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Buyers Guide

At Powers Realty Group, we understand that purchasing a home is one of the most significant financial decisions a person can make. That's why we believe that working with an experienced agent and utilizing a Buyer Agency Agreement is essential to a successful home buying journey.

We begin by scheduling an initial meeting to discuss your needs and goals and provide an overview of the buying process, from browsing homes online to negotiating the final purchase. We understand that the process of buying a home has evolved over time, and whether you are new to the process or have been through it before, we are here to guide you every step of the way.

Once we understand your preferences, we will begin the exciting journey of finding homes that may meet your needs, including both publicly listed properties and private listings. Our goal is to help you find your dream home and make the buying process as smooth and stress-free as possible.

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Steps to Buying a Home

1. Buyer Consultation

When it comes to buying a home, it's crucial to have a clear understanding of the process, including your options for representation. At Powers Realty Group, we believe that the key to a successful home purchase is establishing trust and transparency from the very beginning. That's why our agents always schedule an initial meeting to discuss your goals, needs, and the home-buying process. During this meeting, we'll also explain the various options for representation and answer any questions you may have. By providing you with the information you need to make informed decisions, we can ensure that you have a stress-free and successful home-buying experience.

2. Pre-approval Process

If you are in search of a qualified lender, Powers Realty Group can assist you by offering multiple options to connect you with a reliable local lender who can cater to your specific lending requirements. It is essential to understand the difference between pre-qualification, pre-approval, and conditional approval. Additionally, buyers should be aware of the increased flexibility in terms of shopping rates, closing costs, and lender fees. We advise negotiating with your lender, just like you would when shopping for insurance, to secure the best terms for your mortgage. Contact us to learn more about how we can help you with your lending needs.

3. Develop Search Criteria and Viewing Homes

At Powers Realty Group, our agents will set you up on the MLS Feed to help you preview homes online. Our MLS Feed gives you access to upcoming listings, tax records, prior sales prices, and interior photos of homes that meet your specific search criteria. With this tool, you can easily browse and shortlist homes before scheduling a visit, saving you time and effort. Get started with your home search today!

4. Make an Offer

If you're looking to make an offer on a home, it's important to know that the new offer to purchase mandatory use date is January 1, 2020. At Powers Realty Group, our agents have received personal training from Suzanne Powers on the new criteria and nuances of this expanded form, so you can feel confident that you're in expert hands when making an offer with one of our agents.

5. Home Inspection and Testing

At Powers Realty Group, we understand that home inspections can be a complex process. That's why our expert agents are here to guide you through your options under your agency agreement. With our help, you can feel confident that you have the knowledge and understanding to make informed decisions about your home inspection.

6. Loan Commitment

When it comes to the lending process, there are multiple layers to consider. Your Powers Realty Group agent will walk you through the steps and fully explain your options. Keep in mind that this contingency has a deadline on the offer to purchase, and missing it could result in losing the contract. It is crucial to have a knowledgeable agent who understands this process and can help you navigate it successfully. Don't risk missing important documents and deadlines by working with an inexperienced agent. Trust the experts at Powers Realty Group to guide you through the lending process with ease.

7. Final Walk Through

The 3 day walk through is a crucial step in the home buying process that should not be skipped. Unfortunately, many Realtors do not understand the value of this important step. During the walk through, the buyer has the opportunity to ensure that all items from the inspection were performed correctly and that the condition of the home is the same as when they made an offer. At Powers Realty Group, we understand the importance of the 3 day walk through and have made requests on our buyers' behalf for items left behind, junk still in the home, and floors scratched from the movers. It is important to thoroughly inspect the property during this time to ensure that any necessary repairs are made prior to closing. 

8. Closing Day!

Congratulations on your upcoming home closing! To ensure a smooth and successful process, don't forget to bring your photo ID to the signing. This exciting milestone marks the start of new beginnings and a future filled with hopes and dreams.

Common Misconceptions about Home Buying

Buying your house for the first time can be complex, be sure to avoid the most common misconceptions.

  • You Need a 20% Down Payment to Get a Mortgage

    The FHA will back a loan where the borrower have a 500-579 credit score or higher and a 10% down payment. If you have at least a 580 credit score you just need a 3.5% down payment to qualify for an FHA mortgage. On a $200,000 home that comes to just a $7,000 down payment needed, making buying a home much more attainable for consumers.

  • You Can Save Money by Not Using a Real Estate Agent

    Realtors are so important to the home buying process you can’t afford to not have an agent on your side. Real estate agents do get a 3% commission, but the home buyer does not pay their fee. It is paid by the seller and is built into the selling price.

  • You Don’t Need a Home Inspection on Newer Homes

    Home builders make mistakes, some even cut corners or rush jobs overlooking poor work. You should always get a home inspection even if the house you are buying is brand new. A home inspection will help you uncover any items that may cause issues in the future.

  • Buying a Home That Needs a Lot of Renovating Will be Cheaper

    Everyone has seen the HGTV shows where people buy an ugly home for really cheap and invest some money into and make it into their dream home. While this is great, in principal, it rarely ever happens in reality. Tearing down walls and completely redoing kitchens are much more difficult and expensive than they appear on TV.

Source: The Lenders Network

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Frequently Asked Buyer Questions

How Much do I need for a down payment?

You can actually buy your primary residence with as little as 3% down. The most frequent percentage is about 20% but lenders have relaxed their rates over recent years. For a two-unit residence, you'll need to put down 15% of the purchase price. For a residence of three to four units, the minimum down payment is 20%. On the other hand, if it's a multiunit investment property, meaning you don't live in any of the units, the minimum down payment is always 25%. Be sure to contact a local lender to find all of your options as they can vary greatly depending on credit scores.

What’s the best time to buy a house?

The best time to start your search is when you are ready! Prices are the best in the fall when inventory rates are higher and there is more to choose from. Typically, a good rule of thumb is to begin your process six months in advance of when you need to vacate.

What are some of the typical inspection and testing items buyers should know about?

In addition to the standard home inspection, buyers might be surprised to learn that they may very well need additional expert inspections during this process including foundations, roofs, chimneys, and radon.

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