Your real estate agent is your ally
They will guide you step-by-step through the entire process, assisting with every aspect of buying a home, managing contracts, meeting deadlines, handling contingencies, negotiating offers, and ensuring a smooth closing.
Find the Right Real Estate Agent
- Choose a real estate professional you feel comfortable with-someone you can trust to share all the details of your situation openly and honestly.
- Seek an agent with a proven track record of success and in-depth knowledge of the local market to ensure you're getting expert advice.
- Consider referrals from trusted friends, family, or colleagues to find a reliable agent who has already earned their recommendation.
- Have an open discussion about your specific needs, preferences, and budget to make sure your agent understands your unique situation.
- Evaluate the agent's communication skills and their willingness to provide support throughout the process, ensuring they are responsive and attentive to your concerns.
GET QUALIFIED
- To begin the home buying process, it's essential to consult with a lender to determine your creditworthiness and establish how much you can borrow.
- Your real estate agent can recommend trusted, local lenders.
- You have a 30-day window to explore different lenders without multiple impacts on your credit score.
- It's important to choose a lender you feel comfortable with and trust.
- Once you're ready, obtain a pre-qualification/pre-approval letter to strengthen your buying position.
DEFINE YOUR IDEAL HOME
- When discussing your home requirements with your real estate agent, provide details on the following aspects:
- Location Preferences: Proximity to your workplace, schools, and essential amenities.
- Access to transportation and major roadways.
- Community Desires: Preferred community features such as included amenities, the amount of space between homes, whether the area is established or newly developed, and whether you prefer a rural or urban setting.
- Home Specifications: Desired size, architectural style, and the number of bedrooms and bathrooms.
- Additional Features: Any specific features you are looking for, such as a garage, large and/or fenced backyard, or other particular amenities.
START YOUR HOME SEARCH
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- Review the resale and new construction homes provided by your agent, as well as any properties you've identified from online sources.
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- Schedule viewings with your agent for the homes you're interested in.
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- Before the first showing, complete the Buyer Broker Agreement.
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- During these visits, take detailed notes on each property's features, condition, and potential for negotiation.
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MAKE AN OFFER
When you're ready to make an offer, collaborate with your real estate agent to develop a competitive offer that aligns with your budget and preferred terms. Be prepared to negotiate on aspects such as price, contingencies, and closing costs. Respond promptly to the seller's acceptance or counteroffer and continue negotiations as necessary to reach a mutually agreeable outcome.
SECURE FINANCING
- Complete the Official Loan Application
- Provide personal, financial, and employment information as required by the lender.
- Upload or provide the required documentation to the lender.
- Review and Sign the Loan Estimate
- The lender will provide a Loan Estimate (LE) form, detailing loan terms, monthly payments, and closing costs.
- Carefully review the LE to ensure all terms are accurate and acceptable.
- Sign the necessary documents and return them to the lender.
- Undergo the Loan Processing
- If required, the lender will arrange for a property appraisal to determine the home's value.
- Be prepared to provide any additional documentation requested by the lender during this process.
- The lender's underwriting team will review your application, credit history, and documentation.
- Await Loan Approval
- If everything is in order, the lender will issue a clear-to-close.
INSPECTIONS
- Hire a Professional Inspector: Engage a qualified home inspector to evaluate the property's condition. Request recommendations for reputable inspectors from your real estate agent.
- Identify Potential Issues: Review the inspection report to identify any issues that may require repairs or impact the home's value.
- Negotiate with the Seller: Utilize the findings from the inspection report to negotiate necessary repairs or concessions with the seller.
Binder/Escrow Deposit
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- The binder/escrow money detailed in the Purchase Contract will need to be delivered to either a Real Estate Broker with an escrow account or the Title Company within 3 days of contract acceptance.
- There are three ways to submit the binder/escrow money
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- Personal or Certified Check
- Wire Transfer
- Easy Escrow Account (DepositLink)
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APPRAISAL
- If the lender requires an appraisal, it must be paid for by the buyer in a timely manner.
- In the event the appraisal comes in lower than the agreed-upon purchase price, the buyer and seller have several options:
- The seller can reduce the purchase price to match the appraised value.
- The buyer can choose to pay the difference between the appraised value and the purchase price.
- The buyer and seller can negotiate to split the difference or reach another mutually agreeable arrangement.
- If no agreement can be reached, the contract may be canceled.
Title Company
- It is customary for the seller to choose the title company, with guidance from their real estate agent.
- The title company will:
- Conduct a comprehensive title and lien search to ensure clear ownership.
- Collect all funds owed, including deposits and other payments.
- Verify and obtain the Homeowners Association (HOA) estoppel letter to confirm any outstanding fees.
- Calculate and itemize all closing costs for both parties.
- The closing process typically occurs at the office of the title company or an attorney.
Final Walkthrough
Within 24 hours of closing, conduct a final inspection to ensure the property remains in the same condition as when the contract was signed. Verify that all agreed-upon appliances are still present and confirm that all required repairs have been completed.
Closing
Bring a Valid Driver's License - Ensure you have a current, valid ID for identification purposes.
Title Company Responsibilities - The title company will verify all funds and distribute them according to the terms of the contract.
Document Notarization - Necessary documents will be notarized during the closing process.
Title - Title will be transferred from the Seller to the Buyer at this time.
Sign in Blue Ink - All required signatures must be in blue ink.
Receive Keys & Access - At the end of the process, you will receive house keys, mailbox keys, garage door openers, and any applicable amenity access for your new home.
