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| Home > Buying a Home | |||
Buying a Home |
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Would you like a printable version of this page? Click here Prequalification: This process should start BEFORE looking at homes. There are many reasons for this. One, you should know ahead of time the boundaries you need to work within. For example, you don't want to fall in love with a house selling for $150,000 and find out you can only qualify for $135,000. Select a lender and get started as soon as possible. Did you know, many sellers today, request a formal letter from a lending institution, before accepting an offer? Meet with Ed: This is the time to discuss specifics with me. Do you want me to act on your behalf? If so, then a signed buyer's agent agreement is needed. Set the criteria for your new home. How many bedrooms, baths, amount of land, neighborhood, etc. are you looking for in your dream home? Start Looking: This is the exciting part, finding that special place you will call home. Together, we will work to find the home that fits your criteria: Working with you towards your dream home. Writing the Offer: Once we've worked together and you have decided to write an offer for a house, our "partnership" continues. All of the requirements for your new home will be put into writing as part of the contract offer. For example, any home inspections, radon inspections, offer for personal property, etc. will be identified in writing to eliminate any confusion between you and the sellers. Negotiation is a part of this stage, as the contract offer may be passed back and forth between you and the seller prior to acceptance and ratification. A down payment, called EMD (Earnest Money Deposit) will be required at the time when we write your contract offer. Inspections: Any special inspections, home, radon, etc will be addressed during this phase. Coordination of these inspections is usually handle between me and the selling agent. Lender & Appraisal: A copy of the contract will be sent to the lending institution to complete the borrower's package and prepare for final approval. An appraiser will be contacted and do an appraisal of your future home. Closing attorney: The closing attorney will be contacted to start the title work required. I will coordinate with the attorney and the lender. I will also be in close contact with the lending institution and the closing attorney to establish the most suitable closing date. Utilities: Near the closing date, the utility companies should be notified to start service in your name. (I will let you know when to do this) Walk thru: On or immediately before the day of closing, you will perform a walk thru of the home you are buying. This is done to assure that everything is as it should be with your new home. Closing: You will meet with the closing attorney, real estate agents, and sellers to sign the property over to you legally. You will also sign the lenders documents for the loan you've taken on the property. Finally, at the end of the closing, you will be given the keys to your new home. Moving: Plan ahead. If you are going to have a moving company handle the move, you need to have already contacted them and established a price and potential moving date. If you are going to perform the moving duties then have all your friends ready to go.
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