Home Buying Process

Your agent should advise and assist you throughout the process of purchasing a home.  It is important that you are familiar with the process – an informed buyer works from a position of power.  This is a simplified outline of the home buying process.

Initial Consultation

1. Determine your priorities and needs
2. Review “agency” choices and select
3. Overview of contract elements and the buying process
4. “Buyer Beware” information
5. Appropriate working relationship – is this the right agent for you?
6. Discuss Financing

Obtaining Financing

1. Find a Mortgage Company
2. Consult a loan officer
3. Provide requested information
4. Complete loan application
5. Obtain loan pre-approval

Finding the Right Home

1. Agent to provide as much information as possible about homes that meet your criteria
2. Sales associate to show you properties based on your criteria
3. Evaluate each property with agent
4. Choose the right home

Preparing an offer

1. Review comparable sales to determine offer price
2. Review Seller property disclosures
3. Review progress of loan pre-approval
4. Decide on financing (type, down payment, etc.)
5. Decide on other terms (inspections, closing and possession dates, personal property, etc.)
6. Prepare earnest money deposit

Reaching an Agreement with a Seller

1. Present your offer
2. Negotiation of terms and possible counteroffersContingencies
3. Agreed-upon sales contract with seller

Completing the Settlement Process

1. Deposit of earnest money
2. Review preliminary title report
3. Roof, termite and other inspections
4. Remove any remaining contingencies
5. Arrange for homeowner’s insurance
6. Arrange for home warranty
7. Arrange for movers
8. Arrange for utility connections
9. Final walk-through of property with agent

Closing!

1. Provide balance of down payment closing costs
2. Sign documents
3. Loan funding
4. Recording of title
5. Receive keys from agent
6. Move in!

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