The Home Buying Process
Before You Buy
Preparation is key when purchasing a property. From down payments and mortgage prequalification to understanding the type of home that will meet your needs and satisfy your wants, I can make sure your financial ducks are in a row and your expectations are grounded in reality when preparing to buy.
The PRE-APPROVAL Process
Here are some of the documents that you will need to provide to your lender to get the pre-approval process started:
Income
• Current pay stubs, usually for last two months
• W-2s or 1099s, usually for last two years
• Tax returns, usually for last two years
Assets
• Bank statements
• Investments/brokerage firm statements
• Net worth of businesses owned (if applicable)
Debts
• Credit card statements
• Loan statements
• Alimony/child support payments (if applicable)
The Search
Selecting your perfect home will require research, expert guidance and knowledge of the local market, and you'll need to consider what it is you're looking for. I can help you find the place that fits your taste, your budget, and your lifestyle. I'm a home hunter's best friend.
- Purchasing Process
- The Power of Preapproval
- Your Home Search
- Full-Service Support
Making the Purchase
So, you've found the perfect home that meets all your criteria, from a great location to just the right square footage. As your trusted agent, I will guide you through the logistical — and emotional — challenges of the purchase process, to ensure you are in a solid position before you sign on the dotted line.
Making an OFFER
There are many factors that influence the market value of a home. I will give you the insight and information you need to make an offer you’re comfortable with. Some of the factors to consider include:
• How long the home has been on the market
• If the price has been reduced
• How much the home is worth – I will provide a comparable market analysis (CMA) showing the list and sale prices for similar homes in your area
• If there are multiple offers
• Other items that might be included in the sale (furniture, hot tub, etc.)
• The “list to sale price ratio,” an indication of how competitive the market is for homes in this area
• Why the seller is selling
• Whether the seller is offering an assumable loan or financing
Once the offer is written, I will present it to the seller’s agent. At that point the seller can accept your offer, reject it or counter it to start the negotiation process. I will work with you to plan a strategy to ensure the most advantageous terms and acceptable pricing for you and your budget.
Closing on your Home
Once your offer has been accepted, the closing process begins. Here are some of the typical steps involved.
Home inspection – Most property sales are contingent on the results of a home inspection, which is paid for by the buyer. The inspection typically occurs within 10 days of offer acceptance, and includes a review of the home’s exterior elements like the roof, siding, trim and windows, as well as kitchen and bathroom fixtures and appliances, and major systems like heating and cooling, plumbing and electrical. If defects are discovered during the inspection, you may exercise the remedy described in your offer or negotiate with the seller to determine what repairs will be made.
Title search – This is a historical review of all legal documents relating to ownership of the property to ensure that there are no claims against the title of the property. It is also recommended that you purchase title insurance in case the records contain errors or there are mistakes in the review process.
Appraisal – As a standard part of the mortgage process, your lender will order an appraisal report to ensure that the loan will be guaranteed by the home’s value.
Final walk-through – If it’s requested in the contract, you’ll be given the chance to look at the home to make sure it’s in the same condition as when you signed the sales agreement.
Closing costs – In addition to your deposit and down payment, there are a variety of other costs involved in closing including:
• Loan origination fees, appraisals and reports
• Surveys and inspections
• Mortgage insurance
• Hazard insurance
• Taxes
• Assessments
• Title insurance, notary and escrow fees
• Recording fees and stamps
