Steps to Home Ownership

Step - 1 Make the Decision to Buy

It seems obvious, but the first step to buying a home is making the decision to buy. Consider the reasons you want a new home and use my "What Do I Want" list as a guide. Determine how long you want to live in the new home so we find one that will meet your list of requirements now and in the future.

Step 2 - Seek Professional Guidance with a Realtor

I'd like to schedule a time to meet with you to hear the reasons you want to buy a home and your plans for the future. We'll talk about price, amenities, neighborhoods, schools and economic factors liable to affect the market today and tomorrow.

At this time, I will also help you get pre-qualified for a mortgage loan. Pre-qualification is a written statement from a loan officer indicating his or her opinion that you will be approved for a mortgage loan up to a certain amount. The fact that you are pre-qualified will help us when we are presenting an offer.

Step 3 - Begin the Home Search

After our initial meeting, I'll search all my resources for properties on the market that fit your criteria and provide you with the property information sheet on each one (which we call a lineside). Then, I'll schedule appointments to tour the properties at times convenient to you.

As we tour properties, I'll ask you to tell me what you like and what you don't like. You'll probably amend your "What Do I Want" list as we tour properties, some things will become more important and others less important. With this new information, I'll refine our search criteria to narrow in on the home of your dreams!

Step 4 - Finding Your Dream House

I'm confident we'll find your dream home. When we do, I'll put together the offer tailored to your needs including appropriate contingencies (such as obtaining financing, favorable home inspection, clear title, etc.).

The offer is normally presented with "earnest money". This is a deposit made to secure an offer to buy the property and typically 1% of the sales price. The amount is applied toward your closing costs. If the Seller accepts the offer, generally closing is held within 30 to 60 days from the offer date.

Step 5 - Negotiate the Offer

It is not uncommon to receive a counter offer when the initial purchase offer is submitted. Don't let this discourage you. We will discuss the counter offer and decide whether or not to accept the counter offer, submit our own new or counter offer, or reject the counter offer and move on.

Market conditions will play a role in how aggressively we negotiate. Set limits prior to negotiating an offer and try to stick to these limits.

Step 6 - Inspection(s)

After your offer is accepted you will schedule inspections.

When buying a home, it is best to access all avenues available to help you know exactly what you are getting! A home inspection, performed by a professional home inspector, may reveal hidden problems with the home. You can require an inspection at the time you make a formal offer and accordingly make sure the offer has an inspection contingency. Then, hire your own inspector and pay close attention to the inspection and report given following the inspection. If you aren't comfortable with what an inspector finds, you may ask the Seller to make the correction, get a second opinion, negotiate to have the correction made or a new price or even withdraw your offer.

Step 7 - Getting a Loan

After removal of the inspection contingencies, you will be working with your mortgage lender to close the loan. Since you pre-qualified for the loan before starting your home search, you will be that much farther along. You will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. I will be glad to review the "Good Faith Estimate" with you as well. I'll gather the necessary property information your lender will need to close the loan. Behind the scenes, your lender will order an appraisal, title work and work on your "loan approval".

Step 8 - Closing the Deal

Closing is the time you sign all the lender and title company documentation needed to consummate the transaction and buy the home. Closing will occur at a local title company. Prior to closing you will review your closing documents and I will provide you with preclosing instructions to review on where to go for closing, the time, what to bring and how to handle the transfer of keys and utilities.

Step 9 - Move In

Congratulations! It's time to move into your new home and make it yours! Enjoy this exciting time. I'll give you a checklist to help you remember the numerous details that will make your moving day a pleasure.

Step 10 - Keep in Touch

It's a happy time when closing occurs as the home is yours. We spend so much time together during the home buying process, and I hope you will have the time to stay in touch!