Research the area you are considering, utilizing the internet
and your local realtor of choice. Consider the size of real estate
firm you will work with. Know real estate is an intimate process
so evaluate and choose the realtor personality you are comfortable
dealing with.
Have your realtor research MLS for current listings. Be as
accurate as you can describing what you think you are looking
for. Give the realtor a price range you are comfortable with.
Review the listings together.
Prequalify your financial situation. This means review of
your credit status, employment status and personal balance sheet.
From there your FICO scores will be determined, defining what
type of loan you qualify for. This broker prefers to work with
local mortgage brokers, who locate financing appropriate to
your profile. Ask your realtor for mortgage broker references.
First showing appointment, get to know each other and overview
of areas appropriate to needs. 2-3 house showings typical.
Second and third showings, visit all appropriate properties
which fit client profile.
Make a decision, buy now or buy later.
Make an offer taking into consideration: price, condition,
location, moving dates, comparable solds, closing costs, et
al. Plan on a strategy to negotiate your best terms.
Receive acceptance of offer or continue negotiating via counteroffers.
Try and come to the middle to achieve a successful conclusion
to contract negotiation. Try and see the other side's position
as you negotiate terms and price.
Offer accepted, place earnest money in escrow at local title
company and have your realtor pick up a reciept. Realtor will
copy all documents and send to buyer relative to: agency, offers,
counteroffers, ammendments and addendums, reciepts.
Realtor to place orders for: inspection, title binder, survey,
appraisal. Contract dates for these services must be met to
keep contract in force. Any issues arising from these services
must be addressed in writing to the seller.
All contingencies of sale must be settled during agreed upon
contract dates. As contingencies are met, have buyer and seller
sign off in writing to keep the contract in compliance.
Realtor to verify your closing date with all parties and obtain
an estimate of closing costs from the title company and your
mortgage broker.
Order your utilities transferred at least two weeks ahead
of moving in. Begin your change of address process. Begin your
packing and moving process. Donate to charity all the old stuff
you never use or enjoy and take a tax write-off for the donation
plus your moving costs.
Closing at the local title company or via long distance. At
closing buyer will review his loan documents, closing costs,
HUD statement and many other related documents. It is best to
have your mortgage broker, realtor and title agent at hand during
closing.
Take possession, typically upon funding. Make sure your household
insurance is in effect before taking possession.
Enjoy life, La Vida Dulce, in Santa Fe.
