Buying a home is your greatest investment! The process should be exciting, but when you aren't familiar with the how it works it can seem scary. Below is the entire home buying process broken down into steps to help you better understand that it's not as hard as it seems!
All transactions are different, below is a summary of how the process goes most of the time. Depending on your terms, you could choose to give the sellers a week of occupancy, meaning you wouldn't get the keys until after closing. Or maybe you don't want an inspection, or even you are buying the home in cash - meaning all the financing steps wouldn't apply to you. Whatever the case, I'm here to help you every step of the way and I am always happy to answer any questions you may have.
When deciding you’d like to purchase a home and choosing me as your Realtor, I will walk you through every step of the process. We will discuss your goals and ensure all of your expectations are met!
After discussing your goals, I will introduce you to my preferred lender (if you don’t already have one). From there, the lender will need a few documents such as pay stubs, bank statements, credit history, etc.. This will help determine which loan fits you best and give you a Pre-Appoval letter stating how much you’re approved for.
After knowing the amount you are approved for, you can start searching for homes! I will present to you all homes in your preferred area that match what you are looking for, and you can determine which homes you’d like to tour. I will set up showings and meet you at the desired properties.
Once you find a home that you’d like to purchase, we can put together an offer! Together we will determine an offer amount, any contingencies, concessions if necessary, and any other terms you’d like included. When the offer is completed with your signatures, I will submit the offer to the listing agent of the property.
If your offer is accepted by the seller and all terms are agreed upon, the deal is then under contract! Make sure to notify your lender to begin the loan process.
Once under contract, you enter the Due Diligence period. During this time, usually 10 to 12 days, you will schedule with a professional to perform your inspection. Afterwards, you can determine if any repairs or negotiations need to be made.
As the loan process continues, an Appraisal of the property will be ordered. Based on satisfactory appraisal results, the loan is then approved.
When all documents are in order, underwriting is complete, and your loan is approved, you will receive a Clear To Close. Once you have the CTC, you can then schedule your Closing Day!
At closing, both buyer and seller will sign the closing documents, transferring the property to the buyer. The title company will wire the funds to complete the transaction and the sellers will hand over the keys to the buyers. Welcome Home!
Do you have a home to sell too? Click below to view the steps of selling your home.
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