Buying a home can be intimidating. Let us be your guide.
The Home Buying Process
The home buying process can be tedious and a bit convoluted. Buyers have to consider different financing options and the regulations that go along with each, navigate negotiations, and that’s all in addition to the actual home search. With a BKaye real estate agent, you find a partner and trusted advisor to help make the home buying process as smooth and efficient as possible.
We do this by first getting a good idea of what kind of home and budget you have in mind. Then, we send you real-time listings that match what you are looking for. If you have not already been pre-approved by a lender, we can match you with one that will meet your unique needs. If your lender hasn’t already, we will sit down and go over your budget. We will help narrow the focus of your search, schedule showings, and otherwise help find the home that checks all the boxes on your list.
When you find the right property, we work with you to submit an offer. We will then hold your hand through the rest of the roller coaster-like process until you finally get your keys. This includes signing contracts, setting up inspections, navigating the loan process, repair requests, and working to ensure a smooth closing.
Mortgage Lender Pre-Approval
Financing is not a “one size fits all” product. Most people need to borrow money to purchase a home. This process can be complicated and there is a tremendous amount of paperwork involved in obtaining financing. One of the first steps in the home buying process is to speak to a lender about your qualifications for a mortgage.
Most lenders will be able to pre-qualify or pre-approve you for a loan right on the spot during that conversation. They will take a look at your credit scores and base their calculations off of your earned income. This will be enough for them to give you a letter showing you how much you can afford. Your BKaye advisor needs this letter when you start shopping for a home.
When you find the one you are looking for and make an offer, your advisor will submit the offer along with this pre-approval letter to the seller. It tells the seller that you have a solid offer and that you have already spoken to the bank. Then, you will be submitting paperwork to your lender that proves the story you gave them during that first conversation. It’s important to choose your lender wisely. Your BKaye Advisor can recommend lenders to you as well.
Make Your Home Your Own
It can be overwhelming purchasing a new house that you then have to design and make “your own.” Maybe you want to change some wall colors, but don’t know what would look good. Or maybe you’d like to redesign the kitchen but don’t know where to start. BKaye Design works with an award-winning home designer who can work with you and whatever budget you have to figure out how to best make that new house a home.
Click the link below to get in touch with our designer today!
Different Types of Home Loans
There are several different types of home loans. Contact us today to see if your loan type is in our services. A few of the loan types we work with frequently are:
- FHA 203K (Rehab)
Whether you’re buying your first home or a third vacation house, BKaye real estate advisors are here to help.
Closing costs are fees and pre-paid expenses that show up at closing and you must pay over and above your down-payment. These costs can be substantial ranging anywhere from $3,000-$10,000 or more.
These fees can include (but are not limited exclusively to:
- Attorney fees
- Title insurance
- Homeowner insurance
- Property taxes
- Bank fees and points
Yes, there are ways for you to get the seller to pay for these closing costs. Ask your BKaye Advisor how this can be done.
No, your agent is paid by the seller out of the proceeds they receive from the sale.
When you find the right home, you will work with your agent to draw up an offer which, when finished, you will sign and then your agent will submit to the listing agent for review by the sellers.
By far, the best way to get the most accurate and up-to-date home listing information is through MLS. MLS, for the non-real estate agent, is an independently owned and operated Real Estate Advertising Service Company for Real Estate firms, Mortgage firms, Insurance companies and other real estate related entities. MLS does not work directly with any real estate buyers or sellers and does not receive any commissions or referral fees from any resulting transactions. It provides real time listings and the most accurate information about the home, straight from the sellers and the selling agent. Other third party databases like Zillow and Realtor.com provide information they pull from MLS, but it might not provide ALL the data and they are generally slow to update when the listing is edited or when the home goes under agreement or sells. In other words, MLS is a database of homes for sale, with information straight from the source, that only a real estate advisor can provide you access to.
This depends on your loan type and your budget. With conventional loans you can put down anywhere from 5% and up, although generally 20% is the average. But then loans like FHA only require 3.5%, and USDA loans require 0% down. So it wholly depends on what lender and loan you use.
If you are purchasing a home cash, it can be as quick as a couple weeks. If you are financing your home, it is typically between 30-45 days.
Most homes will come up with some issues during inspections, but don’t panic! There are many solutions that your agent can work out between you and the sellers.
A foreclosure is when the bank has taken possession of a property from the mortgagor, or the previous owner. Typically this is due to non-payment of the mortgage. A short sale is when the owner sells the home knowing the net proceeds will not cover the full debt owed on the home and the bank has agreed to take less than what they are owed also called a “short” on the mortgage.
Having an agent makes the process of buying a home smooth and seamless. While purchasing a home without an agent is possible, you leave yourself open to the risk of losing your deposit, incorrect or missing paperwork, overpaying for a home, being taken advantage of from any number of people involved in the process, and not receiving all of the due diligence available to you. We invite you to personally meet our agents at the very beginning of the process, so you can feel confident you’re getting the partnership you need through the home buying process. Your agent will be with you, the same person, from initial meeting through closing.