buying a Home
- Purchasing Guide
- Buyers Services
- Buyers Agency
- Mortgage Information
A BUYING GUIDE FOR YOUR NEW HOME IN SANTA FE
A typical time frame, from the time the home is selected, to the time of the closing, is approximately 30-60 days, as detailed in the timeline below.
Seek pre-approval
for your mortgage.
Typical time frame: 1-2 days
You must know how much you can afford before you begin your home search. Typical
down payments range from 10% to 20% but may vary depending on credit rating and other conditions. Your Relocation
Professionals can furnish a wide range of lenders to choose from. Shop
around as there are a wide range of mortgage plans and rates available.
Most sellers will look more favorably on a buyer who already is pre-approved
for a mortgage.
Learn about your destination city.
Typical time frame: 1-2 weeks
Your Santa Fe Properties Relocation Professionals can assist you with gathering information on the area you are moving to. Receiving information on the public and private schools, churches, recreational activities, shopping, taxes or other information you might be interested in finding is just a mouse click or phone call away. Receiving a relocation package with the basic information on the community will assist in acquainting you with the city and available services and amenities. Do your homework before beginning the home search to acquaint yourself with your destination area.
Choose the perfect Real Estate Broker.
Typical time Frame: 1-5 days
Your Santa Fe Properties Relocation Professionals will conduct a brief interview and assist you in choosing the real estate broker best suited for you. An broker will be chosen based upon your requests and follow-up will be completed to assure that a good match has been made.
Search for your home.
Typical time frame: 3 days to 2 weeks
Depending on what you are looking for and the state of the real estate market
at the time, the length of time of your search can vary. Being internet-savvy
will save time. Viewing homes over the web to decide what you like will save
time when you begin viewing homes with your real estate broker. The number
of homes viewed varies based upon the number of homes available in the marketplace
at the time of the search and the wishes and needs of the client.
Negotiate to purchase and sign a contract.
Typical time frame: 1-2 weeks
Once the home is located, your real estate broker will advise you on the best
way to approach an offer on your chosen home. Offers which are close to the
listed price of the home will take less time to negotiate than when the offer
and listing price are further apart. Having a pre-approval letter from a lender
will make your offer to purchase a home more attractive. Upon acceptance of
the final offer, buyer and seller will execute a purchase agreement.
Apply for your mortgage.
Typical time frame: 1-3 weeks
Once the purchase agreement has been executed by both the buyer and the seller,
it is time to apply for your mortgage. Having a pre-approval letter from your
chosen lender will shorten this time frame. Your lender will go through several
steps in approving your mortgage, including securing an appraisal for the property.
Schedule a closing.
Typical time frame: 30 - 60 days from the time purchase agreement
is signed.
Many factors can effect how soon after signing of the purchase agreement
the parties will close. Those include the availability of funds to
complete the transaction, inspection of the property and deficiencies
which must be corrected prior to closing, seller’s time frame
in vacating the property.
Possession and Move in.
Typical time frame: Same day the closing is funded.
Keys typically change hands from the seller to the buyer at the time
the closing is funded. This could be affected by funds not immediately
available to seller from buyers’ lender, or a prior arrangement
made between the parties allowing the seller to remain on the property
for a period of time after closing.
Services Provided by a Santa Fe Properties Buyer's Broker
Pre-Qualification
To determine the price range of properties for which your financial position allows you to qualify, your broker suggests you meet with a lender who will take a moment to pre-qualify you. This process benefits you in several ways:
- Your time is not wasted; instead, you are looking at homes you have been pre-qualified to buy.
- A seller is going to feel more comfortable dealing with a buyer who is already pre-qualified, plus you are in a stronger negotiating position.
- You can close sooner since your qualification for a loan is already approved!
Determine Your Needs
The feedback your broker receives from you in terms of the type of property you are looking for is invaluable. This includes location, number of bedrooms, number of baths, minimum square footage, minimum lot size, need for garage, storage, etc. The more detailed the information, the better chances we have of finding the perfect property for you in the shortest amount of time.
Extensive Search for Properties
Your broker will extensively search all properties listed in the Multiple Listing Service which meet your requirements. This task will be performed daily until we find the property which you buy. In addition, your broker will contact other Realtors® to inquire about properties which may not have been formally listed.
Preview Properties
When possible, your broker will preview properties which meet your requirements to determine their suitability. This process saves you considerable time and effort.
Property Viewing
Once the list has been narrowed down, your broker will schedule some time with you to view properties.
Negotiation
Once you have determined which property best suits your needs and you are ready to make an offer, your broker will provide you with information on comparable properties which will determine fair market value. Your broker will then write up the offer with pricing, terms and conditions to your satisfaction, then present it to the listing broker and negotiate on your behalf until the offer is either accepted or rejected.
A Successful Closing
Following the terms of the accepted sales contract, your broker will facilitate a successful closing by networking closely with the cooperating broker, lender, appraiser, inspector, surveyor, title company and other professionals.
understanding buyer’s brokerage
As part of a buyer’s brokerage relationship, you will receive the following service:
Loyalty
The real estate broker must act in the best interest of the buyer.
Disclosure of Known Material Facts
Examples include, but are not limited to:
- Relationships between broker and other parties
- Existence of other offers
- Status of earnest money
- Property’s market value
- Commission split with other brokers
- Known adverse material facts
Confidentiality
Any discussions, facts or information that should not be revealed to other brokers and sellers are kept confidential between the buyer’s broker and the buyer, including knowledge of a purchaser’s willingness to pay a higher price or accept terms other than those being made in the offer. The broker has the responsibility of fair and honest dealings with all parties.
Accounting in Dealings
Prompt accounting for all monies or property received by the broker.
Negotiating Skills and Care
The broker provides information for the buyer to arrive at a satisfactory purchase price and terms. As a buyer’s broker, your broker will represent you and your interests in the purchase of your home.
Who Pays the Commission?
The Seller
The seller has signed a listing agreement with his broker specifying a certain fee to be paid, and many times it has provisions for splitting that fee with the Buyer’s Broker.
or
The Buyer
The buyer can pay his or her broker a commission as set out in their written Buyer’s Broker Agreement. Oftentimes, a Buyer’s Broker Agreement will specify that the commission to the buyer’s broker will be paid by the seller if the seller has agreed to compensate a buyer’s broker, and by the buyer if the buyer chooses a property in which the seller is not offering to compensate a buyer’s broker.
MORTGAGE INFORMATION
the perfect loan application
Lending institutions may ultimately require the following information for your final loan approval.
However, for pre-approvals, many lenders may take your application over the phone.
employment
• Gross monthly income
• W-2s, if available
• Proof of pensions, retirement, disability or Social Security
• Proof of income from rentals, investments, etc.
• Year-to-date pay stubs
If self-employed:
• 1040 tax returns for the last two years
• Current year profit & loss statement
creditors
• Amount of child care expenses
banking
• Types of accounts and present balances
miscellaneous
• List of assets in stocks, bonds, land
• Life insurance cash value
• Copy of sales contract if applicant is selling a home
• Social Security numbers for all parties
• Veterans - Certificate of Eligibility & DD-214
• Copy of sales agreement if you are purchasing a home
