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Homebuying: Step-by-Step
Purchasing a home is usually the biggest financial transaction you will experience. If it’s your first time around – or if it’s been a while – you need to know what to expect along the way. Here are the key events in the home buying process:
1. Obtain Mortgage Pre-Approval before You Begin House Hunting. Getting a pre-approval will let you know how much you can afford, focus your search, and strengthen your bargaining position with sellers. Your lender is an important partner in your home buying process.
2. Choose a qualified Real Estate Agent Select a reputable professional who will listen to your needs, knows the market, and makes you feel comfortable. Your REALTOR® is critical to your home buying experience. Call or email me to learn more about the advantages of Exclusive Buyer Representation and working with an Accredited Buyer Representative (ABR). Unlike a listing agent, whose first duty is to the seller, a buyer's representative is working only for you.
3. Find the Right Home Determine your needs and wants, and share them with your REALTOR®. A good agent will save you time by only showing you homes that match your preferences. View homes and take notes as you explore the market.
4. Don't ask too many people for opinions! It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion.
5. Think Long Term Are you looking for a starter home with the idea of moving up in a few years or do you hope to stay in this home longer? This decision may dictate what type of home you'll buy as well as the type of mortgage terms that suit you best.
6. Make an Offer Your REALTOR® will team up with you to write up, present, and negotiate an offer to the seller. You’ll typically consult the lender during this process to be sure the offer reflects your financing needs. The seller can accept, reject, or counter your offer. When the price and terms are settled you’re ready to move forward!
7. Have the Home Inspected Depending on your financing and the home you choose, you may need to have certain inspections. Pest, well, septic and home inspections are available as are Radon and other professional inspections. The key is to be sure you're getting the home you think you're getting with no "surprises."
8. Home will be appraised The lender will order an appraisal as part of your approval process. This is not a home inspection, just an independent verification of value and overall condition for the lender.
9. Obtain Title Insurance An attorney or title company will perform a title search to confirm the home is free of liens or other title problems. Title Insurance is issued to insure against any defects in title or deed. You can use your own agent or attorney, or ask for recommendations from your REALTOR® or lender.
10. Obtain Home Insurance You’ll need to select an insurance agent and purchase Home Owners Insurance to protect your home and its contents. You can use your current insurance agent, or you can shop around. If you need help, I can recommend an agent for your needs.
11. Closing! You’ll sign your paperwork and become a proud new home owner! There are many steps along the way and choices at every turn. Your lender and I will work together to provide professional advice and guide you every step of the way.
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Each Office is Independently Owned and Operated.
Each Office is Independently Owned and Operated.
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