What to Do After You’ve Found a Home You Love

Have you toured Back Bay real estate or Beacon Hill homes for sale and finally found the home of your dreams — one that checks off all the “must-have” criteria on your list, is within your budget, and is in a great neighborhood? Wonderful! But now what?

Finding the perfect home for you and your family is only half the battle. The following steps in the home-buying process can be the most daunting experience. In fact, according to a recent survey, 40% of Americans said buying a new home was one of the most stressful events they’ve gone through, while another 44% said they felt nervous throughout the process.

Fortunately, it doesn’t have to be an intimidating process. If you follow the steps below, you will be well on your way to securing your dream home and moving in before you know it.

You should get mortgage pre-approval before you even start looking for homes. However, if you have yet to get pre-approved for a mortgage, then do not delay. Obtaining a pre-approval letter for a mortgage is one of the best ways to give you a leg up over other buyers in your market.

A pre-approval letter is written confirmation from a broker that proves you will be approved for a mortgage and lists how much you will be approved for. Having this letter handy and submitting it along with your offer will signal to the seller your level of interest in the property and that you are a serious buyer.

It’s important to note that pre-approval is different than pre-qualification. While pre-approval takes all of your information into account when determining your creditworthiness, pre-qualification does not. Because of this, a preapproval letter carries much more weight in real estate.

 

In competitive markets, such as in Back Bay real estate, a firm offer is your best way to secure the house of your dreams. Here are some tips on making a solid offer.

First, working with a realtor will give you the best insight into making an offer that can compete in your market. Your agent will know the “ins and outs” of the local area and have access to data that can strengthen your offer. You and your realtor can craft a strong offer that’s too good to pass up.

Another great way to improve your offer is by including a buyer’s letter. In your letter, ensure that you tell the seller a little about yourself and your family and detail everything you love about the property. Since most sellers are looking to pass their home onto another family that will love it as much as they did, such a letter is a great way to show them why they should pick you. Adding a personal touch along with your offer might just be enough to stand out amongst the crowd.

There are a few other strategies you can employ when submitting your bid. One such strategy is meeting or exceeding the seller’s asking price, which is really only feasible if your budget allows for it. You can also consider dropping certain contingencies or doing whatever it takes to be flexible with the seller’s timeline for closing.

Even though you’ve already been pre-approved long before you started touring Beacon Hill homes for sale, you still need to obtain a loan officially. Your lender can work alongside your real estate agent to create an appraisal. If your appraisal matches your offer, then you’re all set.

However, should your appraisal come in lower, your lender may not approve your loan’s total amount. On the other hand, if your appraisal is higher than your offer, you might start your new home with immediate equity should you purchase it for less than market value.

Home inspections are one of the most critical steps in the home-buying process and should not be overlooked. During the inspection, the inspector will look for any issues or problems beneath the surface. Should the inspection reveal issues that require costly repairs, you can either use that as a bargaining chip to re-enter negotiations or walk away from the sale entirely.

Home inspections are typically wholly funded by the buyer and can cost a few hundred dollars. However, their lasting value far exceeds their upfront price tag. Adequate home inspections can ultimately save you thousands of dollars in repairs in the long run.

Before closing on your Back Bay real estate, you will have the chance to perform a final walkthrough of your new home. During this walkthrough, ensure everything has been cleaned and cleared out, and all necessary repairs are done. If these things or other conditions of your offer have not been met, contact your real estate agent as soon as possible.

If everything is good up to this point, then it’s time to close on your loan and sign all of the required paperwork. This step can be a little daunting and may result in a hand cramp, but you’re in the home stretch. The process should take a few hours, and you will need to bring your identification and a check if the closing costs aren’t included in your loan.

While most forms are relatively straightforward, ask as many questions as possible. Never sign anything that you don’t fully understand. Documents you will be expected to sign include the deed of trust, occupancy certificate, and closing disclosure statements.

The only way to effectively ensure a smooth home-buying process is by hiring a knowledgeable Bay Bay real estate agent. Once you find the home of your dreams, your agent will do everything in their power to help you submit a persuasive offer that wins you the house.

If you’re done touring Beacon Hill homes for sale and are ready to move forward on a property, contact Dylan Costello and his realtors today.