If this is your first time to buy or if it has been a while, then you might be a little hazy on the details involved in the home buying process. While this list is not exhaustive, it is a very good overview of the steps you can expect when buying a home.
Meet With Your Agent:
At your buying consultation, we will get to know you and your needs. We'll provide resources and support to help you fine-tune your search and line up funding.
Most listing agents protect their sellers by only accepting offers that contain POF (proof of funds). This can be in the form of a bank statement that shows you have the cash for your offer or a pre-approval letter from a mortgage lender. Application for a pre-approval letter only takes minutes, but the headaches it prevents will save you a ton of stress and even more time. Once we have your pre-approval letter in hand, we'll have all the info needed to zero in on the homes that meet your needs, your desires, and your loan criteria.
We'll begin by sending you home leads to preview online. On your pre-scheduled home tour dates, we'll book a tour of all the homes you've favorited. Tours can be set according to your schedule, but in this market, we suggest you tour homes weekly or even twice per week to keep from missing all the best homes. During your tours, we'll help identify the pros and cons of the property, including problems that need to be investigated during the inspection if you decide to make an offer.
Identify “The One”:
Home tours and market reports will help us advise you on each home's value so that you don't overpay. We'll help you verify school districts, commute times, and other factors that may weigh in your decision.
Write An Offer:
Once you're comfortable with an offer, we'll write up all the contracts and addendum needed to present to the seller. We can walk through each form to help you understand all of the terms of your offer, including all your legal opportunities to step out of the deal.
We will negotiate on your behalf to get you the best deal possible.
If the seller sends over a counteroffer, we will help you understand the terms so that you can make an informed decision when you accept or reject the counteroffer.
This is an exciting moment in the process, but don't celebrate yet! We still have several steps before the house is yours.
Option Period & Inspections:
We recommend that all our buyers request 5-10 days of option period in order to inspect the home. This is typically secured with a fee of $100-$200. During option, you can step away from the deal for any reason at all. Ideally, you will allow yourself enough time to order a professional inspection of the home and review the report. This is the right time to negotiate repairs or back out of the deal. Whichever you decide, we'll handle all the paperwork.
The title company will begin the title work necessary for the transfer of the property on closing day.
Most mortgage companies require an appraisal to make certain the property is worth at least as much as they are lending.
Closing Date Confirmed:
Once the title work is complete and the mortgage is processed, the title company will confirm your closing day and time.
Final Buyer Walkthrough:
3-5 days before closing, buyers typically request a final walkthrough to verify that negotiated repairs are complete or that the property is still in the same position as when they made the offer. It is best to have all or most of your personal belongings removed by this date.
On closing day, you will bring all your keys and your garage remotes to the title company. Your closing details will be reviewed and you sign the final documents.
Buyer Takes Possession:
Once both parties have been to the closing table and the mortgage company funds the transaction, the title company or agent will hand the keys over to you, the new owners!