Purchasing a home is one of the biggest decisions most people will make in their life. It involves a long-term commitment financially and emotionally, but it can also be a very exciting and rewarding experience. Here’s the process. Let’s get started!
Build your team — Key Players first
- Prepare Yourself — attend consultations with a Realtors and Lenders; ask questions; get educated; commit to the process
- Find a great local Realtor — experienced; knows the market; cares about you
- Get Pre-Approved with a Local Lender — experienced; knows the process/programs; cares about you
- Your Realtor will be able to refer you to Home Builders, Inspectors, Title co. and many other players
Find a home you love and can afford
- Discuss your “must haves” and your “wish list” with your Realtor
- Consider location, size, condition, amenities, price range and financing
- Creation of auto-MLS search and preview properties online
- Visit homes with your Realtor—including MLS listings, New Const., Open Houses and fsbo’s
Write an Offer — Negotiate a Contract
- Compare comparable sales and discuss strategy with your Realtor
- Make a written offer to the seller; provide written documentation, i.e. Preapproval Letter and copies of Earnest Money and Option Fee checks
- Your Realtor will negotiate the Contract with the seller or their agent — protecting your interests
- Once under contract — copies go to Lender and Title company.
- The checks for Earnest Money and Option Period are delivered
- Lender prepares and provides a Closing Estimate of your closing costs and loan payments. Sign this and return to lender as soon as possible!
- Option period begins and inspections are ordered (home, termite, insurance, etc.)
- Negotiate repairs, if necessary, and sign an amendment with the seller
- Title Company performs Title/ Deed research, writes Title Policy.
- The Lender will order the appraisal
- A survey is ordered
- Appraisal report is competed
- Survey is completed
- Make arrangements for utilities on your new home. Your Realtor can help you with contacts
- Final Walk Through – revisit the home prior to closing
- Lender prepares Closing Disclosure 3 – 5 days before closing. Sign as soon as possible and return to the lender!
- Lender and Title Company prepare the closing and final loan documents
- Your realtor will schedule and coordinate a closing appointment for you
- Buyers and Sellers go to “closing” and documents are signed
- Documents are sent to the lender for review and the transaction is “funded”
- You Get The Keys!!