Just for Buyers

Buying a property is a big decision, possibly one of the largest financial investments you’ll make in your lifetime!  So many things to consider… What size of home? Fixer upper vs move in ready?  What’s my price range & financing plan?  Is now the right time?  

No matter what the end result looks like for you, we are committed to providing care and guidance to our clients through this journey, from start to finish, and beyond!

Why buy with Stellar?

Sometimes it’s just nice to know you’ve got an advocate, an attentive and capable representative looking out for your best interest. In the real estate world, we call this “Agency”. Did you know that when you buy a property, you have the opportunity to choose a Buyer’s Agent to work for you throughout the process? At Stellar, we realize it’s a privilege to be chosen to serve our clients in this way, a responsibility we don’t take lightly. We know how important it is for you to walk alongside a professional you trust, a
fiduciary A fiduciary takes on the responsibility of acting on behalf of another person or entity with utmost honesty and integrity, putting the client’s interests before their own, acting in good faith. Upon entering into a written agreement, the relationship becomes one of legal or ethical trust.
who will handle the details, so you can focus on what matters most.
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Buying Guide

Here’s a bit about the buying process, so you know what to expect as you begin this journey.

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Arrange Financing

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  • If paying with cash or equity, be prepared to provide proof of funds with your offer.

  • If taking out a loan, get pre-qualified with a lender.
    • Choose a trusted lender based on recommendations and reviews from people you trust. Local lenders often know the local market best. If you don’t have a lender and need a recommendation, we have trusted partners we’d be happy to connect you with.

    • Ask your lender about
      loan program options There are many loan program options available, some may suit your needs better than others depending on your situation. A trusted lender will be your best resource to help you understand these options and what will work best for you.
      and
      closing costs. To obtain nearly any loan you may have additional fees to pay on top of your purchase price. These are often referred to as closing costs.

    • Learn your price range and approx monthly mortgage payment.

    • Often same-day or next-day turnaround on receiving pre-qualification.

    • Ask your Lender to provide you a copy of your
      Pre-Qualification Letter. A pre-qual letter lets a Seller know you are a serious Buyer and it gives you an edge on any competition who has not yet done their research. Additionally, it’s a common courtesy to know what you can spend before you begin viewing peoples’ homes.

Choose Your Agent and Begin Shopping for Property

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  • Your Agent will discuss Agency Relationship with you, this outlines the different options you have in how to work with an Agent. You may secure a Stellar Agent as your representative by signing a Buyer’s Agency Agreement to formalize the agency relationship.

  • Discuss your needs & wants with your Agent.

  • Bring all decision makers to viewings.

  • Do your due diligence before making your offer. Check sq footage, disclosures, renovation costs, internet availability, criminal/sex offender proximity, zoning, HOA / Condo fees, etc.

  • Ask your Agent to run a Comparable Market Analysis (CMA) on the property you are interested in to determine value.


Make An Offer

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  • Your Stellar Agent will be a helpful guide as you discuss your strongest positioning in presenting your offer to the Seller.

  • Your Agent provides contracts and paperwork; we stay up to date and compliant with state & national laws.

  • Determine your offer price, any
    concession A concession is when a Seller “concedes” by giving the Buyer money back at closing, usually in form of closing costs to help pay for Buyer’s loan
    requests, financing terms, any
    contingencies, A contingency is any term that must be resolved before the agreement is reached. For example, a contract may be contingent upon you obtaining financing, having a home inspection, or selling another property.
    how you want your name to appear on the title, ideal closing date, a list of included items you’d like to stay with the property, and anything else you want to include in your offer.

  • Your Buyer’s Agent will deliver your offer to the Seller's Agent, who will then present it to the Sellers. Sellers will review it; then they may accept, reject, or counter your offer.

  • If the Seller counters, you may negotiate with the Seller until you land on price & terms everyone agrees on.

  • Once price & terms are agreed upon and the last party has signed, contract is immediately
    "effective" A contract becomes “effective” after the last party has signed.
    and legally enforceable by law. Congrats, you are under contract!

Congrats, You're Under Contract!

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  • Agent delivers effective contract to Title Company where they begin title search, write the title insurance policy, and connect with your lender about settlement figures and closing documents.

SECURE FINANCING

  • Agent delivers effective contract to your Lender to begin the loan process. Lender will order your appraisal if needed. Be ready to provide your lender any requested info or documentation.

  • DO NOT quit your job, make any large purchases (furniture, vehicle, etc), or do anything that could lower your credit or cause a change in your financial situation once you’ve gone under contract. This could be a roadblock in you being able to secure your loan!

  • For a cash or IRA purchase, ensure money is in the proper accounts and ready to transfer to the Title Company for closing.

HOME INSPECTION

  • Though optional, it’s highly recommended you order a home inspection, this is your opportunity to have a professional of your choice examine electrical & plumbing systems, structural components, roof, windows, HVAC, appliances and anything else. Your inspector will not dismantle parts of the home, can't look inside walls or other areas that are concealed or obstructed, however the Inspector will look for any significant defects and disclose those to you, often providing helpful information about the property. Your Stellar Agent can provide you with a list of qualified home inspectors.

  • In addition to the general home inspection, consider adding termite, well, septic, & any other inspections as needed.

  • If you are able to attend the inspection, it’s often very helpful to gain insight from your Home Inspector in person, even if just for the last 30 minutes to go over the findings.

  • Whether or not you are able to attend, your Inspector will email a copy of the Inspection Report to you and your Agent. This is complete with details about the Inspection and pictures to back up the findings.

  • Review the Inspection Report with your Agent.

  • If needed, Agent will prepare an Inspection Notice, this is your opportunity to request repairs or concessions be made to the property before you purchase.

  • Negotiate requested repairs until both parties are satisfied with the outcome.

INSURANCE / SERVICES

  • Select homeowner insurance policy and provider, let your lender know which insurance provider you choose so they can set up escrow.

  • Research internet providers, lawn, trash, any other services. Set up transfer of electric provider and water.

Prepare for Closing!

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  • Your Agent will schedule a
    closing. Closing is an appointment when both Buying and Selling parties sign documents to legally transfer the property into the Buyer’s name.

  • Title Company will send a settlement statement for review a few days prior to closing. This document contains all monetary settlement figures pertaining to the purchase.

  • Conduct a final walk-thru of the property to ensure all repairs have been completed in a workmanlike manner and the property is in the same general condition as it was on the Effective Date.

  • Obtain a cashier’s check made out to Title Co in amount designated by lender & Title Co.

  • If you EVER receive an email with instructions for wiring money, please verify via phone or in person with both Title Company & Agent. This is a common scam tactic.

  • Attend closing with your Agent, the appointment typically takes about 1 hour. Bring your driver’s license and be prepared to sign many documents! If you would like to read every document in detail, please let your Agent know and that can be arranged a couple of days prior to closing.

  • After signing, funds are dispersed and you take ownership of your new property!