How to Best Approach the Home Buying Process

Most realtors agree that when you become serious about buying real estate you need to speak with a good lender very early on - even before you spend a lot of time looking at properties. You need to determine exactly what type of loan and loan amount you qualify for given your current equity (if any) in owned property, down payment amount, total debt obligations, credit rating (FICO Score) and income level(s). With this knowledge you will know the proper price range to concentrate on and your lender will be in a position to provide a Loan Pre-qualification Letter on a moments notice. You are now ready to properly search and ready to make an offer accompanied by a ‘Pre Qual Letter’. We can refer experienced and professional lenders who we know will perform.

The next step is to determine your primary needs and wants. Having this information in some order of priority will give you a good leg up if and when it comes time to make some compromises in order to satisfy your primary needs. If you need help with this step work with an experienced Realtor who has the knowledge, experience, and proven past history of success. Your best approach is to commit to one Realtor and stick with them unless they fail to continue to provide the service and competency you require. If you are loyal to one realtor he/she will be able to devote the hours, days, nights, weeks, and months it will take to find, preview, and show the many properties you need to see until you find the best property for your specific needs.

You should have an initial meeting to discuss your entire situation and needs in detail. Within the Chivers Coastal Properties Group we refer to this step in the process as the "Buyer Consultation Meeting" which takes 30 to 45 minutes.

We actually think this Buyer Consultation Meeting is the most important step in this process. This meeting provides the buyer with specific, valuable benefits. Because buyers will understand the market and buying process better and we will understand your goals and needs better we will both make better decisions for your family and engage in a smoother, less stressful transaction. This small amount of time on the front end will save many hours and reduce frustration levels later on. 

You should work out a mutually agreeable search plan with your realtor. This search process can take months but will be much more efficient and less frustrating if you work closely with one Realtor. Understand that both you and your Realtor will refine our thinking over time as we work closely together making the process become even more efficient. If something changes in your life or in your thinking be sure to communicate this to your Realtor so you stay on the same page.

Having the correct expectation level is important. You will most likely not find the "perfect" property. Realistically you will find 80 to 90% of what you want and 95 to 100% of what you need. Expect to make some compromises. This is where your priority ranking comes in. For example, you may have to update the kitchen but it must have the "bones" you need. From this point forward your realtor will guide you through the rest of the process all the way to handing you the keys to your new home.

As a result of many years of successful experience and attending the school of hard knocks we have developed a proven methodology which provides the results we all want – the purchase of the best possible property at the best possible price and a smooth, low stress transaction.