Buyer’s Guide
Buying a property is a huge milestone. Whether you are a first-time homebuyer or a seasoned investor, navigating the buying process can be a challenge. When you choose Kaufman Realty & Auctions, we’ll be with you every step of the way.
Your step-by-step guide to buying a property
From start to finish, this guide will teach you everything you need to know about buying a property.
1. Before you buy
Before you buy, it’s important to think about three things: your housing needs, your budget and your credit.
Housing needs
What do you need in a home? How many bedrooms and bathrooms are you looking for? Having this in mind from the start will ensure that you find a house that truly fits your needs.
Budget
Generally, your mortgage payment should be less than one-third of your monthly income. It’s important to calculate the mortgage payment, instead of the total housing cost, to account for additional expenses like interest, homeowners’ insurance, escrow, etc.
Credit check
A credit check determines whether you’re eligible for a loan and influences your interest rate, all based on your reliability to make payments.
2. Find the right realtor
Buying property is a big decision, so be sure to find a realtor that truly understands your needs. At Kaufman Realty & Auctions, we give you plenty of realtors to choose from so you can find a realtor near you.
It’s important to communicate openly and honestly with your realtor about what you’re looking for. Our realtors are here for you, and they care about helping you find just the right property for your family or business.
3. Get pre-approved for a loan
Remember your housing budget? Now is the time to revisit that and take a look at exactly how much house you can afford. Just because you get pre-approved for a certain size of loan does not mean that you need to take out a loan that size.
Also, now that you’re pre-approved, it’s time to start shopping for loans. Getting pre-approved at one bank doesn’t prevent you from shopping around to find a loan with the best interest rates.
4. Start your search with Kaufman Realty & Auctions
Whether you prefer buying a property by auction or a listing, our realtors can help you decide which is right for you, and even how to bid. Keep in mind that if you’re buying at auction, you’ll need to have all your finances in line so you can move quickly. If you’re planning to purchase a listing, then it will take about 30 days to close. Whether you’re looking for land, a residential home or a commercial property, you can see all of our real estate and auction properties on one website.
5. Make an offer
When you make an offer on a listing, you have two options: accept the seller’s asking price or counteroffer. Since you are negotiating a price, sometimes you can also negotiate certain home improvements. Be sure to tell your realtor if your offer is contingent on home improvements.
If you’d like to make an offer on a property that is being sold by auction, our real estate agents can help you learn about auctions.
6. Complete your loan application
You can receive a loan from a number of different financial institutions: commercial banks, credit unions, mortgage bankers, mortgage brokers, etc. Be sure to shop around to find the best interest rates, fees and terms.
When you go to complete your loan application, be sure to take your ID, social security card, recent pay stubs, tax returns and bank statements.
7. Purchase home insurance
Many banks require homeowners to buy insurance in case of an emergency. There are different types of insurance that may be required, depending on where your property is located. Be sure to check the terms and conditions of your loan to know the requirements.
8. Close on a property
Closing on a house normally takes 30 days, depending on home inspections, lender conditions, etc. When you work with Kaufman Realty, we’ll take care of this process.
9. Start packing!
Congratulations! Enjoy your new home! Now it’s time to start packing! Ask your Kaufman Realty agent if you need recommendations for moving companies or businesses that often have extra boxes.
Find your next home
Discover your dream home with our powerful property search tool. Explore listings, filter results and discover the perfect property that suits your needs. Start searching now and let us help you find the home you’ve always wanted.