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BREAKDOWN OF THE HOME BUYING PROCESS
So you want to purchase a home, but where do you start?
Speak with your local Realtor: You want to find a Realtor that you will feel comfortable with and can trust to help you throughout the process.
Get Pre-Approved with a reputable Mortgage Lender: Your Realtor can probably refer you to a local lender that they trust, one that has a reputation of closing loans, and closing them on time. Ideally, you will want to get pre-approved before you start touring houses, especially in this competitive market. A good lender will be able to explain your current options, and if you are not quite ready yet, they can help you determine what you need to do to get ready. Your Realtor will need to turn in your pre-approval letter with any offer you make on a house to show the seller that you are a serious, ready, willing and able buyer.
Home Shopping: Touring Houses: Let’s go shopping!
Making an Offer: Your Realtor should help you through the process of making an offer and explain the contract to you.
Negotiations: Buyers and sellers come to an agreement on price, closing costs, closing date, and any and all contingencies, etc.
Accepted Contract: Congratulations! Now we need to get earnest money turned in and the inspections scheduled as soon as possible.
Inpection Period: Home Inspection, Termite Inspection, any and all other inspections wanted, like septic, etc., or follow up/further inspections after the initial home inspection should be done during this period. Turn in a written list of all items buyer requires to be repaired and/or replaced within the Inspection period. During the Resolution period, buyers and sellers negotiate any and all repairs to be done before closing. If buyer and seller cannot come to a meeting of the minds at this point, both parties walk away. As long as the buyer did not waive their rights to an inspection in the contract, and it is still within the Inspection and Resolution period, the buyer is entitled to get their earnest money back at this point.
Appraisal: If the house does not appraise for the amount of the purchase price or higher, the deal could end here. Often, a buyer will make an offer on a home contingent upon the appraised value either equaling or exceeding the purchase price. If it does not appraise, the seller either has to come down to the appraisal price or the buyer has to bring cash to cover the difference, because the bank will not loan more than their appraiser says the home is worth. If buyers and sellers cannot come to an agreement at this point, as long as the offer is written contingent on appraisal coming in at or above purchase price, the buyer is entitled to their earnest money back.
Having the right real estate agent means having an agent who is committed to helping you buy or sell your home with the highest level of expertise in your local market. This means also to help you in ....