THE Home BUYING PROCESS
YOUR DREAM HOME AWAITS. HOW DO I SET MYSELF UP TO WIN against other competing buyers AND GET THE HOME I WANT?
Basic OVERVIEW
This is just an basic overview of the main steps to buying a home. Your realtor is knowledgable about the entire process and dedicated to preventing problems with proper planning and oversight and helps you every step of the way.
Step One
Contact a realtor that is an accredited buyer specialist for the best home buying experience. They can make loan company recommendations. Brick and mortar banks are the best place to obtain a mortgage for the smoothest closing with no hidden costs. Setup a buyer agency agreement with your realtor so they represent your best interests in the transaction and not the seller's.
Step Two
Obtain a mortgage preapproval from a reputable lender so you know your buying power. Sellers and their realtors would love to see a preapproval letter with your offer. It shows you can really buy the home.
Step Three
Your realtor will set you up to receive property listings as soon as they are listed. For any property you would like to see, let your realtor know and see it with your realtor by private appointment. You want to only see properties with the realtor you have buyer agency with because they will represent your best interests ahead of everyone else's in the transaction.
Step Four
You are ready to make an offer. Your realtor goes over the offer to purchase contract with you and writes up your offer. It may be accepted, rejected or countered by the seller. Once you have an accepted offer, it is time to turn in your earnest money as directed by your realtor. Your realtor will keep track of all dates and deadlines. After your offer is accepted, your realtor will submit a copy of the accepted offer to your loan officer so your loan officer can start processing your mortgage application.
STEP Five
Time for your home inspection. Your realtor can recommend reputable home inspectors. Your realtor will be with you for your entire home inspection which last 2 to 3 hours. You and your realtor can discuss any findings with the home inspector. Your home inspector gives you a copy of the home inspection when he completes the inspection. You and your realtor decide if there are repairs that you would like to negotiate with the seller and draws up the paperwork on your behalf.
STEP six
You can do a final walk through of the property within 3 days of the closing date. The final walk through is an opportunity to see that the property is still in essentially the same condition as when you wrote your offer. At this time, the final steps of the loan process are underway and the mortgage company can provide a final loan commitment. A closing time and place are set. At the closing, you sign your mortgage paperwork and receive a set of keys to your new home once the mortgage company pays (funds) the mortgage by wire transfer. You are now a new homeowner!