Find an Agent
Look for a licensed real estate agent who is experienced and knowledgeable about the neighborhoods you are considering. Your real estate agent can help guide your search and negotiate on your behalf, making the home buying process as easy as possible. Who you choose to represent you is important because it will affect the entire transaction experience. Best of all, realtor commissions are typically a seller expense, so this service is generally at no cost to the buyer.
Get Pre-Qualified
Before you begin your home search, meet with a lender and get pre-approved. Your lender will determine the max loan amount and program that they can offer you based on your income and credit history. Knowing this information up front will help your real estate agent determine the price range for your home search.
Visit Properties
Communicate your wants and needs to your real estate agent. Consider things
such as location, commute, home amenities, etc. These items will help your real estate agent tailor the home search to your specific goals. Attend viewings and open houses with your real estate agent. Use this time to solidify your must-have list to find the perfect home for you.
Negotiate
Once you have found a home you love, your real estate agent can draft and submit a purchase contract to the seller. The seller can either accept, reject or counter your offer. Your agent will guide you through the negotiation process and once both parties agree to final terms, you can sign the contract and be one step closer to owning your new home!
Accepted Contract
Your real estate agent will let you know once you have an accepted offer. Once your are under contract, your real estate agent will help you coordinate your Earnest Money deposit and walk you through what to expect between this point and closing.
Order Inspections
You are given a limited time period during which to conduct optional/ encouraged inspections, including, but not limited to a general inspection, sewer scope, radon test, and structural inspection. If something of concern is discovered during this timeframe (so long as you have not waived inspections), you will have the chance to re-open negotiations on price and terms of the sale, or even cancel the sale and have your Earnest Money deposit refunded to you.
Complete Financing
Once you are under contract, your loan officer may require additional documentation and an appraisal will be ordered and completed. Once the loan officer receives all required documents and conducts a successful appraisal, they will be able to issue a clearance to close. This means that you are fully approved and the bank is ready to execute your mortgage upon successful closing.
Schedule Closing
The title company and your real estate agent will work together with you to set the time of your home closing. The title company will also coordinate with the seller regarding their closing and any required closing documents.
Final Walk-Through
A final walk-through of the home is performed just prior to closing. The walk-through confirms that no damage has been done to the home since the time of the inspection and that the major systems and appliances are in working order.
Closing
Once all conditions of the contract have been satisfied, the closing is held – Closing documents are signed, payment is exchanged and you own a new home!