you with your entire transaction documents on it for you at closing!
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