STEPS IN THE HOME BUYING PROCESS:
- Mortgage Company - The most important step in the home buying process is to meet with a mortgage company to find out how much home you qualify for and to get pre-approved. Your credit scores, payment history and other factors will determine your interest rate. It’s important to use a company that works well with buyers, their agent and stays on top of the constantly changing mortgage industry. I have several top mortgage companies that I recommend.
- Home Search – With the information you completed on the questionnaire, I will set you up with auto-email of homes that meet your criteria. Look through these homes and let me know which homes peak your interest. I will then schedule an appointment with you to preview these homes.
- Narrowing the field – Once we find a home that meets your needs and most of your wants, I will do a CMA Report to determine if the home is priced right and assist you in writing the offer.
- Write the offer – I will assist you with the paperwork on making an offer on the home of your dreams! You will need to bring your checkbook because offers are presented with an earnest money check. This earnest money will be made out to the listing agent’s company or the builder and will range from $500 to $5,000, depending on the property. Once the offer is accepted, this money will be deposited in an escrow account and held in that account until closing. At closing, this money will be a credited back to you.
- Counter offers – This process can take from one day to several weeks, depending on the availability of all parties involved. Holiday’s and weekends may take a little longer.
- Accepted contract – We have a final contract once all parties involved have signed and agreed on the purchase price and all the terms to the contract. At this point, your check will be deposited into an escrow account and will remain there until the closing.
- Home Inspection – You will usually be allowed 7 business days to have the home inspected by a professional. The inspector you hire will be at your expense (fees range from $250 to $450, depending on the size of the home) and he will be paid on the day of the inspection. The inspection takes from 1 to 3 hours and you will need to be present during the inspection so the inspector can go over the report.
- Homeowner’s Insurance – You will need to talk to your insurance agent and have them give you a quote for the home owners insurance on the home you are purchasing. If you are financing the home you will need proof of insurance sent to the closing attorney prior to closing.
- Closing – The listing agent usually chooses the closing attorney. All parties involved will meet at the attorney’s office to sign the prepared documents. This process will take from 1 to 2 hours, depending on the paperwork. At closing you will receive the keys to your new home and have the American Dream!