Buyer Information
Working with me
Home buying is becoming easier and easier. However, contracts are getting longer and escrows, it seems, are getting shorter and shorter. Planning and preparation, including loan pre-qualification and comparative sale information (or comps) are crucial to the process.
Making the process easy for you
Guess what! I’ve created a Buyer Plan to guide you. With my help, it’s easy to find your next home that meets your requirements. I do a thorough intake process so I understand your priorities, must haves, and deal breakers. That way we maximize your time and I’m not wasting it showing you listings that right off the bat won’t meet your needs. I want to make sure I have a full picture and understanding of what you’re looking for, before legs hit the pavement and we do showings!
SOME OF THE BENETS OF WORKING WITH ME
Lender Pre-approval
I’ll assist you through the lender pre-approval process to make sure you are approved the maximum amount possible
Local Expert
As an expert in the Madison, Wisconsin and Seattle metro area luxury homes and most desirable communities, I can educate you on neighborhoods, schools, and all the other pertinent information when it comes to buying your next home
I know the comps
I’ll create a comparative market analysis (CMA) so that any offer you put in is competitive, but also reflective of fair market value.
Negotiate for you
I’ll prepare, present, and negotiate the best terms and price possible for you. I’ll also monitor your loan contingency status so financing doesn’t hold us up.
Mange the process
I’ll put together a schedule for all inspections, including pest control and appraisal, to make sure the inspection meets contingencies and we can successfully close escrow
Woohoo - the fun part!
And.. the most fun… I’ll ensure your keys and access to the property are ready when escrow closes so we can do a celebratory “cheers!”
IMPORTANT STEP BEFORE MAKING AN OFFER
Prior to making an offer, we need to arrange financing. Once we get loan approval, we’ll have a complete understanding of where numbers will shake out. That includes the maximum purchase price, but also monthly payments to make sure that the cash burden (including property taxes and maintenance) is reasonable. We don’t want you to be house poor!
In today’s fast market, with little inventory and lots of qualified buyers, a seller will not even consider your offer without full loan approval from a qualified lender – they would see it as wasting their time. No worries though, banks work quickly and we can get this within an hour. The shopping around is helpful to make sure we’re getting you a competitive rate and borrowing terms. At Coldwell Banker Bain, we have a loan officer in each of our branches, including our Madison, Wisconsin headquarters. Just bring in your last paycheck stubs, your social security numbers and you will usually have a letter of full loan approval ASAP. Not only does this satisfy a sellers requirements, but let’s be real. It would be unwise to make a purchase this large and impactful without knowing all the important details. It’s the only way to shop and buy successfully in this market.
UNDERSTANDING MORTGAGES
A mortgage is the loan a potential homebuyer needs in order to make up the difference between the down payment and the purchase price of the home. There are a variety of mortgage programs available, with adjustable time periods and financing options. Traditionally it used to take about 30 to 45 days to process a loan application but as I mentioned above, it can be done in less than a day now. The actual time depends on how promptly the lender can get an appraisal of the property, a credit report, and verification of employment and bank accounts. Most loans will require a buyer to provide verification of income, assets, and long-term debt.
Pro tip! Want to be the most attractive buyer? Get your full loan approval and include it in your offer, subject only to appraisal.