Steps to Buying a Home

It is big decision to buy a home and according to research by the National Association of Realtors (NAR) over 85% of buyers will use a real estate consultant to guide them through the process. It can easily take up to 30-60 days after you finalize a contract to move into your home. There is a lot that goes on during this time. Many, like yourself, start your home search online by viewing properties and maybe driving by the ones you think you like. However, here is the best way to purchase a home:

• Determine why you are purchasing a home.
• Develop your criteria for a home - how many bedrooms, location, preference for schools, how many bathrooms, yard size, etc.
• Contact a lender and be preapproved for a loan. This will determine your price range, monthly payments, and down payment. If needed, we can assist you in finding a great lender.
• Schedule an appointment with Dave Edwards Realty to start bringing everything together to purchase a home. With the power of today's technology we can take your criteria and narrow down to the best homes in a very short time. If you are looking to purchase in 6-12 months then we can save your criteria and keep you informed of properties that fit that criteria through email.
• After our consultation and narrowing the homes down to the top one's you will then drive around the neighborhoods and homes to see if you still want them on your property list.
• We take this final list and schedule times to go view the homes.
• The remaining homes, probably 1-3 are left at this point, will be evaluated for how it fits with your needs and goals.
• Research will be done to answer any questions about the property and to determine the right offer.
• Make an offer
• Negotiate the offer
• Finalize the contract
• Do inspections - home, termite, lead based paint, HVAC, and other inspections that you want to do.
• Have the home appraised
• Complete the work with the lender to gain final loan approval 
• Have the attorney complete title work, deed, and other legal forms
• Attend closing
• Move in to your home!


Interesting information about buyers:

• The first step taken by 36% of all buyers is to look online for properties for sale.  About 19% of buyers contacted a realtor first.
• The top three sources of information about properties for buyers was online real estate websites (89%), real estate consultants (88%), and yard signs (57%). Notice that the traditional methods of open houses, advertising in newspapers and magazines is not in the top three.
• The median number of weeks searched by all buyers was 12 weeks. This has increased from 7 weeks in 2001.
• The top two ways buyers found their property they purchased was through a realtor (38%) or a real estate website (37%).
• The top information buyers want to see online about properties is photo's and a detailed description of the property.
• The top real estate websites buyers use are the Multiple Listing Service (MLS), realtor.com, and real estate company/agent websites.
• Most buyers want a realtor to find the right home to purchase, negotiate the terms of the contract and price, and assist with the paperwork.

For buyers to become clients of a real estate company they must sign a buyer agency agreement. The buyer agency agreement used by the Greater Greenville Association of Realtors (GGAR) allows the buyer to determine how the realtor will be compensated. Many times the option for the realtor to seek their commission from the seller is selected. However, if the seller does not pay the full commission being sought by the realtor then the realtor can legally seek the difference from the buyer. The buyer also has the option to pay the realtor directly for their services and ask for a rebate of the difference from any commission the realtor receives from the seller.

What are some of the benefits of using a real estate consultant in purchasing a home?

• Assist you in understanding the process - with local, state, and national rules, laws, and regulations it is always changing.
• Pointing out unnoticed features or faults with the property.
• Negotiating better terms and price on the home you purchase.
• The realtor should know the area so it helps improve your knowledge of the area.
• Shortening your home search - save you time, energy, and money
• Connected to trusted and proven service providers like home inspectors, termite inspectors, lender's, attorney's, radon mitigation companies, contractors, and others.

What are the most important factors you should consider in your choosing your buyer's agent?

• Honest and trustworthy
• Positive reputation
• Knowledge of the real estate market
• Good listener - you want your needs and goals to be met.
• Reasonable fee for their services