Home Buying 101
Buying your new home can be a confusing, busy and stressful time. I would be honored to help you during this transition and guide you through the highs and lows of the process.
Whether you are a 1st-time buyer or you have gone through the process before, reviewing the main steps to buying a home can be helpful.
Where do you start?
- Find a helpful Agent
Would it be ridiculous to have someone represent you and your interests throughout this process? Buyers already need to organize, pack, plan and more; figuring out paperwork, purchase contracts and negotiations doesn't need to add stress.
- Getting a Loan?
Get a loan pre-approval letter. Whether it is a buyer’s market or a seller’s market, having a loan pre-approval letter puts your offer higher in the mind of the seller, while also demonstrating that you are serious about winning a great home. If you don’t already have a lender you like to work with, I have some I would recommend.
- Buying with cash?
You will need a proof-of-funds. Something that will show the seller that you have the money for the purchase price. Usually a bank and/or investment statement will suffice; any of your confidential information will be blacked out.
- Showings
Photos can only show so much; seeing a home in person is key to deciding if you can picture yourself living there. I will set up private showings for you to see the homes that catch your attention. This is a helpful process to not only see the home behind the photos, but to compare it to other homes as you make your decisions.
- Offer
There is a lot more to the 20-page Purchase Contract than the sales price. When we find the home for you, I will help you write a Purchase Contract that includes the price and terms that you want to offer to the seller. If the seller then sends you a counterproposal, I will review it with you and point out the pros and cons. You may accept this counterproposal or submit an additional counterproposal.
Your home is now Under Contract!
What’s next?
- Earnest Money Deposit
After the seller accepts your Offer, you will submit an Earnest Money Deposit to the Title Company. This shows the seller that you are serious about buying the home. It is often ~1-3% of the purchase price.
- Documents
Along the way, there will be various documents and disclosures for you to review and sign.
- Inspections
I recommend you hire an inspector who will come to the home and write up a report to help you understand the home’s condition. Yes, no home is perfect, but knowledge is a good thing. You may choose to hire more than one type of inspector. If you choose to, you can use the results of the inspection report(s) to request that the seller either fix certain things in the home or offer you compensation to later fix those things yourself. If the inspections show you anything that is a deal-breaker, you are able to terminate the contract and get your earnest money back if this is done by the corresponding deadline.
- Appraisal
If you are getting a loan, your lender will order an appraisal done on the home. This is mainly to be sure that the home’s estimated value is on par with the purchase price you have agreed to. Appraisals are optional if you are buying a home with cash.
- Loan finalization
Your lender and their underwriters will finalize the loan. This often takes some time, so it may be one of the final steps before you go to the Closing table.
- Closing
The Closing usually takes place at the Title Company's office. This is when you warm up your hand and wrist to write your signature many times, and… the home becomes yours!
"From land to sky, from sell to buy... you are my priority!"
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