STEPS TO BUYING THE PERFECT HOME FOR YOU
The home buying process can be stressful and complicated, but we are here to alleviate and simplify the process for you. We’re here to help you every step of the way during this exciting time in your life.
1. Work with an experienced Real Estate Professional
There is a good chance that buying a home will be the biggest expense you ever have to encounter. With that being said, it is in your best interest to work with someone familiar with the industry and to work with someone willing to help you every step of the way. In a lot of scenarios, the seller is responsible for paying the real estate commissions to both the listing and buying agent, so often there is no financial burden to you. As the buyers agent we represent you, and only you.
2. Get Pre-Approved
This is arguably the biggest step in the process besides getting your offer accepted. Banks/lenders will only finance a certain amount for your purchase of a house. They take into account several qualifications such as debt to income ratio (DTI), credit score, employment history, etc. When a pre-approval letter is provided from a lender that allows us to see what houses are in our price range. The pre-approval letter is also often submitted when an offer is written; this lets the seller know you are a serious buyer.
3. View Properties fitting YOUR criteria
Now the fun begins! Once you have obtained pre-approval and have determined your affordable price range, we can begin to view available homes on the market. We will then discuss your 'Big 3'. 1) Your absolute necessities in a home, this is not negotiable for you. 2) Your preferences, this is not a deal breaker but you would be more attracted to a home with these items. 3) Household features that aren't important to you.
After these items are discussed we will create a unique search portal with your criteria. From there we can look at the photos of these houses and determine if we would like to view the property or not.
4. Submit an offer
Once you've potentially found 'the one', it is time to write and submit an offer. We will review the purchase agreement and double check that everything makes sense and is in alignment with the terms you would purchase the home for. This is when we will attach the pre-approval letter and subsequently fill out the seller's disclosure.
5) Acceptance / Denial
When we submit an offer a deadline will be attached. The seller will have until XX/XX/XXXX to accept/deny the offer before it 'expires'. If it is accepted we will move to the next step. If it is denied/they accepted another offer we will go back to the drawing board and start looking at other options. The denial also isn't final at this point. Potentially we could be the second best offer and the first offer could walk away for various reasons: financing, negotiations, inspections, cold feet etc.
6. Inspect the Property
We are almost there! If we are scheduling an inspection, Congrats! The hard part is done. The purchase agreement will have a provision saying we have XX days to schedule an inspection and renegotiate if something is wrong. This will bring to light most concerns and give us a better understanding of the property. If the seller does not agree to the new terms after the inspection (within the allotted time), you have the right to terminate the purchase agreement.
7. Title Insurance, Appraisal, & Homeowners Insurance
It is the seller’s responsibility to provide you with Title Insurance. The title search will be done by a Title Company, and a proof of ownership will be provided to you before the title deadline in the form of a Title Commitment . If there are any judgments, liens, or recorded easements, they will show up on the Title Commitment. It is the seller’s responsibility to take care of any problems with the Title Company and assure you a free & clear title.
Once your inspection is finalized and the negotiations are done, your lender will order an appraisal of the house. Unless you have an appraisal gap in your contract, you will only be obligated to pay what the lender appraises the house for. If your house only appraises for $XXX and you offered more, you will only have to pay $XXX because the lender will only lend you $XXX.
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Before your lender allows you to close on your home, they will verify that you have homeowners insurance. Homeowners insurance protects you against damage to the home during the course of ownership.
8. Closing
There is a good chance closing will take place at the title company you decided to close with. This is where all the details will be reviewed, verified and documents will be finalized.
9. Taking Possession and Moving In
This is the day everyone has been waiting for! Move your stuff into your new house, decorate, put your own personal touch, transforming it from a house to a home.