The Basic Steps of the Home Buying Process
- Secure Your Financing
Most home buyers finance all or a portion of the purchase of their new home. A MORTGAGE REPRESENTATIVE will assist you with the process of getting pre-qualified and/or pre-approved. Getting pre-approved will help you understand how much you are eligible to borrow, and therefore what you may be able to afford. Your lender will give you a written confirmation of this amount. With this documentation in hand, a potential seller will know you are serious about your commitment to purchasing a home. Need a referral? Contact us and we can help point you in the right direction.
- Choose an Agent
Purchasing a home is very exciting, but it can also be somewhat overwhelming. CHOOSING THE RIGHT REALTOR is a very important part of the process. Elaine and her team will guide you step by step through the process at NO COST to you! You will want to be prepared to discuss your price range, timeline, geographic area, style and size home you are looking for. Want expert advice on selling your current home? Contact Elaine!
- Make an Offer
Once you find YOUR perfect home, the next step to achieving your goals of owning a home is to MAKE AN OFFER. This will include specifying all the terms and conditions of your offer to purchase such as; location of the property, purchase price, deposit amounts, inclusions (appliances, curtains, etc.), expiration of the offer, deadlines for obtaining financing, date for signature of the purchase & sale agreement and most importantly the intended closing date. Your offer should be accompanied by a binder check, or earnest money deposit. This amount will vary with each offer. Elaine will skillfully guide you through the offer process, negotiating and problem solving as the need arises. She will present the offer to the seller and/or their agent as your representative. Elaine will always have YOUR best interest and needs in mind when helping you to purchase a home.
- Home Inspection
It is important to have a PROFESSIONAL HOME INSPECTION before anything is final. The inspection is paid for by the buyer. This is generally done within 10-14 days of the seller accepting YOUR offer. The home inspection helps to educate you as to the condition of the home and any faults it may have prior to going further into the process. Please contact Elaine if you need help selecting a home inspector!
- Purchase & Sale Agreement
Soon after the home inspection, the process of creating a purchase & sale agreement is drafted. Many buyers obtain legal representation for the review of this document. The purchase & sale agreement will contain many of the same items from the offer, is legally binding, and is the road map to the purchase of your home, with due dates and specific details of your closing. A second earnest money deposit is given at this time to show you are serious and committed to purchasing YOUR new home. Elaine and her team, as well as your mortgage representative, will help to make sure you stay on track for YOUR final closing date!
- Preparing for the Purchase of Your Home
Prior to purchasing your home you will need to obtain HOME OWNERS INSURANCE from an insurance agency. In preparation for closing, you will also want to contact local utilities to change any accounts into YOUR name for the day of closing. Any appointments necessary for these changes must be set up for after the closing occurs. Need any referrals or help locating who to call? Elaine and her team can help!
- Closing on Your New Home
The time has finally arrived! The time you have been waiting for is finally here! On the day of CLOSING you will perform a "final walk-through," to ensure the home is in the same condition you saw it last. As a standard practice, all personal belongings from the previous owner will have been removed. After the walk-through is complete, both buyer and seller will sign all the legal documents and final paperwork at the attorney's office. Once your sale is on record at the Registry of Deeds, the keys are YOURS, and you are ABLE TO MOVE IN!!
If you have a home to sell before purchasing contact Elaine for her expert advice, support, and guidance through the home selling process.