When a Buyer decides to work with a particular Real Estate Broker, they enter into an Agency Relationship. This means that the broker has a legal duty to represent and protect the buyer’s best interest throughout the entire process. The Broker accomplishes this by protecting confidential information, negotiating price and terms, completing necessary legal paperwork, and advising on best practices. All of this value comes at no cost to the buyer. The commission for both buying and selling agents is paid for by the seller.
GET PRE-APPROVED FOR FINANCING
Getting pre-approved for financing should be one of the first steps in your home purchase process. It is best to complete this step before your home search begins. A pre-approval letter will help you and your agent identify your price range, and adjust your search criteria accordingly. When you find a home you love, your offer will be much more competitive if you are a pre-approved buyer. Offers with a pre-approval letter have a higher acceptance rate.
It is important that your Broker understands what you are looking for in a home. Take time to communicate your preferences, including the features you need (e.g. number of bedrooms) as well as the things you want. (e.g. a view, historic charm) It’s important to remember that your Broker’s search tools have limitations, not all home features can be entered in as search criteria. But a good broker can manipulate the criteria to produce searches that meet your needs while staying within your price range.
SEARCH FOR HOMES
Now comes the fun part! Your agent will match the criteria outlined in Step 3 with the current listings available in your market and compile a list of potential homes to tour. The Legacy Group has some of the best tools in the business to help both buyers and brokers find available homes, preview listings virtually and/or schedule in-person showings. Each of our agents has a website updated daily with featured listings as well as their own branded App that can be easily downloaded onto any device, giving the buyer real-time listing status of any home they see or search for. With a single click, a buyer can communicate their interest in a particular property to their agent.
MAKE AN OFFER ON YOUR DREAM HOME
Once a home has been selected, the official purchasing process begins. In this early stage, broker and buyer will work together to negotiate price and terms with the seller. It is not uncommon for a few offers and counter-offers to be written before a final agreement is reached. Once an offer is accepted, the listing changes from “active” to “pending,” and the home is officially “under contract.”
MANAGING YOUR TRANSACTION
The sale has been negotiated, but your broker's service has only just begun. During this time, your broker will order the proper inspections, reviewing title reports, schedule appraisals and negotiate repairs. This stage, typically lasting between 30-40 days, is crucial for the buyer’s protection as a consumer and a homeowner.
CLOSING & POSSESSION
When all due diligence has been completed, final loan documents are signed and funding is released through escrow. Buyers will make an appointment to sign at the Title Company. Finally, the buyer is given the keys and will take possession of their new home!