1. Initial Planning Session
Initial Planning Session
Buying a home can be a complex process if not prepared correctly. The complementary planning session will help you understand the buying process and will help us best understand your goals in order to provide you with the proper solutions. This meeting is important in order to set expectations and establish trust and transparency.
2. Obtain Your Pre-Approval
Obtain Your Pre-Approval
With homes selling quickly, it is vital to be prepared with a pre-approval in order to submit an and forward with the home buying process. A pre-approval means your financial picture has been reviewed by a loan officer who believes you can readily qualify for a specific loan amount with one or more mortgage programs. Based on the information given to the lender, you will receive a ‘pre-approval letter’, which shows your purchasing power.
3. Choose Your REALTOR
Choose Your REALTOR
Choosing the right REALTOR who is reliable and trustworthy and aligns with your family needs will make the process much simpler. Your REALTOR, through buyer agency, will represent you with your best interest in mind ensuring you find the right home for your needs. Your chosen agent will assist in asking important questions, make appropriate offer(s), and negotiate on your behalf providing some invaluable peace of mind. Once you select the best agent for you, they’ll look over your approval letter, discuss your budget and help you set your priorities.
4. The Home Search Begins
The Home Search Begins
Once you’ve met your designated REALTOR to discuss your goals and what you’re looking for, it is time to begin house hunting. As your agent, you will gain access to listings coming soon, on market, tax records, prior sale prices, and all interior photos of homes that meet your criteria by setting you up to our MLS feed.
5. Making an Offer
Making an Offer
You found a home you want to buy, congrats! It’s time to talk about submitting an offer. Beyond deciding on the price you’d like to offer, there are additional contingencies and deadlines that will be discussed prior to submitting an offer. Furthermore, knowing you are in the hands of an expert, you can feel confident and at ease.
6. Contingencies and Negotiations
Contingencies and Negotiations
Beyond the price agreed to offer, we will go over whether it makes sense or not to include any contingencies in the offer. A contingency is a stipulation included in the offer which states the buyer may be free to break the contract without any repercussion if a specific condition isn’t met.
7. Final Walkthrough
Once all conditions have been met, you will receive a Final Approval from your lender. Don’t neglect the value of a final walkthrough! You have 3 days prior to closing to make sure the condition of the home is the same as when the offer was first made. The final walkthrough also determines if all items of inspection were repaired or replaced as requested, if requested. This step is CRITICAL!
8. Closing Day!
Congratulations! We made it to the final step of the home buying process. You will be receiving a Closing Disclosure which outlines the terms, final closing costs, and fees included in your loan. You will receive this disclosure at least 3 days prior to closing.
Finally, make sure you bring your ID and a smile because this is where the property title will transfer from the seller’s name, to your name. You are now a HOMEOWNER!