Buyers

Buying your new home is a big step. It can be a joyous event or a major pain. This property is more than your home, it is for most people the largest purchase they have ever made and area reside for the future.

When Buying it is normal to have questions and be nervous. Will I find a home that meets my needs? Can I afford the payments? How long is the buying process?

You have come to the right place to get started. One of our staff will reach out to you not to sell you anything but to provide good customer service from Cool Realty LLC. If you are not ready to be contacted let them know they will not continue to contact you until you are ready. If you have a preferred way to communicate please share it with them. (text, email, or phone).

Our site has a glossary of Real Estate terms if you need to look up any words you do not understand. But let me share the process. We are currently in a seller’s market, there are limited homes for the number of buyers. So, you want to be ready to move if the right house comes along.

Pre Qualification/Pre Approval:

This is where you see how much you can afford. A pre approval is stronger because the lender has taken the Buyer’s application. You should work with local lenders who know local appraisers and requirements to get the loan closed on time.

Make a List of Must Haves and Want to Haves:

  1. Type of Property (single family, townhouse, condo, ect)
  2. Size (Heated and AC sq. footage)
  3. Number of Bedrooms and Baths
  4. Lot size
  5. Number of stories
  6. Commute Time
  7. Pool

Be realistic and within your budget.

Have Initial Consultation with a REALTOR:

The REALTOR should be a full time agent. Ask them questions and have a comfort level with them. Because you will be spending a good amount of time with them through the process completion. You should have good rapport, trust, & confidence in your REALTOR. Work with only one REALTOR they have access to every house on the MLS and all the new construction and they are on this journey with you. Make sure your schedules fit. For example if you can only see properties after 5 or weekends make sure the REALTOR is available and works those hours as well.

When you view homes

Take notes and photos. It is ok to eliminate homes and to return to a favorite for a second look.

Have Vision:

Some homes need updating, some TLC, paint, and look different furnished. If you have trouble doing this there are apps you can down load that will place virtual furniture in a room.

Location

Look at school ratings, crime statistics, proximity to positive (shopping, parks, freeways) proximity to negative (abandon homes, garbage dumps, noise & odor sources) Features of the area.

Be Thorough:

A few extra dollars now can save you a lot in the long run.

  1. Get a Home Inspection and Wood Destroying Organism Report
  2. Get a completed Seller Disclosure
  3. Do walk throughs

Why do you want to buy?

  1. Are you tired of paying rent?
  2. Tax Benefits of buying over renting
  3. Out grown your current house
  4. Looking for an investment
  5. Larger yard
  6. Want a different area
  7. Want a shorter commute

Having a clear sense of your reason for buying will help you choose the right property. Owning Real Estate is one of the least risky ways of building equity or obtain a greater return on your initial investment.

Preparing to buy

Build your file that contains important financial information. This file should contain:

  1. Financial Statements
  2. Bank Accounts all pages
  3. Investments
  4. Credit Cards
  5. Auto Loans
  6. Recent Pay Stubs
  7. IRS Tax Returns for the last 2 years
  8. Copies of Leases for Investments
  9. 401K, Life Insurance, stocks, Bonds, Mutual Funds

Do not make sudden career changes, open or close accounts, or make large purchases until the house keys are in your hands.

Time to shop

Take test drives; get to know neighborhoods that interest you. You can see more when people are off work or on the weekends.

Narrow your search pick homes in communities that interest you.