Buying A Home
Whether you are a first-time home buyer or a seasoned expert, purchasing a home can be a complex process. For this very reason, I am here to assist you for each step of the way. Throughout each stage, I will help you navigate the ever-changing housing market and lead you to your dream home.
Even if you’re not completely sure about what you want, my detailed understanding of market trends, local neighborhoods, and financial tidbits allows me to give sound, proven advice to match you with your ideal house.
The Buying Process
Below, I have included a general step-by-step list to help explain the process. While a few of the procedures may not seem straightforward, remember that I am ready to answer your questions every step of the way.
1. Determine your needs and budget
Before the search begins, define what type of house, neighborhood, and location best suits your needs and lifestyle. Have fun with this! Have you always wanted a wood fireplace? Is a large yard important to you? I recommend making a list of what you want in your ideal home, and take into account your financial situation.
Once you share these details with me, I can offer feedback and advice to help develop a plan and goal moving forward. Share your lists and goals with me so I can determine where there is some flexibility when scouting for houses.
2. Get pre-approved for a loan
First, meet with a loan officer. A loan officer will be able to qualify you for a price range, and this will allow you to set a minimum and maximum value for your next home. This is key for determining your budget and ultimately, a loan amount, if you plan to borrow money from a financial institution.
• Get Pre-qualified
• Obtain a pre-approval letter
• Obtain a “Truth in Lending” letter explaining the costs of borrowing money
• Learn about the many loans available to buyers in today’s market
• Learn about closing costs
3. House search!
With your specifications in mind, I will use my resources to scout the marketplace on your behalf. When I find houses that meet your criteria (such as square footage, location, number of bathrooms), we can review them and schedule a tour at your convenience.
• When possible, all decision-makers should visit the various homes
• Always be candid–it will help me understand your particular needs
4. Prepare the offer
Once we have found the house that feels like your new home, I will help you determine an appropriate offer price by reviewing market trends and similar home sales. With your input, I will draft a written offer that outlines the price as well as the responsibilities of both parties in preparation for the transaction. If the seller accepts the offer, it becomes a binding contract. It is imperative that you carefully review the contract and clarify any aspects that are not clear to you prior to offering.
• I will review through the contract with you and complete your offer
• I will work to ensure that you and the seller agree on all terms of negotiations
• All documents will be sent to the title company where a file will be opened, and title commitment and property tax information ordered
5. Make your loan application
- Give your loan officer a copy of the contract and apply for the loan
6. Inspect the property
In order to ensure your safety and the value of your investment, it is important to have the proper personnel thoroughly inspect the house after the offer and loan terms have been finalized. I can point you in the right direction.
• Select an inspector and arrange for both a general inspection and comprehensive pest inspection
• I can provide information about other environmental assessments
7. Appraisal and survey of property
- The lender and title company will make arrangements for the property appraisal and survey
- Buyer will be provided a copy of the Title Commitment Letter
- Buyer will make arrangements for homeowner’s (hazard) insurance, and arrange for the insurance agent to talk with the closing officer at the title company
8. Seller’s closing is also arranged• Buyer (you) receives a copy of the closing statement for review prior to closing
• Buyer conducts a final walk-through inspection of the property
• The realtor (me) arranges a closing date and time with the buyer and the title company. Seller’s closing is also arranged
• Buyer brings a cashier’s check for all closing costs and the balance of the down payment
9. After closing
I will prepare the necessary documents required for closing such as the title examination, the payoff statements, the deed, and anything else that’s needed. On closing day, you will sign all documents. The seller will be paid, and you will receive the keys. Congratulations, you just bought a new home!