The first step to buying a home is to understand your buying power and establish a price range. A licensed lender can help evaluate your financial standing and provide a pre-approval. Getting pre-approved doesn't obligate you to a lender, but it will help guide your decisions during the home shopping process. Having a pre-approval letter in-hand can also increase the attractiveness of your offer, particularly when a seller has multiple offers to choose from.
Now the fun begins! You can start your search for the perfect home right here with up-to-date MLS listings in your favorite neighborhoods. As your REALTOR®, we will also search for homes on your behalf, including pre-list properties that have not yet been shared with the general public. When you find a home that you like, we'll schedule a showing tour for you to preview the property in person. Remember, what you don't like is just as important as what you do like. All of your thoughts and opinions will help us improve the quality of the home search process.
When you're ready to move forward with a purchase, we will advise you on constructing the strongest offer possible and draw up the necessary paperwork on your behalf. There is a lot to consider when making an offer We'll discuss not only the purchase price, but also the closing date, sale contingencies and any special stipulations for your particular purchase. Once an offer is submitted, the seller may accept, reject, or counter the offer. If the seller returns a counter, we will enter a negotiation period until an agreement is reached, or the offer is rejected by either party.
Once your offer is accepted, you will be officially under contract. The purchase will not be complete until closing, but the home cannot be sold to anyone else while the contract remains in effect. At this point, unless you are making a cash purchase, it will be time to make an earnest money deposit and secure your mortgage loan. Lenders offer a wide range of loan programs, so it's important to work with a lender you trust to help you determine the best loan for your specific circumstances.
Inspecting the physical condition of your next home is a vital part of the home-buying process. A licensed home inspector will conduct a comprehensive evaluation of the entire property and report any problems with the condition of the home's structure or systems. The inspector will also investigate such as pest infestations, mold or similar damage. Depending on the purchase agreement, we may enter additional rounds of negotiation to resolve any problems discovered during the inspection.
Your lender will arrange a professional appraisal of the home. An appraisal is an unbiased estimate of the true (or fair market) value of a home and is conducted by an independent third party. The appraiser will confirm the appraisal value of the property for all parties involved. If the home appraises at less than the expected value, you may have the option to either renegotiate the purchase agreement, or terminate the contract.
Prior to closing, we will take a final walk through the home to ensure that all negotiated repairs have been completed, and that the home is in the same (or better) condition as when the original offer was made. This is the final opportunity to call out any issues identified with the home before you close. Depending on the purchase agreement, you may sign a formal contract addendum confirming that the walk-through is complete, and the condition of the home is acceptable.
Time to celebrate! Your lender will provide final closing disclosure that summarizes the loan terms, monthly payments, taxes, and any other costs associated with the closing. They will also confirm that you are clear to close, and you will sign all of the paperwork required to complete your purchase and loan agreement. Once the paperwork is signed by all parties and your loan is funded, you will receive keys and you'll be ready to move into your new home!
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