Buyer Information


Looking to purcahse a home in the Lafayette,La. area ? I know it's exciting !!! It doesn't matter if your a first time home buyer or this is your four or fifth home it's just down right exciting !!! You as a buyer looking to purchase in the Acadiana area have soo many great places to choose from and sometimes it can be very difficult to decide how to approach it all. Let's get you started. 


The basic steps to buying your new home


1) Deciding to buy your new home
    
There is an endless amout of reasons for you to decide to purchase a home, it may be your first home or fifth home. Many people consider building wealth to be one of the most popular reasons to purchase real estate. Many people see it as a wealth builder because your home or homes ( if you have investment properties ) will grow in equity, appreciate in value as time goes on and oh of course let's not forget the tax benefits. When thinking of buying a home in the Lafayette,La. area think about some of the following ideas. It's never the wrong time to buy if it's the right home and you have the financial stability to buy and hold on to it for a while. Are you currently paying rent ? If you are chances are you can afford to purchase your own home and stop paying your landlords mortgage for him !!!.  Don't get caught  up in the hype and get scared of getting approved for a loan or large down payments. You don't need a perfect credit score and there are several loan programs for every need so don't be scared to ask your real estate agent for thier list of great local loan officers that will be happy to get you started at no coast to you !!.

2) Hire your real estate agent

Do I even need a real estate agent when buying a home ? YES !!! and let me tell you why. Because it doesn't matter where you are looking to purchase your home, North, South, East or West the same goes here in  Lafayette,La. and all sourrounding Acadiana areas. There are numerous people required to execute a real estate transaction from start to finish and not just anyone has the capability to handle this task. Let me name a few buyers agents, listing agents, loan officers or mortgage companies, underwriters, insurance companies, appraisers, real estate attorneys, title resaerchers, home inspectors, utility companies, school districts and the list goes on. It's your real estate agent who has all these required contacts and the skills to coordinate them all together to get you to the closing table and make it as smoooth and painless a process as humanly possible.

Just a few roles of the buyer's real estate agent :

a) Uses thier expert knowledge of your local real estate market
b) Knowing your wants and needs guides you to homes fitting your search criteria
c) Professionaly handles and negotiates the offer on your behalf
d) Coordinates the numerous people required to close the deal

3) Obtain financing

Yes, I know it can be a scary situation your thinking why would that bank or mortgage company lend me money to purchase a home ?? Well it's easy that's why thier in  business, to do just that loan you money  !!!. Again your real estate agent has the local contacts to guide you in the right direction. There are countless loan programs designed for practically every type of buyer. First time home buyer, City bond money, 100% financing, Investor financing, new construction it's all available. Don't be scared if your credit isn't perfect, it doesn't take long let a professional loan officer get you qualified for a home loan. Once your pre-qualified they will also sit down with you to establish where you should be regarding downpayments and monthly notes.

4) Finding your home

Oh yeah the fun part !! and probably the most exciting part is jumping in the car and going look at all the homes you have to choose from.  Well this can turn into the not so fun part if things aren't done properly. It's very important that you and your buyer's real estate agent are on the same page. I't's a must that you are working together on this and are on the same page. It's very important that you share with your realtor what your looking to achive in purchasing this home. Explaine to your real estate agent all of your wants and needs both short term and long term.

Something to think about :
a) Where do I want to live ?  LOCATION !!
b) How much space do I need ?
c) What's my realistic price range for the notes I can afford ?
d) What's more important to me price or location ?
e) Will a condo, townhouse or patio home work for me ?
f) Do I want new construction or will a little older home work ?
g) Do I have to be in a certian school district ?

5) Make on offer

Ok so you found your home ! Now it's time to slow it down and switch modes and rationally think things through. This again is where your real estate agent will step in and make sure your making the right decisions. Don't make the mistake of letting your emotions get the best of you. Communicate with your real estate professional and let him guide you in making the best educated business decision  possible. He will help you determine the fair market value for the home using his expert market knowledge and the available tools and techniques to make the right offer.  Just an example your realtor will do a comparative market analysis (CMA) on the property researching similar homes currently for sale and those recently sold in the immediate area.

6) Do your due diligence

Once you close on your new home it's yours to keep, so it's very important to do your homework during the inspection period before you close. This is the time to have the home inspected by a professional home inspector and pest inspector so you will have first hand knowledge of anything your need to know about the homes condition. Also this is where you want to verify you can get home ownners insurance and see if it's in a flood zone requiring to purchase flood insurance. Call to verify school zones as if youhave to be in a particualr school you don't want to be in a home where your children can't attend the school of your choice. This can't be over looked and your real estate agent will be on top of this to make sure all is completed.

7)

This is it, your ready to sign the paperwork and get your keys to your new home !!! You have already made and negotiated the contract, done inspections, had the home appraised, got insurance, finalized loan approval and ready to cloase the deal.

Things still needing to be done :

a) Make NO !!! large purchases ( Loans or Credit Cards ) this will affect and change your credit wait to purchase the       refrigerator, washer/ dryer and furniture after you close on your home.
b) Call ahead of time to transfer utilities and cable
c) Call ahead of time to schedual your movers !!!
James Granger - Acadiana's Most Trusted & Respected Real Estate Professional
(337) 735-9364 Office  •  (337) 326-0976 Mobile  •  [email protected]
900 South College Road, Suite 100 • Lafayette, LA 70503

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