Sweet Dreams of a New Home

Let’s start with why. Sometimes it’s obvious, such as you’ve been transferred to a new city. Or maybe family situations have changed such as a divorce, death, or recent medical conditions. Maybe you’ve found your house is too expensive or large and you have to downsize. If any of these are the case or you just know you have to move the next section won’t apply but read it anyway as it might open your eyes to a potential problem.

Now maybe you’re just considering a move, but don’t have a specific reason that you have to sell your home. There is a little more to consider. First, determine where you want to move to. Do a little research and look for an area that interests you. Check home prices (your Realtor can help, you do know one now), and visit Open Houses when you see them in the target area. Talk to friends that live in the area. Once you have an idea, now make sure you can afford to live there. This is a step sellers often forget to do, no matter what the reason to sell is, make sure you can buy another home! Check with your bank or lender and get prequalified. Just because you own one now doesn’t guarantee you can buy another. Job changes, credit problems, other debt load, can easily disqualify you from a new mortgage. They will prequalify you based on the sale of your current home. A CMA can help here so have your Realtor do one for you. None of this obligates you to sell your home, it’s just a good homework assignment before moving to the next step.

The next part is evaluating the readiness of your home for selling it for the best return on your investment. In other words it needs to look move-in-ready to help you get the best sales price possible in this highly competitive market. At a basic level you need to think of fresh paint, replacing worn flooring, installing new fixtures in kitchens & bathrooms if they are stained or extremely outdated. Again your Realtor (the one you now know) can assist you in what helps the best in your area and price range. You don’t want to spend too much and not get that much back, so don’t get too carried away. See more about preparations in the post.

Now you are ready to put it on the market, right? No not quite yet. Prepare yourself for your life being interrupted for showings and open houses. Start packing what you don’t need and make your home look inviting but not too personalized. Start making plans for your move. Don’t be caught off guard when an offer comes in. We’ve sold homes in days before (once a more common thing than today), and our seller had to scramble to find a place to live. So you don’t have to rush to buy a home if that happens, accept the fact you may have to move into temporary housing, nobody wants to rush a home buying decision.

If you are ready to sell, or will be soon, call that Realtor you know today. That would be The Derrick Team at 317-563-1110. We’re here to help for all your real estate needs!

You’ll want to check out this great 3 bedroom, 2 bathroom ranch style home with a split floor plan that’s move in ready! Laminate hardwood floors throughout the home and ceramic tiles in the kitchen and bathrooms. The large Great Room has a vaulted ceiling and gas fireplace with access out to the large back deck.

Master suite includes a walk in closet, vaulted ceiling, and master bath with updated dual sinks. Back yard completely fenced with a privacy fence and a nice view over the large kids sports park behind the home. Home comes with a 1-year home warranty for extra peace of mind. Complete details at WestIndyRE.com  Call The Derrick Team today to setup a showing at 317-563-1110!

First, your Realtor should let you know specifically what to do per what you put in the Purchase Agreement (PA). There are contingencies that must be met to complete the entire purchase.

Getting A Loan
Typically if you are getting a loan there is a contingency for you to be able to obtain acceptable financing and the property to appraise for the purchase price. Your Realtor will work closely with your lender to make sure all the information is exchanged on the property and purchase agreement with all needed parties. This includes the Ernest Money (EM) you put down on the property (which is deposited in escrow by the listing broker at this point, so make sure you have the funds to cover). It is YOUR responsibility to provide all your personal financial information to lender as quickly as possible when anything is requested. Failure to do so can lead to delays or even the default of the PA, which then can make you lose the property and possibly your EM. Time is of essence after the first few days so do everything you’re told as quickly as possible. What ever you do, DON’T go spend a lot of money. We’ve seen more deals fall apart because buyers ruin their credit rating just as they are about to purchase a home. If you need to buy something, talk to your lender first.

The Home Inspection
At this same time you’ll be told to hire an home inspector if it was in the PA. We always recommend one for every home purchased as you want to make sure there is no hidden major problems that end up costing you a lot of money in the future. Take the time to get this setup as quickly as possible, and make the time to be there during the inspection. A good inspector will show you things you need to know, like how to check the furnace or water heater. They will educate you a little about your new home. A good Realtor will be there with you for the inspection (I will always try my best to be there for the entire inspection.) After the inspection we will write the inspection response based on what is documented in the report. At that point we will negotiate with the sellers if there are issues that need to be resolved.

Homeowners Insurance
After those two items are addressed things will slow down a little bit while waiting for the lender to finish preliminary underwriting on your loan and the appraisal is ordered. You will need to call and get homeowners insurance as that will be a lender requirement. Check with your auto insurance company as discounts often apply to combined home and auto insurance.

Listen To Your Advisors
If there are other contingencies your Realtor should keep you advised on anything you need to get taken care of. Be a responsible buyer and follow the advice of your Realtor and lender to make sure the entire transaction proceeds smoothly. Buyers who do not complete contract items in time can find they lose the property and their EM. But stay in the required timeframes and everything will move more easily to you owning a new home.

Just starting to look? Give The Derrick Team a call today at 317-563-1110! We will assist you every step of the way to get you into you’re new home.

The seller of the property you’ll eventually buy will pay our commission fees so you don’t have to worry about that cost.

But we do expect something pretty simple in return for us helping you. That is: Let us help you!

In other words, Work with us. Now this may seem a little simple to you but you have to understand we will spend a lot of time working on your purchasing process; searching for homes, showing homes, checking home values, negotiating contracts, working with vendors, etc., and will not get paid until you have successfully purchased your new home.

So all we are really asking for is a little loyalty, that’s all!

Just starting your search? Thinking about it in 6 months to a year? Know someone who is looking to buy? Give us a call today for a non-binding ‘meet ‘n greet’ to see if we can be your Realtor. We love to help people buy homes!

Call 317-563-1110 or shoot us an email today!