Buying a Home
Home Buying Process Guide
Buying a home can be an exciting time, and yet a little stressful. There are many things to consider. From securing a home loan, navigating the market of available homes, passing inspections and getting the right appraisal value. We want to provide you with every home buying resource possible to make your transaction and transition easier!
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We’ve organized our valuable Home Buying Guide around the common steps that every home buyer takes. From start to close, our home buying guide touches on every step:
- Get the help of a real estate agent
- Get pre-qualified for a mortgage
- Find the right home for you
- Make an offer on a home
- Apply for a mortgage
- Get a home inspection
- Get home appraisal
- Negotiate
- Buy Home Insurance
- Close on your home
- Take the keys and move into your new home
Get Pre-Approved
Having a pre-approval letter in-hand can increase the attractiveness of your offer, particularly when a seller has multiple offers to choose from. A licensed lender can help evaluate your financial standing and provide you with a pre-approval letter. They will review your income and credit history to determine how much the bank will lend you. This will help you determine the price range for the search of your home.
The Home Search
You can search for homes on my website or I can search and share links of homes that meet your requirements. When you find a home you like, we’ll schedule a showing tour for you to preview the property in person.
Make An Offer
When you’re ready to move forward with a purchase, I will advise you on constructing the strongest offer possible. Then I will draw up the necessary paperwork on your behalf. There is a lot to consider when making an offer on a home. We’ll discuss the purchase price, the closing date, sale contingencies and any special stipulations for your particular purchase. Once an offer is submitted, the seller may accept, reject or counter the offer. If the seller returns a counter, we will enter a negotiation period until an agreement is reached, or the offer is rejected by either party.
Going Under Contract
If your offer is accepted, you will be officially under contract. The purchase will not be complete until closing, but the home cannot be sold to anyone else while the contract remains in effect. At this point, unless you are making a cash purchase, it will be time to make an earnest money deposit and secure your mortgage loan. Lenders offer a wide range of loan programs, so it’s important to work with a lender you trust to help you determine the best loan for your specific circumstances.
Home Inspection
Inspecting the physical condition of your next home is a vital part of the home-buying process. A licensed home inspector will conduct a comprehensive evaluation of the entire property and report any problems with the condition of the home’s structure or systems. The inspector will also investigate potential issues such as pest infestations or mold. Depending on the purchase agreement, we may enter additional rounds of negotiation to resolve any problems discovered during the inspection.
Home Appraisal
Your lender will arrange a professional appraisal of the home. An appraisal is an unbiased estimate of the true (or fair market) value of a home and is conducted by an independent third party. The appraiser will confirm the appraisal value of the property for all parties involved. If the home appraised at less than the expected value, you may have the option to renegotiate the purchase agreement or terminate the contract.
The Final Walkthrough
Prior to closing, we will conduct a final walkthrough of the home to ensure that all negotiated repairs have been completed, and that the home is in the same (or better) condition as when the original offer was made. This is the final opportunity to call out any problems identified with the home before closing. Depending on the purchase agreement, you may sign a formal contract addendum confirming that the walkthrough is complete, and the condition of the home is acceptable.
Closing!
Your lender will provide a final closing disclosure that summarizes the loan terms, monthly payments, taxes, and other costs associated with the closing. They will also confirm that you are clear to close. You will sign all of the paperwork required to complete your purchase and loan agreement. Once the paperwork is signed by all parties and your loan is funded, you will receive keys, and you’ll be ready to plan your move into your new home!