Buying a Home

You've decided to buy a home

Buying a home is more just looking at houses. It's finding the right home, at the right price, in the right location. The best way to achieve this is to work with a professional REALTOR® who understands your needs, timeframe and financial boundaries.

A REALTOR® will:

• Provide information about the property and area
• Negotiate a price and terms, agreeable to buyer and seller
• Assist in arranging a source of financing

Selecting a REALTOR®

It's important to find a REALTOR® that understands your needs before they start to show you homes.

Important questions to ask when selecting a REALTOR®:

• Will you be representing my interests?
• Do you have access to MLS® information?
• Would you provide market evidence to support the price?
• Will you look after the details to closing and possession?
• Can you be contacted at any time?

Working With a REALTOR®

Once you've selected a REALTOR®, let them do the searching for you. They have "hot sheets" available every morning with access to the latest MLS® listings. A REALTOR® will commit time to you if you will commit loyalty to them. If you play the field, you cannot expect undivided attention.

What you need to provide your REALTOR®:

• Details of your property needs
• Suitable locations
• Financial information
• Your likes and dislikes on each property
• Respect and perform the terms of the purchase agreement

Establishing a Market Value

Market value is based on what price others have been prepared to pay for a similar property, under the same market conditions, after reasonable marketing exposure.

Market value is a fair price for both buyer and seller. You may choose pay more than established market value if your desire for the property warrants it. Conversely, you shouldn’t expect to pay less than established market value unless the property is being sold under duress.

Qualifying For Your Mortgage

Once you've committed to buying a home, the first question that comes to mind is, "How much can I afford?"

Your Rock Bridge agent can arrange to have you pre-qualified for a loan before you start shopping. Most lending institutions will only allow approximately 30% of a person's income to support a mortgage. They will usually not allow more than approximately 40% of your income to support a mortgage combined with other debts.

The amount of money you qualify for, in addition to the amount needed to dedicate towards a down payment and other necessary expenses involved, will translate to what you can afford to spend on a property.