Buying A Home

Step 1: Decide to Buy

The decision to purchase your first home is one of the biggest and best choices you can make. After all, a home is the largest and most emotional investment most people will face in their lifetime. So, how do you know if it’s the right time for you to buy?

There is never a wrong time to buy the right home The key is finding the right buy and taking the time to carefully evaluate your finances.

A home purchase is an important step that can provide many advantages. Purchasing your own home is a great investment that can deliver several financial benefits, not to mention an new sense of pride!

Start looking at your options today. You don’t have to know everything. Your Northern Prairie Realty agent is ready to help you through out every step of the process.

Step 2: Contact a Realtor

When you're looking for a real estate professional to help you, know that above all else, good agents put their clients first.

A great real estate agent will:

  • Analyze what you want and what you need in your next home.
  • Co-ordinate the work of other needed professionals throughout the process.
  • Guide you to homes that fit your criteria and budget. Check and double-check paperwork and deadlines.
  • Inform and discuss with you, and suggest solutions to solve any problems that may arise.

Step 3: Find Your Home

So you've met with your trusted advisors, and now you're ready to begin your search. There are a lot of homes out there, and diving in without a guide can become overwhelming and confusing. Your Northern Prairie Realty agent will help you more accurately pinpoint homes that fit your criteria. The right home will meet your important needs and as many of your additional wants as possible.

Some questions you might ask yourself are:

  • What amenities are crucial for you and your family?
  • How much space do you need and why?
  • Which is more critical: location or size?
  • Would you be interested in a fixer-upper?
  • What features are not negotiable in your new property?

You'll learn as you look at homes, your priorities will probably adjust along the way.

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Step 4: Make an Offer

Once you've found the home for you and your family, the next step is deciding on a price. It's important to remember that a home is an investment. Your agent can give you information on other properties in the neighborhood to help ensure you make an informed decision when it comes to price. Look to your agent to explain and guide you through the offer process. When considering an offer, start with the price point that the home is listed at. This will give you a base when looking at the home's value. You will make an offer on the home, and the seller can present a counter offer, accept your offer, or refuse the offer if it is not within a reasonable price for him. This will continue until a price is agreed upon by both parties. Your agent will complete a Buy Sell Agreement with the offer that you have agreed upon. You will be expected to supply Earnest Money to the agent to secure your purchase. That money will be deposited in a trust account and goes toward your loan. You and the seller will both sign the documents and your agent will send the completed Buy Sell Agreement to your lending agency to get that loan process started.

Step 5: Secure Financing

To make the financing process as painless as possible, ask your agent for suggestions of local financing options. This professional will work with you and your agent to make sure the financial aspect of your home purchase runs smoothly. Once you've determined a price point you're comfortable with, you're in the "home" stretch! In order to ensure that you don't put the property purchase at risk, you have a couple responsibilities that you'll need to keep in mind:

  1. Stay in control of your credit and finances - Do not make any large purchases during this time. It's important to keep your financials steady throughout the buying process. Talk to your financial consultant for guidance.
  2. Keep in touch with your agent and financial consultant - It's important to stay in constant communication with your Northern Prairie Realty agent and financial guide during this process. Be sure to return all phone calls and complete paperwork promptly. Also, don't be afraid to ask questions.

Step 6: Closing

As the buyer, you will be responsible for obtaining home owner’s insurance, and you have the choice to have a home inspection done. Your lender will most likely require an appraisal of the property and will coordinate with an appraiser. The sellers are required to purchase Title Insurance to verify that the home you are buying is free of liens and encumbrances. The buyer is responsible for paying for the Lenders Title policy on the property.

You and the seller will need to sign documents at the closing of the sale, although you probably won’t be at the closing at the same time. You may need to bring money for the closing costs, depending on your loan. Every lender is different, so you will need to stay in contact with them. As the day to close approaches, many things may change with your lender or documents, so it is important to understand that the proposed closing date on the Buy Sell agreement and the actual closing may not always match.

The closing agent will provide all documentation to be signed and collect any fees that you need to bring with you. They also handle the financial transactions from your lender to the seller to make your house your own.

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