Purchasing a Home

There are many different situations that prompt you to consider purchasing a home.

Financial Change: An increase or decrease in personal income; the addition/subtraction of a wage earner from the existing family unit; retirement; inheritance etc.

Family Dynamics: Upsizing or downsizing as it relates to a change in family housing requirements; marriage or divorce; combining households; Assisting younger children with purchasing etc.

Lifestyle Change: Moving to a retirement community; relocating to a golf/tennis/resort style community; positioning closer to family members; purchasing investment property or a second/vacation home etc.

Purchasing a home requires a diligent study of your financial picture prior to making any decisions.  It is very beneficial to seek the advice of a tax, financial and mortgage professional to best formulate your approach into the real estate market

Meet with a Mortgage Professional: The vast majority of home buyers will utilize a mortgage to purchase their home.  You may have a local bank or credit union relationship which includes access to a mortgage professional.  A referral from a friend or business associate is another means of introduction.  You can also request that Jeff provide you with a selection of experienced mortgage professionals/brokers.  His 8 years of experience as a mortgage professional prior to becoming a full-time Realtor afforded him the opportunity to create some lasting business relationships in the financial marketplace.

Be prepared to provide your mortgage consultant with a complete background and documentation of your financial picture.  To determine your ability to purchase a home, you will need to provide items such as:

Bank statements (checking, savings, CD’s etc)

Investment Accounts (Stocks, IRA’s, Rental Properties etc)

Tax returns (most recent 2 years)

Pay Stubs – 1099’s (60 day record)

Financial Statements (self employed)

You will likely be required to have a credit report pulled on your behalf to assist in determining your credit score and accurately assessing your Debt-to-Income (DTI) ratio.  This is a very important report that can significantly affect your eligibility to qualify for the most advantageous interest rate programs.

Note: It is important to discuss with your mortgage professional what you are comfortable paying for housing expenses on a monthly basis.  There are many things to consider such as insurance, property taxes, home owner fees etc. along with the mortgage and interest payments.  It’s important to have full understanding of your down payment and loan amount constraints prior to begin your home search

Determine Home Preferences: The best way to search for a home is to define your “must haves” and then identify your “wish list” items as well. Consider: number of bedrooms/bathrooms; single/two story; single family residence/condominium; garage space; newer home/fixer etc.  You will be making your purchasing decision based on the inventory available.

Choose Geographic and Community Preferences: Determine school district preference; commute distance to work; local amenities (parks, library, sports fields, theatres) etc.  Communities can differ tremendously even within the same zip code.  Schedule time to drive through neighborhoods of interest to be sure they meet your expectations prior to including these areas in your search.

Jeff will create a custom search on the MLS Client Gateway based on your specific criteria.   You will be notified of homes that coincide with your specific criteria as soon as they become available.  Once you’ve decided and several homes he will make an appointment to set-up a visitation time that will be convenient for all parties.

When you’ve found a home that meets the majority of the criteria you’ve outlined for a viable purchase, it’s time to make an offer.  Jeff will assist you with determining the approximate market value of the home based on an analysis of ‘like” properties in the surrounding market area.  He will construct a Comparative Market Analysis (CMA) of the area surrounding the home and assist you with preparing the Residential Purchase Agreement.  Jeff’s knowledge of the market and superior negotiation skills come into play to insure that both your interests and those of the seller and seller’s agent come together in a mutually beneficial agreement.

Now that you’ve found a home, the negotiations have been agreed upon and all the initial paperwork has been signed, the “business” stage of the transaction begins.

A number of third party entities are required to assist in conducting the various business functions that comprise the real estate transaction.  Escrow/title, home inspection and pest inspection, appraisal and warranty companies etc. will become involved to assist you in organizing the funds and evaluating a continued desire to purchase the home you’ve chosen.  To assist with the organization of multiple documents and the coordination of appointments/signature requirements and legal filing requirements, Jeff utilizes the services of a certified Transaction Coordinator to insure all “I’s” are dotted and “T’s” are crossed.  A complete electronic file of all required paperwork is sent to you upon completion of the transaction.  A complete outline of the entire escrow process is fully explained to you so that there are no surprises

The key to a successful transaction is “Communication”.  Jeff is involved with each phase of the purchase transaction.  He attends all home inspections and is in touch with the lender, seller’s agent and all ancillary companies involved in the process so that you can be readily informed at every juncture.  He’s available from the moment you take your first step in the door as a potential buyer until you’re opening the door as the new owner of your dream home.  Even then, he’ll be in-touch regularly through his Client Appreciation Program.