Time to buy a home? Is this your first home or has it been awhile since you have purchased a home? If so the first step is financing. Unless you are paying cash for the home, financing is the key to the whole process.
Do you know the differences between the terms pre-qualified, pre-approved and loan commitment? Know the difference between these terms. You want to put yourself in the best position when making an offer on the property that fits your family needs.
Step #2
Choose your Real Estate Agent:
Learning to work with real estate agents should be a priority if you're buying a home. Find out what you should expect when you hire an agent to work for you. Look for an agent that has taken additional training in representing the buyer. These agents will proudly display the ABR designation after their name. The ABR Designation is earned through the Real Estate Buyer's Agent Council and identifies those real estate agents who have demonstrated a serious commitment to the practice of buyer agency. Agents with the ABR designation have received professional training above and beyond the minimum requirements for licensing and are committed to providing top-level service.
Finding the right real estate agent can help you through all these steps. A successful real estate transaction requires cooperation from everyone associated with the sale--and that includes home buyers. There are things you can and should do to help your agent--taking you to closing faster and with fewer bumps along the way.
Step #3
Looking for your new home:
Over 90% of all buyers start their home buying research online. The internet plays a major role in the home buying process. The agent you hire to help you find that special home should have the REALTOR e-PRO ® Designation. Real estate agents and brokers who have earned the REALTOR e-PRO ® Certification are Internet Professionals who have completed extensive training using the Web. REALTOR e-PRO ® Certification means the real estate professional is prepared to employ the latest techniques and services for your benefit, just like you've grown to expect from a professional.
Step #4
Negotiating your offer:
After looking at a few homes you will soon obtain a feel for what type of amenities the home will have in your price range. After locating the home that fits your family's needs and moving on to making an offer, your agent should prepare a CMA for that property. It will help you put together your offer on that particular home. The CMA will show what similar properties have sold for in similar neighborhoods. The offer is delivered to the listing agent's office, the listing agent then contacts the seller to present your offer.
Step #5
Home inspections:
After your offer has been accepted all inspections of your choice are ordered. The buyer has many options when it comes to home inspections, from vendors that do whole home inspections to individual inspection or a combination of both. You and your agent will disclose in your offer to the seller what you are reserving the right to have inspected.
Step #6
Final phase of financing:
Your agent will notify your lender of the accepted offer and provide them a copy of the contract plus the information on the home so the final phase of the financing can be completed. If you were pre-approved prior to starting your home search, all the lender has left to do is order the bank appraisal on the property along with any remaining documents necessary to finalize the transaction.
Step #7
Inspections Results:
Your agent will provide you copies of the inspections as they come in. You will review your inspections and discuss any concerns with your agent to determine any coarse of action that may need to be taken concerning the reports.
Step #8
Title Insurance:
Title Insurance will be ordered soon after the offer has been accepted. Title Insurance is usually required by the lender to protect the lender against loss resulting from claims by others against your new home. This is also the time you should call for Home Owners Insurance quotes. After making the decision who will insure the home, your bank will need a copy of the one year policy with paid receipt.
Step #9
Closing:
Your bank and the title company work up the closing statement showing an itemized account for the transaction. All parties will receive a copy usually the day before closing to review for any possible errors. If you will be bringing money to the closing table, it will need to be in the form of a cashier's check. There are only a handful of lenders that will take a personal check at closing. Allow an hour for closing, you will have numerous papers to sign! Also, the week of closing, you will usually call all the utility companies and have utilities transferred into your name at closing.
Step #9
Moving Day :
If not day of closing, shortly there after, the seller will deliver possession of the home to you.
Congratulations.........Welcome HOME!
