BUY

Home
Buyer's
Guide

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Most buyers who start the process of looking for a home begin the journey filled with excitement and a bit of trepidation. When purchasing a home is one of the biggest financial decisions you will make, it’s our goal to ensure the process is the most pleasant and stress-free experience possible.

Why Settle, When Home is the Most Important Place?

For more than 50 years, Barker Realty’s commitment and dedication to our unique Santa Fe community and its people have been deep and unwavering. Due to the caliber of brokers and the marketing and technology platforms supporting them, our brokers on average produce higher sales and offer a combined 900 years of experience. Even our newer brokers go through extensive training and mentoring to ensure the highest level of service for our clients.

Our transaction process is completely digital, utilizing checklists and calendars, digital signatures and notifications, to ensure a smooth buying process. Likewise, we focus on new technology such as video conferencing, virtual walkthroughs and virtual open houses to tour properties in a safe manner.

Top Reasons to Buy a Home

  • Quality of Life
  • Freedom
  • Stability
  • Tax Benefits
  • Appreciation
  • Equity
  • Capital Gain Exclusion
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Five Buying Tips

Get Pre-Qualified
Before you can seriously consider purchasing a home, it’s important to know exactly how much you are able to afford. Having a pre-qualification letter can also position you better against other offers when competing in a fast market.

Always Think Resale
In the U.S., the average length of ownership is 5 to 7 years. A likely eventual resale is important to keep in mind when looking for your next home. For instance, homes backing up to a busy street tend to sell for less and take longer to sell than other homes in the neighborhood.

Aesthetics Can Be Changed
Flooring, light fixtures, plumbing, paint colors and wallpaper are all fairly inexpensive modifications. Don’t let an unusual paint color turn you off of your potential dream home. Think of how much fun it will be to make a home yours!

Don’t WAIT!
Too often we see home buyers fall in love with a property, wait a few days to make a decision because they are nervous, and the home that they fell in love with sold! If it feels like home, be prepared to write an offer!

Compare Sales
To determine the best price to offer, look at recent sales of similar homes. We can help you with a Buyer’s Market Analysis to compare properties sold in the last few months to the one you are looking to purchase. Specifically, you’ll want to compare prices of homes that are located in the same general area and similar in square footage, garage spaces, number of bedrooms and baths, lot size, etc.

The Buying Process

  • Determine wants vs. needs.
  • Choose an accomplished real estate broker to assist in your home buying process. They will provide market insights, research and recommendation on an initial offer price, negotiating expertise, navigation of the purchase agreement from initial offer to close, professional recommendations and local familiarity.
  • Get pre-approved by a lender. Obtain a pre-qualification letter from the lender; complete loan application, finish necessary documentation.
  • Property tours – Your broker will show you available homes that suit your needs, fine tune your searches, and educate you about the current market.
  • Target that perfect home to write an offer. Writing an offer will take 1-3 hours. You will be asked to provide a verification of funds to close among other items to present with your offer.
  • Your offer is presented to the Seller. In presenting your offer, your broker will highlight the strengths of your offer and your strengths as a buyer. Your offer is countered, accepted or rejected at this point.
  • Counter Offer – The counter offer is discussed and prepared.
  • Escrow – Once an offer is accepted, your earnest money is deposited with the Title Company by check or wire.
  • Contingency Period – Buyer receives and approves the Seller’s Disclosure Statement. Buyer approves Preliminary Title Report. Applicable physical inspections are completed.
  • Homeowners Insurance Coverage – Buyers obtain Homeowners Insurance Policy for their new home.
  • Signing documents at the Title Company – Buyers need to bring current photo identification to sign notarized loan documents at the Title Company.
  • Down payment and closing funds – The escrow officer provides you with a Buyer’s Estimated Closing Statement which itemizes your costs and advises you of total monies due. Buyer brings a cashier’s check to Title Company at least 24 business hours prior to closing.
  • Funding – The lender completes final audit of documents and then sends funds to the Title Company.
  • Close of Escrow – The deed is recorded at the County Recorder’s Office by the Title Company. Keys are transferred from seller to buyer.

How to Choose a Broker

Buying a home is one of the largest purchases and most important decisions you will ever make. It will require making financial decisions, understanding complex issues, and completing a mountain of paperwork. It’s hard to argue with all of the quality traits experienced real estate brokers bring to the table to assist their clients: immediate access to listings, savvy negotiating skills, a rich understanding of the local market, in-depth advice for home buyers on how to navigate the entire process, recommendations for professionals, and paperwork management.

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  • Look for a full-time broker who has expertise completing transactions similar to yours.
  • Interview a few brokers
  • Find a broker who is tech-savvy: Today’s transactions move at the speed of broadband.
  • Ask how much time the broker will have for you.
  • Ask about their credentials and education: A good broker will continually strive to improve and gain knowledge of the latest real estate trends.
  • Does the broker return your calls promptly? Time is money when attempting to buy a home.
  • Read online reviews.
  • Good brokers will spend more time listening to you and asking you questions about what you want, rather than talking about themselves.
  • And finally, choose a broker with whom you feel most comfortable. You will be creating a partnership.