Picture this: after driving through your dream neighborhood, you’ve finally noticed something you’ve been waiting to see: a For Sale sign on the house you’ve been eyeing for years. You go home and check out the listing price, and you’re delighted to see it is right in your budget, with great amenities and plenty of room to spread out. If this scenario strikes a chord with you, you’re likely wondering what your next step should be. We’ve outlined the most important information you need to purchase the Milford
property you love.
Review your finances and credit score
Before inquiring about the property, you should take a moment to carefully review your finances and check your credit score. This will give you a good idea of what type of loan you can secure and how much you can reasonably afford. Once you have settled on a lender (should you decide to mortgage over submitting a cash offer), you can start the loan preapproval process. A letter of preapproval is attractive to home sellers and listing agents, as it shows you are an eager and responsible buyer with accessible funds.
Reach out to a real estate agent
Connecting with a buyer’s agent is one of the best ways to ensure you engage in a satisfactory sale. Using a buyer’s agent is common practice – 86% of buyers use a real estate agent or Realtor
to purchase a home. With a real estate agent, you have a firm advocate and experienced professional at your side who is committed to finding you a home that fits you perfectly. They understand the area you are looking in, and they are skilled negotiators, helping create a worthy offer that makes all parties happy.
A real estate agent can also provide a set of fresh, objective eyes and confirm whether you’re interested in the home for the right reasons. Perhaps you love how spacious the master suite is, but the garage is too small, and it is far away from your job. An agent can discuss what is important to you and help you decide what you can live without, if anything.
Attend an open house or request a showing
Now that you have the financial aspect sorted out and a buyer’s agent has been obtained, you can begin the fun part: touring the home. An open house and private showings are recommended when checking out a property. Open houses let you see for yourself the active interest in the home. Private showings are awesome because it lets you spend more time in each room, getting a feel of where things may fit and allowing you to develop a personal connection with the home. Your buyer’s agent can help point out any worrisome aspects of the home or reinforce your excitement when things go well.
Questions to ask the listing agent
How long has the home been on the market?
Homes that have been on the market longer compared to other houses with similar specs and features may have a fatal flaw that is not visibly apparent.
When was the property last updated?
Old HVAC systems and poor insulation are some of the common issues home buyers have with properties they are interested in buying. These are also some of the most expensive upgrades to make after purchasing the house. Make sure the home has been reasonably updated and is structurally sound.
What is the owner’s reason for selling?
It is essential to have a good understanding of what the former owners liked and disliked about the property. For example, a home that is being sold because the sellers wanted to downsize is a much better sale than a house on the market for being in a noisy flight path.
Are there any current offers on the property?
Knowing how interested other potential buyers are in the property is beneficial information to have for the negotiating process. You can afford to be a little less generous with your initial offer if the house has been on the market for a while and hasn’t received any legitimate buzz. However, if there are multiple offers on the table by the time you view the home, you should be prepared to consult with your agent and make a fast, aggressive offer to compete with other buyers.
Submit a compelling offer
As a rule of thumb, you should always leave some room to breathe with an offer. Meaning your first offer should never be your best and final; save a bit of money for negotiations, closing costs, and fluctuating interest rates. Researching the value of your home and understanding the Milford real estate market is necessary for determining a fair initial offer.
Many buyers include contingencies with their offer, like home inspection and appraisal requirements. Be considerate when submitting contingencies, as they hold up the deal and can become frustrating for the seller. A home inspection is one of the most vital contingencies that should never be waived. You should always thoroughly check the home with the assistance of a professional so you have an accurate and recent understanding of your investment. From here, your buyer will either accept or reject your final offer, and if all goes well, you’ll be right on your way to closing the deal!
Real estate assistance from a team of real winners
Working with a real estate agent and brokerage that has your best interests at heart and has a lengthy history of successful sales and buying assistance is the best way to land an amazing deal on the home you adore. The best feeling a real estate agent can experience is when both the buyer and seller leave the transaction feeling confident and excited for their future, and Gen Distance knows this feeling well.