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1. How Much Can I Afford?
The first step in home shopping is your pre-approval letter. It provides you with a price range that you feel comfortable shopping in. A lender will need information from you and will talk with you about your down payment, a type of mortgage and an estimate on how much cash is needed to close with your closing costs. Your down payment can vary, some first time home buyers may only need 3% while other buyers may opt to put 20% down to possibly eliminate mortgage insurance. Having a pre-approval to submit with your offer shows a seller that you are a serious buyer and have the ability to purchase their home.
2. Searching for a Home
You can use my website to start your search for your dream home. Here we can keep track of your favorite properties in your personalized platform. While there are many options for searching for a home, it is important that we stay connected during this stage to ensure we can quickly target the right homes. As your Realtor®, I will also be searching for homes on your behalf and will be sending those to you. Neighborhoods have many different characteristics so it is important to scout neighborhoods that you like to ensure it fits what you are looking for. Talk with people, go for a walk (if possible), or try visiting at different times on different days. Once you find a home you like, we will schedule a tour of the property so you can see it in person.
3. Submitting an Offer
When we find the right home for you, we will start working on an offer to present to the sellers. You need to know what you are willing to offer for the home and it is important to remember that more competition can sometimes lead to multiple offers. In situations like this, I will help you develop a competitive offer that the sellers will want to select. As an accredited Real Estate Negotiating Expert (RENE), I will walk you through each aspect of our offer - purchase price, closing date, contingencies, and other special stipulations.
4. Under Contract
A seller could accept, reject our counter our offer. If we receive a counter offer, we will continue to negotiate until a counter is rejected or we reach an agreement. Once an offer is accepted you are officially under contract. We still have several steps to move through at this point. You will be required to deposit your earnest money and make a commitment to a lender. This is when all of your timelines begin including the requirement for you to acquire home owners insurance as well as several other steps.
5. Inspection
The contract will have a number of contingencies that need to be satisfied before closing. One of the important ones is the inspection contingency. We will have a home inspection performed by a licensed inspector. They will go through all major components of the home including HVAC, roof, plumbing, electrical and other structural components. Additional tests are available if they are recommended by the inspector. We will likely have an opportunity to negotiate for some items to be repaired by the seller prior to closing
6. Appraisal
The lender will request that an appraisal be performed. This will be conducted by a licensed appraiser who provides an analysis of the market value of the home. The appraiser will confirm the 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 price or terminate the contract. If the home appraises at or above the price you agreed upon, we notify the seller and move forward in the process.
7. Our Final Walkthrough
Before closing, we will do one final walkthrough of the home to check that all repairs we negotiated for have been completed, and that the home is in the same, or better, condition as when the original offer was made. This walkthrough is the final opportunity to raise concerns about any potential problems identified with the house before it officially becomes your home.
8. Closing Day!
Yay!! Closing Day is finally here! Your lender will provide you with the final numbers and other costs associated with the closing. They will also notify you that you are cleared to close, and you will sign all of the paperwork required to complete your purchase agreement and fund your loan at a Title Company. Once the paperwork is signed by everyone and your loan has been funded, I will hand over the keys and you are ready to move in to your home!