BUYING YOUR FIRST HOME
Your home is where your spirit lives, where you create memories with family and friends, and a safe place to rest. It is important to find the RIGHT place to call “home.” However, you define “home,” your CENTURY 21 Morrison Realty agent is here to help you find it!
When buying a home, defining what you want is important when searching for your new home. Consider things such as location, number of bedrooms and bathrooms, maximum price, timeline, and top three most important features.
Download your CENTURY 21 Morrison Realty My Home Wish List to get started!
Then use our Century 21 Morrison Realty Home Comparison chart as you determine what home is best for you!
Check out our CENTURY 21 Morrison Home Buying Guide for a comprehensive guide to buying a home.
YOUR AGENT MATTERS
Home buying is a journey and when going on a journey, it is best to have a map so you know what to expect and how to plan. Your expert CENTURY 21 Morrison Realty agent is your guide, interpreting the map so you end successfully at your destination – your new home! It is important you trust your guide and you receive the best service in your search and purchase. CENTURY 21 Morrison Realty even guarantees our service with our “Buyer’s Service Pledge”!
Just some of the things a CENTURY 21 Morrison Realty REALTOR® will do for you include the following:
- Assesses your wants and needs
- Provides you with current and accurate market information
- Shows homes and helps you find the “right one”
- Acts as your adviser through the entire transaction
- Handles negotiations
- Writes legal and binding contracts to ensure your
- Helps connect you to the right resources
- Represents you and your interests
And, in most cases, your CENTURY 21 Morrison Realty real estate agent represents you at NO COST to you as the commission is paid by the listing brokerage or seller.
Choose the BEST AGENT for you here.
WHY BUY INSTEAD OF RENT?
The desire for the “American Dream” of home ownership continues to stretch across all generations here in the United States. Home ownership provides many benefits including pride of ownership, tax deductions, and investment/savings through the equity of your home.
Ask a CENTURY 21 Morrison Realty agent to help you determine if renting or buying is right for you!
BENEFITS OF BEING PRE-APPROVED
When starting the home buying process, there are very good reasons to be pre-approved by a lender.
You shop in the right price range. If you do not know what you can afford, then you may be shopping in the wrong price range and upon getting pre-approved, you may end up disappointed in what the new price range offers.
You will have confidence when making an offer and when negotiating throughout the home buying process.
Your CENTURY 21 Morrison Realty agent can better assist you in your search when understanding your perimeters of affordability. Your agent will help you negotiate necessary seller concessions and explain how taxes and special assessment installments affect your payment.
Pre-approved buyers are credible buyers in the eyes of a seller. You will have better leverage when making an offer, especially if you are in a competing offer situation.
You get the majority of the necessary lender paperwork out of the way so you can focus on your home search. Prepare yourself with a list of information most lenders will require.
If you are a cash buyer, you may still need to obtain a “verification of funds letter” from your bank to prove to the seller you are capable of purchasing.
PRE-APPROVAL VS PRE-QUALIFIED
You will want to know the difference between a pre-approval letter and a pre-qualification letter. Every lender handles these letters differently, depending on their bank’s requirements.
- Generally, a pre-approval letter is issued after a credit check and there has been verification of all buyer information including tax returns, pay stubs, etc. A pre-approval letter is going to be more credible to a seller when considering an offer.
- Generally, a pre-qualification letter is issued after a credit check and the buyer has verbally discussed income with the lender. No proof of income or verification of employment or tax returns has been completed. A pre-qualification letter does not carry as much weight as a pre-approval letter in the eyes of a seller.
If you do not have a preferred lender, your CENTURY 21 Realty Morrison agent can assist in finding the right one for you.
LOAN OPTIONS
Gone are the days when a buyer needs a 20% down payment to purchase a home. There are several types of loans that may fit your needs including FHA, VA, Conventional and Rural Housing financing. There are even more lending programs that may assist you with the down payment, closing costs, and other fees.
Your CENTURY 21 Morrison Realty agent is familiar with the types of lending and programs, but he/she will direct you to the expert lenders who fully understand the perimeters of the programs. Because financing is the #1 reason why transactions fail, your CENTURY 21 Morrison Realty agent will be in close contact with your lender throughout the transaction. Your agent will want to ensure you know the next steps and that you get to the closing table with the least amount of issues or delays.
MAKING AN OFFER
Making an offer on a home exciting and overwhelming at the same time. Your real estate agent will walk you through the offer paragraph by paragraph. Your agent will help you understand your rights and will assist you in presenting your best offer to the seller so you ultimately are able to purchase the home you want. Here are just some of the things to consider when writing an offer. Your offer will consist of many terms and conditions, not just the price.
- Have your pre-approval letter ready and fully understand what type of seller concessions you may need at the closing table.
- As a buyer, you are responsible for all investigations and inspections of the property.
- Time is of the essence which means dates and deadlines do matter in a legal, binding contract.
- It is not a contract until all signatures/initials must be in place by both parties.
- If it is a competing offer situation, sellers will determine which buyer parties know what information and when they know it.
- The process of lending, title work, and moving does take time.
Your CENTURY 21 Morrison Realty agent will explain all these items and more when writing an offer.
PENDING CONTRACT
Finding your new home is the first step but getting to the closing table can be an involved process.
- Contingency period (property inspections, approving covenants and restrictions, etc)
- Financing and Appraisal
- Title Work
- Loan Approval
Each step of the way, there are possible hurtles and resulting negotiations. Your CENTURY 21 Morrison REALTOR® is there to guide you and keep your best interests at heart.
CLOSING
This is the long awaited day for every buyer!
Before closing, make sure you have completed the following:
Review the Closing Disclosure.
Complete a final walk through of your new home with your CENTURY 21 Morrison REALTOR®.
Have good funds available in the form of a cashier’s check or wire to the applicable closing company.
Bring a government issued photo ID to the closing.
Make sure to have switched over the utilities to your name so utilities are not shut off.
It is easy to underestimate how much is involved in the process of moving. Ask your CENTURY 21 Realty Morrison agent for a Moving Checklist to make sure you have a plan.
Home Office Bismarck • 1142 W Turnpike Ave, Bismarck ND • 701.223.6654
Serving central and western North Dakota with offices in Beulah, Bismarck, Bowman, Dickinson, Jamestown, Minot, Williston, and impromptu locations anywhere between.
©2023 . All rights reserved. CENTURY 21®, the CENTURY 21 Logo and C21® are service marks owned by Century 21 Real Estate LLC. Century 21 Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated. Listing information is deemed reliable but not guaranteed accurate.
