Here’s a simple step-by-step guide for the first-time buyer. Knowing the process makes it less stressful and surely more fun to own your own home.
1) Before we even begin to look, let’s get a “loan commitment” (not a pre-qualification or pre-approval). A loan commitment is the only sure way to know that when it comes time to close, there won’t be any surprises. I can help you find the lender that’s right for you. This might take a little time on the front end, but it’s well worth it in the end!
2) Then we begin our search! In town? Out of town? North, South, East or West? I have access to every house on the market. And when you find the perfect one, we’ll work together to make an offer, negotiate price, terms, concessions, and a closing date that works for you.
3) When your offer is accepted, (is your heart pounding yet?) you will need to supply an earnest check. This typically goes towards the purchase price and is factored in at closing.
4) Next, we’ll schedule a home inspection. It’s very important to know just what you’re buying, and I can recommend a few licensed inspectors. The buyer does pay for this… but in the big picture it’s well worth it.
5) Given what the inspector finds, we can always go back to the seller and say, “Hey, we need you to either fix this or we’re going to adjust our offer.” This can be a sticking point, but we approach it in good faith, and most times it works out.
6) After any inspection objections are met, the appraisal is next. This step ensures that the house is worth what you’re paying it for. If it’s not, you can cancel the contract… or work with the seller to adjust the price. Your earnest money is protected during this entire phase of the transaction.
7) This is a big one, the loan commitment deadline, and the reason you want a loan commitment before we get too serious in our process. Just know I will be there for you every step of the way!
8) So now the seller has agreed to your terms and conditions, the house has been inspected, the appraisal has come back in keeping with your price, and you have your loan! Congratulations! It’s time to close!
Are you ready to start your search?
