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First Time Buyers

We at Kelmark Associates can walk you through the process of buying your first property. From finding out what you can offord, making your first offer, signing a purchase and sale agreement, through your closing. We will be there every step of the way.

We can start by deciding whether you are looking for a single family home, a condominium, or mabe your first investment property. Next, we can find out what you can afford, depending on what kind of property that you have decided upon. Now the home viewing process can begin!

Let Kelmark Associates take the mystery out of the home buying process for you.

The Home Buying Process

    The Role Of the Real Estate Agent

  1. Realtors know what homes are selling for in the area
  2. They can explain the differences in the types of housing that are available, depending upon your needs.
  3. The realtor is there to help the home buying process along, and answer any questions.

    4. Who does the real estate agent work for?

  4. Seller's Agent
  5. Buyer's Agent
  6. Facilitator
  7. Realtors are required to tell you, in writing, who they represent.

    8. How does the Realtor get paid?

    Typically through commission

    Questions you need to Ask Yourself before you start your search?

  8. How much can I afford?
  9. What are my needs (i.e. How many bedrooms do I need etc.)
  10. What are my wants?
  11. What cities/towns am I interested in?
  12. What type of housing am I interested in? (Single family, condo, multi-family)
  13. What are my transportation needs? (Near Public transportation, close to the highway)
  14. How far from my job do I want to be?
  15. How good are the schools?
  16. What are the city services like (Trash removal, public water and sewer, snow removal)

    17. What is the MLS?

  17. The MLS is computerized listings of all properties for sale that are being sold through the real estate
  18. offices that offer this service.
  19. The MLS allows the buyer to receive daily emails on new listings, and allow the buyer to pre-screen
  20. homes for sale that meet the criteria selected by the buyer.
  21. Properties in the MLS are sometimes NOT advertised in the newspaper. Signing up for daily emails ensure
  22. that you are kept up to date with what is for sale.

    23. Getting to Know You.

  23. Before going out and looking at looking at homes, Kelmark will:
  24. Sit down and discuss what you are looking for and what you needs are.
  25. Discuss what you can afford based upon the amount that you have been pre-qualified or pre-approved for.
  26. Set you up to receive daily emails from the MLS to determine what is available.

    27. The Home Showing-What to Look for when you are out looking at properties.

  27. Age of home
  28. Condition and age of heating system, roof, kitchen, bathrooms, etc
  29. Size and layout of rooms

    30. An Offer to Purchase a Home includes:

  30. Purchase Price
  31. Down Payment Amount
  32. Amount you plan to Borrow in order to Finance the Purchase
  33. Time frame for which the seller has to respond to the offer
  34. Contingencies
  35. Mortgage Contingency (Purchase is contingent upon you getting a loan within a certain time frame)
  36. Inspection of Property by Inspector hired by you done within a certain time frame.
  37. Signing of Purchase and Sale Agreement within a certain time frame
  38. Other Contingencies if applicable (Inspection of Condo Association Docs, inspection of Rental Agreements)

    39. Time frame to complete the purchase of property

  39. The role of the broker (s) is to negotiate the price and conditions of the terms of sale
  40. The Seller's agent acts on behalf of the seller
  41. The buyer's agent acts in the best interest of the buyer.
  42. A facilitator does not represent either party but works to put the deal together

    43. Purchase and Sale Agreement

  43. This is the main agreement of the transaction
  44. It specifies all the terms and agreements of the offer and goes into greater detail about the mechanics of the sale.
  45. Signed by both buyer and seller
  46. Make sure you understand what is in agreement because it is a binding contract.
  47. Make sure you follow the terms of the purchase and sale.

    48. From the purchase and sale to the closing

  48. This is the time where the lender does their job.
  49. Be prepared to provide all necessary paperwork promptly.
  50. This time is the most stressful of the transaction for most buyers
  51. You will receive a commitment from the lender when loan is approved
  52. The lender will then have an attorney do a title search to make sure the property has a "clear and marketable title"
  53. (You are charged for the attorney)

    54. The Closing

  54. Final step to home ownership
  55. Doing the final walk through of the property before the final signing of the paperwork giving you ownership
  56. You will sign all the necessary paperwork
  57. Main documents are the note and mortgage
  58. Congratulations you are a home owner