Steps You NEED to Know Before Buying A Home

Buying a home can be a lot to handle! To make you feel more at ease, our team put together a simple guide so you can feel assured you are taken care of every step of the way.

Please see below for our 10-step home buying process.

WHAT HAPPENS DURING THE SEARCH

Step 1: Building your support network

Find a realtor with the experience that you can trust! This person or team should be highly knowledgeable about the market in your area, be respectful of what you want in a home and be available for questions when you need them. We have you covered on this one. 😀

 

 

It’s also important to have a couple of people close to you who you can trust to be honest and supportive during the home-buying process.

Step 2: Organizing your finances

Have your agent submit your financial information to get pre-qualified. 📩 You will receive a letter informing you how much you qualify for. Sellers prefer to work with buyers who are pre-qualified because this proves they’re able to come through on their offer.

Remember: The down payment, which is what’s paid upfront for a home, is typically 20 percent of the final sale price. You can get into a home for less, but the more you’re able to put down, the lower your mortgage payment will be each month. There will also be closing costs (even for the buyer) that are usually between 2-5 percent of the final sale price. 

Step 3: Looking for a home

After browsing online for days, weeks or months, you’re ready to view some properties! It’s a good idea to have a list of what you must have and what would be nice to have in your next home. We’ll be able to review these lists and prepare you for what’s realistic within your price range. Then we’ll compile a list of homes that are available in your area to view! 🏠

If you’re interested, we will write and submit offers on your behalf. We’ll cover that in the next step.

Step 4: Securing your next home

Depending on your market, sellers may have an offer-review date. This means they can determine a specific date by which offers should be submitted before reviewing or accepting any offers. We’ll make sure to ask if this is the case with any properties you like.

When you’re ready, our team will help you determine how much to offer and if any contingencies should be included. A contingency is any event or condition that must occur before the sale can be completed.

Counter-offers are common and should be expected, but there are ways to win over the sellers other than to raise your final price. Our team can work with you to come up with alternative ideas if need be.

Once you and the seller agree on the terms, you’ll enter the closing process or escrow. This typically lasts between 30 and 45 days.

WHAT HAPPENS DURING ESCROW

Step 5:

Lenders will step in and begin to process your loan. Insurance policies will be issued at this time. Our team will look over all the paperwork and make sure everything is in order.

Step 6: 

Our team will arrange for your property to be inspected. 🛠️

Step 7: 

We will then draw up a “request for repairs” document if needed. This will notify the seller of things that need attention before the buying process continues.

Step 8: 

A lender will then obtain an appraisal to determine the value of your new home. The lender will then review your financials and the appraisal. If all is well, loan documents will be issued at this time. 📃

Step 9:  

Our team will sit down and discuss the loan and all other documents we’ve accumulated so far. We will go through everything together and then sign the loan documents with a notary present.  ✍️ 

Step 10: 

We will make sure your paperwork is submitted to the correct county officials. We then receive your new keys and you can start moving into the home of your dreams! 😍

Don’t let all the steps of buying a home weigh you down! Contact us today, and we can explain any step in further detail. If you have any questions so far, please feel free to reach out to us--we want to be a resource for you throughout this exciting life experience!

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