The Buying Process

  • Define your goals, research your options, make your plans
  • Get pre-approved for a loan
  • Set your budget • View homes
  • Make an offer and negotiate with the seller
  • Review Title Commitment
  • Schedule a Home Inspection and Appraisal
  • Secure your financing
  • Close on your new home!

Getting a Loan

PRE-APPROVAL

Meet with a lender and authorize them to examine your current financial situation and credit history. You will receive a document detailing the amount you can borrow to buy a home. Need a referral? I would be happy to recommend some qualified lenders that my clients have been happy with.

TIPS

  • Be prepared to submit the following documents:
    • W-2 or 1099’s, current pay stubs, copies or current mortgage(s), tax returns, bank statements and other debt
  • Be sincere about your financial situation
  • Be realistic about how much you can pay each month

Showing Homes

While most home searches begin online, it is still important to view homes in person. While the property details may seem similar online, homes can be very different in terms of layout, design, workmanship and other aspects. The key to the home search process is knowing what you’re looking for, and distinguishing between “must-haves” and “like-to-haves”. Having me with you, I can notice things you might miss, provide expert analysis, and act as an impartial sounding board. And with my direct access to Matrix and an office full of experienced listing brokers, you will gain access to homes that you might not be able to find on your own. Once we’ve identified your specific needs, we will set you up on a customized Matrix search that is interactive so you can delete or favorite properties and also make notes. This allows us to follow along with your preferences.

Making The Offer

When you find the home you want to buy, it’s time to make an offer. With your input, I will write up your purchase contract to officially make the offer that includes the sale price, your earnest money deposit amount, terms of purchase, preferred closing and possession dates, and other conditions. You should carefully review these dates and terms with me to be sure they accurately express your intended offer. I am happy to address all of your questions along the way to be sure you understand. Once your offer is written, I will present it to the listing broker for him/her to present to the seller. It may be accepted, countered or rejected. If your offer is not accepted as is, I will help you through the negotiations for the counteroffer.

Inspection

A professional home inspection is crucial to the buying process. It will give you an evaluation of the overall condition of the home and items that need to be repaired and/or replaced. Inspectors are trained to identify all observable defects in a property, report them accurately, and recommend the most appropriate way of addressing these conditions. Once this is complete, you can request that the seller make the needed repairs/ replacements in an Inspection Objection, purchase the property “as is”, or terminate the contract.

TIP

Radon Testing, Sewer Scopes and Roof Certifications are common for buyers to have performed on the home they are purchasing.

Property Appraisal

If you are using a mortgage to purchase your home, your lender will require an appraisal to be done to ensure that the value of the property is in line with the price you are paying. The licensed appraiser will visit the home and compare it to other similar homes that have recently sold nearby. If the appraised value is lower than the contract price then you and your broker will try to negotiate the selling price based on the appraisal value. Other options would be to pay the contract price knowing that the value has been determined to be lower, or terminate the contract.

TIP

The majority of appraisals come in at value. (Value = the contract price).

Closing Day

Once you have completed all of these parts of the buying process, you are ready to close.

THE FINAL WALKTHROUGH

You can look at the home one last time to make sure it’s in the same condition as when you signed the sale agreement.

THE SETTLEMENT

On the Closing Date, you will meet with an escrow agent to verify and sign all the paperwork required to complete the transaction. Here you will take care of paying closing costs, legal fees, property adjustments, and transfer taxes. After this is complete, you will receive the property title and copies of all documentation.

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