Question:
What are the steps involved in the process of buying a home ?
Answer:
Each home buying transaction is unique, however there are certain basic steps that remain the same and/or are required in each transaction. The major steps are:
· You must determine how much “home” you can afford. This is the
process of sitting down and putting together a budget of your income
and expenses and deciding how much you can spend on your housing needs. Including how much (if any) you can put toward a down payment.
· Most likely you will need to borrow monies in order to buy your home. So you will need to apply for a mortgage loan. Through this process you will determine how much money you will be able to borrow and what terms you will qualify for. (i.e. interest rate, length of loan, monthly payments)
· With the above information you are now ready to search for a home that suits your needs, in the price range you can afford. Once you have found the home you want and can afford, you will then make an offer to the owner of the home.
· The “Purchase Agreement” is the document that you use to make an offer to the owner of the home. You specify what you are willing to pay for the home and list your terms (i.e. When you want to move in, what expenses you are or are not willing to pay, etc.) You will also be asked to make a good faith offer of cash to the seller. This money, called “earnest money” will be held by the seller’s agent and either applied toward the purchase of the home or, if you default on the terms of the “Purchase Agreement”, this money may be forfeited to the seller.
· If the seller agrees to your offer and terms. You both have just entered into a legally binding home purchase agreement.
· You must now secure financing in the time frame and under the terms set forth in the “Purchase Agreement”.
· As the buyer, you now are given an opportunity to inspect or have a professional inspect the home. Any expense involved in performing the inspection is borne by the buyer. Any defects of the home which surface as a result of the inspections will be handled and or remedied as specified in the terms of the “Purchase Agreement”.
· At a mutually agreed upon time and date, as specified in the “Purchase Agreement”, you will close on the property. This is the name given to the meeting held between the buyer, seller and his title company representative where the actual transaction of selling the home takes place.
· You must bring to the closing meeting: 1) Your cashier’s check or certified check for the purchase price of the home, including certain other fees. 2) Receipt for a one year paid homeowner’s insurance policy for the new home. 3) Your driver’s license.
As your buyer’s agent, I can help guide you through each of these steps. You can rest assured that you will have a professional working for your best interests. And the best part is … my services as your buyer’s agent are absolutely FREE to you !
If you would like me to send you information about available homes, please fill out the questionnaire below. I will research your requirements and send you information via email.