Well, let’s buy a house!
You’ve thought it over, and for whatever reason you have decided to give up the rental life and get a place of your own. You may have asked: How do it get started? It’s a lot of money; can I afford it? How do I get started? Who can I trust? What happens when I find a house I like? First-time homebuyers, and many repeat buyers. After you have read a few hundred articles you found on Google, perhaps it’s time to get the process started in real life. Maybe you are serious enough to contact a real estate agent and/or mortgage person.
My assumption is that you will contact a real estate agent first, but many start with a mortgage person or someone who can give them financial advice. I have laid out a general outline for the home buying process. I will get into the details of these steps in future posts.
The Home Buying Process
Initial Consultation with Real Estate Agent
- Determine your priorities and needs
- Review “agency” choices and select
- Overview of contract elements and the buying process
- “Buyer Beware” information
- Appropriate working relationship – is this the right agent for you?
- Discuss Financing
Obtaining Financing
- Find a Mortgage Company
- Consult a loan officer
- Provide requested information
- Complete loan application
- Obtain loan pre-approval
Finding the Right Home
- Agent to provide as much information as possible about homes that meet your criteria
- Agent to privately show you properties based on your criteria
- Evaluate each property with agent
- Choose the right home
Preparing an offer (with your Agent)
- Review comparable sales to determine offer price
- Review Seller property disclosures
- Review progress of loan pre-approval
- Decide on financing (type, down payment, etc.)
- Decide on other terms (inspections, closing and possession dates, personal property, etc.)
- Prepare earnest money deposit
Reaching an Agreement with a Seller
- Agent will present your offer
- Negotiation of terms and possible counteroffers and contingencies
- Agreed-upon sales contract with seller
Completing the Settlement Process
- Deposit of earnest money
- Review preliminary title report
- Roof, termite and other inspections
- Remove any remaining contingencies
- Arrange for homeowner’s insurance
- Arrange for home warranty
- Arrange for movers
- Arrange for utility connections
- Final walk-through of property with agent
Closing!
- Provide balance of down payment closing costs
- Sign documents
- Loan funding
- Recording of title
- Receive keys from agent
- Move in!
After Closing
- Transfer warranties to your name
- Make address change notifications
- Stay in touch with your agent
Stay tuned for more posts on the Home Buying Process. If you are ready to get started NOW, Click HERE.
- Historic Midtown Home for Sale - April 21, 2024
- FOR SALE – 5555 Quince Rd, Memphis, TN - April 18, 2024
- Memphis Real Estate– 2022 and Predictions for 2023 - January 7, 2023
What do you think? Leave your comments.