Whether it’s your first or your fifth real estate purchase, buying real estate can be daunting! In order to make the best decision possible, it’s important to research the market and consider all your options. But navigating the real estate world without help is nearly impossible – you need someone you can trust who can answer your questions. Below are some links that will help make your search easier – if you have ANY questions about a property or the area in general, please don’t hesitate to ask.
10 Steps to Buying a Home
1 | WORK WITH A REALTOR
Purchasing real estate is a major transaction that involves many details. An experienced real estate agent can guide you through the process and help you avoid costly mistakes.
2 | OBTAIN FINANCING
When you get pre-approved for a loan, you eliminate any surprises about your ability to borrow. If there are questions about income, credit, or down payment, you can address and resolve them without the last minute panic that can occur if you have not been pre-approved.
3 | SELECT AND VIEW PROPERTIES
Once you have obtained pre-approval and have determined your affordable price range, you can begin to select and view available homes.
4 | WRITE AN OFFER ON SELECTED PROPERTY
When you have identified a home that meets your needs, it is time to make an offer and negotiate. Your rights and obligations will be detailed in the Purchase Agreement. The seller has the option to accept, counter, or reject your offer. When your offer is accepted, you will put up earnest money as a sign of good faith. These funds will be held in a secure manner and will go towards your downpayment or other cost.
5 | INSPECT PROPERTY
When making an offer on a property you will have the right to make it contingent on a home inspection. This will allow you to hire an inspector to ensure you are satisfied with the condition of the home.
6 | TITLE INSURANCE & APPROVAL
It is the seller’s responsibility to provide you with Title Insurance. The title search is done by a Title Company and if there are any judgments, liens, or recorded easements, they will show up on the title commitment. It is the seller’s responsibility to take care of any problems and provide you with a clear title.
7 | APPRAISAL & SECURE THE MORTGAGE
Your lender will order an appraisal of the property to ensure it is worth at least the purchase price. Once this is complete your lender will finalizing the underwriting process and issue a clear to close.
8 | OBTAIN HOME OWNERS INSURANCE
Before your bank allows you to close on your home, you must have Home Owners Insurance on your home. This insurance policy protects you against any damage to the home during the course of ownership.
9 | CLOSING DAY
The Closing is the process by which the title to your new home will be transferred to you, and the terms of the mortgage will be finalized.
10 | TAKE POSSESSION AND MOVE IN!
Typically at closing you will get full possession and the keys to your new home unless you have agreed to delayed possession. Prior to taking possession, you will want to ensure that all utilities have been transferred to start in your name to ensure there is no lapse of service.
Popular Buyer Links
New Listing Notifications
- Email Alerts for New Homes,
- Save Your Favorites and
- Price Change Notifications
- Complete a Search and click “Save Search”
