THE

HOMEBUYING

PROCESS

THE

HOMEBUYING

PROCESS

Buying a home is one of the biggest financial decisions in your life and it is something that requires through preparation before moving forward. As a Realtor, it is my goal to thoroughly educate my clients and to prepare them so they can make informed decisions throughout this journey to home-ownership.

PREPARE

  • PREP FINANCIALLY

    The first stage is knowing your financial capabilities. Will you be paying cash or will you need to obtain a loan?

    This requires you to get a deep understanding of:

    1. What can you afford on a monthly basis?

    2. How much you can put towards a down payment?

    3. How much do you want to pay overall?

    MYTH: A 20% down is needed to purchase a home.

    ***It is important to talk with a reputable lender as soon as possible to understand rates, options in loan products, down payment percentages, PMI, and closing costs due upon closing. Equity or your down payment on your home and closing costs are separate items to budget for. Closing costs are able to be negotiated into your purchase contract, this is something to discuss with lender and your Realtor®.

  • PREP FOR THE SEARCH

    Before you start the search, establish what your overall short-term and long-term goals are with purchasing a home.

    How long do you anticipate living in the home and what position you will be in 5-10 years down the road?

    Understand what factors are absolutely needed when choosing your home and prioritize them.

    Factors include the number of bedrooms, style, layout, and location. I advise you to always keep an open mind when viewing homes and to consider updating and personalizing your home after the purchase.

    A home is an investment, it is very important that you consider the value of the home later down the road.

OBTAIN PRE-APPROVAL LETTER

When you speak to a lender you’ll learn the price range you qualify for, the amount of cash required for the down payment and how much your mortgage payments will be.

PRE-

OFFER

1.

4.

2.

DISCUSS QUESTIONNAIRE & ESTABLISH EXPECTATIONS

Before we hop in the car, I will go through the buyer questionnaire. This allows me to have a better understanding of my client and their specific needs. Here I will set expectations and discuss thoroughly discuss the process and address any concerns or questions you may have.

3.

THE SEARCH BEGINS

HAR.com will be the primary search tool. My clients can use the app or web browser to gain access to premium content. I will enter their specific home criteria into the MLS system which will allow them to be emailed once any new properties hit the market. The portal will allow us to view properties online and submit comments that are visible to both parties. This will help us narrow down the search when we go out and view the homes.

SUBMIT OFFER

Before you submit an offer I will provide you with a market analysis, this will help you determine an appropriate offer price.  Once the offer is submitted, the seller will either accept, reject or counter your offer. Once both parties have agreed to the same terms, we will  officially have an executed contract.

THE OPTION PERIOD, INSPECTION, NEGOTIATING REPAIRS, HOA/REGULATIONS.

Once we make an offer on a home, it is my job to make sure that your offer is accepted, carefully executed, every detail of your transaction is completed and adheres to the strict time schedules of your contract.

Once the contract has been executed, you and/or your REALTOR® will need to schedule a general inspection. Inspections are not mandatory but are highly recommended. All inspectors charge for their services on the day of the inspection.

POST

OFFER

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6.

THE FINANCING CONTINGENCY

Once the option period is complete, it is very important to make sure all documents requested are given to the lender in a timely manner. Additionally, we will make sure the appraisal has been ordered and your lender will charge your credit card for the appraisal (approximately $550-$600).

CLOSING DAY

Buyers need to bring at least 1 form of Photo ID/some lenders will require 2 forms of Photo ID. The remaining balance for the closing needs to be brought in either a cashier’s check or can be wired to the title company prior to closing.

The escrow officer will review the closing documents with the parties involved. Buyers and sellers may be scheduled to sign at the same time or at separate times. There are many documents that need to be signed prior to receiving the keys to your home. For this reason, a closing typically takes one or two hours. The three most important documents you will sign are the note, the mortgage (deed of trust), and the deed. The mortgage (promissory) note represents your promise to pay the lender according to the agreed terms, including the dates on which your home loan payments must be made and the location to which payment must be sent.

THE CONTRACT TO PURCHASE