The Buying Process
Buying a home can be an exciting and emotional experience. As local experts, you can rely on us to guide you through the process so you will feel comfortable and confident each step of the way.
Get Pre-Approved
The first step to buying a home is to understand your buying power and establish a price range. A licensed lender will evaluate your financial standing and provide a pre-approval. They will review your income and credit history to determine how much the bank will lend you, which will target the price range for your search. Having a pre-approval letter in-hand is a critical component of your offer, particularly when a seller has multiple offers to choose from. If needed, we will connect you with great, reputable lenders to choose from.
The Home Search
You can start your search for the perfect home right here with up-to-date MLS listings in your favorite neighborhoods. Create your free account to save your favorite properties, request showings and more! As your REALTOR® team, we will also search for homes on your behalf. When you find homes that fit your criteria, we'll schedule a showing tour for you to see the property in person. If you have a work schedule that makes seeing homes difficult or if you are not local to our area yet, we are happy to preview homes for you and provide you with a video tour.
Making An Offer
When you're ready to move forward with a purchase, we will advise you on structuring the strongest offer possible that aligns with your comfort level and goals. Then we will draw up the necessary paperwork on your behalf. There is a lot to consider when making an offer, but we will take the time to explain all of your options so that you can make informed decisions. We'll discuss the purchase price, the closing date, financing and inspection contingencies and any special stipulations for your particular purchase. We will also start forging a relationship with the listing agent through clear and strategic communication. When an offer is made, it is customary to submit standard documents, such as the Agreement of Sale, as well as documents proving your financial ability to purchase the home. If getting a mortgage, these will include the preapproval letter as well as a Buyer Financial Information form showing your assets, liabilities and income. If paying cash, the Buyer Financial Information form and proof of funds, such as a bank statement, will be required.
Going Under Contract
If your offer is accepted, you will be officially “under contract.” At this point, it will be time to make an earnest money deposit. Your deposit will be held in an escrow account and will go toward your closing costs at settlement. The agreement of sale will act as our road map for navigating through the transaction. Don’t worry; you won’t have to remember it all on your own! We will guide you through all the steps that were negotiated and spelled out in the agreement, such as making a mortgage application, ordering title and homeowners insurance, setting up inspections and reviewing any pertinent documents.
Home Inspection
Inspecting the physical condition of the property is a vital part of the home-buying process. When inspections are elected as a contingency, a licensed home inspector will conduct a comprehensive evaluation of the entire property and report any problems with the condition of the home's structure or systems. Investigation into pest infestations, mold, stucco, a well, septic systems and even the insurability of the home or any restrictions that might be in effect can also be elected. When this due-diligence period is complete and depending on the purchase agreement, we may enter into rounds of negotiation to resolve any discovered issues.
Home Appraisal
If getting a mortgage, your lender will arrange a professional appraisal of the home. An appraisal is an unbiased valuation of the true (or fair market) value of a property and is conducted by an independent third party. The appraiser will arrive at the value by looking at relevant recent sales, the condition of the home and any other factors that might affect the value. It is not unusual for a property to appraise for the exact amount you are paying for it. If the home appraises for more, that’s great! You have instant equity. If the home appraises for less than the expected value, you may have the option to renegotiate the purchase agreement or terminate the contract.
The Final Walkthrough
Prior to closing, we will conduct a final walkthrough of the home to ensure that all negotiated repairs have been completed, all personal property has been removed, any negotiated inclusions are still there and that the home is in the same (or better) condition as when the original offer was made.
Settlement Day
Several days prior to closing, your lender will provide a final closing disclosure (or CD) that confirms summarizes the loan terms, monthly payments, taxes, and other costs associated with the closing. There should be no surprises here as you would have been informed of these financials when you made the mortgage application. At the settlement table, you will sign all of the paperwork required to complete your purchase and loan agreement. Once the paperwork is signed by all parties and your loan is funded, you will receive keys, and you'll be ready to move into your new home!
Tools For Buyers
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