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 - so be sure to account for these factors before setting your goals.
2. Set Criteria
Think about the most important qualities of your ideal home. Make a list of "must-haves" and "like-to-haves" and prioritize what you are looking for. Keep an open mind if your ideal qualities and price may be in a different location.
3. Working Together
The search is on! By networking with other agents, I will 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. Make an Offer
Your offer will be contingent on three things:
- 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 plan for sufficient time to complete a survey, inspections, and any other additional research to ensure this home meets all of your expectations.
- 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.
Once your offer is accepted, negotiations begin. We will complete the survey, inspections, and any additional research. Next, we will present a list of items you would like the seller to address. The seller may accept, reject, or counter offer repairs. If accepted - we move forward. If rejected - you have the right to cancel the contract with a full refund of your earnest money.
6. Final Steps
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!
Cheers! On closing day, we will meet at the closing attorney's office to get all documents signed. Congratulations, homeowner!