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BNI Growth Partners Power Team
Guide To
Home Purchasing
Your Path to Home Ownership
A step-by-step guide to the home purchasing
process, which can seem daunting even to the most experienced homebuyer. Below
are the five key milestones in the home buying process. The milestones are
discussed in detail to give you an idea of what to expect during each phase of
the home buying process. Throughout this document you will find trusted BNI
vendors that could be helpful at each step of the overall process. The BNI Real
Estate Power Team hopes you find this information informative and useful as a
tool for the purchase of your new home.
What to expect during each step of the home
purchase process:
1.
The Search
2.
The Offer and
Counter Offer
3.
Attorney Review
4.
Under Contract Phase
5.
The Closing
Setup Your Real Estate Power Team
As you read the information below, you will find
recommendations for the use of various professionals throughout the home
purchasing process, from a mortgage professional to the real estate transaction
lawyer. We provide you with a list of potential professional below for you to
consider. Click on the link to see the contact information for each BNI Growth
Partner Real Estate Power Team professional.
-
Real Estate Agent
Once you have an idea where you want to live, stick
with your chosen real estate professional realtor. This person will learn what
is important for you and act like a contractor from the beginning of your search
to the closing of your property. They can also be available to you once you move
in for assisting you with various questions you might have.
-
Mortgage Broker / Banker
You will need to know what you can afford and obtain a mortgage
pre-approval. You should provide your real estate agent with a copy of this
so he knows what you can realistically afford. This is also an important
document for your real estate agent to include with any offer you make on a
property so the selling party knows you have a very good chance of
completing the purchase transaction.
-
Real Estate Transaction Lawyer
Not all lawyers practice real estate closings, their main focus may be
estate planning, litigation, business law, etc… We suggest you utilize a
lawyer that main business is real estate related, however, this does not
mean any other lawyer cannot do this for you. Once you know the area you
want to live in, you should contact a lawyer that is familiar with the area
and property type so he/she can become your trusted advisor. Discuss what
you are looking for and time frame with your lawyer so he/she will be there
for you when you need him.
-
Home Inspector
Obtain a home inspector that knows your property type. The home inspector is
a very important part of the real estate purchase process. This person will
go through the property you have a contract on and let you know about any
minor or major issues there might be. The home inspector should look at your
property from the roof to the basement, including windows, doors,
foundation, insect infestations, electrical, plumbing, heating and air
conditioning, septic (if present), oil tank (if present), and many other
aspects. You should be there during the home inspection so he/she can go
over each item, including what you should do just for standard maintenance,
such as changing an air filter on a forced hot air system if you have one.
-
Home Organizer
Something you might overlook, but is really important and can save you time
and money. Are you moving too much? Do you really need to save all of those
papers? Are you packing in a way that will enable you to quickly find it
later? Do you have an idea on how you will setup your new home? Consider
utilizing an expert in organizing.
-
Insurance
You will need to obtain various types of insurance depending upon what you
purchase. Home, Condominium or Cooperative insurance, Car insurance, even
general liability insurance are all things you should be thinking about. If
you are obtaining a mortgage, you will need to be sure you get the right
type of insurance, and if required, flood insurance.
- Home Contractors
General Contractor,
Painter,
Electrician,
Heating & AC
Even if you purchase a perfectly move in condition home, you still may want
to paint it, or add/expand a deck, put up crown molding, add electrical
outlets, change plumbing, etc… You will want to work with a home improvement
contractor that is known in the area.
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