First, let me say, if you’ve never owned a home before and feel confused or unsure about the process, you are not alone. Our clients appreciate our ability to inform and educate in a way that puts them at ease knowing that they have someone looking out for their best interests.
For more information about the process, check out the tabs below from left to right. If you have any questions, don’t hesitate to contact us.
Get pre-qualified before you look. We know several lenders that are exceptional at this. You need to know the max price you can afford in a home. That doesn’t mean you’ll spend that much, but it gives you a purchase price to stay under. It’s good to know your boundaries.
Armed with your pre-qualification, it’s time to look at what is available. This is the time to sit down with us and explore what you like and don’t like as well as areas you prefer. Our advice, if this is your first home, use the looking process to discover what you like: the area, floor plan, lot configuration, amenities etc. When you come in, we will look at the available properties together and decide which ones to see.
While we are touring the properties, what you are looking for is a bit different from what we, as Realtors, are looking for. You want to make sure you like the home, the lot and the area. As Realtors, we are looking for defects, problems, things that could potentially cost you down the road. These are things that should be considered before making an offer.
Congratulations! You’ve found the home you want. It’s time to write an offer. This is where we will go over the contract with you. Other than the price and down payment, there are other details to cover. Be comfortable knowing we will explain every step of the way.
Patients! Once the offer is written, we submit it to the seller’s agent. Sometimes that is done in person with the seller present, sometimes not. Either way, the seller gets some time to look everything over, discuss it with their agent and either accept it or perhaps write a counter offer.
A counter offer involves a change in the original offer. You’ll have an opportunity to review and accept, decline or write your own counter. Negotiations rarely involve 2 or more counter offers and can take anywhere from 24 hours to several days.
Now that you and the seller have come to an agreement… what’s next? Head to the next tab to find out!
You and the seller have come to an agreement. It’s time to “open Escrow”. What is Escrow? It’s a business entity and a process at the same time. Escrow is a company that communicates with the buyers, sellers, title and the lender. They make sure all the paperwork each entity needs is there to complete the purchase in a timely fashion. They also handle the money involved. They are a neutral third party that facilitates the transaction between all parties.
Escrow is also a process. It begins with the approval of the contract and ends when the Title company records your purchase at the county offices. From the beginning to the end, the seller will provide you with disclosures for your approval. You will investigate the property more throughly using an inspector to examine the home. You may end up requesting the seller fix some items discovered. These are typically health and safety issues or code requirements.
After a couple of weeks into the escrow, most of the real estate requirements are completed and it will appear things have slowed down. They will for you but there’s still a lot happening in the background. Your lender will be guiding you through the loan process. If needed, the seller will have any requested and approved repairs completed.
Of course, we are there with you the entire time to help guide and advise you.
As we approach the end of the escrow process and the finalization of transferring the home to you, we will walk you through the home a final time to verify it is in the same condition as you saw it originally and verify that repairs have been completed.
In this same time period, your lender will arrange for you to sign your new loan documents.
On the scheduled day of close, we will be notified by the Title company, typically around 5pm, that your new deed has been recorded at the county offices. In turn, we’ll give you a congratulations call and arrange to give you your new keys.
It’s now official. YOU ARE A NEW HOME OWNER! Feels good, doesn’t it !