The Buying Process
Buying a home can be an exciting and emotional experience. As a local expert, you can rely on me to guide you through the process so you can feel comfortable and confident each step of the way.
The first step to buying a home is to understand your buying power and establish a price range. A licensed lender can help evaluate your financial standing and provide a pre-approval letter. They will review your income and credit history to determine how much the bank will lend you, which will help you determine the price range for your search. A pre-approval letter or proof of funds (if cash) will accompany the offer.
Making An Offer
When you're ready to move forward with a purchase, I will advise you on constructing the strongest offer possible. Then I will draw up the necessary paperwork on your behalf. There is a lot to consider when making an offer. We'll discuss the purchase price, the closing date, sale contingencies and any special stipulations for your particular purchase. Once an offer is submitted, the seller may accept or send a "Sellers Invitation" to submit a new offer.
Going Under Contract
If your offer is accepted, you will be officially under contract. The purchase will not be complete until closing, but the home cannot be sold to anyone else while the contract remains in effect. At this point, unless you are making a cash purchase, it will be time to make an earnest money deposit and secure your mortgage loan. Lenders offer a wide range of loan programs, so it's important to work with a lender you trust to help you determine the best loan for your specific circumstances.
Inspecting the physical condition of your next home is a vital part of the home-buying process. A licensed home inspector will conduct a comprehensive evaluation of the entire property and report any problems with the condition of the home's structure or systems. The inspector will also investigate potential issues such as pest infestations or mold. Depending on the purchase agreement, we may enter additional rounds of negotiation to resolve any problems discovered during the inspection.
Your lender will arrange a professional appraisal of the home. An appraisal is an unbiased estimate of the fair market value of a home and is conducted by an independent third party. The appraiser will confirm the appraisal value of the property for all parties involved. If the home appraises at less than the expected value, you may have the option to renegotiate the purchase agreement or terminate the contract.
The Final Walk
Prior to closing, we will conduct a final walkthrough of the home to ensure that all negotiated repairs have been completed, and that the home is in the same (or better) condition as when the original offer was made. Depending on the purchase agreement, you may sign a formal contract addendum confirming that the walkthrough is complete, and the condition of the home is acceptable.
Time to celebrate! Your lender, or the title company (if it's a cash transaction), will provide a final closing disclosure that summarizes the loan terms, monthly payments, taxes, and other costs associated with the closing. They will also confirm that you are clear to close, and you will sign all of the paperwork required to complete your purchase and loan agreement.
A few things to mention: You will need to bring a valid ID to closing. No personal checks; you with either wire your funds or bring a cashier's check. Wire fraud is real. Do not send wiring instructions to anyone without calling them first. Possession isn't always upon closing and funding; sometimes there is a leaseback.
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