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Home Buying Process

Step 1: Choosing a realtor

  • Agents save you time and money by researching properties based on your criteria.
  • Agents help you secure the best mortgage rates, counsel you on the offer, and negotiate for you.
  • Agents help you enter into a written contract that clearly establishes the obligation of both parties.

 

Step 2: What can you afford? - PRE-APPROVAL  

  • A mortgage pre-qualification can be useful as as estimate of how much money you can afford to spend on your home, but a pre-approval is much more valuable because this means the lender has actually checked your credit and verified documentation to approve a specific loan amount. 
  • Be prepared to provide the lender with a two year financial history that contains:
    • Income--gross monthly income, employment history, education, and any secondary income.
    • Assets--current checking account balances, savings, stocks and bounds, deposits, insurance policies, and/or pension funds.
    • Credit--debts on cars, appliances, credit cards, and history of debt.
  • Once you receive the pre-approval letter from the bank or lender, it is typically valid for 60-90 days. Just note things can change during that time, such as your credit score or employment, so the letter is not 100% guaranteed. It is vital not to acquire any new debt and to pay your bills on time; this may disqualify you from purchasing a home.  

 

Step 3: Needs vs. Wants 

  • Create a needs and wants list; assign each item on your list a priority; decide which items are a must and which items you are willing to give up based on your spending limit. 
  • Decide on location based on employment, schools, shopping areas, major traffic, and other attractions. These decisions are important and have significant influences on value. 

 

Step 4: The offer

  • Although a realtor can find your perfect home, only you can decide what you are willing to offer.
  • Ask your realtor about the selling prices of homes in the area to help determine your offer.
  • For most instances, you may want to place a deposit or earnest money to show your sincerity about the offer. 
  • Your realtor will help prepare a written offer for the home.
  • Once an offer is accepted, your realtor can assist you in acquiring an inspection of the home. 

 

Step 5: Closing the deal

  • Closing could last about an hour or more, depending on the complexity of the transaction.
  • Closing occurs at the title company's office where the title company officer will explain each document before you sign.

Testimonials Page

In all our dealings with Realtors over the past ten years, we have never met anyone as helpful and energetic as you have been. Without hesitation, we would highly recommend your service to anyone who is looking for an experienced Realtor who cares about getting things done and doing them right! Thanks for taking such good care of us, we couldn't have done it without you! John and Rhonda Robinson
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