High level steps every Buyer should know when considering a home purchase.
Step 1 – Financing
Work with a Mortgage professional to get pre-approved for a loan before selecting a home to purchase. This will help us, please ask us first for a recommendation:
- Determine the price range for a home.
- Understand the type of loan you qualify for.
- Determine what your monthly payment will be.
- Estimate the down payment and closing costs.
- Set you up for success when it’s time to submit an offer on a home.
Step 2 – Choose a Location and list out your Criteria for a home
Now that you are armed with a pre-approval and know your price range drive around the neighborhoods you like the most to get a feeling for the surroundings. Start a check list and write down the things that mean the most to you: features you must have, school districts, neighborhoods you’d like to live in.
Step 3 – Begin working with your Realtor
I’ll start a search for you based on your criteria (location, features, specific schools, etc.) and set up appointments to show the houses that fit your criteria.
Step 6 – Submit an Offer
I will advise you on the terms of the offer and tailor it to your needs keeping your mortgage financing in mind. I will work with you to determine the price of the home based on what you believe it’s value to be, we will discuss inspection period, the cash deposit (Earnest Money) amount, and closing date.
Step 7 – Negotiate
When your offer is received and reviewed by the Seller they could choose to accept the offer or submit a counter offer. There are many potential scenarios that can play out during this time. It’s important to stay calm and remain unemotionally tied to the home during this step; otherwise, you risk becoming discouraged, angry, inpatient, and many other emotions that can cloud your judgement. We will work together to achieve the outcome that works best for you even if it means you decide to move on.
Step 8 – Execute the Contract and start the Loan process
When all the terms of the contract are agreed upon in writing via the Contract by both parties we have an executed contract. At this time, Inspections take place during the Option period (if this is part of your contract terms) and there may be a need for re-negotiating the contract based on Inspection results. You should also begin working with your mortgage lender to ensure you provide them with all the documentation they are requesting.
Step 9 – Closing Day and Funding
Closings typically take place at a Title Company. I will coordinate the closing time with the Title Company and insure your lender will have the closing documents to the Title Company. The closing duration varies between 30 minutes to an hour. Your Lender will advise you on the amount you need to bring to closing. After documents are signed by the Buyer and the Seller, the Lender will release funds to the Seller. When the funds are released by the Lender, you are able to have access to the home! It’s your home now.
Step 10 – Move in
Now you can move into your new home. Congratulations! If you have any questions, just contact me at 214-642-7696 or email me: firstname.lastname@example.org