1. Decide if You Are Ready to Buy

Whether you are a first-time homebuyer or entering the marketplace as a repeat buyer, you need to ask why you want to buy. Are you planning to move to a new community due to a lifestyle change or is buying an option and not a requirement? What would you like in terms of real estate that you do not now have? Do you have a purchasing timeframe?

Whatever your answers, the more you know about the real estate marketplace, the more likely you are to effectively define your goals

2. Become an Educated Buyer

Franklin Realty Consultants can help you better understand the current market situation, thus putting you in a better position as a buyer. If the current market is a seller's market where demand is high but supply is low, you may be required to make a full price offer or even higher. But if the current market is a buyer's market where demand is low and supply is high, you may be able to negotiate a more favorable price.
To be sure if you are in a buyer's market or a seller's market, find out the median home price, the average number of days on the market, the number of sales in the area, and compare these figures to the previous year.

3. Determine Your Price Range and get Pre-Qualified

Calculate how much you can afford to pay. Keep track of your monthly obligations, and create a budget including mortgage payments as no more than one third of your net income. While creating this budget keep in mind the tax deduction available for homeowners and possible maintenance, repair, or renovation costs.

With our in house mortgage company (Hamilton Group Funding) getting pre-qualified for a mortgage is easier than ever. This will let you know how much you can afford to borrow; therefore, your time will not be wasted looking at properties you cannot afford. Some information you will need to provide to get a pre-qualification include: your cash available for a down payment, current credit information, current income, job status, and estimated assets.
Pre-qualifying will also put you in a better position to make a proper offer because the seller knows you are likely to be able to get a loan and close the deal on time.

4. Focus Your Search & Look for Your New Home

Some 6 million new and existing homes are sold each year. There's no shortage of housing options, but with so many choices the challenge becomes finding the property which best meets your needs. This is why the most important part of buying a home is narrowing your criteria down to specific wants and needs and having a focused search. A focused search can save time and unneeded stress. Also prioritize what you want and do not want in a home. For example, do you want to buy a new or resale home? How important is neighborhood quality, or the proximity to schools or churches, is a pool a must, etc?

5. Visit Houses

A home is more than just a collection of bedrooms and bathrooms. Several properties -- each with four bedrooms, three baths, and the same price -- may well represent radically different designs, commuting distances, lot sizes, tax costs, interior dimensions, and exterior finishes.
Each of us is different, having differing opinions and tastes, so when visiting a house, pay attention to details and look carefully at all properties. Always visit a house with your real estate agent, and take notes on the house's condition, layout, and neighborhood, as well as information like square footage, average utility bills, and annual property taxes.

6. Making an Offer & Negotiating Terms

To make an offer means that you are committing to one home, signing a legally binding contract to buy, and giving a deposit which can be applied to the loan payment at closing. Be sure that you can afford the offer, and do not forget to list any contingencies on the contract. Your agent can explain the general contracting process as well as his or her role in it.
While much attention is spent on offering prices, a proposal to buy includes both the price and terms. In some cases, terms can represent thousands of dollars in additional value for buyers -- or additional costs. Terms are extremely important and should be carefully reviewed. To negotiate terms, you should begin with your best offer based on market conditions and comparable listings. Leaving room within your price range for maneuvering is smart. When counter-offers arise, the rule of thumb is to match any price reductions by the seller with a corresponding increase in your offer.
Keep in mind that getting the right house is more important than haggling over small price differences.

7. Inspect the House

A home inspection should be included in the terms of the purchase contract and many lenders will require one. A property inspection should include a complete inspection for termites, radon, lead, as well as any other hazards on the property. This inspection will cost a few hundred dollars, but the peace it will provide regarding your new home is priceless. Choosing a home inspector can be quite a hard task for a buyer, but Franklin Realty Consultants works closely with several experienced home inspection companies throughout the area and would be happy to recommend and order any inspections for you.

8. Close the Deal

The closing period generally takes from 14 to 90 days. Within this time, the lender approves your loan, any contingencies in the purchase contract are satisfied between you and the seller, all insurance is ordered and inspections are done. In addition to the general home inspection done, buyers typically have a final opportunity to walk through the property to assure that its condition has not materially changed since the sale agreement was signed. At closing itself, all papers have been prepared by closing agents, title companies, and lender. This paperwork reflects the sale agreement and allows all parties to the transaction to verify their interests. For instance, buyers get the title to the property, lenders have their loans recorded in the public records and state governments collect their transfer taxes. Once closing is completed the deal is done and the house is yours.
However trying to separate ourselves from the rest of the real estate world, Franklin Realty Consultants’ job does not end at closing. If you need any help what so ever; whether it be moving, painting, or general home repairs we will be there. We have several local companies that we work closely with that offer exclusive deals for our clients that would be happy to assist you.