Ten Steps to Buying a Home Buying a home is probably the biggest financial commitment you’ll evermake. But buying a home isn’t just a dollars-and-cents investment – it’s an investment in your life. To assist you in the process, Edina Realty has all the home buying products and services you need. And best of all, we’ll be with you every step of the way. Step Choose a Realtor Step Negotiate terms A Realtor can assist you in the homebuying Counteroffers are common in real estate. process. To ensure it is someone you Be prepared to be a little flexible on price, respect and trust, get referrals of names closing date, appliances or repairs. from friends and family. Step Get an inspection Step Get pre-approved This is your best chance to have your Meet with a mortgage consultant and get property’s systems and structure evaluated. pre-approved for a loan. Ask your Realtor to An experienced, outside professional is recommend a loan officer or contact Edina worth every penny. And you may want to add Realty Mortgage for the mortgage consultant a home warranty to cover appliances and nearest you. systems that could break down up to a year after you close. Step Refine your focus Detailing your housing needs, wants and Step Do a walkthrough budget will be helpful for both you and your Shortly before closing, do a final walkthrough Realtor. Ask your agent for worksheets of the house to make sure everything you or online tools to help narrow down your thought was included in the purchase choices. agreement has remained on the property. Step View properties Step Funds due at closing Start your home search on edinarealty.com. For your security, Edina Realty Title Once you find homes that meet your criteria, recommends a cashier’s check as the tour several of them in person so you can be method of payment for funds necessary at comfortable with what’s on the market. Then closing. Edina Realty Title will send closing make your selection. information within your personal closing site. Edina Realty Title does not require wired Step Make an offer funds and you should never follow wiring If you know you’ve found the right property, instructions sent to you by email. you may need to act fast depending on market conditions. Trust your Realtor to Step Close prepare and present your offer to the seller At closing you will review and sign the in the best possible light. relevant closing papers that will be notarized by your closer, the keys are passed to you and the house is yours! 571 Home Search Made Easy Edina Realty’s mobile app makes home searching quick and easy Search smarter n Find homes for sale including up-to-date open house information n Search for homes with school attendance boundaries and view school ratings n Learn commute times by inputting an address and view results by time of day and type of transportation used (walk, bus, bike or car) n View nearby properties with Home Scan n Automatically estimate your monthly payment including principal and interest, home App for Smartphone insurance, PMI and property taxes. Plus, easily adjust property price, down payment, and Tablet interest rate, loan term and homeowner association dues Featuring Home Scan The Home Scan feature uses augmented reality to view nearby homes in real time. This makes researching neighborhoods and finding open houses fun and easy. 599 Selling and Buying? Know Your Options Sometimes the house that once seemed perfect is no longer a great fit – and you decide to sell it and find another home. This is the time to think about which buying and selling option would work best for you. Options and Opportunities Sell first – buy later. This is a great option if you want to take your time finding a new home. Selling first gives you a clear idea of how much home you can afford. It increases your leverage by eliminating the contingency to sell your house before you close on another. Most important, selling first takes the urgency out of your search, allowing the time you need to find that “just-right” home. Selling first means you must find a temporary place to live while you look for a new home. Sell and buy – at the same time. It happens every day. Homeowners sell one house and make an offer on another ̶ with the goal of having both transactions close on the same day. It can feel like a crazy dance, but your Timing, price, location experienced REALTOR® will guide you through the closing and inventory can all process on both transactions without missing a step. Your affect your home search. Edina agent knows how to smooth your transition from one home to another. Your REALTOR® is a valuable resource as Buy first – sell later. you evaluate the costs, This is an attractive option for buyers who can afford to make two mortgage payments for a short time. It allows you to benefits and other buy, update or remodel a new home while still living in your variables to find the current one. You put your current house on the market only after you are living in your new home. Be sure to check with option that best fits your your banker to ensure pre-approval of your mortgage without needs and timeline. selling your current home. 544 Finding Your New Home Somewhere awaits the home of your dreams. All you have to do is find it! Sure, you can look for it on your own, but why? With an experienced REALTOR® at your side, finding the perfect home is easier, faster and a lot more fun. A Realtor can show you suitable properties, offer valuable An Edina Realty Realtor can… advice and coach you through the entire complex process. ■ Provide knowledge of the market to help you make By entrusting an agent with your home search and openly informed decisions sharing your expectations and needs, you’ll improve both the process and the results. But how do you know whom to ■ Show you properties that meet your needs in style choose? and price ■ Use their expertise and experience to negotiate on Start with the best your behalf Chemistry is important, but so are credentials. Above all, ■ Guide you through each stage of the transaction you’ll want an agent who knows the market and has the resources of a leading real estate firm behind them – a firm ■ Recommend professionals in related fields – loan like Edina Realty. officers, closers, home inspectors and others – to ensure a smooth transaction With nearly 2,500 professionals to choose from, you’re ■ sure to find an Edina Realty Realtor that fits your personal Show you any property – even those listed by style. There’s simply no company better qualified to help another broker you find and buy your new home. ■ Monitor the MLS and Edina Realty Mobile Hotline activity ■ Attend virtual or in-person open houses and drive through selected neighborhoods regularly ■ Network with other agents to obtain leads on properties coming on the market ■ Locate potential builders if new construction is right for you ■ Contact owners of expired listings and “For Sale by Owner” properties ■ Provide information on schools and the community 570 Writing Your Offer When you find the home that’s right for you, your real estate agent will work diligently on your behalf to write a purchase agreement and negotiate favorable terms. The Purchase Agreement This is a written legal agreement which, if accepted by both you and the seller, The seller may binds the sale and begins the closing process. Among other items, it includes: accept, reject ■■ The price you are willing to pay for the property ■■ The date of the closing and when you will assume possession or submit a ■■ Who is expected to pay any special assessments and property taxes counter-offer for ■■ Type of financing package you have chosen you to consider. ■■ A list of items to be included in the sale (appliances and drapes, for example) The Negotiation Process Once the purchase agreement has been presented to the seller, the seller’s agent will provide the seller’s response to the terms of your offer. The seller may accept, reject or submit a counter-offer for you to consider. With the counsel of your real estate agent, you then have the option to accept, reject or counter their offer. Once you and the seller reach an agreement, necessary signatures are collected and the transaction moves on to the closing. The Home Inspection Offers are often written “subject to home inspection,” which means a buyer doesn’t have to commit to purchasing the home until an inspection is completed and the results are reviewed. Once your offer has been accepted, it’s wise to have the home inspected by a professional for an indepth evaluation of the roof, foundation, mechanicals and other features. 581 The Arbitration Advantage The residential home arbitration system has many advantages for any dispute over $15,000. Arbitration is convenient Arbitration usually takes place in the home. This permits the parties and the arbitrator to easily view the damages or defects firsthand. The parties also have more flexibility in scheduling arbitration for a time that will work best for everyone. Arbitration is cost effective Arbitration, like a district court action, provides the parties with the remedies of specific performance, rescission and money damages without a limit, but for a lower cost. Even if an attorney is hired to represent a party in arbitration, the total attorney’s fees are generally far lower than compared with hiring an attorney for a district court case.