Steps For Buying A Home
1. Get Pre-Approved!
To first determine your budget and payment plan, talk to a lender about getting pre-approved for a loan. Taxes, insurance, and fees are often overlooked - be sure to account for these factors while setting your goals.
2. The Search Is On
Think about the most important qualities of your ideal home. Make a list of "must-haves" and "like-to-haves" to prioritize what you are looking for. Keep an open mind if your ideal qualities and price may be in a different location. Your dream home does exist, but often there are a few compromises!
3. Finding The One
By networking with other agents, I can work to find homes before they are listed in this tight market. Together, we will tour homes that meet your criteria until we find the one that meets your goals. Based off recent sales and market research, we will discuss a fair price and determine how best to make a successful offer.
4. Going Under Contract
When we find your dream home and your offer is accepted, there are three key contingencies before closing:
- Due Diligence Period - This is typically a 10-14 day time period, during which you can cancel for any reason with a full refund of your earnest money. We will complete a survey, inspections, and any other additional research to ensure this home meets all of your expectations. During Due Diligence, we will submit an Amendment to Address Concerns and negotiations will take place to complete any repairs.
- Appraisal Contingency - Your lender will order an appraisal to determine fair market value in order to proceed with your mortgage.
- Financing Contingency - This is why pre-approval is important! If you are prepared, everything will go smoothly.
5. Closing The Deal
We're almost there! Your lender will finalize your mortgage, review the appraisal, and send loan documents to the closing attorney. The closing attorney will prepare all documents for the big day. We will do a final walkthrough of your home to confirm it is in the expected condition and we are ready for closing! On closing day, we will meet at the closing attorney's office to get all documents signed. Congratulations, homeowner!
Why Do I Need A Buyer's Agent?
Though buyers have several resources available to view homes online, none of these will ever replace the value of using an experienced professional real estate agent. Active agents know the market and how to leverage their resources to find homes not yet listed, provide advice on the best offer price, and utilize strategies to get your offer accepted. Best of all - working with a buyer's agent comes at no cost to you!