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Buying a Home

Step 1: Get Prequalified

This is when you get in touch with a lender or a few lenders and explore your financial options. This is how you find out what you can afford to purchase and what you feel comfortable with. Sometimes this is how you find out what necessary steps you need to take with your personal finances to become prequalified if you are not quite ready. We help you locate a lender.

Choose an Agent

Step 2: Enlist a Professional

Your Realtor knows the market and the processes. They have the ability to guide you and inform you throughout the entire process. Their services typically come to you FREE of charge – as a buyer – because their compensation is built into the selling side. This way you and your interests are independently represented and you have help navigating the process, putting a home under contract and beyond.

Now that you’ve completed steps 1 & 2 you can move on to the fun part!

Shopping For A New Home

Your Realtor has access to the most current and up-to-date information available. They can put you on an automatic search through IRESIS, our MLS system, that finds properties that fit your criteria and sends them to a private website just for you. It does this in real time. Other online resources are fed or syndicated from the MLS such as Zillow, Trulia and Realtor.com. It takes 24 to 72 hours for these websites to catch up and have new information. Sometimes that is all it takes for the “right” property to be gone. So that is good information to keep in mind while on your search. Also, keep in mind once you find a home you will need to put forth Earnest Money toward the purchase of the property which varies from property to property. It is usually about 1% of the purchase price.

Under Contract

Once you’re under contract you approach the following:

Title & HOA Documents – These will be provided to the Buyers according to the fashion outlaid in the contract. This gives you an opportunity to receive this information and agree to or to object to items contained within it.

Inspection – If you choose to do so, you can hire an inspector to go to the property and provide a report outlining the home’s condition, any potential problems and recommended solutions. Once any current or future problems are identified, another negotiation based on those items may begin. If terms can be agreed upon, the purchase will move forward with a resolution.

Appraisal – An appraisal is almost always done if financing is being used to purchase the property. This way the bank providing the financing ensure that the home is worth what they are giving to the buyer to finance the purchase. A licensed appraiser, once initiated, then does a walk through of the property and creates a report comparing that home and its value to other similar/nearby homes sold values. Once value is established another renegotiation may be necessary.

Loan Conditions Deadline – This is the point at which you must have final loan approval.

Closing – It is, per the purchase contract, the date when all parties sign the final documents and the deed is actually recorded transferring the title. Once these final documents are signed and the escrow closes- the sale is complete.

Contact us today! We would love to help you through the process!