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The buying process
buying a home —steps to success
Buying a home, especially in this competitive market, begins far before you tour homes or make an offer. The more prepared you are as a Buyer and the more experienced real estate professional you select will determine the path you walk to reach your end goal of owning your new home. These are my proven steps to success:
1. Do Your Research – What is happening in the area that you want to live in? How quickly are homes selling and for what price?
Let me assist you by setting up an MLS search in your chosen area(s) with your criteria to help you gain a better understanding of the market activity and values.
2. Determine a Budget – This is an essential step in the process to establish early on so that you are searching for homes in your price range.
I have several excellent lenders that I can refer to help you review your personal financial picture and determine what you will qualify to borrow.
3. Get Pre-Approved with a Lender – In today’s competitive marketplace, an offer to purchase a home will not be considered without a pre-approval from a qualified lender. The pre-approval letter is the key that will unlock your ability to offer on the home you want to purchase.
I will connect you with qualified lenders and follow up with both you and the lender to make sure that everyone is communicating and information is being shared to make sure the goal is achieved.
4. Go On Tour – One of the most enjoyable parts of the home buying experience is touring homes. This is the point where you see what is on the market and better establish likes and dislikes.
I will search for properties that fit your criteria, schedule tours for the properties that you select, do research to answer questions, and check-in with listing agents on offer status.
5. Make an Offer – I work with you to determine what you want to offer and prepare an official offer on NWMLS forms.
I draw on my experience and tools to make the strongest offer possible, based on your resources, in order to help your offer stand out.
6. Offer Accepted – Once your offer is accepted, escrow must be opened, earnest money deposited and lender application completed.
I manage the transaction by communicating with the escrow officer and lender to open escrow and begin the purchase process. I will carefully review the contract and communicate all contract obligations and deadlines so that they are met. Earnest money can be deposited by check, wire, or, sometimes, electronically and will assist you in getting what you need to make a timely deposit. I will connect the lender with the escrow agent and provide both with a copy of the Mutual contract to purchase the home.
7. Inspection - If contractually applicable, we will arrange for a home inspection to determine the condition of the home.
How I can help - I will help to schedule your home inspection, attend the inspection, review the inspection report with you and prepare the Inspection Response to the Seller. I will negotiate with the Listing Broker regarding any repairs.
8. Select a Home Insurance Provider – Research and select an Insurance Company to provide a Home Owner’s Insurance policy.
I am happy to provide referrals.
9. Complete Your Financing – There are several steps involved in the lending process including application, appraisal, conditional approval, satisfying conditions, and final approval. One key to success is to “freeze” your finances by avoiding making any large purchases, opening new credit accounts, or moving money between accounts.
I regularly check in with your lender to make sure that milestones are being met to ensure a timely closing.
10. Final Walk Through – This important step allows you a final tour of the home to ensure the requested repairs have been made and verify the home's condition. Sometimes the Seller has vacated and other times they are still in the process. This typically occurs 2-5 days prior to closing.
I will coordinate with the Listing Agent to obtain any repair invoices and schedule the walk-through. I will attend the walk-through and communicate any final conditions to the Listing Agent.
11. Signing Final Documents - Your Escrow Officer will contact you a few days prior to closing to schedule your signing. This often occurs the day before closing.
I will review your Final Settlement Statement for accuracy and help to coordinate your signing.
12. You Bought A New Home!
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