Our Buying Strategy
We understand that buying a home in Southern Maine is one the most exciting, and expensive, decisions that you’ll ever make. Whether this is your first time, you are relocating, or have a house of your own to sell, it can seem overwhelming, and sometimes even scary. The antidote for any home buyer is understanding the home buying process. What happens when? What to prepare for? What to expect at closing? We’ve learned that the process is manageable if you take it one step at a time.
A step by step guide to buying your Maine home
- Get your finances in order: Now more than ever, banks are closely scrutinizing your credit score, history of purchases and current income when determining whether or not you are credit worthy. Be one step ahead of them by checking your own credit report. Make sure that the information is accurate and fix any problems you may discover. A new law requires credit reporting agencies to provide any Maine consumer one free copy of his or her credit report annually.
- Get Pre-Qualified: Ask to speak to a loan officer, talk to them about your plans to buy a house, fill out an application, and get what’s called a Pre-Qualification Letter. This will be very important once you find a home that you want to put an offer on. Having a pre-qualification letter can put you ahead of the competition in a multiple offer situation.
- Prepare your Dream Sheet: First make a list of the things you need to have in the house you buy.
Ask yourself how many bedrooms and bathrooms you’ll need, how big you want the kitchen to be, what kind of storage space you require and what kind of yard you want.
Don’t forget to think about the kind of neighborhood, types of schools, length of commute to/from work and the distance to shopping centers. Trying to separate your needs from wants can be tricky. Spending time on this step before you start searching will help you avoid the confusion later. - Contact a Real Estate Agent in Southern Maine: Now that you are armed with a pre-qualification letter and a list of your housing needs, it is time to contact an agent, familiar with the Southern Maine area, to help you find the perfect home for you. Because the agent has access to the latest listings to come on the market, she can send you daily personalized listing alerts.
- Making an offer: Once you have found a home that meets your needs, whether in Portland, Freeport, Cape Elizabeth, or elsewhere in Southern Maine, it is time to make an offer on the property. You will already know the most you can spend from the pre-approval process, and you probably will have your own ideas on what the property is actually worth. In addition, we can guide you through the negotiation process and offer procedures.
- Closing: This is the final step in the buying process, a time to verify that the home you’re about to buy is exactly what’s presented in the buyer’s contract. The closing typically requires specific documents supplied by the seller and the buyer.
If you are thinking about buying a home in Southern Maine and would like to be represented by friendly, knowledgeable buyer’s agents, give us a call at (207) 879-7653 or use our contact form and we can contact you at your convenience.
