The Home Buying Process

Searching for the right home can be a very stressful time.  The process typically includes many steps that can be performed smoothly if you just understand the process and the order in which they should be done.  The process typically includes many of the following elements. 

Initial consultation

• Determine your priorities and needs.  This would be the list of things you would like in a home and neighborhood features that appeal to you.
• Discuss your financing options with your real estate agent.  This is one of the first steps, so that you know how much house you can afford and what you will be comfortable paying.

Obtaining financing

• Find a mortgage company that you feel comfortable with.  You may be a member of a credit union which has lower interest rates, or you may have a relationship with a banking institution that you’ve done business with over the years.
• Consult with a loan officer and discuss your options.
• The loan officer with pre-qualify you (this means they will tell you based on your credit score what you can afford).
• Complete loan application with the loan officer, obtain the loan pre-approval (this is more complex than a pre-qualification) and provide the requested documentation to the banking institution.

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Finding the right home

• Your real estate agent will show you properties based on your criteria. 
• You will then evaluate each property and discuss them with your real estate agent.  If you haven’t found the right home, the agent will show you more properties.

Preparing an offer

• Once you have found the right home for you, you will review comparable sales to determine the offer price
• Review the progress of your loan pre-approval and decide on a financing option
• Decide on other terms (inspections, possession date, personal property, etc.)

Reaching an agreement with a seller

• You will present your offer to the seller
• Negotiation of terms and counteroffers follow the presenting of the offer
• The final outcome is reaching an agreed upon sales contract

Completing the settlement process

• Review the preliminary title report with your agent.
• Roof, termite and other inspections take place next.
• Arrangement for homeowners insurance.
• This is the time to arrange for any movers.
• Perform the final walk through of property with your agent.
• Provide any remaining down payment balance and closing costs.
• You will sign the documents and the seller will sign as well.
• Your loan will be funded to the title company.
• Your title will be recorded.
• You will receive the keys to your new home from the real estate agent
• Move in!

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